Tweedy, Browne

Thomas Shrager, Robert Wyckoff, John Spears

In Q2 2026, Tweedy, Browne held 90 US-listed stocks worth $1.3bn. Its biggest move was buying Zoetis (now 3.0% of the portfolio), followed by cutting FedEx (85% fewer shares, now 0.3%). It started 13 new positions and sold out of 15. Its largest holding is CNH Industrial at 17%.

Source: SEC Form 13F for Q2 2026, filed 7 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 7 Aug 2026

Fund assets

$4.4bn

2 US-registered funds

Q3 2026 13F due

26 days

Expected Mon 9 Nov

What changed in Q2 2026

New positions

Zoetis3.0% of the portfolio
Walt Disney0.3% of the portfolio
Bank of Nova Scotia Halifax0.3% of the portfolio
Evertec0.2% of the portfolio
lululemon athletica0.2% of the portfolio

Added to

Ionis Pharmaceuticals+0.2% shares, now 13.7%
PNC Financial Services Group+40% shares, now 0.3%
G III Apparel Group+42% shares, now 0.2%
Crocs+37% shares, now 0.2%
Versant Media Group+84% shares, now 0.2%

Trimmed

FedEx-85% shares, now 0.3%
Alphabet-29% shares, now 3.8%
CNH Industrial-0.2% shares, now 17.1%
Johnson & Johnson-8.1% shares, now 3.9%
Totalenergies-0.4% shares, now 0.7%

Sold out

Sealed Airwas 1.4%
Stonex Groupwas 0.3%
Noblewas 0.2%
Tormwas 0.2%
Bread Financial Holdingswas 0.2%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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87% of the $4.0bn of shares held in Tweedy, Browne’s 2 US-registered funds, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 7 Aug 2026 (filing): 13 new, 41 added to, 34 trimmed, 15 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

CNH IndustrialCNH	$226m	20,115,883	17.1%$226m	Trimmed -0.2%	17.6%
Ionis PharmaceuticalsIONS	$181m	2,280,311	13.7%$181m	Added +0.2%	13.6%
Berkshire HathawayBRK.B	$157m	97,769	11.9%$157m	Added +0.2%	11.9%
Coca-Cola FemsaKOF	$123m	1,160,570	9.3%$123m	Trimmed -0.8%	9.1%
Johnson & JohnsonJNJ	$51.2m	201,644	3.9%$51.2m	Trimmed -8.1%	4.3%
AlphabetGOOG	$50.5m	141,282	3.8%$50.5m	Trimmed -29%	4.5%
AutolivALV	$44.5m	383,314	3.4%$44.5m	Trimmed -0.1%	3.2%
Wells Fargo & CompanyWFC	$41.1m	497,011	3.1%$41.1m	Trimmed -3.7%	3.3%
ZoetisZTS	$40.0m	556,056	3.0%$40.0m	New	–
Envista HoldingsNVST	$37.8m	1,435,248	2.9%$37.8m	Trimmed -0.1%	2.9%
Truist FinancialTFC	$27.2m	546,256	2.1%$27.2m	Trimmed -2.0%	2.0%
UniFirstUNF	$26.9m	101,553	2.0%$26.9m	Trimmed -0.1%	2.0%
U Haul Holding CompanyUHAL	$26.7m	462,827	2.0%$26.7m	Trimmed -0.1%	1.6%
American ExpressAXP	$21.2m	62,719	1.6%$21.2m	Trimmed -0.4%	1.5%
Bank of AmericaBAC	$20.8m	364,776	1.6%$20.8m	Trimmed -0.1%	1.4%
Vertex PharmaceuticalsVRTX	$19.9m	40,121	1.5%$19.9m	Trimmed -0.7%	1.4%
AutoZoneAZO	$17.7m	5,530	1.3%$17.7m	Trimmed -0.1%	1.5%
BNYBK	$14.8m	102,246	1.1%$14.8m	Trimmed -6.2%	1.0%
Jazz PharmaceuticalsJAZZ	$14.5m	60,149	1.1%$14.5m	Trimmed -0.1%	0.9%
NovartisNVS	$11.1m	71,125	0.8%$11.1m	Trimmed -0.3%	0.9%
US BancorpUSB	$11.0m	181,896	0.8%$11.0m	Trimmed -1.3%	0.8%
DiageoDEO	$10.1m	126,176	0.8%$10.1m	Trimmed 0.0%	0.8%
TotalenergiesTTE	$9.1m	117,108	0.7%$9.1m	Trimmed -0.4%	0.8%
Union PacificUNP	$5.2m	19,185	0.4%$5.2m	Unchanged	0.4%
Walt DisneyDIS	$4.3m	44,975	0.3%$4.3m	New	–
GSKGSK	$4.3m	81,527	0.3%$4.3m	Trimmed -0.3%	0.4%
Globe LifeGL	$4.0m	22,364	0.3%$4.0m	Trimmed -20%	0.3%
KTKT	$3.9m	222,892	0.3%$3.9m	Added +33%	0.3%
Bank of Nova Scotia HalifaxBNS	$3.7m	42,479	0.3%$3.7m	New	–
Cisco SystemsCSCO	$3.5m	29,397	0.3%$3.5m	Trimmed -47%	0.3%
FedExFDX	$3.4m	10,774	0.3%$3.4m	Trimmed -85%	2.1%
ConocoPhillipsCOP	$3.3m	32,137	0.3%$3.3m	Added +4.7%	0.3%
PNC Financial Services GroupPNC	$3.3m	13,214	0.3%$3.3m	Added +40%	0.2%
ProgressivePGR	$3.0m	13,711	0.2%$3.0m	Unchanged	0.2%
UnileverUL	$3.0m	49,084	0.2%$3.0m	Trimmed -5.0%	0.2%
G III Apparel GroupGIII	$2.9m	85,600	0.2%$2.9m	Added +42%	0.1%
HafniaHAFN	$2.8m	414,383	0.2%$2.8m	Added +9.9%	0.2%
Arrow ElectronicsARW	$2.7m	12,839	0.2%$2.7m	Added +10%	0.1%
HF SinclairDINO	$2.7m	38,922	0.2%$2.7m	Added +31%	0.1%
Alliance Resource Partners LARLP	$2.7m	111,658	0.2%$2.7m	Added +54%	0.2%
Resideo TechnologiesREZI	$2.6m	84,748	0.2%$2.6m	Added +15%	0.2%
Versant Media GroupVSNT	$2.5m	69,343	0.2%$2.5m	Added +84%	0.1%
Elevance HealthELV	$2.5m	6,417	0.2%$2.5m	Added +34%	0.1%
EvertecEVTC	$2.5m	88,487	0.2%$2.5m	New	–
Allison Transmission HoldingsALSN	$2.5m	21,791	0.2%$2.5m	Added +38%	0.1%
NutrienNTR	$2.4m	37,327	0.2%$2.4m	Added +9.3%	0.2%
CrocsCROX	$2.3m	19,181	0.2%$2.3m	Added +37%	0.1%
Ally FinancialALLY	$2.2m	47,288	0.2%$2.2m	Added +41%	0.1%
Bristol-Myers SquibbBMY	$2.2m	37,570	0.2%$2.2m	Added +44%	0.1%
Cigna GroupCI	$2.1m	7,644	0.2%$2.1m	Added +42%	0.1%
Heartland ExpressHTLD	$2.1m	138,119	0.2%$2.1m	Added +9.1%	0.1%
Western UnionWU	$2.1m	272,476	0.2%$2.1m	Added +57%	0.1%
Phillips 66PSX	$2.1m	12,282	0.2%$2.1m	Trimmed -0.7%	0.2%
Asbury Automotive GroupABG	$2.1m	10,305	0.2%$2.1m	Added +42%	0.1%
lululemon athleticaLULU	$2.1m	17,963	0.2%$2.1m	New	–
Thor IndustriesTHO	$2.0m	26,526	0.1%$2.0m	New	–
TidewaterTDW	$2.0m	29,555	0.1%$2.0m	Added +14%	0.2%
Conagra BrandsCAG	$2.0m	146,196	0.1%$2.0m	New	–
Siriusxm HoldingsSIRI	$2.0m	66,492	0.1%$2.0m	Added +42%	0.1%
Matador ResourcesMTDR	$1.9m	37,901	0.1%$1.9m	Added +34%	0.1%
United Parcel ServiceUPS	$1.8m	16,630	0.1%$1.8m	Added +7.2%	0.1%
GlobantGLOB	$1.8m	61,306	0.1%$1.8m	New	–
Builders FirstsourceBLDR	$1.8m	19,598	0.1%$1.8m	New	–
Molson Coors Brewing CompanyTAP	$1.7m	44,702	0.1%$1.7m	Added +41%	0.1%
Shoe Station GroupSHOE	$1.7m	116,763	0.1%$1.7m	New	–
Helmerich & PayneHP	$1.7m	52,236	0.1%$1.7m	Added +8.3%	0.1%
UnitedHealth GroupUNH	$1.7m	4,089	0.1%$1.7m	Added +12%	0.1%
Advance Auto PartsAAP	$1.7m	27,118	0.1%$1.7m	Added +12%	0.1%
LKQ OrdLKQ	$1.6m	62,066	0.1%$1.6m	Added +46%	0.1%
CenteneCNC	$1.6m	25,121	0.1%$1.6m	Added +33%	0.1%
Lamb Weston HoldingsLW	$1.6m	37,275	0.1%$1.6m	Added +44%	0.1%
EverforthEFOR	$1.6m	87,577	0.1%$1.6m	New	–
Beazer Homes USABZH	$1.5m	54,435	0.1%$1.5m	Added +7.7%	0.1%
Devon EnergyDVN	$1.4m	34,147	0.1%$1.4m	Added +33%	0.1%
KenvueKVUE	$1.4m	72,949	0.1%$1.4m	Added +78%	0.1%
Dorian LPGLPG	$1.4m	39,902	0.1%$1.4m	Added +13%	0.1%
Emerson ElectricEMR	$1.3m	8,743	0.1%$1.3m	Trimmed -2.2%	0.1%
AMN Healthcare ServicesAMN	$1.2m	37,299	0.1%$1.2m	Added +33%	0.0%
Black Stone Minerals LPBSM	$1.2m	83,530	0.1%$1.2m	Added +8.0%	0.1%
Verizon CommunicationsVZ	$1.0m	23,878	0.1%$1.0m	Trimmed -0.4%	0.1%
ComcastCMCSA	$769k	31,330	0.1%$769k	Trimmed -0.5%	0.1%
HaleonHLN	$672k	72,035	0.1%$672k	Trimmed -1.0%	0.1%
OrionOEC	$600k	90,520	0.1%$600k	Added +48%	0.0%
FMCFMC	$505k	43,935	0.0%$505k	Added +42%	0.0%
Alibaba Group HoldingBABA	$380k	3,960	0.0%$380k	Trimmed -2.5%	0.0%
Fedex Freight HoldingFDXF	$333k	2,206	0.0%$333k	New	–
ConcentrixCNXC	$301k	13,431	0.0%$301k	Trimmed -1.4%	0.0%
IntelINTC	$209k	1,500	0.0%$209k	New	–
Magnum ICE CreamMICC	$203k	11,654	0.0%$203k	Trimmed -3.3%	0.0%
Baxter InternationalBAX	$202k	9,479	0.0%$202k	Trimmed -2.7%	0.0%
Sealed AirSEE	–	–	–	Sold out	1.4%
Stonex GroupSNEX	–	–	–	Sold out	0.3%
NobleNE	–	–	–	Sold out	0.2%
TormTRMD	–	–	–	Sold out	0.2%
Bread Financial HoldingsBFH	–	–	–	Sold out	0.2%
Zions BancorporationZION	–	–	–	Sold out	0.2%
HCI GroupHCI	–	–	–	Sold out	0.2%
AGCOAGCO	–	–	–	Sold out	0.1%
Enterprise Products PartnersEPD	–	–	–	Sold out	0.1%
First Interstate BancsystemFIBK	–	–	–	Sold out	0.1%
Tyson FoodsTSN	–	–	–	Sold out	0.1%
Simmons First NationalSFNC	–	–	–	Sold out	0.1%
CVS HealthCVS	–	–	–	Sold out	0.1%
EmbectaEMBC	–	–	–	Sold out	0.1%
Prospect CapitalPSEC	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

BRK.BGOOGJNJCNHIONSKOFEverything else

2013: Berkshire Hathaway 6.0%, Alphabet 3.7%, Johnson & Johnson 9.2%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 0.0%; 2014: Berkshire Hathaway 8.3%, Alphabet 3.8%, Johnson & Johnson 11.1%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 0.0%; 2015: Berkshire Hathaway 8.3%, Alphabet 6.3%, Johnson & Johnson 11.1%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 0.0%; 2016: Berkshire Hathaway 9.8%, Alphabet 6.4%, Johnson & Johnson 8.6%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 0.0%; 2017: Berkshire Hathaway 10.1%, Alphabet 7.4%, Johnson & Johnson 8.6%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 0.0%; 2018: Berkshire Hathaway 13.2%, Alphabet 9.3%, Johnson & Johnson 9.7%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 0.0%; 2019: Berkshire Hathaway 14.8%, Alphabet 12.3%, Johnson & Johnson 10.4%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 0.0%; 2020: Berkshire Hathaway 14.2%, Alphabet 14.6%, Johnson & Johnson 9.5%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 4.5%; 2021: Berkshire Hathaway 15.3%, Alphabet 19.6%, Johnson & Johnson 9.1%, CNH Industrial 0.0%, Ionis Pharmaceuticals 0.0%, Coca-Cola Femsa 4.8%; 2022: Berkshire Hathaway 20.2%, Alphabet 16.4%, Johnson & Johnson 11.6%, CNH Industrial 0.0%, Ionis Pharmaceuticals 7.1%, Coca-Cola Femsa 7.0%; 2023: Berkshire Hathaway 20.4%, Alphabet 16.8%, Johnson & Johnson 8.7%, CNH Industrial 0.0%, Ionis Pharmaceuticals 8.5%, Coca-Cola Femsa 7.3%; Q3 ’24: Berkshire Hathaway 21.7%, Alphabet 13.9%, Johnson & Johnson 8.7%, CNH Industrial 8.1%, Ionis Pharmaceuticals 6.6%, Coca-Cola Femsa 5.9%; Q4 ’24: Berkshire Hathaway 16.1%, Alphabet 9.6%, Johnson & Johnson 10.5%, CNH Industrial 11.2%, Ionis Pharmaceuticals 7.7%, Coca-Cola Femsa 7.0%; Q1 ’25: Berkshire Hathaway 16.1%, Alphabet 9.4%, Johnson & Johnson 6.4%, CNH Industrial 14.5%, Ionis Pharmaceuticals 8.0%, Coca-Cola Femsa 10.4%; Q2 ’25: Berkshire Hathaway 14.9%, Alphabet 5.5%, Johnson & Johnson 3.5%, CNH Industrial 16.0%, Ionis Pharmaceuticals 10.6%, Coca-Cola Femsa 10.9%; Q3 ’25: Berkshire Hathaway 13.8%, Alphabet 5.1%, Johnson & Johnson 3.9%, CNH Industrial 12.5%, Ionis Pharmaceuticals 16.5%, Coca-Cola Femsa 8.7%; Q4 ’25: Berkshire Hathaway 12.7%, Alphabet 5.0%, Johnson & Johnson 3.9%, CNH Industrial 15.0%, Ionis Pharmaceuticals 15.7%, Coca-Cola Femsa 9.1%; Q1 ’26: Berkshire Hathaway 11.9%, Alphabet 4.5%, Johnson & Johnson 4.3%, CNH Industrial 17.6%, Ionis Pharmaceuticals 13.6%, Coca-Cola Femsa 9.1%; Q2 ’26: Berkshire Hathaway 11.9%, Alphabet 3.8%, Johnson & Johnson 3.9%, CNH Industrial 17.1%, Ionis Pharmaceuticals 13.7%, Coca-Cola Femsa 9.3%

Q2 2026

Q4 2013Q2 2026

Tweedy, Browne International Value Fund

1 year+17.7%

3 yearsa year+13.4%

5 yearsa year+8.4%

10 yearsa year+7.6%

Yearly costs1.44%

Total returns after fees for the TBGVX share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Mar 2026. Costs are the expense ratio in the annual report to 31 Mar 2026, about $158 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $4.3bn. Cash, bonds and other assets make up 7.2%. Changes are against 31 Mar 2026: 4 new, 7 added to, 10 trimmed, 3 sold out.

Tweedy, Browne International Value Fund holdings with change from the previous filing

DHL GroupDHL Xetra	Germany	3.8%	Unchanged	3.4%
Heineken HoldingHEIO Amsterdam	Netherlands	3.4%	Unchanged	3.3%
United Overseas BankUOB Singapore	Singapore	3.4%	Unchanged	3.2%
CNH IndustrialCNH	Netherlands	3.3%	Unchanged	3.4%
Ionis PharmaceuticalsIONS	United States	3.3%	Unchanged	3.2%
Roche HoldingROP Zurich	Switzerland	3.2%	Unchanged	3.2%
NovartisNOVN Zurich	Switzerland	3.2%	Unchanged	3.2%
NestleNESN Zurich	Switzerland	3.1%	New	–
SafranSAF Paris	France	2.9%	Unchanged	2.5%
SOLSOL Milan	Italy	2.6%	Trimmed -17%	3.3%
TotalEnergiesTTE Paris	France	2.5%	Unchanged	3.0%
Coca-Cola FemsaKOF	Mexico	2.2%	Unchanged	2.1%
TrelleborgTRELB Stockholm	Sweden	2.1%	Unchanged	2.0%
PrudentialPRU London	United Kingdom	2.1%	Unchanged	2.2%
ComputacenterCCC London	United Kingdom	2.0%	Trimmed -10%	1.6%
RubisRUI Paris	France	1.9%	Unchanged	2.2%
Samsung Electronics005930 Seoul	South Korea	1.9%	Trimmed -54%	2.3%
Hana Financial Group086790 Seoul	South Korea	1.8%	Unchanged	1.8%
DiageoDGE London	United Kingdom	1.7%	Unchanged	1.6%
CVS GroupCVSG London	United Kingdom	1.5%	Unchanged	1.5%
WinpakWPK Toronto	Canada	1.4%	Unchanged	1.5%
TX GroupTXGN Zurich	Switzerland	1.4%	Unchanged	1.5%
SodexoSW Paris	France	1.3%	Added +50%	0.8%
Autotrader GroupAUTO London	United Kingdom	1.3%	Added +33%	0.9%
National Bank of CanadaNA Toronto	Canada	1.3%	Unchanged	1.1%
KemiraKEMIRA Helsinki	Finland	1.3%	Unchanged	1.5%
Johnson Service GroupJSG London	United Kingdom	1.2%	Unchanged	1.0%
AalbertsAALB Amsterdam	Netherlands	1.2%	Unchanged	1.0%
InchcapeINCH London	United Kingdom	1.2%	Unchanged	1.2%
Nippon Sanso Holdings4091 Tokyo	Japan	1.2%	Unchanged	1.2%
Fresenius SE & CoFRE Xetra	Germany	1.2%	Unchanged	1.4%
Rbb Fund TrustICPY	United States	1.1%	Unchanged	1.0%
KSB SE & CoKSB Xetra	Germany	1.0%	Unchanged	1.1%
Embotelladora AndinaANDINAA Santiago	Chile	1.0%	Trimmed -1.2%	1.0%
Fuso Chemical4368 Tokyo	Japan	1.0%	Trimmed -35%	1.0%
LG003550 Seoul	South Korea	1.0%	Trimmed -6.0%	0.9%
BAE SystemsBA. London	United Kingdom	0.9%	Unchanged	1.1%
Lassonde IndustriesLAS.A Toronto	Canada	0.9%	Unchanged	1.0%
BiomerieuxBIM Paris	France	0.9%	New	–
Subaru7270 Tokyo	Japan	0.8%	Unchanged	0.9%
CapgeminiCAP Paris	France	0.8%	New	–
AutolivALV	United States	0.8%	Unchanged	0.7%
Megacable HoldingsMEGACPO Mexico City	Mexico	0.8%	Unchanged	0.8%
Grafton GroupGFTU London	Ireland	0.8%	Unchanged	0.8%
Phoenix MecanoPMN Zurich	Switzerland	0.7%	Trimmed -1.3%	0.8%
ADEKA4401 Tokyo	Japan	0.7%	Unchanged	0.7%
Koito Manufacturing7276 Tokyo	Japan	0.7%	Unchanged	0.8%
Pets at Home GroupPETS London	United Kingdom	0.7%	Unchanged	0.7%
Nakanishi7716 Tokyo	Japan	0.7%	Unchanged	0.7%
Nifco7988 Tokyo	Japan	0.6%	Unchanged	0.6%
BunzlBNZL London	United Kingdom	0.6%	Unchanged	0.6%
Breedon GroupBREE London	United Kingdom	0.6%	Unchanged	0.6%
Sysmex6869 Tokyo	Japan	0.6%	Unchanged	0.6%
FagronFAGR Brussels	Belgium	0.6%	Unchanged	0.6%
Berkeley Group HoldingsBKG London	United Kingdom	0.6%	Added +7.4%	0.5%
RheinmetallRHM Xetra	Germany	0.5%	Unchanged	0.8%
Taikisha1979 Tokyo	Japan	0.5%	Unchanged	0.3%
Haitian International Holdings1882 Hong Kong	Cayman Islands	0.5%	Unchanged	0.5%
AltenATE Paris	France	0.4%	Added +3.2%	0.4%
Vertu MotorsVTU London	United Kingdom	0.4%	Unchanged	0.3%
Kuraray3405 Tokyo	Japan	0.3%	Trimmed -30%	0.5%
Hosokawa Micron6277 Tokyo	Japan	0.3%	Unchanged	0.4%
TeleperformanceTEP Paris	France	0.3%	New	–
Uni-President China Holdings220 Hong Kong	Cayman Islands	0.3%	Unchanged	0.4%
Transcosmos9715 Tokyo	Japan	0.3%	Unchanged	0.3%
Hang Lung Group10 Hong Kong	Hong Kong	0.3%	Unchanged	0.4%
Springer Nature AG & CoSPG Xetra	Germany	0.3%	Unchanged	0.3%
Shoei7839 Tokyo	Japan	0.2%	Unchanged	0.2%
Coltene HoldingCLTN Zurich	Switzerland	0.2%	Unchanged	0.2%
Dentium145720 Seoul	South Korea	0.2%	Unchanged	0.2%
Shanghai Mechanical & Electrical Industry Company900925 Shanghai/Shenzhen	China	0.2%	Unchanged	0.1%
Vetropack HoldingVETN Zurich	Switzerland	0.1%	Added +3.3%	0.2%
Binggrae005180 Seoul	South Korea	0.1%	Unchanged	0.1%
ImcdIMCD Amsterdam	Netherlands	0.1%	Added +62%	0.1%
YAMABIKO6250 Tokyo	Japan	0.1%	Unchanged	0.1%
Okamoto Industries5122 Tokyo	Japan	0.1%	Unchanged	0.1%
Alliance Global GroupAGI Manila	Philippines	0.1%	Unchanged	0.1%
Shofu7979 Tokyo	Japan	0.1%	Added +3.1%	0.1%
Nippon Kanzai Holdings9347 Tokyo	Japan	0.1%	Unchanged	0.1%
Philip Morris CR0MV4 London	Czechia	0.1%	Unchanged	0.1%
LX Holdings383800 Seoul	South Korea	0.0%	Unchanged	0.0%
Adris Grupa Dd	HR	0.0%	Trimmed -61%	0.1%
Azelis GroupAZE Brussels	Belgium	0.0%	Trimmed -83%	0.2%
Santec Holdings6777 Tokyo	Japan	0.0%	Unchanged	0.0%
		–	Sold out	3.0%
		–	Sold out	0.3%
		–	Sold out	0.1%

Tweedy, Browne International Value Fund II

1 year+13.4%

3 yearsa year+12.2%

5 yearsa year+7.0%

10 yearsa year+6.5%

Yearly costs1.45%

Total returns after fees for the TBCUX share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Mar 2026. Costs are the expense ratio in the annual report to 31 Mar 2026, about $159 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $163m. Cash, bonds and other assets make up 3.7%. Changes are against 31 Mar 2026: 3 new, 2 added to, 8 trimmed, 4 sold out.

Tweedy, Browne International Value Fund II holdings with change from the previous filing

CNH IndustrialCNH	Netherlands	3.9%	Trimmed -1.5%	4.0%
United Overseas BankUOB Singapore	Singapore	3.3%	Unchanged	3.1%
DHL GroupDHL Xetra	Germany	3.2%	Unchanged	2.9%
KemiraKEMIRA Helsinki	Finland	3.0%	Unchanged	3.6%
WinpakWPK Toronto	Canada	2.9%	Unchanged	3.2%
Roche HoldingROP Zurich	Switzerland	2.8%	Trimmed -14%	3.3%
RubisRUI Paris	France	2.7%	Unchanged	3.2%
SafranSAF Paris	France	2.6%	Unchanged	2.3%
Ionis PharmaceuticalsIONS	United States	2.5%	Unchanged	2.4%
Inaba Denki Sangyo9934 Tokyo	Japan	2.3%	Unchanged	2.4%
TotalEnergiesTTE Paris	France	2.2%	Unchanged	2.7%
NestleNESN Zurich	Switzerland	2.0%	New	–
PrudentialPRU London	United Kingdom	2.0%	Unchanged	2.2%
Johnson Service GroupJSG London	United Kingdom	2.0%	Unchanged	1.6%
Lassonde IndustriesLAS.A Toronto	Canada	2.0%	Unchanged	2.2%
Heineken HoldingHEIO Amsterdam	Netherlands	2.0%	Unchanged	1.9%
CVS GroupCVSG London	United Kingdom	1.9%	Unchanged	1.9%
Samsung Electronics005930 Seoul	South Korea	1.9%	Trimmed -53%	2.3%
NovartisNOVN Zurich	Switzerland	1.8%	Trimmed -15%	2.1%
TrelleborgTRELB Stockholm	Sweden	1.7%	Unchanged	1.6%
Taikisha1979 Tokyo	Japan	1.6%	Unchanged	1.2%
Berkeley Group HoldingsBKG London	United Kingdom	1.6%	Unchanged	1.7%
ADEKA4401 Tokyo	Japan	1.6%	Unchanged	1.5%
SodexoSW Paris	France	1.6%	Unchanged	1.5%
Vertu MotorsVTU London	United Kingdom	1.4%	Unchanged	1.1%
ComputacenterCCC London	United Kingdom	1.4%	Unchanged	1.0%
FagronFAGR Brussels	Belgium	1.3%	Unchanged	1.3%
Nippon Sanso Holdings4091 Tokyo	Japan	1.3%	Unchanged	1.3%
Autotrader GroupAUTO London	United Kingdom	1.3%	Added +30%	1.0%
Subaru7270 Tokyo	Japan	1.3%	Unchanged	1.5%
Santec Holdings6777 Tokyo	Japan	1.3%	Unchanged	0.9%
InchcapeINCH London	United Kingdom	1.2%	Unchanged	1.2%
SOLSOL Milan	Italy	1.2%	Unchanged	1.2%
Azelis GroupAZE Brussels	Belgium	1.1%	Unchanged	1.1%
Hana Financial Group086790 Seoul	South Korea	1.1%	Unchanged	1.1%
Coca-Cola FemsaKOF	Mexico	1.0%	Unchanged	1.0%
AalbertsAALB Amsterdam	Netherlands	1.0%	Unchanged	0.8%
ArkemaAKE Paris	France	1.0%	Unchanged	1.1%
Fuso Chemical4368 Tokyo	Japan	1.0%	Trimmed -31%	1.0%
LG003550 Seoul	South Korea	1.0%	Trimmed -39%	1.5%
Grafton GroupGFTU London	Ireland	0.9%	Unchanged	1.0%
BiomerieuxBIM Paris	France	0.9%	New	–
AutolivALV	United States	0.9%	Unchanged	0.9%
BAE SystemsBA. London	United Kingdom	0.9%	Unchanged	1.1%
Sysmex6869 Tokyo	Japan	0.9%	Unchanged	0.9%
Breedon GroupBREE London	United Kingdom	0.9%	Unchanged	0.9%
DiageoDGE London	United Kingdom	0.9%	Unchanged	0.8%
Nifco7988 Tokyo	Japan	0.9%	Unchanged	0.9%
Koito Manufacturing7276 Tokyo	Japan	0.9%	Unchanged	0.9%
CapgeminiCAP Paris	France	0.8%	New	–
Pets at Home GroupPETS London	United Kingdom	0.8%	Unchanged	0.9%
Nakanishi7716 Tokyo	Japan	0.8%	Unchanged	0.8%
Embotelladora AndinaANDINAA Santiago	Chile	0.7%	Trimmed -40%	1.2%
Transcosmos9715 Tokyo	Japan	0.7%	Unchanged	0.8%
BunzlBNZL London	United Kingdom	0.6%	Unchanged	0.6%
Megacable HoldingsMEGACPO Mexico City	Mexico	0.6%	Unchanged	0.6%
Alliance Global GroupAGI Manila	Philippines	0.6%	Unchanged	0.7%
AltenATE Paris	France	0.6%	Unchanged	0.6%
RheinmetallRHM Xetra	Germany	0.5%	Unchanged	0.8%
Okamoto Industries5122 Tokyo	Japan	0.5%	Unchanged	0.6%
E-L FinancialELF Toronto	Canada	0.5%	Trimmed -37%	0.8%
KSB SE & CoKSB3 Xetra	Germany	0.4%	Unchanged	0.4%
Springer Nature AG & CoSPG Xetra	Germany	0.3%	Unchanged	0.3%
Shoei7839 Tokyo	Japan	0.3%	Unchanged	0.3%
Shofu7979 Tokyo	Japan	0.3%	Unchanged	0.2%
Nihon Nohyaku4997 Tokyo	Japan	0.3%	Added +21652%	0.0%
Vetropack HoldingVETN Zurich	Switzerland	0.2%	Unchanged	0.3%
Dentium145720 Seoul	South Korea	0.2%	Unchanged	0.2%
		–	Sold out	2.6%
		–	Sold out	0.8%
		–	Sold out	0.6%
		–	Sold out	0.5%

Look-through earnings

Tweedy, Browne’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$27.1m

Last 12 months, holdings with SEC financials

Price paid for those earnings

35.4×

Value of those holdings ÷ their earnings

Earnings per share growth

-13.4%

Same holdings, against a year earlier

Portfolio covered

73%

Of the 13F value

$80.3m2017

$109m2018

$93.5m2019

$70.6m2020

$103m2021

$64.6m2022

$86.1m2023

$38.2m2024

$25.0m2025

$15.8m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

CNH IndustrialCNH	1.6%	$311m	$5.0m	$2.2m	-61.8%
AlphabetGOOG	0.00%	$244bn	$2.8m	$1.3m	+109.4%
Wells Fargo & CompanyWFC	0.02%	$23bn	$3.7m	$1.0m	+16.7%
ZoetisZTS	0.1%	$2.6bn	$3.5m	$920k	+8.5%
Truist FinancialTFC	0.04%	$5.5bn	$2.4m	$670k	+19.2%
AutolivALV	0.5%	$642m	$3.3m	$517k	-6.6%
Envista HoldingsNVST	0.9%	$95.0m	$831k	$470k	+82.8%
Johnson & JohnsonJNJ	0.01%	$21bn	$1.7m	$457k	-8.0%
Bank of AmericaBAC	0.01%	$34bn	$1.7m	$454k	+26.3%
U Haul Holding CompanyUHAL	0.2%	$63.7m	$151k	$290k	-79.7%
American ExpressAXP	0.01%	$11bn	$1.1m	$287k	+16.1%
BNYBK	0.01%	$6.3bn	$930k	$260k	+31.6%
US BancorpUSB	0.01%	$8.2bn	$955k	$255k	+18.7%
HF SinclairDINO	0.02%	$1.9bn	$415k	$194k	–
Vertex PharmaceuticalsVRTX	0.02%	$4.4bn	$693k	$173k	+22.9%
Jazz PharmaceuticalsJAZZ	0.09%	$941m	$815k	$167k	–
UniFirstUNF	0.6%	$116m	$646k	$111k	-22.1%
ConocoPhillipsCOP	0.00%	$9.3bn	$246k	$104k	+4.8%
Globe LifeGL	0.03%	$1.2bn	$344k	$82k	+19.4%
ProgressivePGR	0.00%	$12bn	$274k	$78k	+12.8%
Walt DisneyDIS	0.00%	$8.6bn	$222k	$68k	-22.9%
Arrow ElectronicsARW	0.02%	$812m	$201k	$68k	+75.3%
PNC Financial Services GroupPNC	0.00%	$7.3bn	$238k	$67k	+20.7%
Union PacificUNP	0.00%	$7.3bn	$237k	$64k	+5.8%
Resideo TechnologiesREZI	0.06%	$427m	$235k	$53k	–
Elevance HealthELV	0.00%	$5.0bn	$146k	$43k	-4.0%
G III Apparel GroupGIII	0.2%	$68.1m	$132k	$39k	–
Cisco SystemsCSCO	0.00%	$13bn	$98k	$28k	+31.0%
FedExFDX	0.00%	$4k	$0k	−$128k	+9.7%
Ionis PharmaceuticalsIONS	1.4%	−$565m	−$7.8m	−$1.6m	–

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

US holdings by sector

Health care28.0%
Industrials19.6%
Insurance12.4%
Financials11.1%
Consumer staples10.5%
Consumer discretionary6.5%
Communication and media4.6%
Other4.2%
Energy1.6%
Materials0.8%
Technology0.6%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$1.9bnQ3 ’23

$2.0bnQ4 ’23

$2.1bnQ1 ’24

$2.2bnQ2 ’24

$2.1bnQ3 ’24

$1.5bnQ4 ’24

$1.1bnQ1 ’25

$1.1bnQ2 ’25

$1.2bnQ3 ’25

$1.2bnQ4 ’25

$1.3bnQ1 ’26

$1.3bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.