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Strategies & Market Trends : Buffettology -- Ignore unavailable to you. Want to Upgrade?

To: cfimx who wrote (2522)	6/13/2000 4:34:00 PM
From: Brendan O'Connor	Respond to of 4690

I stand corrected. Here are some numbers taken from Yahoo: % of Fund Assets in Fund Top Ten Holdings ---- -------------------- SEQUX (Sequoia) 80 LLPFX (Longleaf Part.) 71 TWEBX (Tweedy-B Amer.) 37 TBGVX (Tweedy-B Global) 24 MUTHX (Mutual Shares) 19 MQIFX (Mutual Qualified) 18 MDISX (Mutual Discovery) 18 You're right, Tweedy-Browne is closer to Mutual Series than I thought, although T.B Am. Value does have about 1/2 the diversification of the Mutual Series funds. Also, Mutual Series has been talking about narrowing their focus recently (since Mike Price left); their numbers may have been a little lower two years ago, but I haven't gone back and calculated them. I'll stick with my concerns about Longleaf. I wouldn't put the companies they own in the same growth predictability class as Sequioa's or even Tweedy-Browne's. I think they're at least pushing the envelope with their focus/low diversification given the type of stocks they own. Just by a quick glance at their five-year charts, Longleaf and Sequoia look significantly more volatile than Mutual Shares and Tweedy-Browne (Tweedy-Browne has also lagged significantly), but that would be expected just from their differences in diversification. All that said, I own some LLPFX and MDISX, but no Tweedy-Browne funds. I just consider Longleaf a little more speculative than Mutual Series. Brendan