Stamford, Conn.-based Tweedy, Browne Company LLC, announced today that it will soft close its Global Value Fund II effective August 11th.
Lack of investment opportunities that meet the fund’s criteria and high cash levels were cited as the reason for closing the fund to new investors, said Will Browne, one of the fund's managers.
“With the run-up in global equity prices over the last five years, undervalued securities are currently very difficult to come by,” said Browne. “We expect to reopen the fund when new idea flow improves and larger amounts of cash can be put to work in cheap stocks.”
Existing shareholders can add to their accounts, and financial advisors who currently have clients invested in the fund can open new accounts, said the firm.