Tweedy Browne, most likely the oldest value investment fund managers just published their semi-annual report as at the end of September 2010.

It’s always a worthwhile read with excellent market commentary and explanations of exactly what they are buying and selling.

Notable buys in the last six months are:

• Bangkok Bank
• Bank of New York Mellon
• MasterCard
• Baxter International

Bad performers that may be attractive are:

• CNP - The French life insurer
• Munich Re - the German reinsurer (in which Warren Buffett has just reported a 10% holding)
• Roche
• Novartis
• Telecinco - The Spanish television broadcaster
• Total - The French oil giant

The report is available in the Research and Reports part of their website.

 Here is the direct link to the PDF document: 

INVESTMENT ADVISER’S LETTER TO SHAREHOLDERS & SEMI-ANNUAL REPORT – 30 September 2010