Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.432.4789 Share Class Common NAV | as of 04/18/2024 $17.06 +$0.03 (+0.18%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 338 Foreign Large 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 10/26/2009 to 03/31/2024 = $21,337.42 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks long-term capital growth. Why Consider Invests primarily in equity securities of foreign issuers that the Adviser believes are undervalued, but also invests on a more limited basis in U.S. equity securities when opportunities appear attractive The Fund may be appropriate for long-term value investors looking to gain exposure to international equity investments Invests, based on Tweedy, Browne’s fundamental research, in a diversified portfolio of stocks from a variety of industries and countries across market capitalizations Utilizes a value investing approach popularized by legendary investor Benjamin Graham Fund is unhedged and as a result will remain exposed to foreign currency Documents Fact Sheet Commentary Prospectus 2023 Year End Distributions View All Documents Investment Style Tweedy, Browne International Value Fund II - Currency Unhedged has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Tweedy, Browne International Value Fund II - Currency Unhedged is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 338) 3 Years (of 338) 5 Years (of 316) 10 Years (of 205) Category Foreign Large Value Read Important Investment Disclosures Roger R. de Bree MANAGING DIRECTOR Roger R. de Bree has been with Tweedy, Browne since 2000 and is a member of the firm's Investment Committee, as well as Treasurer of Tweedy, Browne Fund Inc. In 2011, he became an equity stakeholder in the firm and a Managing Director in 2020. Before joining Tweedy, Browne Roger worked at ABN AMRO Bank and MeesPierson Inc. He has an undergraduate degree in business administration from Nijenrode, the Netherlands School of Business in Breukelen, the Netherlands, as well as an MBA from IESE, University of Navarre in Barcelona, Spain. Andrew Ewert MANAGING DIRECTOR Andrew Ewert has been associated with Tweedy, Browne Company since 2016. He is a Managing Director of Tweedy, Browne and a member of its Investment Committee. Prior to joining the Tweedy, Browne, he held positions at Equinox Partners, L.P., Ruane, Cunniff & Goldfarb Inc., MTS Health Partners, L.P., and Bear Stearns. Mr. Ewert holds a B.B.A. from Emory University and an M.B.A. from Columbia Business School. Frank H. Hawrylak, CFA MANAGING DIRECTOR Frank H. Hawrylak, CFA, has been with Tweedy, Browne since 1986 and is a member of the firm's Investment Committee. In 2011, he became an equity stakeholder in the firm and a Managing Director in 2020. Prior to joining Tweedy, Browne, Frank worked in the investment department at Royal Insurance. Mr. Hawrylak received a BS from the University of Arizona and an MBA from the University of Edinburgh, Scotland. Jay Hill, CFA MANAGING DIRECTOR Jay Hill, CFA, has been with Tweedy, Browne since 2003. He is a member of the firm's Investment and Management Committees and has been an equity stakeholder in the firm since 2011. Prior to joining Tweedy, Browne, Jay held positions with Banc of America Securities LLC, Credit Lyonnais Securities (USA) Inc., and Providence Capital, Inc. Jay received a B.B.A. from Texas Tech University. Thomas H. Shrager MANAGING DIRECTOR Thomas H. Shrager has been with Tweedy, Browne since 1989. He is a member of the firm's Investment and Management Committees, and is the President and a Director of Tweedy, Browne Fund Inc. Previously he had worked in mergers and acquisitions at Bear Stearns, and as a consultant for Arthur D. Little. He received a BA and a Masters in international affairs from Columbia University. Robert Q. Wyckoff, Jr. MANAGING DIRECTOR Robert Q. Wyckoff, Jr. has been with Tweedy, Browne since 1991. He is also a member of the firm's Investment and Management Committees, and is Chairman and Vice President of Tweedy, Browne Fund Inc., and a member of the Board of Directors of Tweedy, Browne Value Funds, domiciled in Luxembourg. Prior to joining the Investment Adviser, he held positions with Bessemer Trust, C.J. Lawrence, J&W Seligman, and Stillrock Management. He received a B.A. from Washington & Lee University and a J.D. from the University of Florida School of Law. John D. Spears MANAGING DIRECTOR John D. Spears has been with Tweedy, Browne since 1974 and is a member of the firm's Investment and Management Committees. He is also Vice President of Tweedy, Browne Fund Inc.. Additionally, he is a member of the Board of Managers of Haverford College. Previously, he had been in the investment business with Berger, Kent Associates; Davic Associates; and Hornblower & Weeks-Hemphill, Noyes & Co. Mr. Spears studied at the Babson Institute of Business Administration, Drexel Institute of Technology, and the University of Pennsylvania ‐ The Wharton School. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539 or visit our website at wealth.amg.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Expense Ratios Gross Expense Ratio: 1.40% 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 $0.299000 $0.299000 — — Dec 12, 2022 $0.259000 $0.259000 — — Dec 10, 2021 $0.176000 $0.176000 — — Dec 11, 2020 $0.143000 $0.104000 — $0.039000 Dec 12, 2019 $0.340000 $0.232000 — $0.108000 Dec 27, 2018 $0.194000 $0.194000 — — Dec 27, 2017 $0.194000 $0.194000 — — Dec 28, 2016 $0.201000 $0.201000 — — Dec 29, 2015 $0.192000 $0.192000 — — Dec 29, 2014 $0.187000 $0.187000 — — Dec 27, 2013 $0.149000 $0.149000 — — Dec 27, 2012 $0.225000 $0.214000 — $0.011000 Dec 29, 2011 $0.114000 $0.082000 — $0.032000 Dec 30, 2010 $0.076000 $0.076000 — — Dec 30, 2009 $0.004000 $0.004000 — — From: To: Risk & Return Statistics As of: 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. -0.01 -2.08 -1.10 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. 15.10 17.51 14.10 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. 0.10 0.15 0.13 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.71 84.13 71.61 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. 91.94 99.66 97.10 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. 0.87 0.95 0.90 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. 91.75 93.81 92.31 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. 4.84 4.43 4.19 View All Characteristics & Statistics All Characteristics & Statistics Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Index Fund Assets (Mil.$) $359 Number of Holdings 81 768 Weighted Avg. Market Cap (Mil.$) $150,643 $103,189 Median Market Cap (Mil.$) $3,777 $14,123 Weighted Avg. P/E (1-yr Forward EPS) 11.12 13.57 Weighted Avg. P/E (Trailing EPS) 13.93 15.53 PEG Ratio 1.50 Weighted Avg. P/B 1.66 1.90 EPS Growth (Trailing 3-yr %) 9.55% 7.98% EPS Growth (Trailing 5-yr %) 8.30% 6.06% Forward EPS Growth (1-yr %) 4.80% Forward EPS Growth (Long Term %) 9.19% Revenue Growth (Trailing 5-yr %) 4.54% 6.62% Return on Equity 13.50% 12.78% Weighted Avg. Dividend Yield 2.80% 2.81% Debt to Equity 45.95 62.80 Trailing 12-Months Portfolio Turnover 12.96% 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. -0.01 -2.08 -1.10 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. 15.10 17.51 14.10 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. 0.10 0.15 0.13 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 84.71 84.13 71.61 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. 91.94 99.66 97.10 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. 0.87 0.95 0.90 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. 91.75 93.81 92.31 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. 4.84 4.43 4.19 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. -0.12 -0.58 -0.38 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. 1.74 2.80 2.00 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. -22.44 -25.51 -26.45 As of: 03/31/2024 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 6.13% 0.00% Market Cap ($mm) 1,000 - 1,500 2.93% 0.00% Market Cap ($mm) 1,500 - 2,500 5.97% 0.00% Market Cap ($mm) 2,500 - 5,000 13.56% 0.67% Market Cap ($mm) 5,000 - 10,000 17.81% 7.46% Market Cap ($mm) 10,000 - 25,000 11.05% 17.67% Market Cap ($mm) 25,000 - 50,000 3.06% 19.03% Market Cap ($mm) 50,000 - 100,000 18.43% 24.07% Market Cap ($mm) 100,000 - 200,000 3.61% 14.49% Market Cap ($mm) 200,000 - 17.45% 16.62% Market Cap – NA 0.00% 0.00% As of: 03/31/2024 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 15.62% 15.35% P/E 10-15 24.49% 17.01% P/E 15-20 18.83% 14.50% P/E 20-25 15.76% 13.01% P/E 25-Above 14.81% 33.97% P/E – NA 10.50% 6.16% As of: 03/31/2024 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 22.92% 24.66% EPS Growth (Trailing 3-yr %) 0 - 5 9.01% 6.68% EPS Growth (Trailing 3-yr %) 5 - 10 14.83% 6.75% EPS Growth (Trailing 3-yr %) 10 - 15 5.75% 7.21% EPS Growth (Trailing 3-yr %) 15 - 20 4.51% 10.28% EPS Growth (Trailing 3-yr %) Above 20 25.76% 24.89% EPS Growth (Trailing 3-yr %) - NA 17.21% 19.54% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2024 Berkshire Hathaway B 4.00% Safran SA 3.49% TotalEnergies SE 3.39% BAE Systems PLC 3.00% Alphabet Inc - A 2.95% FMC Corp 2.54% SCOR SE 2.51% Deutsche Post AG 2.46% Nestlé SA 2.46% Rheinmetall AG 2.36% % in Top 10 Holdings 29.16% View Holding Details Holding Details Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2024 Berkshire Hathaway B 4.00% Safran SA 3.49% TotalEnergies SE 3.39% BAE Systems PLC 3.00% Alphabet Inc - A 2.95% FMC Corp 2.54% SCOR SE 2.51% Deutsche Post AG 2.46% Nestlé SA 2.46% Rheinmetall AG 2.36% % in Top 10 Holdings 29.16% As of: 03/31/2024 Download All Holdings (PDF) As of: 12/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund ttef.pa TotalEnergies SE Energy S FR EUR 203,778 68.05 $13,866,367 3.60% saf.pa Safran SA Industrials S FR EUR 77,024 176.15 $13,567,584 3.53% brkb Berkshire Hathaway B Financials S US USD 34,135 356.66 $12,174,589 3.16% teprf.pa Teleperformance Industrials S FR EUR 81,190 145.87 $11,843,107 3.08% nesn.vx Nestlé SA Consumer Staples S CH CHF 97,015 115.86 $11,239,747 2.92% baes.l BAE Systems PLC Industrials S GB GBp 768,527 14.16 $10,879,771 2.83% dhln.de Deutsche Post AG Industrials S DE EUR 204,604 49.55 $10,137,939 2.63% dge.l Diageo PLC Consumer Staples S GB GBp 272,703 36.41 $9,928,649 2.58% googl Alphabet Inc - A Communication Services S US USD 70,070 139.69 $9,788,078 2.54% ions Ionis Pharmaceuticals Inc Health Care S US USD 175,002 50.59 $8,853,351 2.30% scor.pa SCOR SE Financials S FR EUR 292,565 29.23 $8,551,394 2.22% jnj Johnson & Johnson Health Care S US USD 52,371 156.74 $8,208,631 2.13% rog.vx Roche Holding Health Care S CH CHF 27,580 290.50 $8,012,012 2.08% uobh.si United Overseas Bank Financials S SG SGD 350,605 21.57 $7,561,756 1.97% dbsm.si DBS Group Holdings Financials S SG SGD 297,855 25.33 $7,544,034 1.96% fmc FMC Corp Materials S US USD 119,422 63.05 $7,529,557 1.96% inch.l Inchcape PLC Consumer Discretionary S GB GBp 802,205 9.12 $7,317,067 1.90% cnhi.mi CNH Industrial NV Industrials S GB EUR 581,487 12.24 $7,117,123 1.85% trelb.st Trelleborg AB Industrials S SE SEK 211,883 33.50 $7,097,913 1.84% novn.vx Novartis Health Care S CH CHF 69,216 100.84 $6,979,578 1.81% skfb.st SKF AB Industrials S SE SEK 317,975 19.97 $6,351,391 1.65% heio.as Heineken Holding Consumer Staples S NL EUR 71,375 84.62 $6,039,481 1.57% 003550.ks LG Corp Industrials S KR KRW 89,851 66.70 $5,992,857 1.56% azo Autozone, Inc Consumer Discretionary S US USD 2,080 2,585.61 $5,378,069 1.40% kemira.he Kemira OYJ Materials S FI EUR 287,855 18.55 $5,338,868 1.39% tktt.pa Tarkett Industrials S FR EUR 517,117 10.30 $5,323,894 1.38% megacpo.mx Megacable Holdings SAB Communication Services S MX MXN 2,230,421 2.24 $4,985,174 1.30% bnrgn.de Brenntag SE Industrials S DE EUR 52,705 91.93 $4,845,117 1.26% kof Coca Cola FEMSA Consumer Staples S MX USD 51,161 94.64 $4,841,877 1.26% rhmg.de Rheinmetall AG Industrials S DE EUR 15,028 317.03 $4,764,395 1.24% zurn.vx Zurich Insurance Group Financials S CH CHF 8,759 522.31 $4,574,890 1.19% wpk.to Winpak Materials S CA CAD 141,655 31.02 $4,393,819 1.14% alv Autoliv Inc. Consumer Discretionary S SE USD 38,380 110.19 $4,229,092 1.10% aalb.as Aalberts NV Industrials S NL EUR 90,820 43.37 $3,938,733 1.02% 9888.hk Baidu Inc - A Communication Services S CN HKD 260,610 14.87 $3,874,832 1.01% muvgn.f Munich Re Financials S DE EUR 9,197 414.35 $3,810,816 0.99% txgn.s TX Group AG Communication Services S CH CHF 25,789 143.53 $3,701,433 0.96% lten.pa Alten SA Information Technology S FR EUR 24,440 148.69 $3,633,883 0.94% 4401.t ADEKA Corp Materials S JP JPY 166,700 20.36 $3,393,595 0.88% husqb.st Husqvarna-B Industrials S SE SEK 399,103 8.23 $3,286,174 0.85% hwdn.l Howden Joinery Group PLC Industrials S GB GBp 306,936 10.37 $3,183,470 0.83% rubf.pa Rubis SCA Utilities S FR EUR 123,575 24.85 $3,071,410 0.80% freg.de Fresenius Se & Co KGaA Health Care S DE EUR 98,405 31.01 $3,051,296 0.79% kbc.br KBC Group Financials S BE EUR 46,370 64.87 $3,007,792 0.78% ccc.l Computacenter PLC Information Technology S GB GBp 82,845 35.59 $2,948,654 0.77% 3405.t Kuraray Co Materials S JP JPY 288,625 10.11 $2,918,392 0.76% 005930.ks Samsung Electronics Co Information Technology S KR KRW 47,060 60.95 $2,868,398 0.75% 6302.t Sumitomo Heavy Industries Industrials S JP JPY 108,745 25.22 $2,742,151 0.71% 0700.hk Tencent Holdings Communication Services S CN HKD 72,385 37.60 $2,721,662 0.71% jsg.l Johnson Service Group Industrials S GB GBp 1,504,280 1.81 $2,715,401 0.71% 9934.t Inaba Denki Sangyo Co Industrials S JP JPY 111,630 24.12 $2,692,169 0.70% gftu_u.l Grafton Group PLC Industrials S IE GBp 229,117 11.61 $2,661,126 0.69% pmn.s Phoenix Mecano Industrials S CH CHF 5,015 515.65 $2,586,004 0.67% 4182.t Mitsubishi Gas Chemical Co Communication Services S JP JPY 155,995 16.00 $2,495,721 0.65% 1882.hk Haitian International Holdings Industrials S CN HKD 1,004,050 2.47 $2,484,232 0.65% vtu.l Vertu Motors Consumer Discretionary S GB GBp 2,741,248 0.91 $2,481,125 0.64% lasa.to Lassonde Consumer Staples S CA CAD 21,490 106.36 $2,285,737 0.59% 6268.t Nabtesco Corp Industrials S JP JPY 111,685 20.41 $2,279,569 0.59% sols.mi Sol SpA Materials S IT EUR 66,455 30.71 $2,040,785 0.53% ubip.pa Ubisoft Entertainment Communication Services S FR EUR 77,420 25.53 $1,976,413 0.51% 9715.t Transcosmos Inc Industrials S JP JPY 92,200 21.39 $1,971,790 0.51% 0220.hk Uni-President China Holdings Consumer Staples S CN HKD 2,729,475 0.71 $1,940,000 0.50% 0116.hk Chow Sang Sang Holdings Consumer Discretionary S HK HKD 1,663,100 1.15 $1,912,601 0.50% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 940,000 2.00 $1,879,064 0.49% 6849.t Nihon Kohden Corp Health Care S JP JPY 57,855 31.66 $1,831,514 0.48% 4324.t Dentsu Group Inc Communication Services S JP JPY 68,445 25.66 $1,756,519 0.46% fagro.br Fagron NV Health Care S BE EUR 79,510 18.35 $1,458,868 0.38% agi.ps Alliance Global Group, Inc Industrials S PH PHP 6,997,100 0.20 $1,425,323 0.37% elf.to E-L Financial Corp Financials S CA CAD 1,750 794.95 $1,391,161 0.36% 1979.t Taikisha Industrials S JP JPY 44,060 28.98 $1,276,671 0.33% 4368.t Fuso Chemical Co Materials S JP JPY 42,405 29.61 $1,255,787 0.33% 005180.ks Binggrae Co Consumer Staples S KR KRW 27,787 42.47 $1,180,176 0.31% 5122.t Okamoto Industries Materials S JP JPY 33,045 35.29 $1,166,115 0.30% bzu.mi Buzzi Unicem SpA Materials S IT EUR 35,576 30.42 $1,082,295 0.28% Non-Disclosed Security Industrials S JP JPY 86,595 12.19 $1,055,872 0.27% 005830.ks DB Insurance Co Financials S KR KRW 15,005 64.99 $975,168 0.25% 0010.hk Hang Lung Group Real Estate S HK HKD 655,955 1.36 $893,810 0.23% 0179.hk Johnson Electric Holdings Consumer Discretionary S HK HKD 536,600 1.59 $852,122 0.22% 6960.t Fukuda Denshi Co Health Care S JP JPY 12,000 52.28 $627,323 0.16% 383800.ks LX Holdings Corp Industrials S KR KRW 107,457 5.47 $588,223 0.15% chib.ps China Bank Corp Financials S PH PHP 937,800 0.56 $522,458 0.14% 9364.t Kamigumi Co Industrials S JP JPY 20,600 23.88 $491,840 0.13% 6192.tw Lumax International Corp LTD Industrials S TW TWD 148,500 2.91 $431,606 0.11% ksbg_p.f KSB Industrials S DE EUR 648 642.91 $416,603 0.11% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 357,122 0.91 $324,981 0.08% 0296.hk Emperor Entertainment Hotel Consumer Discretionary S HK HKD 3,969,927 0.05 $210,989 0.05% 0590.hk Luk Fook Holdings Consumer Discretionary S HK HKD 45,710 2.68 $122,638 0.03% Non-Disclosed Security Health Care S JP JPY 3,800 19.52 $74,178 0.02% Cash & Cash Equivalents Cash C - - $21,521,175 5.59% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Safran SA 1 3.94% 31.32% Rheinmetall AG 2 1.66% 80.57% BAE Systems PLC 3 3.14% 21.42% Berkshire Hathaway B 4 3.59% 17.91% SCOR SE 5 2.38% 20.95% Rubis SCA 6 0.89% 44.91% AutoZone, Inc. 7 1.59% 21.89% Megacable Holdings SAB 8 1.54% 22.04% Trelleborg AB 9 1.95% 12.97% Sumitomo Heavy Industries 10 0.81% 32.23% 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 2.80% -31.47% Ionis Pharmaceuticals Inc 19 2.25% -14.31% Deutsche Post AG 18 2.54% -10.89% Baidu Inc - A 17 0.77% -10.24% Fresenius SE & Co KGaA 16 0.75% -10.82% Brenntag SE 15 1.25% -6.13% Ubisoft Entertainment 14 0.48% -15.46% Nabtesco Corp 13 0.45% -12.05% Nestlé SA 12 2.82% -1.75% Heineken Hoilding 11 1.53% -2.32% 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 International Value Fund II - Currency Unhedged (TBCUX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Index Industrials 32.92% 16.80% Financials 14.75% 19.33% Materials 8.86% 7.22% Consumer Staples 8.56% 8.55% Health Care 8.15% 12.68% Communication Services 7.01% 4.01% Cash & Other 6.28% 0.00% Consumer Discretionary 6.09% 12.50% Energy 3.39% 4.08% Information Technology 2.57% 9.40% Utilities 1.22% 3.11% Real Estate 0.21% 2.31% As of: 03/31/2024 Investment Allocation 03/31/2024 Stocks 93.72% Bonds 0.00% Cash and Other 6.28% As of: 03/31/2024 Country Fund MSCI EAFE Index United States 15.75% 0.00% France 15.07% 12.12% United Kingdom 12.02% 14.54% Switzerland 8.23% 9.37% Germany 8.17% 8.71% Japan 6.55% 23.55% Sweden 5.70% 3.07% Singapore 4.16% 1.31% South Korea 3.03% 0.00% Mexico 2.73% 0.00% Netherlands 2.52% 5.08% Canada 2.35% 0.00% Finland 1.52% 0.97% China 1.45% 0.00% Belgium 1.17% 0.93% % in Top 15 Countries 90.42% 79.65% As of: 03/31/2024 Region Fund MSCI EAFE Index Developed 85.57% 100.00% Europe & Middle East 55.76% 65.91% North America 18.09% 0.00% Pacific 11.71% 34.09% Emerging 8.15% 0.00% Asia 5.14% 0.00% Latin America 3.02% 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 6.28% 0.00% As of: 03/31/2024 Industry Fund MSCI EAFE Index Machinery 10.30% 3.05% Aerospace & Defense 8.85% 2.29% Chemicals 7.56% 3.12% Insurance 5.68% 5.19% Banks 5.07% 10.15% Beverages 4.58% 1.71% Pharmaceuticals 4.27% 9.02% Financial Services 4.00% 1.11% Food Products 3.97% 2.70% Trading Companies & Distributors 3.88% 2.14% % in Top 10 Industries 58.16% 40.48% 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 Robert Q. Wyckoff, Jr. MANAGING DIRECTOR Read full bio John D. Spears MANAGING DIRECTOR Read full bio Investment Approach Investment Approach Tweedy, Browne International Value Fund II – Currency Unhedged The fund’s investment process is driven by fundamental, bottom-up research on individual companies. The investment team seeks to appraise the worth of a company, its “intrinsic value” (aka “private market value”, “breakup value” or “liquidation value”), by determining its acquisition value or estimating the collateral value of its asset and/or cash flow. Investments made by the Fund are focused for the most part in developed countries, with some exposure to emerging markets. The Fund is diversified by issuer, industry and country, and maintains investments in a minimum of five countries. Related products Other Products From Tweedy, Browne Company TBGVX Tweedy, Browne International Value Fund View Fund Details TWEBX Tweedy, Browne Value Fund View Fund Details TBHDX Tweedy, Browne Worldwide High Dividend Yield Value Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS