Fund Overview Fund Overview Share Class Common NAV | as of 09/21/2023 $27.38 -$0.35 (-1.26%) 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 07/15/2021 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 06/15/1993 to 08/31/2023 = $114,457.18 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. Where practicable, perceived foreign currency exposure is hedged back into the U.S. dollar. Documents Fact Sheet Commentary Prospectus Annual Report Semi-Annual Report SAI 2022 Year End Distributions View All Documents Roger R. de Bree 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 Andrew Ewert MANAGING DIRECTOR See Our Approach Read Bio Investment Style Tweedy, Browne International Value Fund 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 is categorized as Large-Blend. It invests in large-cap companies with medium 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. 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. 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. 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 $1.446000 $0.398000 $0.126000 $0.922000 Dec 10, 2021 $2.586000 $0.410000 $0.020000 $2.156000 Dec 11, 2020 $0.257000 $0.257000 — — Dec 12, 2019 $0.500000 $0.446000 — $0.054000 Dec 27, 2018 $1.677000 $0.391000 $0.103000 $1.183000 Dec 27, 2017 $0.414000 $0.314000 $0.042000 $0.058000 Dec 28, 2016 $0.632000 $0.292000 — $0.340000 Dec 29, 2015 $0.999000 $0.211000 — $0.788000 Dec 29, 2014 $0.845000 $0.330000 — $0.515000 Dec 27, 2013 $1.055000 $0.320000 — $0.735000 Dec 27, 2012 $2.564000 $0.350000 — $2.214000 Dec 29, 2011 $0.984000 $0.420000 — $0.564000 Dec 30, 2010 $0.309000 $0.254000 — $0.055000 Dec 30, 2009 $0.332000 $0.332000 — — Dec 30, 2008 $2.244000 $0.753000 — $1.491000 Dec 28, 2007 $3.352000 $0.476000 — $2.876000 Dec 28, 2006 $0.786000 $0.433000 — $0.353000 Dec 28, 2005 $0.365000 $0.365000 — — Dec 28, 2004 $0.271200 $0.271200 — — Dec 29, 2003 $0.200000 $0.200000 — — Dec 27, 2002 $0.466100 $0.199700 $0.030900 $0.235500 Dec 27, 2001 $0.513300 $0.183700 $0.104300 $0.225300 Dec 28, 2000 $2.722200 $0.206100 $0.734200 $1.781900 Dec 22, 1999 $0.846400 $0.258800 $0.028900 $0.558700 Dec 29, 1998 $1.369300 $0.378700 $0.214800 $0.775800 Dec 29, 1997 $1.360700 $0.870900 $0.126500 $0.363300 Dec 30, 1996 $1.122400 $0.553100 $0.150300 $0.419000 Dec 29, 1995 $0.200900 — — $0.200900 Dec 30, 1994 $0.163300 — $0.060300 $0.103000 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. -3.88 -3.89 -2.47 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. 14.84 14.98 11.82 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. 0.51 0.16 0.34 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. 95.46 79.61 60.35 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. 117.45 104.06 96.69 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. 1.05 1.00 0.89 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. 88.88 91.00 85.41 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. 5.00 4.49 4.73 View All Characteristics & Stats All Characteristics & Stats Tweedy, Browne International Value Fund (TBGVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Index Fund Assets (Mil.$) $5,984 Number of Holdings 101 798 Weighted Avg. Market Cap (Mil.$) $166,266 $88,391 Median Market Cap (Mil.$) $3,638 $12,721 Weighted Avg. P/E (1-yr Forward EPS) 11.51 12.71 Weighted Avg. P/E (Trailing EPS) 14.07 13.51 PEG Ratio 1.33 Weighted Avg. P/B 1.73 1.74 EPS Growth (Trailing 3-yr %) 9.49% 14.37% EPS Growth (Trailing 5-yr %) 6.82% 7.83% Forward EPS Growth (1-yr %) 6.84% Forward EPS Growth (Long Term %) 8.65% Revenue Growth (Trailing 5-yr %) 5.34% 7.59% Return on Equity 13.61% 12.73% Weighted Avg. Dividend Yield 2.83% 3.16% Debt to Equity 48.36 59.67 Trailing 12-Months Portfolio Turnover 15.00% 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. -3.88 -3.89 -2.47 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. 14.84 14.98 11.82 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. 0.51 0.16 0.34 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. 95.46 79.61 60.35 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. 117.45 104.06 96.69 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. 1.05 1.00 0.89 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. 88.88 91.00 85.41 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. 5.00 4.49 4.73 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. -0.76 -0.96 -0.78 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. 7.15 2.35 4.50 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. -15.99 -21.36 -21.36 As of: 08/31/2023 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 3.43% 0.00% Market Cap ($mm) 1,000 - 1,500 2.43% 0.00% Market Cap ($mm) 1,500 - 2,500 3.22% 0.00% Market Cap ($mm) 2,500 - 5,000 9.91% 1.35% Market Cap ($mm) 5,000 - 10,000 11.32% 9.04% Market Cap ($mm) 10,000 - 25,000 9.48% 18.39% Market Cap ($mm) 25,000 - 50,000 14.32% 21.04% Market Cap ($mm) 50,000 - 100,000 16.22% 21.81% Market Cap ($mm) 100,000 - 200,000 5.86% 13.23% Market Cap ($mm) 200,000 - 23.80% 15.14% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 17.24% 20.59% P/E 10-15 15.26% 15.70% P/E 15-20 27.26% 14.75% P/E 20-25 11.65% 9.70% P/E 25-Above 10.83% 32.06% P/E – NA 17.75% 7.19% As of: 06/30/2023 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 18.21% 16.98% EPS Growth (Trailing 3-yr %) 0 - 5 10.47% 5.77% EPS Growth (Trailing 3-yr %) 5 - 10 11.74% 9.22% EPS Growth (Trailing 3-yr %) 10 - 15 6.00% 4.83% EPS Growth (Trailing 3-yr %) 15 - 20 7.77% 6.59% EPS Growth (Trailing 3-yr %) Above 20 20.52% 32.97% EPS Growth (Trailing 3-yr %) - NA 25.28% 23.64% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Nestlé SA 5.10% Safran SA 3.87% Diageo PLC 3.80% Totalenergies SE 3.67% Berkshire Hathaway A 3.62% BAE Systems PLC 3.19% Heineken Holding 3.14% Alphabet Inc - C 3.02% Roche Holding 2.75% CNH Industrial NV 2.69% % in Top 10 Holdings 34.85% View Holding Details Holding Details Tweedy, Browne International Value Fund (TBGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Nestlé SA 5.10% Safran SA 3.87% Diageo PLC 3.80% Totalenergies SE 3.67% Berkshire Hathaway A 3.62% BAE Systems PLC 3.19% Heineken Holding 3.14% Alphabet Inc - C 3.02% Roche Holding 2.75% CNH Industrial NV 2.69% % in Top 10 Holdings 34.85% As of: 06/30/2023 Download All Holdings (PDF) As of: 06/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund nesn.vx Nestlé SA Consumer Staples S CH CHF 2,535,079 120.27 $304,895,211 5.10% saf.pa Safran SA Industrials S FR EUR 1,480,480 156.51 $231,717,120 3.87% dge.l Diageo PLC Consumer Staples S GB GBp 5,296,459 42.96 $227,530,140 3.80% ttef.pa Totalenergies SE Energy S FR EUR 3,831,330 57.33 $219,658,003 3.67% brka Berkshire Hathaway A Financials S US USD 418 517,810.00 $216,444,580 3.62% baes.l BAE Systems PLC Industrials S GB GBp 16,182,566 11.79 $190,718,248 3.19% heio.as Heineken Holding Consumer Staples S NL EUR 2,160,839 86.90 $187,772,912 3.14% goog Alphabet Inc - C Communication Services S US USD 1,509,760 119.70 $180,718,272 3.02% rog.vx Roche Holding Health Care S CH CHF 539,210 305.71 $164,839,809 2.75% cnhi.mi CNH Industrial NV Industrials S GB EUR 11,193,030 14.41 $161,254,122 2.69% uobh.si United Overseas Bank Financials S SG SGD 7,345,990 20.69 $151,984,128 2.54% jnj Johnson & Johnson Health Care S US USD 787,517 165.52 $130,349,814 2.18% novn.vx Novartis Health Care S CH CHF 1,284,801 100.60 $129,248,410 2.16% dpwgn.f Deutsche Post Industrials S DE EUR 2,644,654 48.80 $129,060,252 2.16% dbsm.si DBS Group Holdings Financials S SG SGD 5,536,500 23.28 $128,906,133 2.15% sols.mi Sol SpA Materials S IT EUR 4,365,000 28.86 $125,960,587 2.11% zurn.vx Zurich Insurance Group Financials S CH CHF 262,041 474.93 $124,452,267 2.08% ulvr.l Unilever PLC Consumer Staples S GB GBp 2,283,205 52.09 $118,940,291 1.99% kof Coca Cola FEMSA Consumer Staples S MX USD 1,357,016 83.31 $113,053,003 1.89% ions Ionis Pharmaceuticals Inc Health Care S US USD 2,589,316 41.03 $106,239,635 1.78% hnkg.f Henkel KGaA Consumer Staples S DE EUR 1,429,729 70.37 $100,609,315 1.68% muvgn.f Munich Re Financials S DE EUR 254,527 374.87 $95,413,926 1.59% trelb.st Trelleborg AB Industrials S SE SEK 3,901,988 24.20 $94,431,195 1.58% teprf.pa Teleperformance Industrials S FR EUR 538,596 167.41 $90,168,484 1.51% husqb.st Husqvarna-B Industrials S SE SEK 9,470,920 9.04 $85,613,827 1.43% scor.pa SCOR SE Financials S FR EUR 2,895,521 29.34 $84,945,871 1.42% na.to National Bank Of Canada Financials S CA CAD 1,124,700 74.59 $83,890,338 1.40% 9888.hk Baidu Inc - A Communication Services S CN HKD 4,349,576 16.95 $73,708,457 1.23% fmc FMC Corp Materials S US USD 687,282 104.34 $71,711,004 1.20% freg.de Fresenius Se & Co KGaA Health Care S DE EUR 2,540,809 27.68 $70,326,214 1.18% 9988.hk Alibaba Group Holdings Consumer Discretionary S CN HKD 6,558,340 10.36 $67,955,135 1.14% 003550.ks LG Corp Communication Services S KR KRW 998,776 66.79 $66,703,820 1.11% skfb.st SKF AB Industrials S SE SEK 3,801,500 17.37 $66,025,515 1.10% 0700.hk Tencent Holdings Communication Services S CN HKD 1,485,150 42.31 $62,843,037 1.05% krng.f Krones Industrials S DE EUR 505,399 121.21 $61,259,463 1.02% alv Autoliv Inc. Consumer Discretionary S SE USD 704,365 85.04 $59,899,200 1.00% rubf.pa Rubis SCA Utilities S FR EUR 2,392,742 24.26 $58,057,109 0.97% googl Alphabet Inc - A Communication Services S US USD 454,640 120.97 $54,997,801 0.92% inch.l Inchcape PLC Consumer Discretionary S GB GBp 5,273,360 9.88 $52,125,825 0.87% txgn.s TX Group AG Communication Services S CH CHF 429,703 119.60 $51,392,412 0.86% kbc.br KBC Group Financials S BE EUR 552,008 69.74 $38,495,227 0.64% kemira.he Kemira OYJ Materials S FI EUR 2,371,888 15.92 $37,754,978 0.63% 005930.ks Samsung Electronics Co Information Technology S KR KRW 618,300 54.79 $33,879,452 0.57% 3405.t Kuraray Co Materials S JP JPY 3,363,180 9.68 $32,541,649 0.54% 0001.hk CK Hutchison Holdings Industrials S HK HKD 5,078,000 6.11 $31,006,087 0.52% 6302.t Sumitomo Heavy Industries Industrials S JP JPY 1,284,760 23.79 $30,560,106 0.51% ccc.l Computacenter PLC Information Technology S GB GBp 1,043,507 29.11 $30,380,574 0.51% 6268.t Nabtesco Corp Industrials S JP JPY 1,368,360 21.86 $29,907,284 0.50% pmn.s Phoenix Mecano Industrials S CH CHF 68,178 426.98 $29,110,821 0.49% ubip.pa Ubisoft Entertainment Communication Services S FR EUR 1,030,724 28.24 $29,102,575 0.49% csco Cisco Systems Information Technology S US USD 546,465 51.74 $28,274,099 0.47% ksbg.f KSB AG Industrials S DE EUR 42,354 638.24 $27,031,805 0.45% look.l Lookers PLC Consumer Discretionary S GB GBp 17,304,144 1.52 $26,311,550 0.44% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 11,044,000 2.08 $22,926,471 0.38% wpk.to Winpak Materials S CA CAD 694,973 31.14 $21,643,557 0.36% megacpo.mx Megacable Holdings SAB Communication Services S MX MXN 9,067,593 2.31 $20,968,528 0.35% jsg.l Johnson Service Group Industrials S GB GBp 15,698,026 1.31 $20,596,331 0.34% bzu.mi Buzzi Unicem SpA Materials S IT EUR 821,145 25.03 $20,551,239 0.34% lasa.to Lassonde Consumer Staples S CA CAD 251,390 79.02 $19,864,227 0.33% 0010.hk Hang Lung Group Real Estate S HK HKD 12,583,508 1.52 $19,076,140 0.32% 4324.t Dentsu Group Inc Communication Services S JP JPY 573,425 32.61 $18,698,253 0.31% 3799.hk Dali Foods Group Consumer Staples S CN HKD 41,516,695 0.45 $18,542,280 0.31% tktt.pa Tarkett Industrials S FR EUR 1,527,083 12.06 $18,409,825 0.31% rhmg.de Rheinmetall AG Industrials S DE EUR 65,633 273.62 $17,958,685 0.30% lten.pa Alten SA Information Technology S FR EUR 112,219 157.43 $17,666,783 0.30% 4368.t Fuso Chemical Co Materials S JP JPY 564,220 31.13 $17,566,610 0.29% gftu_u.l Grafton Group PLC Industrials S IE GBp 1,730,288 9.94 $17,195,849 0.29% 7988.t Nifco Inc Consumer Discretionary S JP JPY 578,745 29.47 $17,053,827 0.29% 4401.t Adeka Corp. Materials S JP JPY 891,970 18.93 $16,881,613 0.28% 5334.t Niterra Co LTD Consumer Discretionary S JP JPY 820,800 19.95 $16,372,272 0.27% hwdn.l Howden Joinery Group PLC Industrials S GB GBp 1,968,375 8.17 $16,076,019 0.27% bnrgn.de Brenntag SE Industrials S DE EUR 203,190 77.90 $15,827,973 0.26% fagro.br Fagron NV Health Care S BE EUR 926,488 16.82 $15,586,511 0.26% 4182.t Mitsubishi Gas Chemical Co Materials S JP JPY 1,048,295 14.46 $15,162,145 0.25% aalb.as Aalberts NV Industrials S NL EUR 353,057 42.04 $14,841,185 0.25% vtu.l Vertu Motors PLC Consumer Discretionary S GB GBp 16,292,379 0.91 $14,789,308 0.25% 9715.t Transcosmos Inc Industrials S JP JPY 588,565 24.67 $14,517,136 0.24% bab.l Babcock International Group PLC Industrials S GB GBp 4,003,983 3.59 $14,385,651 0.24% 0220.hk Uni-President China Holdings Consumer Staples S CN HKD 15,974,780 0.84 $13,453,991 0.22% 0288.hk WH Group Consumer Staples S HK HKD 22,047,485 0.53 $11,675,607 0.20% cltn.s Coltene Holding Ag Health Care S CH CHF 142,761 79.14 $11,297,690 0.19% 0041.hk Great Eagle Holdings Real Estate S HK HKD 5,542,142 1.95 $10,806,208 0.18% adgr_p.za Adris Grupa Industrials S HR EUR 166,388 64.37 $10,710,229 0.18% 7864.t Fuji Seal International Materials S JP JPY 1,001,300 10.51 $10,523,228 0.18% noej.de Norma Group SE Industrials S DE EUR 537,857 18.46 $9,928,690 0.17% 1882.hk Haitian International Holdings Industrials S CN HKD 3,734,350 2.33 $8,710,910 0.15% 1979.t Taikisha Industrials S JP JPY 271,950 28.37 $7,714,360 0.13% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 6,463,000 1.11 $7,167,467 0.12% 383800.ks LX Holdings Corp Industrials S KR KRW 991,707 6.01 $5,960,854 0.10% 005180.ks Binggrae Co Consumer Staples S KR KRW 160,642 36.09 $5,797,084 0.10% agi.ps Alliance Global Group, Inc Industrials S PH PHP 22,609,020 0.24 $5,496,663 0.09% 0088.hk Tai Cheung Holdings Real Estate S HK HKD 9,389,578 0.47 $4,385,302 0.07% 0179.hk Johnson Electric Holdings Consumer Discretionary S HK HKD 2,791,715 1.28 $3,569,531 0.06% 9347.t Nippon Kanzai Industrials S JP JPY 164,400 17.94 $2,949,384 0.05% 5122.t Okamoto Industries Materials S JP JPY 104,825 26.98 $2,828,502 0.05% 000860.ks Kangnam Jevisco Materials S KR KRW 131,339 17.65 $2,317,483 0.04% tabk.pr Philip Morris Czech Republic Consumer Staples S CZ CZK 2,800 767.79 $2,149,806 0.04% 6250.t Yamabiko Corporation Industrials S JP JPY 164,305 10.77 $1,769,972 0.03% 0296.hk Emperor Entertainment Hotel Consumer Discretionary S HK HKD 25,880,073 0.07 $1,684,256 0.03% B05QXL4 Neue Zurch Zeitung Communication Services S CH CHF 80 7,181.58 $574,526 0.01% 6849.t Nihon Kohden Corp Health Care S JP JPY 470 26.58 $12,493 0.00% Cash & Cash Equivalents Cash C - - $211,223,336 3.53% Hedge Contracts Unrealized Gain/Loss Cash C - - -$12,338,572 -0.21% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Alphabet Inc - A 1 2.89% 15.40% SCOR SE 2 1.25% 35.90% Berkshire Hathaway B 3 3.45% 11.21% Safran SA 4 3.99% 6.10% Ionis Pharmaceuticals Inc 5 1.65% 14.80% Sol SpA 6 2.05% 8.42% Deutsche Post 7 2.04% 8.37% Johnson & Johnson 8 2.11% 7.60% Lookers PLC 9 0.32% 49.52% Munich Re 10 1.53% 10.28% 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 1.20% -19.13% Diageo PLC 19 3.88% -6.57% FMC Corp 18 1.28% -14.09% Trelleborg AB 17 1.70% -9.13% Tencent Holdings 16 1.09% -13.44% Baidu Inc - A 15 1.19% -10.69% Heineken Holding 14 3.27% -4.46% BAE Systems PLC 13 3.35% -4.18% CNH Industrial NV 12 2.61% -3.66% SKF AB 11 1.13% -8.00% 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 (TBGVX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Index Industrials 24.53% 16.22% Consumer Staples 19.17% 10.08% Financials 15.45% 18.25% Health Care 10.49% 13.16% Communication Services 9.35% 4.13% Materials 6.27% 7.43% Consumer Discretionary 4.34% 12.59% Energy 3.67% 4.21% Cash & Other 3.32% 0.00% Information Technology 1.84% 8.21% Utilities 0.97% 3.47% Real Estate 0.57% 2.26% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 96.68% Bonds 0.00% Cash and Other 3.32% As of: 06/30/2023 Country Fund MSCI EAFE Index United Kingdom 14.59% 14.73% Switzerland 13.63% 10.06% United States 13.18% 0.00% France 12.53% 12.40% Germany 8.81% 8.62% Sweden 5.11% 3.25% Singapore 4.69% 1.40% China 4.22% 0.00% Japan 3.93% 22.40% Netherlands 3.39% 4.64% Italy 2.45% 2.54% Mexico 2.24% 0.00% Canada 2.10% 0.00% South Korea 1.92% 0.00% Hong Kong 1.37% 2.49% % in Top 15 Countries 94.16% 82.53% As of: 06/30/2023 Region Fund MSCI EAFE Index Developed 87.61% 100.00% Europe & Middle East 62.34% 66.16% North America 15.28% 0.00% Pacific 10.00% 33.84% Emerging 8.88% 0.00% Asia 6.23% 0.00% Latin America 2.62% 0.00% Europe & Middle East 0.04% 0.00% Africa 0.00% 0.00% Frontier 0.18% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.18% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.32% 0.00% As of: 06/30/2023 Industry Fund MSCI EAFE Index Machinery 10.00% 3.09% Beverages 9.21% 2.05% Aerospace & Defense 7.60% 1.64% Pharmaceuticals 7.09% 9.23% Banks 6.74% 9.38% Food Products 6.25% 3.23% Interactive Media & Services 6.22% 0.19% Chemicals 5.39% 3.07% Insurance 5.09% 5.05% Oil, Gas & Consumable Fuels 3.67% 4.17% % in Top 10 Industries 67.26% 41.1% As of: 06/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach Tweedy, Browne International 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” (a/k/a “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. Learned Lessons from Over a Century of Value Investing Bob Wyckoff from Tweedy, Browne Company draws on the wisdom of great investors over the last century as his company recently celebrated its 100th birthday. Read Blog 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 TBCUX Tweedy, Browne International Value Fund II - Currency Unhedged 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