Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.432.4789 Share Class Common NAV | as of 09/10/2024 $19.32 -$0.09 (-0.46%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 142 Global Large-Stock Value funds as of 08/31/2024 View Morningstar Details Morningstar Medalist Rating as of 06/11/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 12/08/1993 to 08/31/2024 = $105,337.04 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 growth of capital. Why Consider The fund may be appropriate for long-term value investors looking to gain exposure to both U.S. and international equity investments The Fund seeks to reduce currency risk by hedging its perceived foreign currency exposure back into the U.S. dollar where practicable 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 Documents Fact Sheet Commentary Prospectus 2023 Year End Distributions View All Documents Investment Style Tweedy, Browne Value Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Tweedy, Browne Value Fund is categorized as Large-Value. It invests in large-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 08/31/2024 Overall Rating (of 142) 3 Years (of 142) 5 Years (of 129) 10 Years (of 94) Category Global Large-Stock 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. 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. 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. 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: 1.38% Expense Cap Expiration Date: 07/31/2025 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 $1.383000 $0.196000 $0.030000 $1.157000 Dec 12, 2022 $1.129000 $0.177000 $0.060000 $0.892000 Dec 10, 2021 $2.381000 $0.179000 $0.006000 $2.196000 Dec 11, 2020 $0.310000 $0.123000 — $0.187000 Dec 12, 2019 $0.935000 $0.197000 — $0.738000 Dec 27, 2018 $4.606000 $0.490000 $0.244000 $3.872000 Dec 27, 2017 $0.375000 $0.185000 $0.041000 $0.149000 Dec 28, 2016 $0.795000 $0.190000 — $0.605000 Dec 29, 2015 $0.850000 $0.214000 — $0.636000 Dec 29, 2014 $1.563000 $0.264000 — $1.299000 Dec 27, 2013 $1.492000 $0.210000 — $1.282000 Dec 27, 2012 $0.877000 $0.198000 — $0.679000 Dec 29, 2011 $0.690000 $0.245000 — $0.445000 Dec 30, 2010 $1.206000 $0.194000 — $1.012000 Dec 30, 2009 $0.207000 $0.207000 — — Dec 30, 2008 $2.065000 $0.201000 — $1.864000 Dec 28, 2007 $2.530000 $0.185000 — $2.345000 Dec 28, 2006 $2.203000 $0.272000 — $1.931000 Dec 28, 2005 $2.122000 $0.330000 — $1.792000 Dec 28, 2004 $0.749300 $0.388700 — $0.360600 Dec 29, 2003 $0.100000 $0.100000 — — Dec 27, 2002 $0.472100 $0.100100 $0.025000 $0.347000 Dec 27, 2001 $0.976500 $0.081100 $0.262500 $0.632900 Dec 28, 2000 $1.182500 $0.103200 $0.217200 $0.862100 Dec 22, 1999 $0.806900 $0.275300 — $0.531600 Dec 29, 1998 $0.392100 $0.141100 $0.041700 $0.209300 Dec 29, 1997 $0.599100 $0.168000 $0.222400 $0.208700 Dec 30, 1996 $0.586500 $0.171100 $0.160000 $0.255400 Dec 29, 1995 $0.126000 $0.106000 $0.005000 $0.015000 Dec 30, 1994 $0.064000 $0.064000 — — From: To: Risk & Return Statistics As of: 08/31/2024 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. 1.35 -2.36 -1.77 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. 13.01 14.91 12.53 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. 0.21 0.35 0.31 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. 65.48 55.59 46.69 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. 76.34 88.00 91.44 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 0.77 0.77 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. 79.34 83.10 84.69 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. 8.01 7.33 5.98 View All Characteristics & Statistics All Characteristics & Statistics Tweedy, Browne Value Fund (TWEBX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World Index Fund Assets (Mil.$) $449 Number of Holdings 85 1,430 Weighted Avg. Market Cap (Mil.$) $215,425 $726,571 Median Market Cap (Mil.$) $4,554 $19,247 Weighted Avg. P/E (1-yr Forward EPS) 11.34 17.67 Weighted Avg. P/E (Trailing EPS) 13.72 21.38 PEG Ratio 1.62 Weighted Avg. P/B 1.60 3.27 EPS Growth (Trailing 3-yr %) 5.50% 7.38% EPS Growth (Trailing 5-yr %) 7.68% 8.92% Forward EPS Growth (1-yr %) 10.32% Forward EPS Growth (Long Term %) 12.07% Revenue Growth (Trailing 5-yr %) 4.55% 13.20% Return on Equity 14.71% 14.78% Weighted Avg. Dividend Yield 2.53% 1.77% Debt to Equity 49.04 65.86 Trailing 12-Months Portfolio Turnover 19.73% 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. 1.35 -2.36 -1.77 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. 13.01 14.91 12.53 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. 0.21 0.35 0.31 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. 65.48 55.59 46.69 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. 76.34 88.00 91.44 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 0.77 0.77 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. 79.34 83.10 84.69 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. 8.01 7.33 5.98 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. -0.09 -0.76 -0.68 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. 4.01 6.71 5.04 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. -16.57 -22.13 -22.13 As of: 08/31/2024 Market Cap Fund MSCI World Index Market Cap ($mm) 0 - 1,000 4.70% 0.00% Market Cap ($mm) 1,000 - 1,500 1.17% 0.00% Market Cap ($mm) 1,500 - 2,500 7.27% 0.00% Market Cap ($mm) 2,500 - 5,000 13.44% 0.16% Market Cap ($mm) 5,000 - 10,000 13.08% 2.61% Market Cap ($mm) 10,000 - 25,000 9.62% 10.14% Market Cap ($mm) 25,000 - 50,000 3.41% 13.54% Market Cap ($mm) 50,000 - 100,000 16.62% 15.66% Market Cap ($mm) 100,000 - 200,000 5.34% 16.11% Market Cap ($mm) 200,000 - 25.35% 41.79% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund MSCI World Index P/E 0-10 17.13% 6.51% P/E 10-15 19.40% 12.34% P/E 15-20 21.20% 10.38% P/E 20-25 15.89% 11.85% P/E 25-Above 14.91% 51.69% P/E – NA 11.47% 7.24% As of: 06/30/2024 Growth Characteristics Fund MSCI World Index EPS Growth (Trailing 3-yr %) - Negative 35.23% 21.90% EPS Growth (Trailing 3-yr %) 0 - 5 11.08% 9.53% EPS Growth (Trailing 3-yr %) 5 - 10 10.04% 11.82% EPS Growth (Trailing 3-yr %) 10 - 15 11.55% 18.54% EPS Growth (Trailing 3-yr %) 15 - 20 3.89% 6.04% EPS Growth (Trailing 3-yr %) Above 20 19.02% 21.65% EPS Growth (Trailing 3-yr %) - NA 9.20% 10.53% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Berkshire Hathaway A 6.95% Alphabet Inc - C 3.85% National Western Life Group 3.73% TotalEnergies SE 3.53% Safran SA 3.42% Wells Fargo & Co 2.98% Roche Holding 2.75% Nestlé ADR 2.71% FedEx Corp 2.35% Heineken Holding 2.25% % in Top 10 Holdings 34.50% View Holding Details Holding Details Tweedy, Browne Value Fund (TWEBX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Berkshire Hathaway A 6.95% Alphabet Inc - C 3.85% National Western Life Group 3.73% TotalEnergies SE 3.53% Safran SA 3.42% Wells Fargo & Co 2.98% Roche Holding 2.75% Nestlé ADR 2.71% FedEx Corp 2.35% Heineken Holding 2.25% % in Top 10 Holdings 34.50% As of: 06/30/2024 Download All Holdings (PDF) As of: 06/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund brka Berkshire Hathaway A Financials S US USD 51 612,241.00 $31,224,291 6.95% googl Alphabet Inc - C Communication Services S US USD 94,885 182.15 $17,283,303 3.85% nwli National Western Life Group Financials S US USD 33,708 496.94 $16,750,854 3.73% ttef.pa TotalEnergies SE Energy S FR EUR 236,380 67.00 $15,838,354 3.53% saf.pa Safran SA Industrials S FR EUR 72,857 210.92 $15,366,696 3.42% wfc Wells Fargo & Co Financials S US USD 225,783 59.39 $13,409,252 2.98% rog.vx Roche Holding Health Care S CH CHF 44,523 277.01 $12,333,431 2.75% nsrgy Nestlé ADR Consumer Staples S CH USD 118,780 102.45 $12,169,011 2.71% fdx FedEx Corp Industrials S US USD 35,160 299.84 $10,542,374 2.35% heio.as Heineken Holding Consumer Staples S NL EUR 128,033 78.88 $10,099,062 2.25% teprf.pa Teleperformance Industrials S FR EUR 95,170 105.73 $10,062,094 2.24% fmc FMC Corp Materials S US USD 167,744 57.55 $9,653,667 2.15% jnj Johnson & Johnson Health Care S US USD 63,514 146.16 $9,283,206 2.07% ions Ionis Pharmaceuticals Inc Health Care S US USD 190,425 47.66 $9,075,656 2.02% uobh.si United Overseas Bank Financials S SG SGD 386,517 23.08 $8,920,461 1.99% rubf.pa Rubis SCA Utilities S FR EUR 299,826 28.19 $8,453,004 1.88% rhmg.de Rheinmetall AG Industrials S DE EUR 16,413 510.00 $8,370,569 1.86% deo Diageo PLC ADR Consumer Staples S GB USD 62,715 126.08 $7,907,107 1.76% scor.pa SCOR SE Financials S FR EUR 310,794 25.37 $7,883,985 1.75% dhln.de DHL Group Industrials S DE EUR 190,881 40.64 $7,756,881 1.73% uhal.b U-Haul Holding Co Industrials S US USD 122,928 60.02 $7,378,139 1.64% vrtx Vertex Pharmaceuticals Health Care S US USD 15,355 468.72 $7,197,196 1.60% cnhi CNH Industrial NV Industrials S GB USD 650,620 10.13 $6,590,781 1.47% baes.l BAE Systems PLC Industrials S GB GBp 389,775 16.66 $6,492,341 1.45% see Sealed Air Corp Materials S US USD 186,300 34.79 $6,481,377 1.44% nvst Envista Holdings Corp Health Care S US USD 372,000 16.63 $6,186,360 1.38% azo AutoZone, Inc. Consumer Discretionary S US USD 1,990 2,964.10 $5,898,559 1.31% wpk.to Winpak Materials S CA CAD 180,543 32.63 $5,891,216 1.31% kemira.he Kemira OYJ Materials S FI EUR 227,906 24.37 $5,553,723 1.24% p911_p.de Dr Ing hc F Porsche AG Consumer Discretionary S DE EUR 74,006 74.45 $5,509,673 1.23% novn.vx Novartis Health Care S CH CHF 50,749 106.45 $5,402,429 1.20% tfc Truist Financial Corp Financials S US USD 131,295 38.85 $5,100,811 1.14% 005930.ks Samsung Electronics Co Information Technology S KR KRW 81,980 58.85 $4,824,836 1.07% kof Coca Cola FEMSA Consumer Staples S MX USD 54,420 85.84 $4,671,413 1.04% husqb.st Husqvarna-B Industrials S SE SEK 575,755 8.00 $4,607,994 1.03% trelb.st Trelleborg AB Industrials S SE SEK 111,490 38.95 $4,342,371 0.97% freg.de Fresenius SE & Co KGaA Health Care S DE EUR 143,555 29.90 $4,291,807 0.96% 003550.ks LG Corp Industrials S KR KRW 70,858 58.17 $4,122,058 0.92% aalb.as Aalberts NV Industrials S NL EUR 94,810 40.52 $3,841,985 0.86% 000858.sz Wuliangye Yibin Co Consumer Staples S CN CNY 215,487 17.58 $3,788,071 0.84% bnrgn.de Brenntag SE Industrials S DE EUR 54,875 67.51 $3,704,630 0.82% epd Enterprise Products Partners LP Energy S US USD 107,535 28.98 $3,116,364 0.69% bac Bank Of America Corp Financials S US USD 76,760 39.77 $3,052,745 0.68% alv Autoliv Inc Consumer Discretionary S SE USD 26,854 106.99 $2,873,109 0.64% 1882.hk Haitian International Holdings Industrials S CN HKD 1,006,590 2.83 $2,849,301 0.63% 4182.t Mitsubishi Gas Chemical Co Materials S JP JPY 148,315 19.19 $2,845,594 0.63% lten.pa Alten SA Information Technology S FR EUR 25,667 110.19 $2,828,232 0.63% hwdn.l Howden Joinery Group PLC Industrials S GB GBp 252,750 11.06 $2,795,401 0.62% noej.de Norma Group SE Industrials S DE EUR 150,000 18.52 $2,777,976 0.62% kbc.br KBC Group Financials S BE EUR 38,820 70.52 $2,737,396 0.61% ccc.l Computacenter PLC Information Technology S GB GBp 74,115 36.13 $2,678,078 0.60% inch.l Inchcape PLC Consumer Discretionary S GB GBp 282,425 9.40 $2,653,942 0.59% gftu_u.l Grafton Group PLC Industrials S IE GBp 223,196 11.69 $2,608,129 0.58% jsg.l Johnson Service Group Industrials S GB GBp 1,269,763 1.99 $2,532,859 0.56% 9888.hk Baidu Inc - A Communication Services S CN HKD 231,680 10.83 $2,508,709 0.56% 6302.t Sumitomo Heavy Industries Industrials S JP JPY 89,060 26.10 $2,324,682 0.52% 6268.t Nabtesco Corp Industrials S JP JPY 130,035 17.04 $2,216,336 0.49% 0220.hk Uni-President China Holdings Consumer Staples S CN HKD 2,349,905 0.91 $2,146,018 0.48% lasa.to Lassonde Consumer Staples S CA CAD 18,010 112.84 $2,032,319 0.45% 9715.t Transcosmos Inc Information Technology S JP JPY 87,100 21.64 $1,884,512 0.42% 4324.t Dentsu Group Inc Communication Services S JP JPY 72,285 25.33 $1,830,632 0.41% ubip.pa Ubisoft Entertainment Communication Services S FR EUR 72,825 21.90 $1,594,835 0.35% 6250.t Yamabiko Corporation Industrials S JP JPY 99,120 14.26 $1,413,662 0.31% 6849.t Nihon Kohden Corp Health Care S JP JPY 96,230 14.47 $1,392,698 0.31% atmu Atmus Filtration Technologies Inc Consumer Discretionary S US USD 48,220 28.78 $1,387,772 0.31% tktt.pa Tarkett Industrials S FR EUR 150,328 9.00 $1,353,358 0.30% 005830.ks DB Insurance Co Financials S KR KRW 16,075 82.85 $1,331,861 0.30% fagro.br Fagron NV Health Care S BE EUR 66,181 19.47 $1,288,803 0.29% 4401.t ADEKA Corp Materials S JP JPY 63,220 20.22 $1,278,484 0.28% Non-Disclosed Security Industrials S JP JPY 88,200 13.17 $1,161,447 0.26% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 492,000 2.35 $1,157,178 0.26% 1979.t Taikisha Industrials S JP JPY 34,620 33.18 $1,148,852 0.26% Non-Disclosed Security Industrials S GB GBp 205,013 5.19 $1,063,176 0.24% 4368.t Fuso Chemical Co Materials S JP JPY 40,205 25.61 $1,029,707 0.23% 6277.t Hosokawa Micron Corp Industrials S JP JPY 37,260 26.32 $980,651 0.22% 145720.ks Dentium Co Health Care S KR KRW 11,335 85.64 $970,786 0.22% 0116.hk Chow Sang Sang Holdings Consumer Discretionary S HK HKD 1,046,000 0.93 $970,019 0.22% agi.ps Alliance Global Group, Inc Industrials S PH PHP 6,542,900 0.15 $966,772 0.22% Non-Disclosed Security Consumer Discretionary S JP JPY 73,805 12.21 $901,122 0.20% 9934.t Inaba Denki Sangyo Co Industrials S JP JPY 36,595 24.49 $896,080 0.20% 5122.t Okamoto Industries Materials S JP JPY 28,005 31.24 $874,919 0.19% 0590.hk Luk Fook Holdings Consumer Discretionary S HK HKD 214,000 2.13 $454,907 0.10% kvue Kenvue Inc Consumer Staples S US USD 24,852 18.18 $451,809 0.10% 383800.ks LX Holdings Corp Industrials S KR KRW 61,295 5.09 $311,707 0.07% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 345,561 0.85 $294,418 0.07% Cash & Cash Equivalents Cash C - - $15,369,777 3.42% Hedge Contracts Unrealized Gain/Loss Cash C - - $3,680,605 0.82% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Alphabet Inc - A 1 3.52% 20.82% Kemira OYJ 2 0.93% 29.76% Teleperformance 3 1.84% 13.05% Fresenius SE & Co KGaA 4 1.54% 11.44% Roche Holding 5 1.28% 8.63% Binggrae Co 6 0.18% 99.23% Vertex Pharmaceuticals 7 1.39% 12.13% Ionis Pharmaceuticals Inc 8 1.43% 9.94% United Overseas Bank 9 1.59% 9.84% Uni-President China Holdings 10 0.36% 37.09% 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 SCOR SE 20 1.76% -21.32% Rubis SCA 19 1.89% -13.94% Diageo PLC ADR 18 1.59% -15.23% Envista Holdings Corp 17 0.77% -22.22% Berkshire Hathaway A 16 5.79% -3.50% FMC Corp 15 1.85% -8.74% Alten SA 14 0.62% -23.15% U-Haul Holding Co 13 1.43% -9.91% Safran SA 12 3.00% -5.08% CNH Industrial NV 11 0.40% -8.94% 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 Value Fund (TWEBX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World Index Industrials 26.90% 10.68% Financials 20.12% 14.84% Health Care 12.78% 11.77% Consumer Staples 9.89% 6.32% Materials 7.48% 3.65% Communication Services 5.17% 7.80% Consumer Discretionary 4.60% 10.17% Cash & Other 4.24% 0.00% Energy 4.22% 4.27% Information Technology 2.72% 25.95% Utilities 1.88% 2.44% Real Estate 0.00% 2.11% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 95.76% Bonds 0.00% Cash and Other 4.24% As of: 06/30/2024 Country Fund MSCI World Index United States 36.39% 72.08% France 14.11% 2.81% United Kingdom 7.28% 3.72% Germany 7.21% 2.16% Switzerland 6.66% 2.42% Japan 4.94% 5.68% Netherlands 3.10% 1.35% Sweden 2.63% 0.81% China 2.58% 0.00% South Korea 2.57% 0.00% Singapore 1.99% 0.34% Canada 1.76% 2.92% Finland 1.24% 0.25% Mexico 1.04% 0.00% Belgium 0.90% 0.24% % in Top 15 Countries 94.4% 94.78% As of: 06/30/2024 Region Fund MSCI World Index Developed 89.10% 100.00% Europe & Middle East 43.71% 16.61% North America 38.15% 75.01% Pacific 7.24% 8.38% Emerging 6.66% 0.00% Asia 5.37% 0.00% Latin America 1.30% 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 4.24% 0.00% As of: 06/30/2024 Industry Fund MSCI World Index Machinery 7.43% 1.94% Banks 7.39% 5.62% Financial Services 6.95% 2.79% Aerospace & Defense 6.73% 1.83% Beverages 6.15% 1.36% Pharmaceuticals 6.01% 5.11% Insurance 5.78% 3.04% Chemicals 4.73% 1.79% Interactive Media & Services 4.41% 4.85% Oil, Gas & Consumable Fuels 4.22% 4.06% % in Top 10 Industries 59.8% 32.39% 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 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 John D. Spears MANAGING DIRECTOR Read full bio Robert Q. Wyckoff, Jr. MANAGING DIRECTOR Read full bio Investment Approach Investment Approach Tweedy, Browne 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” (aka “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. Related products Other Products From Tweedy, Browne Company TBGVX Tweedy, Browne International Value Fund View Fund Details TBCUX Tweedy, Browne International Value Fund II - Currency Unhedged 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