Fund Overview Fund Overview Share Class Common NAV | as of 12/06/2022 $27.34 -$0.07 (-0.26%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 317 Foreign Large Value funds as of 11/30/2022 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 11/30/2022 = $106,662.16 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 800.835.3879 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 2021 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 11/30/2022 Overall Rating (of 317) 3 Years (of 317) 5 Years (of 297) 10 Years (of 177) 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 800.835.3879 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: 1.38% Net Expense Ratio: 1.34% Expense Cap Expiration Date: 07/31/2023 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 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: 11/30/2022 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. -3.69 -3.26 -2.43 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. 17.16 14.75 11.67 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. 0.14 0.13 0.41 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. 90.78 81.63 57.31 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. 108.15 102.94 95.22 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. 1.03 1.00 0.87 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. 92.07 91.65 85.73 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. 4.86 4.26 4.68 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.$) $5,323 Number of Holdings 99 799 Weighted Avg. Market Cap (Mil.$) $166,728 $67,377 Median Market Cap (Mil.$) $2,752 $10,407 Weighted Avg. P/E (1-yr Forward EPS) 10.61 10.65 Weighted Avg. P/E (Trailing EPS) 10.93 10.89 PEG Ratio 1.21 Weighted Avg. P/B 1.48 1.48 EPS Growth (Trailing 3-yr %) 4.09% 8.85% EPS Growth (Trailing 5-yr %) 5.14% 7.09% Forward EPS Growth (1-yr %) -1.78% Forward EPS Growth (Long Term %) 8.73% Revenue Growth (Trailing 5-yr %) 5.64% 6.96% Return on Equity 12.34% 13.11% Weighted Avg. Dividend Yield 3.05% 3.46% Debt to Equity 42.92 62.32 Trailing 12-Months Portfolio Turnover 13.59% As of: 09/30/2022 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. -3.69 -3.26 -2.43 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. 17.16 14.75 11.67 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. 0.14 0.13 0.41 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. 90.78 81.63 57.31 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. 108.15 102.94 95.22 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. 1.03 1.00 0.87 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. 92.07 91.65 85.73 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. 4.86 4.26 4.68 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. -0.79 -0.84 -0.83 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. 2.30 1.93 5.51 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. -21.36 -21.36 -21.36 As of: 11/30/2022 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 3.72% 0.00% Market Cap ($mm) 1,000 - 1,500 3.46% 0.00% Market Cap ($mm) 1,500 - 2,500 5.49% 0.04% Market Cap ($mm) 2,500 - 5,000 5.85% 3.01% Market Cap ($mm) 5,000 - 10,000 7.09% 11.41% Market Cap ($mm) 10,000 - 25,000 14.04% 22.51% Market Cap ($mm) 25,000 - 50,000 15.07% 23.73% Market Cap ($mm) 50,000 - 100,000 10.65% 19.24% Market Cap ($mm) 100,000 - 200,000 8.63% 11.73% Market Cap ($mm) 200,000 - 26.00% 8.32% Market Cap – NA 0.00% 0.00% As of: 09/30/2022 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 19.43% 27.06% P/E 10-15 23.79% 17.62% P/E 15-20 27.60% 14.56% P/E 20-25 0.87% 9.60% P/E 25-Above 6.14% 22.37% P/E – NA 22.18% 8.79% As of: 09/30/2022 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 26.36% 22.87% EPS Growth (Trailing 3-yr %) 0 - 5 24.52% 11.47% EPS Growth (Trailing 3-yr %) 5 - 10 10.04% 7.39% EPS Growth (Trailing 3-yr %) 10 - 15 5.88% 11.05% EPS Growth (Trailing 3-yr %) 15 - 20 7.15% 7.22% EPS Growth (Trailing 3-yr %) Above 20 9.52% 26.27% EPS Growth (Trailing 3-yr %) - NA 16.52% 13.72% As of: 09/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 Nestlé SA 5.16% Diageo PLC 4.19% Totalenergies SE 3.38% Roche Holding 3.31% Berkshire Hathaway A 3.19% CNH Industrial NV 2.82% United Overseas Bank 2.82% Safran SA 2.82% DBS Group Holdings 2.80% Heineken Holding 2.78% % in Top 10 Holdings 33.25% View Holding Details Holding Details Tweedy, Browne International Value Fund (TBGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2022 Nestlé SA 5.16% Diageo PLC 4.19% Totalenergies SE 3.38% Roche Holding 3.31% Berkshire Hathaway A 3.19% CNH Industrial NV 2.82% United Overseas Bank 2.82% Safran SA 2.82% DBS Group Holdings 2.80% Heineken Holding 2.78% % in Top 10 Holdings 33.25% As of: 09/30/2022 Download All Holdings (PDF) As of: 09/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund nesn.vx Nestlé SA Consumer Staples S CH CHF 2,535,079 108.43 $274,869,865 5.16% dge.l Diageo PLC Consumer Staples S GB GBp 5,296,459 42.08 $222,896,730 4.19% ttef.pa Totalenergies SE Energy S FR EUR 3,831,330 46.90 $179,671,891 3.38% rog.vx Roche Holding Health Care S CH CHF 539,210 326.34 $175,967,458 3.31% brka Berkshire Hathaway A Financials S US USD 418 406,470.00 $169,904,460 3.19% cnhi.mi CNH Industrial NV Industrials S GB EUR 13,417,243 11.19 $150,107,932 2.82% uobh.si United Overseas Bank Financials S SG SGD 8,270,385 18.13 $149,938,956 2.82% saf.pa Safran SA Industrials S FR EUR 1,647,635 90.95 $149,856,720 2.82% dbsm.si DBS Group Holdings Financials S SG SGD 6,432,235 23.16 $148,939,255 2.80% heio.as Heineken Holding Consumer Staples S NL EUR 2,160,839 68.43 $147,867,721 2.78% baes.l BAE Systems PLC Industrials S GB GBp 16,699,941 8.78 $146,699,916 2.76% goog Alphabet Inc - C Communication Services S US USD 1,509,760 95.65 $144,408,544 2.71% 9988.hk Alibaba Group Holdings Consumer Discretionary S CN HKD 13,116,580 9.98 $130,890,627 2.46% jnj Johnson & Johnson Health Care S US USD 787,517 163.36 $128,648,777 2.42% googl Alphabet Inc - A Communication Services S US USD 1,200,900 96.15 $115,466,535 2.17% zurn.vx Zurich Insurance Group Financials S CH CHF 262,041 399.64 $104,722,894 1.97% ulvr.l Unilever PLC Consumer Staples S GB GBp 2,283,205 43.93 $100,301,230 1.88% 0700.hk Tencent Holdings Communication Services S CN HKD 2,860,800 33.78 $96,624,216 1.82% hnkg.f Henkel KGaA Consumer Staples S DE EUR 1,682,955 56.65 $95,339,533 1.79% kof Coca Cola FEMSA Consumer Staples S MX USD 1,533,895 58.39 $89,564,129 1.68% ions Ionis Pharmaceuticals Inc Health Care S US USD 1,819,506 44.23 $80,476,750 1.51% trelb.st Trelleborg AB Industrials S SE SEK 3,901,988 18.76 $73,205,474 1.38% fmc FMC Corp Materials S US USD 687,282 105.70 $72,645,707 1.36% na.to National Bank Of Canada Financials S CA CAD 1,124,700 63.01 $70,868,255 1.33% krng.f Krones Industrials S DE EUR 792,204 87.84 $69,590,987 1.31% sols.mi Sol SpA Materials S IT EUR 4,365,000 15.34 $66,957,417 1.26% scor.pa SCOR SE Financials S FR EUR 4,440,028 14.45 $64,164,982 1.21% 9888.hk Baidu Inc - A Communication Services S CN HKD 4,349,576 14.72 $64,028,946 1.20% novn.vx Novartis Health Care S CH CHF 805,437 76.43 $61,556,941 1.16% muvgn.f Munich Re Financials S DE EUR 254,527 240.62 $61,244,904 1.15% txgn.s TX Group AG Communication Services S CH CHF 429,703 122.35 $52,575,482 0.99% husqb.st Husqvarna-B Industrials S SE SEK 9,470,920 5.54 $52,501,707 0.99% ulvr.as Unilever NV Consumer Staples S GB EUR 1,178,920 44.00 $51,870,554 0.97% 003550.ks LG Corp Industrials S KR KRW 998,776 51.29 $51,231,913 0.96% skfb.st SKF AB Industrials S SE SEK 3,801,500 13.40 $50,927,911 0.96% dpwgn.f Deutsche Post Industrials S DE EUR 1,681,804 30.13 $50,668,306 0.95% rubf.pa Rubis SCA Utilities S FR EUR 2,169,577 20.80 $45,130,886 0.85% alv Autoliv Inc. Consumer Discretionary S SE USD 661,300 66.63 $44,062,419 0.83% 0001.hk CK Hutchison Holdings Industrials S HK HKD 7,421,500 5.51 $40,863,323 0.77% freg.de Fresenius Se & Co KGaA Health Care S DE EUR 1,876,215 21.31 $39,975,582 0.75% inch.l Inchcape PLC Consumer Discretionary S GB GBp 5,273,360 7.57 $39,921,006 0.75% gsk.l GSK PLC Health Care S GB GBp 2,500,000 14.44 $36,098,686 0.68% 6268.t Nabtesco Corp Industrials S JP JPY 1,368,360 20.45 $27,988,997 0.53% kemira.he Kemira OYJ Materials S FI EUR 2,365,373 11.08 $26,199,335 0.49% kbc.br KBC Group Financials S BE EUR 552,008 47.43 $26,184,289 0.49% tsco.l Tesco PLC Consumer Staples S GB GBp 10,457,845 2.29 $23,996,132 0.45% 6302.t Sumitomo Heavy Industries Industrials S JP JPY 1,284,760 18.52 $23,793,383 0.45% 3405.t Kuraray Co Materials S JP JPY 3,363,180 6.99 $23,510,298 0.44% csco Cisco Systems Information Technology S US USD 546,465 40.00 $21,858,600 0.41% pm.s Phoenix Mecano Industrials S CH CHF 68,178 307.55 $20,968,113 0.39% 0010.hk Hang Lung Group Real Estate S HK HKD 12,955,508 1.61 $20,913,820 0.39% 005930.ks Samsung Electronics Co Information Technology S KR KRW 557,685 36.72 $20,477,777 0.38% lasa.to Lassonde Consumer Staples S CA CAD 251,390 79.13 $19,892,751 0.37% tktt.pa Tarkett Industrials S FR EUR 1,527,083 12.13 $18,520,565 0.35% megacpo.mx Megacable Holdings SAB Communication Services S MX MXN 9,067,593 2.02 $18,295,275 0.34% 3799.hk Dali Foods Group Consumer Staples S CN HKD 41,516,695 0.43 $17,877,983 0.34% bachocob.mx Industrias Bachoco Sa de CV Consumer Staples S MX MXN 4,556,152 3.91 $17,809,949 0.33% bab.l Babcock International Group PLC Industrials S GB GBp 5,694,918 3.09 $17,581,555 0.33% and_pa.sn Embotelladora Andina Consumer Staples S CL CLP 11,044,000 1.52 $16,751,588 0.31% 9715.t Transcosmos Inc Information Technology S JP JPY 580,020 25.97 $15,060,265 0.28% 5334.t NGK Spark Plug Co Consumer Discretionary S JP JPY 820,800 17.73 $14,555,839 0.27% ksbg.f KSB AG Industrials S DE EUR 42,354 342.88 $14,522,234 0.27% 0288.hk WH Group Consumer Staples S HK HKD 22,047,485 0.63 $13,866,081 0.26% jsg.l Johnson Service Group Industrials S GB GBp 15,698,026 0.88 $13,748,417 0.26% 0220.hk Uni-President China Holdings Consumer Staples S CN HKD 15,974,780 0.84 $13,385,038 0.25% 012330.ks Hyundai Mobis Co Consumer Discretionary S KR KRW 97,800 132.00 $12,909,944 0.24% wpk.to Winpak Materials S CA CAD 386,105 32.70 $12,625,230 0.24% look.l Lookers PLC Consumer Discretionary S GB GBp 17,304,144 0.73 $12,620,434 0.24% ivg.mi Iveco Group NV Industrials S IT EUR 2,660,248 4.71 $12,539,618 0.24% 7988.t Nifco Inc Consumer Discretionary S JP JPY 578,745 20.90 $12,093,717 0.23% bzu.mi Buzzi Unicem SpA Materials S IT EUR 817,650 14.14 $11,561,815 0.22% fagro.br Fagron NV Health Care S BE EUR 916,013 12.28 $11,248,958 0.21% cltn.s Coltene Holding Ag Health Care S CH CHF 142,761 78.22 $11,167,252 0.21% 7864.t Fuji Seal International Materials S JP JPY 1,001,300 10.59 $10,602,565 0.20% 0041.hk Great Eagle Holdings Real Estate S HK HKD 5,542,142 1.87 $10,339,846 0.19% rhmg.de Rheinmetall AG Industrials S DE EUR 65,633 153.90 $10,101,222 0.19% hln.l Haleon PLC Consumer Staples S GB GBp 3,000,000 3.12 $9,351,803 0.18% hwdn.l Howden Joinery Group PLC Industrials S GB GBp 1,550,855 5.59 $8,661,978 0.16% adgr_p.za Adris Grupa Industrials S HR HRK 166,388 49.22 $8,188,983 0.15% vtu.l Vertu Motors PLC Consumer Discretionary S GB GBp 16,292,379 0.47 $7,607,353 0.14% 1882.hk Haitian International Holdings Industrials S CN HKD 3,734,350 1.89 $7,066,622 0.13% 900925.ss Shanghai Mechanical And Electrical Co-B Industrials S CN USD 6,463,000 1.02 $6,567,688 0.12% 1979.t Taikisha Industrials S JP JPY 271,950 22.25 $6,052,181 0.11% 0088.hk Tai Cheung Holdings Real Estate S HK HKD 10,820,000 0.51 $5,527,230 0.10% 005180.ks Binggrae Co Consumer Staples S KR KRW 160,642 27.49 $4,416,215 0.08% agi.ps Alliance Global Group, Inc Industrials S PH PHP 22,609,020 0.14 $3,169,673 0.06% 9728.t Nippon Kanzai Industrials S JP JPY 164,400 17.48 $2,873,656 0.05% 5122.t Okamoto Industries Materials S JP JPY 104,825 24.56 $2,574,528 0.05% 383800.ks LX Holdings Corp Communication Services S KR KRW 360,632 5.74 $2,070,559 0.04% 000860.ks Kangnam Jevisco Materials S KR KRW 131,339 14.08 $1,849,517 0.03% tabk.pr Philip Morris Czech Republic Consumer Staples S CZ CZK 2,800 655.37 $1,835,041 0.03% 0296.hk Emperor Entertainment Hotel Consumer Discretionary S HK HKD 26,265,000 0.06 $1,646,836 0.03% 4401.t Adeka Corp. Materials S JP JPY 93,500 14.93 $1,395,868 0.03% 9543.t Shizuoka Gas Utilities S JP JPY 193,700 6.84 $1,323,946 0.02% 6250.t Yamabiko Corporation Industrials S JP JPY 164,305 7.66 $1,257,786 0.02% 4956.t Konishi Co Materials S JP JPY 57,600 10.75 $619,154 0.01% B05QXL4 Neue Zurch Zeitung Communication Services S CH CHF 80 7,061.21 $564,897 0.01% 0071.hk Miramar Hotel & Investment Consumer Discretionary S HK HKD 59,000 1.53 $90,208 0.00% 6849.t Nihon Kohden Corp Health Care S JP JPY 470 21.24 $9,984 0.00% Hedge Contracts Unrealized Gain/Loss Cash C - - $259,738,744 4.88% Cash & Cash Equivalents Cash C - - $240,109,098 4.51% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Diageo 1 4.10% 8.51% DSB Group 2 2.58% 13.49% Krones 3 1.16% 23.42% Ionis Pharmaceuticals 4 1.33% 19.48% CNH Industrial 5 2.98% 5.18% Unilever PLC 6 1.85% 7.36% Munich Re 7 1.05% 9.90% Coca Cola FEMSA - ADR 8 1.60% 5.63% Bollore 9 0.52% 8.35% Heineken Holding 10 2.77% 2.09% As of: 09/30/2022 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 Holding 20 1.98% -30.34% GSK 19 2.00% -24.94% SCOR 18 1.69% -26.79% Tencent Holdings 17 1.51% -24.83% Alphabet Inc - A 16 2.92% -12.22% Baidu Inc 15 1.31% -23.16% Alphabet Inc - C 14 2.34% -12.09% Fresenius SE & Co 13 0.95% -23.42% Nestlé 12 5.19% -3.86% Johnson & Johnson 11 2.33% -7.35% As of: 09/30/2022 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: 09/30/2022 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 Consumer Staples 21.07% 11.26% Industrials 19.52% 15.04% Financials 14.95% 17.60% Health Care 10.24% 13.53% Cash & Other 9.39% 0.00% Communication Services 9.28% 4.82% Consumer Discretionary 5.19% 11.28% Materials 4.33% 7.48% Energy 3.38% 4.93% Information Technology 1.08% 7.92% Utilities 0.87% 3.37% Real Estate 0.69% 2.77% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 90.61% Bonds 0.00% Cash and Other 9.39% As of: 09/30/2022 Country Fund MSCI EAFE Index United Kingdom 15.81% 15.54% United States 13.78% 0.00% Switzerland 13.19% 10.75% France 8.59% 11.31% Germany 6.41% 7.57% China 6.32% 0.00% Singapore 5.61% 1.59% Sweden 4.15% 3.41% Netherlands 2.78% 4.12% Japan 2.70% 22.63% Mexico 2.36% 0.00% Canada 1.94% 0.00% Hong Kong 1.75% 3.03% South Korea 1.75% 0.00% Italy 1.71% 2.26% % in Top 15 Countries 88.85% 82.21% As of: 09/30/2022 Region Fund MSCI EAFE Index Developed 79.62% 100.00% Europe & Middle East 53.84% 64.59% North America 15.72% 0.00% Pacific 10.07% 35.41% Emerging 10.84% 0.00% Asia 8.13% 0.00% Latin America 2.68% 0.00% Europe & Middle East 0.03% 0.00% Africa 0.00% 0.00% Frontier 0.15% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.15% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 9.39% 0.00% As of: 09/30/2022 Industry Fund MSCI EAFE Index Machinery 9.21% 2.79% Beverages 8.96% 2.31% Interactive Media & Services 7.90% 0.23% Pharmaceuticals 7.56% 9.62% Banks 7.44% 9.12% Food Products 6.80% 3.68% Aerospace & Defense 6.09% 1.30% Insurance 4.32% 5.05% Chemicals 3.68% 3.06% Oil, Gas & Consumable Fuels 3.38% 4.88% % in Top 10 Industries 65.34% 42.04% As of: 09/30/2022 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. 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 Funds 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