Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.432.4789 Share Class Common NAV | as of 11/13/2025 $17.44 -$0.12 (-0.68%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 10/26/2009 to 10/31/2025 = $24,660.51 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks long-term capital growth. Why Consider Invests primarily in equity securities of foreign issuers that the Adviser believes are undervalued, but also invests on a more limited basis in U.S. equity securities when opportunities appear attractive The Fund may be appropriate for long-term value investors looking to gain exposure to international equity investments Invests, based on Tweedy, Browne’s fundamental research, in a diversified portfolio of stocks from a variety of industries and countries across market capitalizations Utilizes a value investing approach popularized by legendary investor Benjamin Graham Fund is unhedged and as a result will remain exposed to foreign currency Documents Fact Sheet Commentary Prospectus Annual Report Semi-Annual Report SAI Distributions All Holdings View All Documents Investment Style Tweedy, Browne International Value Fund II - Currency Unhedged has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Tweedy, Browne International Value Fund II - Currency Unhedged is categorized as Mid-Value. It invests in medium-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2025 Overall Rating (of 335) 3 Years (of 335) 5 Years (of 316) 10 Years (of 240) Category Foreign Large Value Read Important Investment Disclosures Roger R. de Bree MANAGING DIRECTOR Roger R. de Bree has been with Tweedy, Browne since 2000 and is a member of the firm's Investment Committee, as well as Treasurer of Tweedy, Browne Fund Inc. In 2011, he became an equity stakeholder in the firm and a Managing Director in 2020. Before joining Tweedy, Browne Roger worked at ABN AMRO Bank and MeesPierson Inc. He has an undergraduate degree in business administration from Nijenrode, the Netherlands School of Business in Breukelen, the Netherlands, as well as an MBA from IESE, University of Navarre in Barcelona, Spain. Andrew Ewert MANAGING DIRECTOR Andrew Ewert has been associated with Tweedy, Browne Company since 2016. He is a Managing Director of Tweedy, Browne and a member of its Investment Committee. Prior to joining the Tweedy, Browne, he held positions at Equinox Partners, L.P., Ruane, Cunniff & Goldfarb Inc., MTS Health Partners, L.P., and Bear Stearns. Mr. Ewert holds a B.B.A. from Emory University and an M.B.A. from Columbia Business School. Frank H. Hawrylak, CFA MANAGING DIRECTOR Frank H. Hawrylak, CFA, has been with Tweedy, Browne since 1986 and is a member of the firm's Investment Committee. In 2011, he became an equity stakeholder in the firm and a Managing Director in 2020. Prior to joining Tweedy, Browne, Frank worked in the investment department at Royal Insurance. Mr. Hawrylak received a BS from the University of Arizona and an MBA from the University of Edinburgh, Scotland. Jay Hill, CFA MANAGING DIRECTOR Jay Hill, CFA, has been with Tweedy, Browne since 2003. He is a member of the firm's Investment and Management Committees and has been an equity stakeholder in the firm since 2011. Prior to joining Tweedy, Browne, Jay held positions with Banc of America Securities LLC, Credit Lyonnais Securities (USA) Inc., and Providence Capital, Inc. Jay received a B.B.A. from Texas Tech University. Thomas H. Shrager MANAGING DIRECTOR Thomas H. Shrager has been with Tweedy, Browne since 1989. He is a member of the firm's Investment and Management Committees, and is the President and a Director of Tweedy, Browne Fund Inc. Previously he had worked in mergers and acquisitions at Bear Stearns, and as a consultant for Arthur D. Little. He received a BA and a Masters in international affairs from Columbia University. Robert Q. Wyckoff, Jr. MANAGING DIRECTOR Robert Q. Wyckoff, Jr. has been with Tweedy, Browne since 1991. He is also a member of the firm's Investment and Management Committees, and is Chairman and Vice President of Tweedy, Browne Fund Inc., and a member of the Board of Directors of Tweedy, Browne Value Funds, domiciled in Luxembourg. Prior to joining the Investment Adviser, he held positions with Bessemer Trust, C.J. Lawrence, J&W Seligman, and Stillrock Management. He received a B.A. from Washington & Lee University and a J.D. from the University of Florida School of Law. John D. Spears MANAGING DIRECTOR John D. Spears has been with Tweedy, Browne since 1974 and is a member of the firm's Investment and Management Committees. He is also Vice President of Tweedy, Browne Fund Inc.. Additionally, he is a member of the Board of Managers of Haverford College. Previously, he had been in the investment business with Berger, Kent Associates; Davic Associates; and Hornblower & Weeks-Hemphill, Noyes & Co. Mr. Spears studied at the Babson Institute of Business Administration, Drexel Institute of Technology, and the University of Pennsylvania ‐ The Wharton School. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539 or visit our website at wealth.amg.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Expense Ratios Gross Expense Ratio: 1.43% Net Expense Ratio: 1.42% Expense Cap Expiration Date: 07/31/2026 The Fund’s Investment Manager has contractually agreed, through 07/31/2026, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 12, 2024 $2.652000 $0.365000 — $2.287000 Dec 11, 2023 $0.299000 $0.299000 — — Dec 12, 2022 $0.259000 $0.259000 — — Dec 10, 2021 $0.176000 $0.176000 — — Dec 11, 2020 $0.143000 $0.104000 — $0.039000 Dec 12, 2019 $0.340000 $0.232000 — $0.108000 Dec 27, 2018 $0.194000 $0.194000 — — Dec 27, 2017 $0.194000 $0.194000 — — Dec 28, 2016 $0.201000 $0.201000 — — Dec 29, 2015 $0.192000 $0.192000 — — Dec 29, 2014 $0.187000 $0.187000 — — Dec 27, 2013 $0.149000 $0.149000 — — Dec 27, 2012 $0.225000 $0.214000 — $0.011000 Dec 29, 2011 $0.114000 $0.082000 — $0.032000 Dec 30, 2010 $0.076000 $0.076000 — — Dec 30, 2009 $0.004000 $0.004000 — — From: To: Risk & Return Statistics As of: 10/31/2025 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -3.77 -0.69 -1.51 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 12.59 14.97 14.19 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.70 0.48 0.22 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.45 90.53 88.78 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 102.94 92.51 95.47 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.92 0.92 0.93 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 92.83 91.74 92.17 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 3.59 4.53 4.13 View All Characteristics & Statistics All Characteristics & Statistics Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Index Fund Assets (Mil.$) $188 Number of Holdings 71 Weighted Avg. Market Cap (Mil.$) $48,229 $100,586 Median Market Cap (Mil.$) $3,860 $19,559 Weighted Avg. P/E (1-yr Forward EPS) 11.27 14.98 Weighted Avg. P/E (Trailing EPS) 13.30 17.52 PEG Ratio 1.92 Weighted Avg. P/B 1.43 2.09 EPS Growth (Trailing 3-yr %) -0.68% 6.63% EPS Growth (Trailing 5-yr %) 11.45% 14.89% Forward EPS Growth (1-yr %) 13.37% Forward EPS Growth (Long Term %) 8.00% Revenue Growth (Trailing 5-yr %) 8.32% 10.47% Return on Equity 12.54% 13.68% Weighted Avg. Dividend Yield 3.27% 2.85% Debt to Equity 48.74 68.76 Trailing 12-Months Portfolio Turnover 14.00% As of: 09/30/2025 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -3.77 -0.69 -1.51 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 12.59 14.97 14.19 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.70 0.48 0.22 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.45 90.53 88.78 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 102.94 92.51 95.47 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.92 0.92 0.93 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 92.83 91.74 92.17 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 3.59 4.53 4.13 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -1.30 -0.30 -0.45 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 9.76 7.94 3.44 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -10.21 -22.44 -26.45 As of: 10/31/2025 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 4.10% 0.00% Market Cap ($mm) 1,000 - 1,500 9.60% 0.00% Market Cap ($mm) 1,500 - 2,500 10.81% 0.00% Market Cap ($mm) 2,500 - 5,000 26.53% 0.06% Market Cap ($mm) 5,000 - 10,000 7.95% 4.24% Market Cap ($mm) 10,000 - 25,000 10.71% 15.96% Market Cap ($mm) 25,000 - 50,000 5.45% 19.20% Market Cap ($mm) 50,000 - 100,000 8.04% 21.04% Market Cap ($mm) 100,000 - 200,000 6.89% 24.27% Market Cap ($mm) 200,000 - 9.92% 15.17% Market Cap – NA 0.00% 0.06% As of: 09/30/2025 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 12.76% 8.19% P/E 10-15 38.84% 23.13% P/E 15-20 20.57% 16.56% P/E 20-25 10.97% 14.64% P/E 25-Above 10.10% 31.71% P/E – NA 6.77% 5.77% As of: 09/30/2025 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 48.22% 24.28% EPS Growth (Trailing 3-yr %) 0 - 5 6.85% 9.97% EPS Growth (Trailing 3-yr %) 5 - 10 14.40% 11.37% EPS Growth (Trailing 3-yr %) 10 - 15 4.42% 8.00% EPS Growth (Trailing 3-yr %) 15 - 20 3.04% 9.93% EPS Growth (Trailing 3-yr %) Above 20 10.90% 24.67% EPS Growth (Trailing 3-yr %) - NA 12.19% 11.78% As of: 09/30/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2025 Safran SA 3.59% Kemira OYJ 3.45% DHL Group 3.05% United Overseas Bank 2.79% Nestlé SA 2.54% Rubis SCA 2.47% Roche Holding 2.46% Winpak 2.42% Prudential PLC 2.35% Novartis 2.23% % in Top 10 Holdings 27.34% View Holding Details Holding Details Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2025 Safran SA 3.59% Kemira OYJ 3.45% DHL Group 3.05% United Overseas Bank 2.79% Nestlé SA 2.54% Rubis SCA 2.47% Roche Holding 2.46% Winpak 2.42% Prudential PLC 2.35% Novartis 2.23% % in Top 10 Holdings 27.34% As of: 09/30/2025 Download All Holdings (PDF) As of: 09/30/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund saf.pa Safran SA Industrials S FR EUR 18,979 355.16 $6,740,510 3.59% kemira.he Kemira OYJ Materials S FI EUR 287,855 22.47 $6,467,986 3.45% dhln.de DHL Group Industrials S DE EUR 127,939 44.72 $5,721,881 3.05% uobh.si United Overseas Bank Financials S SG SGD 194,715 26.87 $5,232,202 2.79% nesn.vx Nestlé SA Consumer Staples S CH CHF 51,845 91.88 $4,763,592 2.54% rubf.pa Rubis SCA Utilities S FR EUR 123,575 37.52 $4,636,816 2.47% rog.vx Roche Holding Health Care S CH CHF 13,870 333.15 $4,620,804 2.46% wpk.to Winpak Materials S CA CAD 154,890 29.31 $4,539,611 2.42% pru.l Prudential PLC Financials S HK GBp 314,120 14.01 $4,402,007 2.35% novn.vx Novartis Health Care S CH CHF 32,551 128.64 $4,187,459 2.23% ions Ionis Pharmaceuticals Inc Health Care S US USD 60,342 65.42 $3,947,574 2.10% 005930.ks Samsung Electronics Co Communication Services S KR KRW 62,540 59.95 $3,749,293 2.00% ttef.pa TotalEnergies SE Energy S FR EUR 60,820 60.96 $3,707,461 1.98% megacpo.mx Megacable Holdings SAB Communication Services S MX MXN 1,079,344 3.25 $3,504,299 1.87% 003550.ks LG Corp Industrials S KR KRW 66,311 51.37 $3,406,117 1.81% cvsg.l CVS Group PLC Health Care S GB GBp 201,529 16.84 $3,393,052 1.81% baes.l BAE Systems PLC Industrials S GB GBp 117,712 27.86 $3,279,971 1.75% lasa.to Lassonde Consumer Staples S CA CAD 21,490 152.29 $3,272,615 1.74% 9934.t Inaba Denki Sangyo Co Industrials S JP JPY 111,630 28.44 $3,174,932 1.69% jsg.l Johnson Service Group Industrials S GB GBp 1,504,280 2.03 $3,046,657 1.62% cnhi CNH Industrial NV Industrials S GB USD 280,000 10.85 $3,038,000 1.62% dge.l Diageo PLC ADR Consumer Staples S GB GBp 124,793 23.95 $2,989,005 1.59% bkg.l Berkeley Group Holdings Consumer Discretionary S GB GBp 57,730 51.74 $2,986,770 1.59% 7270.t Subaru Corp Consumer Discretionary S JP JPY 142,920 20.41 $2,916,555 1.55% heio.as Heineken Holding Consumer Staples S NL EUR 41,905 68.72 $2,879,657 1.53% gftu_u.l Grafton Group PLC Industrials S IE GBp 229,117 12.32 $2,821,852 1.50% trelb.st Trelleborg AB Industrials S SE SEK 73,983 37.43 $2,768,829 1.48% 086790.ks Hana Financial Group Financials S KR KRW 43,735 62.17 $2,719,222 1.45% aze.br Azelis Group Industrials S BE EUR 198,422 13.62 $2,702,423 1.44% inch.l Inchcape PLC Consumer Discretionary S GB GBp 281,060 9.33 $2,621,286 1.40% ccc.l Computacenter PLC Information Technology S GB GBp 71,505 36.26 $2,593,121 1.38% teprf.pa Teleperformance Industrials S FR EUR 34,195 74.75 $2,556,208 1.36% 4401.t ADEKA Corp Materials S JP JPY 103,690 22.31 $2,313,024 1.23% 000858.sz Wuliangye Yibin Co Consumer Staples S CN CNY 131,955 17.10 $2,256,281 1.20% vtu.l Vertu Motors PLC Consumer Discretionary S GB GBp 2,741,248 0.81 $2,232,695 1.19% 4091.t Nippon Sanso Holdings Corp Materials S JP JPY 59,015 35.46 $2,092,890 1.12% elf.to E-L Financial Corp LTD Financials S CA CAD 175,000 11.63 $2,035,001 1.08% 9715.t Transcosmos Inc Industrials S JP JPY 80,335 24.97 $2,005,951 1.07% alv Autoliv Inc. Consumer Discretionary S SE USD 16,000 123.50 $1,976,000 1.05% lten.pa Alten SA Information Technology S FR EUR 23,595 82.76 $1,952,728 1.04% 4182.t Mitsubishi Gas Chemical Co Materials S JP JPY 108,510 17.87 $1,938,642 1.03% exho.pa Sodexo SA Consumer Discretionary S FR EUR 30,250 63.15 $1,910,145 1.02% fagro.br Fagron NV Health Care S BE EUR 79,510 23.36 $1,857,293 0.99% bree.l Breedon Group PLC Materials S GB GBp 371,955 4.84 $1,798,674 0.96% 3405.t Kuraray Co Materials S JP JPY 155,825 11.51 $1,793,544 0.96% rhmg.de Rheinmetall AG Industrials S DE EUR 758 2,341.06 $1,774,527 0.95% aalb.as Aalberts NV Industrials S NL EUR 53,075 33.00 $1,751,277 0.93% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 502,909 3.40 $1,710,177 0.91% 1979.t Taikisha Industrials S JP JPY 88,120 19.32 $1,702,160 0.91% sols.mi Sol SpA Materials S IT EUR 28,467 59.57 $1,695,850 0.90% 4368.t Fuso Chemical Co Materials S JP JPY 50,620 33.13 $1,676,875 0.89% ake.pa Arkema Materials S FR EUR 26,270 63.46 $1,667,077 0.89% pets.l Pets at Home Group PLC Consumer Discretionary S GB GBp 587,870 2.76 $1,624,868 0.87% 005830.ks DB Insurance Co Financials S KR KRW 15,005 98.83 $1,482,913 0.79% 7988.t Nifco Inc Consumer Discretionary S JP JPY 48,080 30.20 $1,452,042 0.77% 1882.hk Haitian International Holdings Industrials S CN HKD 515,680 2.75 $1,420,034 0.76% 2531.t Takara Holdings Consumer Staples S JP JPY 117,505 11.82 $1,388,906 0.74% 7004.t Kanadevia Corp Industrials S JP JPY 199,525 6.92 $1,381,061 0.74% 7276.t Koito Manufacturing Co LTD Consumer Discretionary S JP JPY 89,190 15.15 $1,351,477 0.72% sopr.pa Sopra Steria Group Information Technology S FR EUR 7,040 191.02 $1,344,773 0.72% kof Coca Cola FEMSA Consumer Staples S MX USD 15,652 83.10 $1,300,681 0.69% 7716.t Nakanishi Inc Health Care S JP JPY 71,300 13.88 $989,368 0.53% agi.ps Alliance Global Group, Inc Industrials S PH PHP 6,997,100 0.13 $914,335 0.49% 5122.t Okamoto Industries Materials S JP JPY 24,910 34.31 $854,602 0.46% bnrgn.de Brenntag SE Industrials S DE EUR 13,625 59.97 $817,106 0.44% Non-Disclosed Security Information Technology S JP JPY 12,555 53.49 $671,598 0.36% ksbg_p.f KSB Industrials S DE EUR 648 1,004.12 $650,668 0.35% 6960.t Fukuda Denshi Co Health Care S JP JPY 12,000 45.55 $546,657 0.29% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 357,122 1.34 $478,605 0.26% 145720.ks Dentium Co Health Care S KR KRW 11,120 40.09 $445,747 0.24% jnj Johnson & Johnson Health Care S US USD 2,076 185.42 $384,932 0.21% Cash & Cash Equivalents Cash C - - $10,653,507 5.68% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Ionis Pharmaceuticals Inc 1 1.57% 65.58% Samsung Electronics Co 2 1.72% 39.57% Chow Sang Sang Holdings 3 0.57% 44.85% Rubis SCA 4 2.25% 15.91% Prudential PLC 5 2.22% 14.62% Subaru Corp 6 1.50% 22.41% Safran SA 7 3.40% 8.83% Takara Holdings 8 0.63% 45.24% ADEKA Corp 9 1.19% 21.35% Fuso Chemical Co 10 0.82% 27.30% As of: 09/30/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund's return during the specified quarter. Returns (and return %) are expressed in LCL. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Teleperformance 20 1.60% -22.97% CNH Industrial NV 19 1.85% -16.28% Pets at Home Group PLC 18 0.99% -21.77% Azelis Group 17 1.41% -14.76% Winpak 16 2.58% -8.48% Sopra Steria Group 15 0.79% -21.78% Nestlé SA 14 2.60% -7.33% LG Corp 13 1.99% -8.22% Grafton Group PLC 12 1.51% -9.69% Arkema 11 1.01% -14.37% As of: 09/30/2025 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund's return during the specified quarter. Returns (and return %) are expressed in LCL. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 09/30/2025 View Allocation Details Allocation Details Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Index Industrials 27.79% 19.35% Materials 14.30% 5.63% Consumer Staples 10.96% 7.53% Health Care 10.85% 10.79% Consumer Discretionary 10.16% 10.23% Financials 8.46% 24.70% Cash & Other 5.68% 0.00% Communication Services 3.86% 4.93% Information Technology 3.50% 8.33% Utilities 2.47% 3.44% Energy 1.98% 3.18% Real Estate 0.00% 1.89% As of: 09/30/2025 Investment Allocation 09/30/2025 Stocks 94.32% Bonds 0.00% Cash and Other 5.68% As of: 09/30/2025 Country Fund MSCI EAFE Index United Kingdom 15.77% 14.73% Japan 15.05% 22.32% France 13.06% 10.93% Switzerland 7.23% 9.29% South Korea 6.29% 0.00% Canada 5.25% 0.00% Germany 4.78% 9.87% Finland 3.45% 1.07% Singapore 2.79% 1.79% Mexico 2.56% 0.00% Sweden 2.53% 3.62% Netherlands 2.47% 4.95% Belgium 2.43% 1.06% Hong Kong 2.35% 2.07% United States 2.31% 0.00% % in Top 15 Countries 88.32% 81.7% As of: 09/30/2025 Region Fund MSCI EAFE Index Developed 81.86% 100.00% Europe & Middle East 54.12% 66.81% North America 7.56% 0.00% Pacific 20.19% 33.19% Emerging 12.46% 0.00% Asia 8.99% 0.00% Latin America 3.47% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 5.68% 0.00% As of: 09/30/2025 Industry Fund MSCI EAFE Index Chemicals 10.92% 2.30% Beverages 6.67% 1.24% Aerospace & Defense 6.28% 3.85% Machinery 6.12% 3.13% Trading Companies & Distributors 5.07% 2.04% Pharmaceuticals 4.90% 7.56% Food Products 4.28% 2.25% Banks 4.24% 14.27% Insurance 4.22% 6.02% Media 3.86% 0.22% % in Top 10 Industries 56.56% 42.88% As of: 09/30/2025 Read Important Investment Disclosures About the Affiliate About Tweedy, Browne Company Tweedy, Browne Company LLC, is a leading practitioner of the value-oriented investment approach of legendary investor, author (The Intelligent Investor, Security Analysis), and Columbia Business School professor Benjamin Graham. Serving originally as a broker to Graham and other respected value investors, the firm’s 100-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment adviser. Learn More About Tweedy, Browne Company's Approach FOUNDED 1920 AMG AFFILIATE SINCE 1997 HEADQUARTERS Stamford, CT Portfolio Managers Roger R. de Bree MANAGING DIRECTOR Read full bio Andrew Ewert MANAGING DIRECTOR Read full bio Frank H. Hawrylak, CFA MANAGING DIRECTOR Read full bio Jay Hill, CFA MANAGING DIRECTOR Read full bio Thomas H. Shrager MANAGING DIRECTOR Read full bio Robert Q. Wyckoff, Jr. MANAGING DIRECTOR Read full bio John D. Spears MANAGING DIRECTOR Read full bio Investment Approach Investment Approach Tweedy, Browne International Value Fund II – Currency Unhedged The fund’s investment process is driven by fundamental, bottom-up research on individual companies. The investment team seeks to appraise the worth of a company, its “intrinsic value” (aka “private market value”, “breakup value” or “liquidation value”), by determining its acquisition value or estimating the collateral value of its asset and/or cash flow. Investments made by the Fund are focused for the most part in developed countries, with some exposure to emerging markets. The Fund is diversified by issuer, industry and country, and maintains investments in a minimum of five countries. Related products Other Products From Tweedy, Browne Company TBGVX Tweedy, Browne International Value Fund View Fund Details TWEBX Tweedy, Browne Value Fund View Fund Details TBHDX Tweedy, Browne Worldwide High Dividend Yield Value Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS