Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.432.4789 Share Class Common NAV | as of 04/18/2024 $18.93 +$0.03 (+0.16%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 149 Global Large-Stock Value funds as of 03/31/2024 View Morningstar Details Morningstar Medalist Rating as of 06/21/2023 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 12/08/1993 to 03/31/2024 = $102,249.05 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-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 149) 3 Years (of 149) 5 Years (of 139) 10 Years (of 95) 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: 1.40% Net Expense Ratio: 1.40% 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 $1.383000 $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: 03/31/2024 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. -0.49 -4.03 -3.14 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. 12.88 15.22 12.48 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. 0.36 0.30 0.35 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. 67.36 60.65 51.12 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. 83.57 95.44 96.63 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. 0.73 0.84 0.83 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. 76.76 84.32 84.79 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. 7.43 6.60 5.41 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.$) $457 Number of Holdings 84 1,465 Weighted Avg. Market Cap (Mil.$) $200,629 $569,711 Median Market Cap (Mil.$) $5,059 $19,591 Weighted Avg. P/E (1-yr Forward EPS) 11.63 17.32 Weighted Avg. P/E (Trailing EPS) 14.94 20.71 PEG Ratio 1.68 Weighted Avg. P/B 1.64 3.22 EPS Growth (Trailing 3-yr %) 6.86% 8.34% EPS Growth (Trailing 5-yr %) 5.80% 7.82% Forward EPS Growth (1-yr %) 9.02% Forward EPS Growth (Long Term %) 11.96% Revenue Growth (Trailing 5-yr %) 5.01% 11.62% Return on Equity 13.92% 14.76% Weighted Avg. Dividend Yield 2.34% 1.77% Debt to Equity 50.05 68.57 Trailing 12-Months Portfolio Turnover 20.60% As of: 03/31/2024 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. -0.49 -4.03 -3.14 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. 12.88 15.22 12.48 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. 0.36 0.30 0.35 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. 67.36 60.65 51.12 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. 83.57 95.44 96.63 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. 0.73 0.84 0.83 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. 76.76 84.32 84.79 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. 7.43 6.60 5.41 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. -0.46 -1.01 -0.99 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. 6.29 5.53 5.21 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: 03/31/2024 Market Cap Fund MSCI World Index Market Cap ($mm) 0 - 1,000 3.67% 0.00% Market Cap ($mm) 1,000 - 1,500 1.40% 0.00% Market Cap ($mm) 1,500 - 2,500 6.76% 0.00% Market Cap ($mm) 2,500 - 5,000 10.93% 0.18% Market Cap ($mm) 5,000 - 10,000 17.08% 2.56% Market Cap ($mm) 10,000 - 25,000 13.27% 10.89% Market Cap ($mm) 25,000 - 50,000 3.36% 13.22% Market Cap ($mm) 50,000 - 100,000 15.31% 16.98% Market Cap ($mm) 100,000 - 200,000 5.40% 16.43% Market Cap ($mm) 200,000 - 22.82% 39.74% Market Cap – NA 0.00% 0.00% As of: 03/31/2024 Valuation Characteristics Fund MSCI World Index P/E 0-10 11.34% 6.14% P/E 10-15 24.25% 13.33% P/E 15-20 15.41% 10.44% P/E 20-25 19.77% 12.07% P/E 25-Above 15.64% 49.88% P/E – NA 13.59% 8.14% As of: 03/31/2024 Growth Characteristics Fund MSCI World Index EPS Growth (Trailing 3-yr %) - Negative 21.06% 21.82% EPS Growth (Trailing 3-yr %) 0 - 5 12.55% 6.99% EPS Growth (Trailing 3-yr %) 5 - 10 14.28% 9.50% EPS Growth (Trailing 3-yr %) 10 - 15 6.02% 16.11% EPS Growth (Trailing 3-yr %) 15 - 20 5.56% 6.77% EPS Growth (Trailing 3-yr %) Above 20 19.36% 16.61% EPS Growth (Trailing 3-yr %) - NA 21.17% 22.20% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2024 Berkshire Hathaway A 7.08% Alphabet Inc - C 4.06% National Western Life Group 3.63% Safran SA 3.61% TotalEnergies SE 3.54% Wells Fargo & Co 2.86% Nestlé ADR 2.76% SCOR SE 2.35% FMC Corp 2.34% Rubis SCA 2.32% % in Top 10 Holdings 34.55% View Holding Details Holding Details Tweedy, Browne Value Fund (TWEBX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2024 Berkshire Hathaway A 7.08% Alphabet Inc - C 4.06% National Western Life Group 3.63% Safran SA 3.61% TotalEnergies SE 3.54% Wells Fargo & Co 2.86% Nestlé ADR 2.76% SCOR SE 2.35% FMC Corp 2.34% Rubis SCA 2.32% % in Top 10 Holdings 34.55% As of: 03/31/2024 Download All Holdings (PDF) As of: 12/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund brka Berkshire Hathaway A Financials S US USD 51 542,625.03 $27,673,877 6.27% googl Alphabet Inc - C Communication Services S US USD 123,000 139.69 $17,181,870 3.90% nwli National Western Life Group Financials S US USD 33,708 483.02 $16,281,638 3.69% ttef.pa TotalEnergies SE Energy S FR EUR 236,380 68.05 $16,084,817 3.65% teprf.pa Teleperformance Industrials S FR EUR 95,170 145.87 $13,882,356 3.15% nsrgy Nestlé ADR Consumer Staples S CH USD 118,780 115.63 $13,734,531 3.11% saf.pa Safran SA Industrials S FR EUR 72,857 176.15 $12,833,578 2.91% wfc Wells Fargo & Co Financials S US USD 225,783 49.22 $11,113,039 2.52% heio.as Heineken Holding Consumer Staples S NL EUR 128,033 84.62 $10,833,665 2.46% jnj Johnson & Johnson Health Care S US USD 63,514 156.74 $9,955,184 2.26% ions Ionis Pharmaceuticals Inc Health Care S US USD 190,425 50.59 $9,633,601 2.18% dhln.de Deutsche Post AG Industrials S DE EUR 190,881 49.55 $9,457,977 2.14% freg.de Fresenius Se & Co KGaA Health Care S DE EUR 301,060 31.01 $9,335,126 2.12% deo Diageo PLC ADR Consumer Staples S GB USD 62,715 145.66 $9,135,067 2.07% scor.pa SCOR SE Financials S FR EUR 310,794 29.23 $9,084,210 2.06% fmc FMC Corp Materials S US USD 144,026 63.05 $9,080,839 2.06% fdx FedEx Corp Industrials S US USD 35,160 252.97 $8,894,425 2.02% uhal.b U-Haul Holding Co Industrials S US USD 122,928 70.44 $8,659,048 1.96% uobh.si United Overseas Bank Financials S SG SGD 386,517 21.57 $8,336,296 1.89% cnhi.mi CNH Industrial NV Industrials S GB EUR 650,620 12.24 $7,963,278 1.81% vrtx Vertex Pharmaceuticals Health Care S US USD 18,490 406.89 $7,523,396 1.71% baes.l BAE Systems PLC Industrials S GB GBp 529,590 14.16 $7,497,222 1.70% rubf.pa Rubis SCA Utilities S FR EUR 299,826 24.85 $7,452,063 1.69% see Sealed Air Corp Materials S US USD 186,300 36.52 $6,803,676 1.54% alv Autoliv Inc Consumer Discretionary S SE USD 52,604 110.19 $5,796,435 1.31% rhmg.de Rheinmetall AG Industrials S DE EUR 16,413 317.03 $5,203,488 1.18% kof Coca Cola FEMSA Consumer Staples S MX USD 54,420 94.64 $5,150,309 1.17% azo Autozone, Inc. Consumer Discretionary S US USD 1,990 2,585.61 $5,145,364 1.17% novn.vx Novartis Communication Services S CH CHF 50,749 100.84 $5,117,409 1.16% skfb.st SKF AB Industrials S SE SEK 256,145 19.97 $5,116,368 1.16% bnrgn.de Brenntag SE Industrials S DE EUR 54,875 91.93 $5,044,602 1.14% tfc Truist Financial Corp Financials S US USD 131,295 36.92 $4,847,411 1.10% husqb.st Husqvarna-B Industrials S SE SEK 575,755 8.23 $4,740,709 1.07% 003550.ks LG Corp Industrials S KR KRW 70,858 66.70 $4,726,067 1.07% trelb.st Trelleborg AB Industrials S SE SEK 139,505 33.50 $4,673,307 1.06% wpk.to Winpak Materials S CA CAD 147,158 31.02 $4,564,509 1.03% rog.vx Roche Holding Health Care S CH CHF 15,638 290.50 $4,542,852 1.03% kemira.he Kemira OYJ Materials S FI EUR 227,906 18.55 $4,226,989 0.96% aalb.as Aalberts NV Industrials S NL EUR 94,810 43.37 $4,111,773 0.93% lten.pa Alten SA Information Technology S FR EUR 25,667 148.69 $3,816,321 0.87% 9888.hk Baidu Inc - A Communication Services S CN HKD 231,680 14.87 $3,444,692 0.78% epd Enterprise Products Partners LP Energy S US USD 107,535 26.35 $2,833,547 0.64% noej.de Norma Group SE Industrials S DE EUR 150,000 17.71 $2,656,131 0.60% 6268.t Nabtesco Corp Industrials S JP JPY 130,035 20.41 $2,654,105 0.60% ccc.l Computacenter PLC Information Technology S GB GBp 74,115 35.59 $2,637,932 0.60% 005930.ks Samsung Electronics Co Information Technology S KR KRW 43,090 60.95 $2,626,419 0.60% hwdn.l Howden Joinery Group PLC Industrials S GB GBp 252,750 10.37 $2,621,466 0.59% gftu_u.l Grafton Group PLC Industrials S IE GBp 223,196 11.61 $2,592,355 0.59% bac Bank Of America Corp Financials S US USD 76,760 33.67 $2,584,509 0.59% inch.l Inchcape PLC Consumer Discretionary S GB GBp 282,425 9.12 $2,576,053 0.58% kbc.br KBC Group Financials S BE EUR 38,820 64.87 $2,518,061 0.57% 1882.hk Haitian International Holdings Industrials S CN HKD 1,006,590 2.47 $2,490,516 0.56% 4182.t Mitsubishi Gas Chemical Co Materials S JP JPY 148,315 16.00 $2,372,851 0.54% jsg.l Johnson Service Group Industrials S GB GBp 1,269,763 1.81 $2,292,071 0.52% 6302.t Sumitomo Heavy Industries Industrials S JP JPY 89,060 25.22 $2,245,767 0.51% krng.f Krones Industrials S DE EUR 17,583 123.50 $2,171,498 0.49% tho Thor Industries Consumer Discretionary S US USD 16,827 118.25 $1,989,793 0.45% lasa.to Lassonde Consumer Staples S CA CAD 18,010 106.36 $1,915,594 0.43% 9715.t Transcosmos Inc Industrials S JP JPY 87,100 21.39 $1,862,722 0.42% ubip.pa Ubisoft Entertainment Communication Services S FR EUR 72,825 25.53 $1,859,110 0.42% 4324.t Dentsu Group Inc Communication Services S JP JPY 72,285 25.66 $1,855,065 0.42% 0220.hk Uni-President China Holdings Consumer Staples S CN HKD 2,349,905 0.71 $1,670,217 0.38% tktt.pa Tarkett Industrials S FR EUR 150,328 10.30 $1,547,678 0.35% 6849.t Nihon Kohden Corp Health Care S JP JPY 48,115 31.66 $1,523,175 0.35% agi.ps Alliance Global Group, Inc Industrials S PH PHP 6,542,900 0.20 $1,332,802 0.30% 4401.t ADEKA Corp Materials S JP JPY 63,220 20.36 $1,287,001 0.29% fagro.br Fagron NV Health Care S BE EUR 66,181 18.35 $1,214,305 0.28% 0116.hk Chow Sang Sang Holdings Consumer Discretionary S HK HKD 1,046,000 1.15 $1,202,922 0.27% 4368.t Fuso Chemical Co Materials S JP JPY 40,205 29.61 $1,190,636 0.27% atmu Atmus Filtration Technologies Inc Consumer Discretionary S US USD 48,220 23.49 $1,132,688 0.26% Non-Disclosed Security Industrials S JP JPY 88,200 12.19 $1,075,442 0.24% 6250.t Yamabiko Corporation Industrials S JP JPY 99,120 10.61 $1,051,805 0.24% 005830.ks DB Insurance Co Financials S KR KRW 16,075 64.99 $1,044,706 0.24% Non-Disclosed Security Industrials S JP JPY 37,260 27.98 $1,042,635 0.24% 1979.t Taikisha Industrials S JP JPY 34,620 28.98 $1,003,140 0.23% 5122.t Okamoto Industries Materials S JP JPY 28,005 35.29 $988,260 0.22% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 492,000 2.00 $983,510 0.22% 005180.ks Binggrae Co Consumer Staples S KR KRW 22,336 42.47 $948,660 0.22% 9934.t Inaba Denki Sangyo Co Industrials S JP JPY 36,595 24.12 $882,558 0.20% 0590.hk Luk Fook Holdings Consumer Discretionary S HK HKD 214,000 2.68 $574,153 0.13% kvue Kenvue Inc Consumer Staples S US USD 24,852 21.53 $535,064 0.12% 383800.ks LX Holdings Corp Industrials S KR KRW 61,295 5.47 $335,531 0.08% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 345,561 0.91 $314,461 0.07% Cash & Cash Equivalents Cash C - - $22,167,306 5.03% Hedge Contracts Unrealized Gain/Loss Cash C - - -$63,161 -0.01% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Berkshire Hathaway A 1 5.67% 16.92% Rheinmetall AG 2 1.26% 80.57% Safran SA 3 2.72% 31.32% Rubis SCA 4 1.51% 44.91% Wells Fargo & Co 5 2.21% 18.60% SCOR SE 6 1.79% 20.95% BAE Systems PLC 7 1.55% 21.42% Alphabet Inc - C 8 3.30% 8.05% FedEx Corp 9 1.65% 15.12% AutoZone, Inc. 10 1.06% 21.89% As of: 03/31/2024 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 Teleperformance 20 2.40% -31.47% Ionis Pharmaceuticals Inc 19 1.72% -14.31% Nestlé ADR 18 2.47% -8.16% Deutsche Post AG 17 1.66% -10.89% Fresenius SE & Co KGaA 16 1.61% -10.82% U-Haul Holding Co 15 1.49% -5.26% Baidu Inc - A 14 0.58% -11.52% Brenntag SE 13 0.91% -6.13% Nabtesco Corp 12 0.45% -11.63% Ubisoft Entertainment 11 0.31% -15.46% As of: 03/31/2024 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: 03/31/2024 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 30.23% 11.22% Financials 20.40% 15.36% Health Care 10.89% 11.99% Consumer Staples 9.55% 6.52% Materials 7.28% 3.90% Communication Services 6.11% 7.44% Energy 4.23% 4.46% Consumer Discretionary 3.94% 10.73% Cash & Other 3.11% 0.00% Utilities 2.32% 2.43% Information Technology 1.94% 23.68% Real Estate 0.00% 2.27% As of: 03/31/2024 Investment Allocation 03/31/2024 Stocks 96.89% Bonds 0.00% Cash and Other 3.11% As of: 03/31/2024 Country Fund MSCI World Index United States 36.38% 70.89% France 15.34% 3.16% United Kingdom 8.07% 3.79% Germany 7.73% 2.27% Japan 4.93% 6.13% Switzerland 4.71% 2.44% Sweden 4.70% 0.80% Netherlands 3.26% 1.32% South Korea 2.09% 0.00% Singapore 1.84% 0.34% China 1.74% 0.00% Canada 1.62% 3.06% Mexico 1.16% 0.00% Finland 0.94% 0.25% Belgium 0.91% 0.24% % in Top 15 Countries 95.42% 94.69% As of: 03/31/2024 Region Fund MSCI World Index Developed 91.42% 100.00% Europe & Middle East 46.28% 17.17% North America 38.00% 73.95% Pacific 7.14% 8.88% Emerging 5.48% 0.00% Asia 4.09% 0.00% Latin America 1.38% 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 3.11% 0.00% As of: 03/31/2024 Industry Fund MSCI World Index Machinery 9.59% 2.12% Aerospace & Defense 7.61% 1.97% Banks 7.09% 5.66% Financial Services 7.08% 3.05% Insurance 6.23% 3.17% Beverages 5.68% 1.46% Interactive Media & Services 4.73% 4.38% Chemicals 4.58% 1.96% Oil, Gas & Consumable Fuels 4.23% 4.22% Pharmaceuticals 4.15% 5.01% % in Top 10 Industries 60.97% 33% As of: 03/31/2024 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