Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.432.4789 Share Class Common NAV | as of 10/09/2024 $29.18 +$0.07 (+0.24%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 331 Foreign Large Value funds as of 09/30/2024 View Morningstar Details Morningstar Medalist Rating as of 06/11/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 06/15/1993 to 09/30/2024 = $127,454.58 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 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. 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 Where practicable, perceived foreign currency exposure is hedged back into the U.S. dollar Documents Fact Sheet Commentary Prospectus Annual Report Semi-Annual Report SAI 2023 Year End Distributions View All Documents Investment Style Tweedy, Browne International Value Fund 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 is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 09/30/2024 Overall Rating (of 331) 3 Years (of 331) 5 Years (of 305) 10 Years (of 209) 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. 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. 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. 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: 1.39% Net Expense Ratio: 1.39% Expense Cap Expiration Date: N/A 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 11, 2023 $1.245000 $0.463000 $0.172000 $0.610000 Dec 12, 2022 $1.446000 $0.398000 $0.126000 $0.922000 Dec 10, 2021 $2.586000 $0.410000 $0.020000 $2.156000 Dec 11, 2020 $0.257000 $0.257000 — — Dec 12, 2019 $0.500000 $0.446000 — $0.054000 Dec 27, 2018 $1.677000 $0.391000 $0.103000 $1.183000 Dec 27, 2017 $0.414000 $0.314000 $0.042000 $0.058000 Dec 28, 2016 $0.632000 $0.292000 — $0.340000 Dec 29, 2015 $0.999000 $0.211000 — $0.788000 Dec 29, 2014 $0.845000 $0.330000 — $0.515000 Dec 27, 2013 $1.055000 $0.320000 — $0.735000 Dec 27, 2012 $2.564000 $0.350000 — $2.214000 Dec 29, 2011 $0.984000 $0.420000 — $0.564000 Dec 30, 2010 $0.309000 $0.254000 — $0.055000 Dec 30, 2009 $0.332000 $0.332000 — — Dec 30, 2008 $2.244000 $0.753000 — $1.491000 Dec 28, 2007 $3.352000 $0.476000 — $2.876000 Dec 28, 2006 $0.786000 $0.433000 — $0.353000 Dec 28, 2005 $0.365000 $0.365000 — — Dec 28, 2004 $0.271200 $0.271200 — — Dec 29, 2003 $0.200000 $0.200000 — — Dec 27, 2002 $0.466100 $0.199700 $0.030900 $0.235500 Dec 27, 2001 $0.513300 $0.183700 $0.104300 $0.225300 Dec 28, 2000 $2.722200 $0.206100 $0.734200 $1.781900 Dec 22, 1999 $0.846400 $0.258800 $0.028900 $0.558700 Dec 29, 1998 $1.369300 $0.378700 $0.214800 $0.775800 Dec 29, 1997 $1.360700 $0.870900 $0.126500 $0.363300 Dec 30, 1996 $1.122400 $0.553100 $0.150300 $0.419000 Dec 29, 1995 $0.200900 — — $0.200900 Dec 30, 1994 $0.163300 — $0.060300 $0.103000 From: To: Risk & Return Statistics As of: 09/30/2024 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. 1.81 -0.65 0.60 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. 12.07 14.48 11.95 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. 0.18 0.24 0.28 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. 65.10 59.45 50.28 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. 72.47 83.59 86.26 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. 0.68 0.78 0.74 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. 88.40 89.68 87.83 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. 6.76 6.01 5.70 View All Characteristics & Statistics All Characteristics & Statistics Tweedy, Browne International Value Fund (TBGVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Index Fund Assets (Mil.$) $5,744 Number of Holdings 97 742 Weighted Avg. Market Cap (Mil.$) $222,910 $106,141 Median Market Cap (Mil.$) $3,868 $14,235 Weighted Avg. P/E (1-yr Forward EPS) 11.46 13.45 Weighted Avg. P/E (Trailing EPS) 14.01 15.70 PEG Ratio 1.50 Weighted Avg. P/B 1.84 1.87 EPS Growth (Trailing 3-yr %) 6.56% 7.56% EPS Growth (Trailing 5-yr %) 8.28% 7.87% Forward EPS Growth (1-yr %) 5.74% Forward EPS Growth (Long Term %) 9.21% Revenue Growth (Trailing 5-yr %) 4.60% 7.47% Return on Equity 14.73% 12.69% Weighted Avg. Dividend Yield 2.92% 2.97% Debt to Equity 44.93 61.42 Trailing 12-Months Portfolio Turnover 15.02% As of: 06/30/2024 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. 1.81 -0.65 0.60 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. 12.07 14.48 11.95 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. 0.18 0.24 0.28 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. 65.10 59.45 50.28 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. 72.47 83.59 86.26 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. 0.68 0.78 0.74 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. 88.40 89.68 87.83 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. 6.76 6.01 5.70 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. 0.05 -0.39 -0.13 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. 3.18 4.42 4.45 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. -15.99 -21.36 -21.36 As of: 09/30/2024 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 4.65% 0.00% Market Cap ($mm) 1,000 - 1,500 1.60% 0.00% Market Cap ($mm) 1,500 - 2,500 4.35% 0.00% Market Cap ($mm) 2,500 - 5,000 15.07% 0.52% Market Cap ($mm) 5,000 - 10,000 12.83% 8.00% Market Cap ($mm) 10,000 - 25,000 8.61% 17.13% Market Cap ($mm) 25,000 - 50,000 5.76% 19.80% Market Cap ($mm) 50,000 - 100,000 19.96% 23.35% Market Cap ($mm) 100,000 - 200,000 3.98% 13.89% Market Cap ($mm) 200,000 - 23.19% 17.30% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 18.94% 15.73% P/E 10-15 17.78% 15.77% P/E 15-20 19.36% 15.80% P/E 20-25 23.15% 13.69% P/E 25-Above 15.37% 32.59% P/E – NA 5.41% 6.42% As of: 06/30/2024 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 26.60% 26.46% EPS Growth (Trailing 3-yr %) 0 - 5 13.83% 6.80% EPS Growth (Trailing 3-yr %) 5 - 10 11.78% 6.37% EPS Growth (Trailing 3-yr %) 10 - 15 12.47% 12.93% EPS Growth (Trailing 3-yr %) 15 - 20 2.97% 9.78% EPS Growth (Trailing 3-yr %) Above 20 21.91% 24.16% EPS Growth (Trailing 3-yr %) - NA 10.45% 13.51% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Alphabet Inc - A 4.78% Berkshire Hathaway A 4.45% TotalEnergies SE 3.84% Safran SA 3.71% BAE Systems PLC 3.65% Nestlé SA 3.42% Heineken Holding 2.96% United Overseas Bank 2.95% Roche Holding 2.79% Sol SpA 2.67% % in Top 10 Holdings 35.22% View Holding Details Holding Details Tweedy, Browne International Value Fund (TBGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Alphabet Inc - A 4.78% Berkshire Hathaway A 4.45% TotalEnergies SE 3.84% Safran SA 3.71% BAE Systems PLC 3.65% Nestlé SA 3.42% Heineken Holding 2.96% United Overseas Bank 2.95% Roche Holding 2.79% Sol SpA 2.67% % in Top 10 Holdings 35.22% As of: 06/30/2024 Download All Holdings (PDF) As of: 09/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund brka Berkshire Hathaway A Financials S US USD 339 691,180.00 $234,310,020 4.14% saf.pa Safran SA Industrials S FR EUR 928,700 235.60 $218,800,007 3.87% ttef.pa TotalEnergies SE Energy S FR EUR 3,298,850 65.29 $215,378,370 3.81% googl Alphabet Inc - A Communication Services S US USD 1,281,722 165.85 $212,573,594 3.76% baes.l BAE Systems PLC Industrials S GB GBp 12,603,785 16.60 $209,212,827 3.70% nesn.vx Nestlé SA Consumer Staples S CH CHF 1,925,964 100.72 $193,977,715 3.43% rog.vx Roche Holding Health Care S CH CHF 579,564 320.79 $185,916,684 3.29% uobh.si United Overseas Bank Financials S SG SGD 7,345,990 25.09 $184,337,362 3.26% sols.mi Sol SpA Materials S IT EUR 4,337,413 39.84 $172,815,481 3.06% heio.as Heineken Holding Consumer Staples S NL EUR 2,160,839 75.67 $163,506,776 2.89% dge.l Diageo PLC Consumer Staples S GB GBp 4,396,459 34.92 $153,503,863 2.71% novn.vx Novartis Health Care S CH CHF 1,284,801 115.17 $147,968,013 2.62% dbsm.si DBS Group Holdings Financials S SG SGD 4,511,761 29.68 $133,909,911 2.37% fmc FMC Corp Materials S US USD 1,950,303 65.94 $128,602,980 2.27% jnj Johnson & Johnson Health Care S US USD 750,927 162.06 $121,695,230 2.15% cnhi CNH Industrial NV Industrials S GB USD 10,810,735 11.10 $119,999,159 2.12% dhln.de DHL Group Industrials S DE EUR 2,644,654 44.68 $118,151,191 2.09% zurn.vx Zurich Insurance Group Financials S CH CHF 187,816 604.35 $113,506,724 2.01% na.to National Bank Of Canada Communication Services S CA CAD 1,124,700 94.56 $106,346,777 1.88% teprf.pa Teleperformance Industrials S FR EUR 1,011,618 103.79 $104,998,513 1.86% ions Ionis Pharmaceuticals Inc Health Care S US USD 2,589,316 40.06 $103,727,999 1.83% freg.de Fresenius SE & Co KGaA Health Care S DE EUR 2,540,809 38.20 $97,064,980 1.72% p911_p.de Dr Ing hc F Porsche AG Consumer Discretionary S DE EUR 1,155,260 79.80 $92,186,946 1.63% kof Coca Cola FEMSA Consumer Staples S MX USD 1,013,053 88.72 $89,878,062 1.59% trelb.st Trelleborg AB Industrials S SE SEK 2,266,594 38.49 $87,250,654 1.54% 0700.hk Tencent Holdings Communication Services S CN HKD 1,444,150 57.24 $82,660,971 1.46% kemira.he Kemira OYJ Materials S FI EUR 2,919,753 25.02 $73,057,595 1.29% wpk.to Winpak Materials S CA CAD 1,926,024 35.17 $67,734,113 1.20% txgn.s TX Group AG Communication Services S CH CHF 400,000 167.86 $67,144,805 1.19% rubf.pa Rubis SCA Utilities S FR EUR 2,392,742 27.37 $65,478,691 1.16% 000858.sz Wuliangye Yibin Co Consumer Staples S CN CNY 2,768,830 23.16 $64,132,861 1.13% 003550.ks LG Corp Industrials S KR KRW 998,776 60.49 $60,413,842 1.07% bnrgn.de Brenntag SE Industrials S DE EUR 761,991 74.75 $56,961,135 1.01% inch.l Inchcape PLC Consumer Discretionary S GB GBp 5,273,360 10.68 $56,339,802 1.00% skfb.st SKF AB Industrials S SE SEK 2,755,869 19.93 $54,918,369 0.97% krng.f Krones Industrials S DE EUR 369,659 143.97 $53,219,973 0.94% aalb.as Aalberts NV Industrials S NL EUR 1,285,260 40.67 $52,270,062 0.92% 005930.ks Samsung Electronics Co Information Technology S KR KRW 1,086,715 47.03 $51,107,267 0.90% 3405.t Kuraray Co Materials S JP JPY 3,363,180 14.82 $49,834,033 0.88% lten.pa Alten SA Information Technology S FR EUR 376,664 111.72 $42,079,623 0.74% gftu_u.l Grafton Group PLC Industrials S IE GBp 2,704,933 13.96 $37,762,950 0.67% rhmg.de Rheinmetall AG Industrials S DE EUR 65,633 542.85 $35,628,659 0.63% ccc.l Computacenter PLC Information Technology S GB GBp 1,043,507 33.18 $34,628,779 0.61% pmn.s Phoenix Mecano Industrials S CH CHF 63,203 537.02 $33,941,034 0.60% lasa.to Lassonde Consumer Staples S CA CAD 251,390 131.20 $32,983,365 0.58% jsg.l Johnson Service Group Industrials S GB GBp 15,698,026 2.09 $32,806,100 0.58% husqb.st Husqvarna-B Industrials S SE SEK 4,600,000 7.00 $32,219,876 0.57% alv Autoliv Inc. Consumer Discretionary S SE USD 344,776 93.37 $32,191,735 0.57% sopr.pa Sopra Steria Group Information Technology S FR EUR 149,932 210.26 $31,525,275 0.56% ksbg.f KSB AG Industrials S DE EUR 42,354 736.59 $31,197,660 0.55% 6302.t Sumitomo Heavy Industries Industrials S JP JPY 1,284,760 24.05 $30,897,472 0.55% 4182.t Mitsubishi Gas Chemical Co Materials S JP JPY 1,567,485 19.36 $30,349,201 0.54% 7270.t Subaru Corp Consumer Discretionary S JP JPY 1,652,755 17.35 $28,678,257 0.51% cvsg.l CVS Group PLC Health Care S GB GBp 1,876,443 15.18 $28,492,064 0.50% 7276.t Koito Manufacturing Co LTD Consumer Discretionary S JP JPY 1,958,145 13.81 $27,036,748 0.48% 1882.hk Haitian International Holdings Industrials S CN HKD 8,383,895 3.22 $26,983,891 0.48% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 11,044,000 2.41 $26,567,591 0.47% bab.l Babcock International Group PLC Industrials S GB GBp 4,003,983 6.34 $25,382,130 0.45% hwdn.l Howden Joinery Group PLC Industrials S GB GBp 1,968,375 12.17 $23,947,338 0.42% 5334.t Niterra Co LTD Consumer Discretionary S JP JPY 820,800 27.93 $22,924,329 0.41% 4368.t Fuso Chemical Co Materials S JP JPY 750,785 27.82 $20,890,131 0.37% fagro.br Fagron NV Health Care S BE EUR 926,488 20.76 $19,232,529 0.34% megacpo.mx Megacable Holdings SAB Communication Services S MX MXN 9,067,593 2.09 $18,956,737 0.34% 005830.ks DB Insurance Co Financials S KR KRW 219,167 85.88 $18,821,178 0.33% 4401.t ADEKA Corp Materials S JP JPY 891,970 20.39 $18,186,735 0.32% 0010.hk Hang Lung Group Real Estate S HK HKD 12,583,508 1.35 $17,010,214 0.30% tktt.pa Tarkett Industrials S FR EUR 1,527,083 10.51 $16,054,515 0.28% 7718.t Star Micronics Industrials S JP JPY 1,162,405 13.44 $15,627,131 0.28% 0220.hk Uni-President China Holdings Consumer Staples S CN HKD 15,974,780 0.94 $14,992,745 0.27% 9715.t Transcosmos Inc Industrials S JP JPY 588,565 24.78 $14,586,570 0.26% 6277.t Hosokawa Micron Corp Industrials S JP JPY 481,855 28.66 $13,811,560 0.24% vtu.l Vertu Motors PLC Consumer Discretionary S GB GBp 16,292,379 0.81 $13,155,977 0.23% stem.l Sthree plc Industrials S GB GBp 2,567,623 5.04 $12,949,745 0.23% 1979.t Taikisha Industrials S JP JPY 328,885 34.22 $11,254,838 0.20% 9888.hk Baidu Inc - A Communication Services S CN HKD 815,426 13.60 $11,085,804 0.20% 145720.ks Dentium Co Health Care S KR KRW 167,062 62.40 $10,424,607 0.18% cltn.s Coltene Holding Ag Health Care S CH CHF 142,761 60.46 $8,631,155 0.15% kvue Kenvue Inc Consumer Staples S US USD 293,905 23.13 $6,798,023 0.12% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 6,463,000 1.02 $6,579,334 0.12% 005180.ks Binggrae Co Consumer Staples S KR KRW 132,322 49.25 $6,516,431 0.12% adgr_p.za Adris Grupa Industrials S HR EUR 95,874 66.29 $6,355,811 0.11% 7988.t Nifco Inc Consumer Discretionary S JP JPY 221,220 25.42 $5,623,294 0.10% 383800.ks LX Holdings Corp Industrials S KR KRW 991,707 5.46 $5,414,688 0.10% Non-Disclosed Security Consumer Discretionary S JP JPY 270,565 15.61 $4,223,795 0.07% 0179.hk Johnson Electric Holdings Consumer Discretionary S HK HKD 2,791,715 1.48 $4,140,400 0.07% Non-Disclosed Security Communication Services S JP JPY 378,900 10.38 $3,933,630 0.07% 5122.t Okamoto Industries Materials S JP JPY 104,825 36.56 $3,832,737 0.07% agi.ps Alliance Global Group, Inc Industrials S PH PHP 22,609,020 0.17 $3,784,477 0.07% 7004.t Hitachi Zosen Corp Industrials S JP JPY 508,890 6.93 $3,525,657 0.06% 0088.hk Tai Cheung Holdings Real Estate S HK HKD 7,780,578 0.40 $3,125,253 0.06% 9347.t Nippon Kanzai Industrials S JP JPY 164,400 18.74 $3,080,201 0.05% ubip.pa Ubisoft Entertainment Communication Services S FR EUR 268,901 11.27 $3,031,080 0.05% 6250.t Yamabiko Corporation Industrials S JP JPY 164,305 17.76 $2,918,757 0.05% 0041.hk Great Eagle Holdings Real Estate S HK HKD 1,550,676 1.56 $2,423,586 0.04% tabk.pr Philip Morris Czech Republic Consumer Staples S CZ CZK 2,800 677.17 $1,896,079 0.03% 6849.t Nihon Kohden Corp Health Care S JP JPY 940 14.87 $13,978 0.00% Cash & Cash Equivalents Cash C - - $172,239,120 3.05% Hedge Contracts Unrealized Gain/Loss Cash C - - -$62,207,218 -1.10% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Alphabet Inc - A 1 4.30% 20.82% DBS Group Holdings 2 2.50% 12.59% Kemira OYJ 3 1.10% 29.76% United Overseas Bank 4 2.79% 9.84% Teleperformance 5 1.60% 13.05% Novartis 6 2.19% 10.09% Roche Holding 7 2.13% 8.63% Ionis Pharmaceuticals Inc 8 1.80% 9.94% Tencent Holdings 9 0.97% 19.27% Trelleborg AB 10 1.91% 9.58% As of: 06/30/2024 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 Diageo PLC 20 2.57% 0.97% SCOR SE 19 1.51% -14.90% CNH Industrial NV 18 1.06% -21.84% Rubis SCA 17 1.39% -8.94% Safran SA 16 4.19% -13.94% Coca Cola FEMSA 15 1.65% -10.87% Brenntag SE 14 0.99% -5.08% Berkshire Hathaway A 13 4.37% -3.50% Wuliangye Yibin Co 12 0.51% -23.15% Johnson & Johnson 11 1.90% -6.85% As of: 06/30/2024 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: 06/30/2024 View Allocation Details Allocation Details Tweedy, Browne International Value Fund (TBGVX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Index Industrials 26.97% 16.90% Financials 16.52% 19.99% Consumer Staples 12.63% 8.48% Health Care 11.24% 13.48% Materials 8.77% 6.75% Communication Services 8.61% 4.08% Energy 3.84% 4.13% Cash & Other 3.80% 0.00% Consumer Discretionary 3.58% 11.46% Information Technology 2.50% 9.54% Utilities 1.17% 3.14% Real Estate 0.36% 2.04% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 96.20% Bonds 0.00% Cash and Other 3.80% As of: 06/30/2024 Country Fund MSCI EAFE Index United States 15.59% 0.00% France 12.86% 11.24% Switzerland 12.54% 9.69% United Kingdom 11.34% 14.89% Germany 8.30% 8.65% Singapore 5.58% 1.36% Sweden 4.63% 3.24% Japan 3.90% 22.72% Netherlands 3.87% 5.41% China 3.23% 0.00% Canada 3.14% 0.00% South Korea 2.94% 0.00% Italy 2.67% 2.69% Mexico 1.91% 0.00% Finland 1.24% 1.01% % in Top 15 Countries 93.74% 80.9% As of: 06/30/2024 Region Fund MSCI EAFE Index Developed 87.45% 100.00% Europe & Middle East 58.81% 66.46% North America 18.72% 0.00% Pacific 9.91% 33.54% Emerging 8.62% 0.00% Asia 6.23% 0.00% Latin America 2.36% 0.00% Europe & Middle East 0.03% 0.00% Africa 0.00% 0.00% Frontier 0.13% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.13% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.80% 0.00% As of: 06/30/2024 Industry Fund MSCI EAFE Index Machinery 9.93% 3.07% Aerospace & Defense 8.40% 2.12% Beverages 8.17% 1.62% Chemicals 7.68% 2.95% Banks 7.63% 10.74% Pharmaceuticals 7.08% 9.87% Interactive Media & Services 6.67% 0.25% Financial Services 4.45% 1.04% Insurance 4.44% 5.31% Food Products 4.33% 2.64% % in Top 10 Industries 68.78% 39.61% As of: 06/30/2024 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 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 Andrew Ewert MANAGING DIRECTOR Read full bio Investment Approach Investment Approach Tweedy, Browne International Value Fund 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” (a/k/a “private market value,” “breakup value,” or “liquidation value”), by determining its acquisition value or estimating the collateral value of its assets and/or cash flow. Learned Lessons from Over a Century of Value Investing Bob Wyckoff from Tweedy, Browne Company draws on the wisdom of great investors over the last century as his company recently celebrated its 100th birthday. Read Blog Related products Other Products From Tweedy, Browne Company TBCUX Tweedy, Browne International Value Fund II - Currency Unhedged 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