Tweedy, Browne , an investment management firm, released its first quarter 2023 investor letter, a copy of which can be downloaded here. Tweedy, Browne has entered into a voluntary agreement, whereby they will waive the fees associated with the International Value Fund whenever the Fund’s average daily net assets (“ADNA”) surpass the threshold of $6 billion. The performance of the Fund would have been lower if fees were not waived during specific periods. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q1 2023 investor letter, Tweedy, Browne mentioned Baidu, Inc. (NASDAQ:BIDU) and explained its insights for the company. Founded in 2000, Baidu, Inc. (NASDAQ:BIDU) is a Beijing, China-based technology company with a $51.8 billion market capitalization. Baidu, Inc. (NASDAQ:BIDU) delivered a 26.87% return since the beginning of the year, while its 12-month returns are up by 3.78%. The stock closed at $145.11 per share on June 16, 2023.
Here is what Tweedy, Browne has to say about Baidu, Inc. (NASDAQ:BIDU) in its Q1 2023 investor letter:
“Many, if not most, stocks held in the Funds’ portfolios performed quite well in the first quarter. This was particularly true for the Funds’ non-US equity holdings, many of which have come into their own over the last two quarters, despite years of underperformance versus their US counterparts – a welcome shift given that our Funds’ portfolios have been somewhat non-US-centric in terms of their portfolio allocations for well over a decade. The Funds also received a long overdue boost from their Chinese and Hong Kong-based holdings in the wake of China’s reopening and the government’s signaling of a relaxation of their interventionist policies. This included strong returns in Baidu, Inc. (NASDAQ:BIDU) among others.”
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Our calculations show that Baidu, Inc. (NASDAQ:BIDU) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Baidu, Inc. (NASDAQ:BIDU) was in 43 hedge fund portfolios at the end of the first quarter of 2023, compared to 40 funds in the previous quarter. Baidu, Inc. (NASDAQ:BIDU) delivered a -1.18% return in the past 3 months.
Earlier this month, we also shared another fund’s views on Baidu, Inc. (NASDAQ:BIDU) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
