Novartis AG

• Tweedy, Browne Q2 2026 Commentary ↗ Global value portfolios added Capgemini and bioMérieux at discounts to intrinsic value, expanded Autotrader, Berkeley Group and Nihon Nohyaku, and trimmed chemicals and holdings nearing value. Tweedy, Browne warns that AI capital spending, stretched US technology valuations and financing excess echo the pre-2000 market, while smaller and mid-cap non-US holdings remain cheaper. Q2 2026 005930 $1.2T4368 $2BBMXXY $10BCAPMF $22B
• Tweedy, Browne Tweedy, Browne Funds Commentary, Q1 2026 ↗ Tweedy, Browne trimmed holdings approaching intrinsic-value estimates, exited several Japanese and European positions, and opened positions in Autotrader, Bunzl and Springer Nature. The firm sees non-US value stocks as still discounted to US equities and will rename and modestly broaden its high-dividend fund to emphasize dividends and buybacks alongside undervaluation. Q1 2026 5334 $11BBAESF $89BBREE $1.7BBZLFY $12B

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