Fund Overview Fund Overview Share Class Common NAV | as of 09/21/2023 $16.25 -$0.26 (-1.57%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 340 Foreign Large Value funds as of 08/31/2023 View Morningstar Details Morningstar Analyst Rating as of 6/28/2022 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 10/26/2009 to 08/31/2023 = $19,775.93 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. 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. View Performance 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 2022 Year End Distributions View All Documents Roger R. de Bree MANAGING DIRECTOR See Our Approach Read Bio Andrew Ewert MANAGING DIRECTOR See Our Approach Read Bio Frank H. Hawrylak, CFA MANAGING DIRECTOR See Our Approach Read Bio Jay Hill, CFA MANAGING DIRECTOR See Our Approach Read Bio Thomas H. Shrager MANAGING DIRECTOR See Our Approach Read Bio Robert Q. Wyckoff, Jr. MANAGING DIRECTOR See Our Approach Read Bio John D. Spears MANAGING DIRECTOR See Our Approach Read Bio 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-Value. It invests in large-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 08/31/2023 Overall Rating (of 340) 3 Years (of 340) 5 Years (of 311) 10 Years (of 202) 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 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. 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 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 Stats As of: 08/31/2023 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. 2.01 -1.34 -0.92 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. 17.32 17.58 13.99 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. 0.35 0.05 0.17 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. 97.22 86.70 72.75 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. 92.75 98.74 96.94 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. 0.93 0.96 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. 93.32 93.92 92.16 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. 4.63 4.39 4.19 View All Characteristics & Stats All Characteristics & Stats 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.$) $450 Number of Holdings 100 798 Weighted Avg. Market Cap (Mil.$) $116,266 $88,391 Median Market Cap (Mil.$) $3,638 $12,721 Weighted Avg. P/E (1-yr Forward EPS) 10.60 12.71 Weighted Avg. P/E (Trailing EPS) 12.94 13.51 PEG Ratio 1.33 Weighted Avg. P/B 1.46 1.74 EPS Growth (Trailing 3-yr %) 9.33% 14.37% EPS Growth (Trailing 5-yr %) 7.08% 7.83% Forward EPS Growth (1-yr %) 6.84% Forward EPS Growth (Long Term %) 8.65% Revenue Growth (Trailing 5-yr %) 5.13% 7.59% Return on Equity 12.01% 12.73% Weighted Avg. Dividend Yield 2.98% 3.16% Debt to Equity 46.22 59.67 Trailing 12-Months Portfolio Turnover 11.00% As of: 06/30/2023 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. 2.01 -1.34 -0.92 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. 17.32 17.58 13.99 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. 0.35 0.05 0.17 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. 97.22 86.70 72.75 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. 92.75 98.74 96.94 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. 0.93 0.96 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. 93.32 93.92 92.16 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. 4.63 4.39 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. 0.37 -0.36 -0.34 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. 6.58 0.90 2.69 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: 08/31/2023 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 6.31% 0.00% Market Cap ($mm) 1,000 - 1,500 2.89% 0.00% Market Cap ($mm) 1,500 - 2,500 6.53% 0.00% Market Cap ($mm) 2,500 - 5,000 10.51% 1.35% Market Cap ($mm) 5,000 - 10,000 14.14% 9.04% Market Cap ($mm) 10,000 - 25,000 10.83% 18.39% Market Cap ($mm) 25,000 - 50,000 10.37% 21.04% Market Cap ($mm) 50,000 - 100,000 17.64% 21.81% Market Cap ($mm) 100,000 - 200,000 3.32% 13.23% Market Cap ($mm) 200,000 - 17.48% 15.14% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 20.29% 20.59% P/E 10-15 19.59% 15.70% P/E 15-20 24.33% 14.75% P/E 20-25 7.92% 9.70% P/E 25-Above 9.27% 32.06% P/E – NA 18.61% 7.19% As of: 06/30/2023 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 22.38% 16.98% EPS Growth (Trailing 3-yr %) 0 - 5 9.88% 5.77% EPS Growth (Trailing 3-yr %) 5 - 10 11.85% 9.22% EPS Growth (Trailing 3-yr %) 10 - 15 6.51% 4.83% EPS Growth (Trailing 3-yr %) 15 - 20 7.36% 6.59% EPS Growth (Trailing 3-yr %) Above 20 17.45% 32.97% EPS Growth (Trailing 3-yr %) - NA 24.56% 23.64% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Safran SA 3.53% Totalenergies SE 3.20% Berkshire Hathaway B 3.16% BAE Systems PLC 2.96% Nestlé SA 2.93% Zurich Insurance Group 2.90% Diageo PLC 2.79% SCOR SE 2.50% Johnson & Johnson 2.27% Roche Holding 2.25% % in Top 10 Holdings 28.48% View Holding Details Holding Details Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Safran SA 3.53% Totalenergies SE 3.20% Berkshire Hathaway B 3.16% BAE Systems PLC 2.96% Nestlé SA 2.93% Zurich Insurance Group 2.90% Diageo PLC 2.79% SCOR SE 2.50% Johnson & Johnson 2.27% Roche Holding 2.25% % in Top 10 Holdings 28.48% As of: 06/30/2023 Download All Holdings (PDF) As of: 06/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund saf.pa Safran SA Industrials S FR EUR 101,294 156.51 $15,854,016 3.53% ttef.pa Totalenergies SE Energy S FR EUR 250,808 57.33 $14,379,337 3.20% brkb Berkshire Hathaway B Financials S US USD 41,700 341.00 $14,219,700 3.16% baes.l BAE Systems PLC Industrials S GB GBp 1,128,027 11.79 $13,294,266 2.96% nesn.vx Nestlé SA Consumer Staples S CH CHF 109,670 120.27 $13,190,065 2.93% zurn.vx Zurich Insurance Group Financials S CH CHF 27,414 474.93 $13,019,850 2.90% dge.l Diageo PLC Consumer Staples S GB GBp 291,588 42.96 $12,526,305 2.79% scor.pa SCOR SE Financials S FR EUR 382,960 29.34 $11,234,894 2.50% jnj Johnson & Johnson Health Care S US USD 61,790 165.52 $10,227,481 2.27% rog.vx Roche Holding Health Care S CH CHF 33,130 305.71 $10,128,044 2.25% dpwgn.f Deutsche Post AG Industrials S DE EUR 204,604 48.80 $9,984,763 2.22% uobh.si United Overseas Bank Financials S SG SGD 461,100 20.69 $9,539,883 2.12% dbsm.si DBS Group Holdings Financials S SG SGD 393,730 23.28 $9,167,202 2.04% cnhi.mi CNH Industrial NV Industrials S GB EUR 613,447 14.41 $8,837,719 1.97% freg.de Fresenius Se & Co KGaA Health Care S DE EUR 315,180 27.68 $8,723,763 1.94% inch.l Inchcape PLC Consumer Discretionary S GB GBp 871,910 9.88 $8,618,609 1.92% googl Alphabet Inc - A Communication Services S US USD 70,070 119.70 $8,387,379 1.87% rubf.pa Rubis SCA Utilities S FR EUR 342,430 24.26 $8,308,667 1.85% ions Ionis Pharmaceuticals Inc Health Care S US USD 198,422 41.03 $8,141,255 1.81% trelb.st Trelleborg AB Industrials S SE SEK 323,568 24.20 $7,830,601 1.74% rhmg.de Rheinmetall AG Industrials S DE EUR 26,253 273.62 $7,183,419 1.60% novn.vx Novartis Health Care S CH CHF 69,216 100.60 $6,962,991 1.55% gsk.l GSK PLC Health Care S GB GBp 385,777 17.66 $6,811,475 1.51% azo Autozone, Inc Consumer Discretionary S US USD 2,730 2,493.36 $6,806,873 1.51% teprf.pa Teleperformance Industrials S FR EUR 40,465 167.41 $6,774,405 1.51% tktt.pa Tarkett Industrials S FR EUR 517,117 12.06 $6,234,130 1.39% 9988.hk Alibaba Group Holdings Consumer Discretionary S CN HKD 598,860 10.36 $6,205,170 1.38% heio.as Heineken Holding Consumer Staples S NL EUR 71,375 86.90 $6,202,355 1.38% megacpo.mx Megacable Holdings SAB Communication Services S MX MXN 2,625,871 2.31 $6,072,245 1.35% 003550.ks LG Corp Industrials S KR KRW 89,851 66.79 $6,000,750 1.33% fmc FMC Corp Materials S US USD 56,475 104.34 $5,892,602 1.31% husqb.st Husqvarna-B Industrials S SE SEK 645,133 9.04 $5,831,778 1.30% 9888.hk Baidu Inc - A Communication Services S CN HKD 340,680 16.95 $5,773,206 1.28% skfb.st SKF AB Industrials S SE SEK 317,975 17.37 $5,522,679 1.23% muvgn.f Munich Re Financials S DE EUR 13,543 374.87 $5,076,832 1.13% bbln.bk Bangkok Bank Public Co Financials S TH THB 1,110,600 4.50 $4,996,212 1.11% kemira.he Kemira OYJ Communication Services S FI EUR 287,855 15.92 $4,581,987 1.02% kof Coca Cola FEMSA Consumer Staples S MX USD 51,161 83.31 $4,262,223 0.95% hein.as Heineken Consumer Staples S NL EUR 37,400 102.75 $3,842,864 0.85% 0700.hk Tencent Holdings Communication Services S CN HKD 87,160 42.31 $3,688,112 0.82% wpk.to Winpak Materials S CA CAD 108,165 31.14 $3,368,585 0.75% alv Autoliv Inc. Consumer Discretionary S SE USD 38,380 85.04 $3,263,835 0.73% kbc.br KBC Group Financials S BE EUR 46,370 69.74 $3,233,692 0.72% bzu.mi Buzzi Unicem SpA Materials S IT EUR 129,036 25.03 $3,229,454 0.72% 4401.t Adeka Corp Materials S JP JPY 166,700 18.93 $3,154,999 0.70% txgn.s TX Group AG Communication Services S CH CHF 25,789 119.60 $3,084,360 0.69% 3799.hk Dali Foods Group Consumer Staples S CN HKD 6,681,815 0.45 $2,984,247 0.66% 3405.t Kuraray Co Materials S JP JPY 288,625 9.68 $2,792,694 0.62% 6302.t Sumitomo Heavy Industries Industrials S JP JPY 108,745 23.79 $2,586,677 0.58% 005930.ks Samsung Electronics Co Information Technology S KR KRW 47,060 54.79 $2,578,630 0.57% 9934.t Inaba Denki Sangyo Co Industrials S JP JPY 111,630 22.66 $2,529,410 0.56% hwdn.l Howden Joinery Group PLC Industrials S GB GBp 306,936 8.17 $2,506,793 0.56% vtu.l Vertu Motors Consumer Discretionary S GB GBp 2,741,248 0.91 $2,488,351 0.55% 012330.ks Hyundai Mobis Co Consumer Discretionary S KR KRW 13,895 176.45 $2,451,780 0.55% elf.to E-L Financial Corp Financials S CA CAD 3,500 700.13 $2,450,463 0.54% 6268.t Nabtesco Corp Industrials S JP JPY 111,685 21.86 $2,441,021 0.54% ccc.l Computacenter PLC Information Technology S GB GBp 82,845 29.11 $2,411,942 0.54% 1882.hk Haitian International Holdings Industrials S CN HKD 1,004,050 2.33 $2,342,091 0.52% 0220.hk Uni-President China Holdings Consumer Staples S CN HKD 2,729,475 0.84 $2,298,769 0.51% 9715.t Transcosmos Inc Industrials S JP JPY 92,200 24.67 $2,274,141 0.51% 0001.hk CK Hutchison Holdings Industrials S HK HKD 372,000 6.11 $2,271,419 0.51% 4182.t Mitsubishi Gas Chemical Co Materials S JP JPY 155,995 14.46 $2,256,253 0.50% noej.de Norma Group SE Industrials S DE EUR 120,547 18.46 $2,225,264 0.49% 4324.t Dentsu Group Inc Communication Services S JP JPY 67,715 32.61 $2,208,052 0.49% ubip.pa Ubisoft Entertainment Communication Services S FR EUR 77,420 28.24 $2,185,960 0.49% pmn.s Phoenix Mecano Industrials S CH CHF 5,015 426.98 $2,141,318 0.48% jsg.l Johnson Service Group Industrials S GB GBp 1,504,280 1.31 $1,973,665 0.44% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 940,000 2.08 $1,951,366 0.43% sols.mi Sol SpA Materials S IT EUR 66,455 28.86 $1,917,689 0.43% 0116.hk Chow Sang Sang Holdings Consumer Discretionary S HK HKD 1,663,100 1.11 $1,852,699 0.41% 7988.t Nifco Inc Consumer Discretionary S JP JPY 62,795 29.47 $1,850,375 0.41% gftu_u.l Grafton Group PLC Industrials S IE GBp 182,587 9.94 $1,814,576 0.40% agi.ps Alliance Global Group, Inc Industrials S PH PHP 6,997,100 0.24 $1,701,122 0.38% lasa.to Lassonde Consumer Staples S CA CAD 21,490 79.02 $1,698,088 0.38% 6849.t Nihon Kohden Corp Health Care S JP JPY 57,855 26.58 $1,537,890 0.34% lten.pa Alten SA Information Technology S FR EUR 8,655 157.43 $1,362,568 0.30% fagro.br Fagron NV Health Care S BE EUR 79,510 16.82 $1,337,614 0.30% 4368.t Fuso Chemical Co Materials S JP JPY 42,405 31.13 $1,320,251 0.29% 1979.t Taikisha Industrials S JP JPY 44,060 28.37 $1,249,843 0.28% bnrgn.de Brenntag SE Industrials S DE EUR 15,490 77.90 $1,206,631 0.27% 000240.ks Hankook Technology Group Consumer Discretionary S KR KRW 132,823 9.03 $1,199,555 0.27% 7864.t Fuji Seal International Materials S JP JPY 111,200 10.51 $1,168,664 0.26% look.l Lookers PLC Consumer Discretionary S GB GBp 744,541 1.52 $1,132,100 0.25% 0010.hk Hang Lung Group Real Estate S HK HKD 734,000 1.52 $1,112,717 0.25% aalb.as Aalberts NV Industrials S NL EUR 25,945 42.04 $1,090,630 0.24% 0288.hk WH Group Consumer Staples S HK HKD 1,908,970 0.53 $1,010,926 0.22% 005180.ks Binggrae Co Consumer Staples S KR KRW 27,787 36.09 $1,002,749 0.22% 5122.t Okamoto Industries Materials S JP JPY 33,045 26.98 $891,656 0.20% 0179.hk Johnson Electric Holdings Consumer Discretionary S HK HKD 536,600 1.28 $686,105 0.15% 000860.ks Kangnam Jevisco Materials S KR KRW 37,361 17.65 $659,237 0.15% 383800.ks LX Holdings Corp Industrials S KR KRW 107,457 6.01 $645,892 0.14% chib.ps China Bank Corp Financials S PH PHP 937,800 0.54 $509,679 0.11% 9364.t Kamigumi Co Industrials S JP JPY 20,600 22.56 $464,635 0.10% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 357,122 1.11 $396,048 0.09% 6960.t Fukuda Denshi Co Health Care S JP JPY 12,000 32.41 $388,972 0.09% 6192.tw Lumax International Corp LTD Industrials S TW TWD 148,500 2.49 $369,528 0.08% ksbg_p.f KSB Industrials S DE EUR 648 554.23 $359,140 0.08% 0296.hk Emperor Entertainment Hotel Consumer Discretionary S HK HKD 3,969,927 0.07 $258,360 0.06% 0590.hk Luk Fook Holdings Consumer Discretionary S HK HKD 45,710 2.56 $116,949 0.03% 9928.hk Times Neighborhood Holdings Real Estate S CN HKD 1,173,000 0.07 $85,319 0.02% Cash & Cash Equivalents Cash C - - $15,253,467 3.39% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return SCOR SE 1 2.20% 35.90% Berkshire Hathaway B 2 3.00% 10.44% Alphabet Inc - A 3 1.78% 15.40% Ionis Pharmaceuticals Inc 4 1.68% 14.80% Safran SA 5 3.93% 6.10% Deutsche Post 6 2.09% 8.37% Johnson & Johnson 7 2.20% 7.60% Adeka Corp 8 0.64% 20.36% Husqvarna-B 9 1.20% 9.58% Coca Cola FEMSA 10 1.22% 5.54% As of: 06/30/2023 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 Alibaba Group Holdings 20 1.45% -19.13% FMC Corp 19 1.40% -14.09% Trelleborg AB 18 1.87% -9.13% Diageo PLC 17 2.83% -6.57% Tarkett 16 1.43% -11.32% Baidu Inc - A 15 1.24% -10.69% Tencent Holdings 14 0.85% -13.44% Norma Group SE 13 0.56% -20.03% BAE Systems PLC 12 3.04% -4.18% Megacable Holdings SAB 11 1.45% -8.25% As of: 06/30/2023 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: 06/30/2023 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 28.01% 16.22% Financials 16.33% 18.25% Health Care 12.07% 13.16% Consumer Staples 11.33% 10.08% Consumer Discretionary 8.21% 12.59% Communication Services 8.00% 4.13% Materials 5.93% 7.43% Cash & Other 3.39% 0.00% Energy 3.20% 4.21% Utilities 1.85% 3.47% Bonds 1.51% Information Technology 1.41% 8.21% Real Estate 0.27% 2.26% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 96.61% Bonds 0.00% Cash and Other 3.39% As of: 06/30/2023 Country Fund MSCI EAFE Index France 14.75% 12.40% United Kingdom 13.48% 14.73% United States 11.94% 0.00% Switzerland 10.79% 10.06% Germany 7.73% 8.62% Japan 6.47% 22.40% China 5.29% 0.00% Sweden 4.99% 3.25% Singapore 4.16% 1.40% South Korea 3.23% 0.00% Netherlands 2.48% 4.64% Mexico 2.30% 0.00% Canada 1.67% 0.00% Hong Kong 1.63% 2.49% Italy 1.14% 2.54% % in Top 15 Countries 92.05% 82.53% As of: 06/30/2023 Region Fund MSCI EAFE Index Developed 83.67% 100.00% Europe & Middle East 57.80% 66.16% North America 13.61% 0.00% Pacific 12.26% 33.84% Emerging 12.94% 0.00% Asia 10.20% 0.00% Latin America 2.73% 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 3.39% 0.00% As of: 06/30/2023 Industry Fund MSCI EAFE Index Machinery 8.78% 3.09% Aerospace & Defense 8.08% 1.64% Pharmaceuticals 7.59% 9.23% Insurance 7.07% 5.05% Beverages 6.40% 2.05% Banks 6.10% 9.38% Food Products 4.93% 3.23% Chemicals 4.20% 3.07% Interactive Media & Services 3.97% 0.19% Media 3.55% 0.39% % in Top 10 Industries 60.67% 37.32% As of: 06/30/2023 Read Important Investment Disclosures 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. Barron’s Reprint: Why Value Investing is Facing a ‘Tectonic Shift’ The father of value investing, Benjamin Graham, still looms large over Tweedy, Browne, the firm that served as his broker back in the early 20th century. The $5.9 billion Tweedy, Browne International Value fund (ticker: TBGVX) hews to one of the famed investor’s key investing tenets: Buying stocks that trade at discounts to their intrinsic values will build wealth over time. READ MORE Value Investor Insight Interview: Tweedy, Browne Collective Experience Tweedy, Browne Co.’s investment team describe what’s reminiscent about today’s investing environment and unsettling times in the past. READ MORE About About Tweedy, Browne Company Background 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 More Products From Tweedy, Browne Company TBGVX Tweedy, Browne International Value Fund The Fund seeks long-term capital growth. View Fund Details TWEBX Tweedy, Browne Value Fund The Fund seeks long-term capital growth. View Fund Details TBHDX Tweedy, Browne Worldwide High Dividend Yield Value Fund The Fund seeks long-term capital growth. View Fund Details Read Important Investment Disclosures Founded 1920 Headquarters Stamford, CT Affiliate Since 1997 Discover how the boutique advantage helps generate alpha. Learn More About AMG