分组1 - Devon Energy is favored by analysts, with 24 out of 30 rating it a Buy and a 12-month target price of $45.86, indicating a potential upside of 30% from its current share price [1] - Over the past 12 months, Devon's stock has remained relatively flat, increasing less than 1%, while Chevron has seen a gain of 4.6% [1] - Devon Energy benefits from focusing exclusively on U.S. drilling, contrasting with other companies investing in Venezuela's energy infrastructure [2] 分组2 - The Tweedy, Browne Insider + Value ETF (COPY) has been successful, avoiding major tech stocks while focusing on companies with insider buying and attractive share repurchase programs [5][6] - Devon is expected to earn $4.04 per share in 2025, with shares trading at 8.7 times this estimate, which is historically low compared to its 2023 multiple of around 6x earnings [6] - Devon's CEO Richard Muncrief purchased 15,000 shares in March 2024 at an average price of $44.42, and the company has repurchased 92.68 million shares at an average price of $44.70 since 2021 [7][8] 分组3 - ConocoPhillips has a 12-month target price of $111.78, representing a 15% increase from its current share price, with 21 out of 28 analysts rating it a Buy [14] - In 2025, ConocoPhillips is expected to earn $6.56 per share, trading at a multiple of 14.9 times this estimate, which is considered attractive [15] - Since initiating its share repurchase program in 2016, ConocoPhillips has repurchased 474.8 million shares for $38.3 billion, averaging $80.67 per share [17]

Core Insights - Tweedy, Browne has launched the Insider + Value ETF (COPY), which uniquely combines tracking insider purchases with the timing of those purchases, focusing on stocks trading at significant discounts compared to historical valuations [1] - The investment strategy emphasizes stocks believed to be trading below intrinsic value, utilizing a proprietary model that analyzes over 30 investment characteristics, including price/earnings and price to book value ratios [2] - The ETF has shown strong performance, returning 30% in 2025, outperforming the MSCI World Index and the S&P 500 [3] Company Overview - Tweedy, Browne Co., based in Stamford, Connecticut, manages approximately $7 billion through various investment vehicles, including mutual funds and ETFs, employing value strategies [5] - The firm was founded in 1920 and has historical ties to value-investing pioneer Benjamin Graham [4] Investment Strategy - The ETF focuses on stocks where corporate insiders are actively buying shares and companies that are repurchasing shares at attractive prices, based on Tweedy, Browne's valuation analysis [1] - The strategy is diversified across roughly 180 stocks, with a significant portion of the portfolio invested in non-U.S. companies, reflecting a bias toward undervaluation [3][8] - The fund's performance is benchmarked against the MSCI World Index, and it has outperformed many of its peers in the first year [16] Performance Metrics - COPY's return of 30% in 2025 compares favorably to the iShares MSCI World ETF, which returned 21.3%, and other actively managed ETFs [18] - The fund's expense ratio is 0.80%, which is competitive compared to other funds in the same category [18] Share Buyback Focus - The investment team emphasizes net buybacks that effectively lower the share count, avoiding dilution from stock issuance or executive compensation [6] - The fund has identified companies that have been buying back shares at high trailing price/earnings ratios, indicating potential overvaluation in those buybacks [12] Top Holdings - As of the latest report, the top holdings in the COPY portfolio include DPM Metals Inc., BAWAG Group AG, and Erste Group Bank AG, with weights ranging from 1.96% to 1.10% [20]

The Tweedy, Browne Insider + Value ETF was a strong performer during 2025, as it took a unique approach to analyzing corporate insiders' stock purchases. ...

Core Insights - Tweedy, Browne Company has launched a new international ETF, the Tweedy, Browne International Insider + Value ETF (ICPY), following the success of its first ETF, the Tweedy, Browne Insider + Value ETF (COPY) [1][2] Fund Performance - The COPY ETF began trading in December 2024 and has seen a 22% increase in 2025, with assets growing to $145 million and net inflows exceeding $90 million in the last three months [2] Investment Strategy - ICPY will utilize the same proprietary multifactor model as COPY but will focus on companies outside the U.S., aiming to identify undervalued companies with insider buying signals [4] - The strategy is based on the belief that insider behaviors can indicate future value, a pattern that has been observed internationally [4] Historical Context - Tweedy, Browne has over 100 years of experience in value investing, associated with investment legends like Benjamin Graham and Warren Buffett, and has recently entered the ETF market [3] Market Exposure - As of June 2025, COPY held approximately 180 positions globally, with two-thirds of its assets in stocks with a market cap of $10 billion or less, and the largest country exposure being the U.S. at 27% [4] Growth Potential - The launch of the new international fund is expected to provide investors with tax-efficient access to an active strategy focused on non-U.S. stocks, potentially leading to further success for Tweedy, Browne in the ETF market [5]