Fund Notice Effective July 29, 2021, the Tweedy, Browne Global Value Fund changed its name to the Tweedy, Browne International Value Fund. There were no changes to the Fund’s investment policies or related features. For more information, please see the Fund’s prospectus. Fund Overview Fund Overview Share Class Common NAV | as of 05/19/2022 $26.70 -$0.25 (-0.93%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 317 Foreign Large Value funds as of 03/31/2022 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 04/30/2022 = $106,430.27 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 Sean McDonald, 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 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 03/31/2022 Overall Rating (of 317) 3 Years (of 317) 5 Years (of 285) 10 Years (of 175) 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 a M.B.A. 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 B.S. from the University of Arizona and an M.B.A. 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. Sean McDonald, CFA MANAGING DIRECTOR Sean McDonald, CFA has been with Tweedy, Browne since 2009 and is a member of the firm's Investment Committee. In 2015, he became an equity stakeholder in the firm and a Managing Director in 2021. Prior to joining Tweedy, Browne, he worked for The Capital Group Companies and held positions at Stonefield Josephson and Sanli Pastore & Hill. Mr. McDonald has an undergraduate degree in political science from the University of California, Los Angeles and an M.B.A. from Columbia Business School. Prior to his undergraduate studies, Mr. McDonald served as an infantryman in the 101st Airborne Division of the US Army. 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 B.A. 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 800.835.3879 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: 1.37% Expense Cap Expiration Date: 07/31/2022 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: 04/30/2022 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. -4.76 -3.16 -1.92 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. 16.09 13.67 11.20 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. 0.15 0.23 0.50 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. 85.17 80.92 58.35 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. 109.99 103.25 93.79 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 0.86 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.15 90.18 84.97 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.84 4.28 4.66 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.$) $6,307 Number of Holdings 99 825 Weighted Avg. Market Cap (Mil.$) $232,511 $84,314 Median Market Cap (Mil.$) $3,068 $13,349 Weighted Avg. P/E (1-yr Forward EPS) 12.22 13.04 Weighted Avg. P/E (Trailing EPS) 12.16 13.69 PEG Ratio 1.06 Weighted Avg. P/B 1.74 1.75 EPS Growth (Trailing 3-yr %) 6.31% 7.59% EPS Growth (Trailing 5-yr %) 7.00% 7.41% Forward EPS Growth (1-yr %) 10.95% Forward EPS Growth (Long Term %) 10.92% Revenue Growth (Trailing 5-yr %) 5.89% 6.71% Return on Equity 12.27% 12.86% Weighted Avg. Dividend Yield 2.60% 2.74% Debt to Equity 42.29 61.35 Trailing 12-Months Portfolio Turnover 10.00% As of: 03/31/2022 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. -4.76 -3.16 -1.92 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. 16.09 13.67 11.20 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. 0.15 0.23 0.50 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. 85.17 80.92 58.35 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. 109.99 103.25 93.79 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 0.86 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.15 90.18 84.97 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.84 4.28 4.66 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. -1.01 -0.81 -0.75 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. 2.36 3.17 6.58 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: 04/30/2022 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 4.11% 0.00% Market Cap ($mm) 1,000 - 1,500 0.60% 0.00% Market Cap ($mm) 1,500 - 2,500 5.25% 0.00% Market Cap ($mm) 2,500 - 5,000 5.91% 1.18% Market Cap ($mm) 5,000 - 10,000 8.85% 7.97% Market Cap ($mm) 10,000 - 25,000 12.33% 21.04% Market Cap ($mm) 25,000 - 50,000 13.93% 20.08% Market Cap ($mm) 50,000 - 100,000 9.17% 23.33% Market Cap ($mm) 100,000 - 200,000 13.73% 12.53% Market Cap ($mm) 200,000 - 26.12% 13.87% Market Cap – NA 0.00% 0.00% As of: 03/31/2022 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 14.76% 18.26% P/E 10-15 25.31% 19.11% P/E 15-20 19.75% 18.24% P/E 20-25 7.36% 8.56% P/E 25-Above 13.07% 28.11% P/E – NA 19.75% 7.72% As of: 03/31/2022 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 17.58% 22.42% EPS Growth (Trailing 3-yr %) 0 - 5 13.89% 8.48% EPS Growth (Trailing 3-yr %) 5 - 10 5.46% 9.16% EPS Growth (Trailing 3-yr %) 10 - 15 3.89% 8.78% EPS Growth (Trailing 3-yr %) 15 - 20 7.90% 7.32% EPS Growth (Trailing 3-yr %) Above 20 28.76% 26.99% EPS Growth (Trailing 3-yr %) - NA 22.53% 16.85% As of: 03/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2022 NESTLE SA REG - NEW 5.25% DIAGEO PLC 4.56% CNH INDUSTRIAL NV 3.70% ROCHE HOLDING AG 3.66% BERKSHIRE HATHAWAY INC 3.51% ALPHABET INC-CL C 3.33% TOTALENERGIES SE 3.09% UNITED OVERSEAS BANK (FOREIGN) 3.07% GLAXO SMITHKLINE PLC 2.89% SCOR SE 2.85% % in Top 10 Holdings 35.91% View Holding Details Holding Details Tweedy, Browne International Value Fund (TBGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2022 NESTLE SA REG - NEW 5.25% DIAGEO PLC 4.56% CNH INDUSTRIAL NV 3.70% ROCHE HOLDING AG 3.66% BERKSHIRE HATHAWAY INC 3.51% ALPHABET INC-CL C 3.33% TOTALENERGIES SE 3.09% UNITED OVERSEAS BANK (FOREIGN) 3.07% GLAXO SMITHKLINE PLC 2.89% SCOR SE 2.85% % in Top 10 Holdings 35.91% As of: 03/31/2022 Download All Holdings (PDF) As of: 03/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund nesn.vx NESTLE SA REG - NEW Consumer Staples S CH CHF 2,535,079.00 130.62 $330,968,636.20 5.25% dge.l DIAGEO PLC Consumer Staples S GB GBp 5,651,479.00 50.87 $287,323,558.59 4.56% cnhi.mi CNH INDUSTRIAL NV Industrials S GB EUR 14,718,898.00 16.02 $233,175,434.96 3.70% rog.vx ROCHE HOLDING AG Health Care S CH CHF 581,341.00 398.21 $230,964,263.79 3.66% brka BERKSHIRE HATHAWAY INC Financials S US USD 418.00 528,921.00 $221,088,978.00 3.51% goog ALPHABET INC-CL C Communication Services S US USD 60,045.00 2,792.99 $209,958,548.80 3.33% ttef.pa TOTALENERGIES SE Energy S FR EUR 3,831,330.00 51.22 $194,985,159.58 3.09% uobh.si UNITED OVERSEAS BANK (FOREIGN) Financials S SG SGD 8,270,385.00 23.66 $193,796,445.05 3.07% gsk.l GLAXO SMITHKLINE PLC Health Care S GB GBp 8,418,226.00 21.69 $182,560,738.82 2.89% scor.pa SCOR SE Financials S FR EUR 5,560,065.00 32.48 $179,820,699.43 2.85% heio.as HEINEKEN HOLDING NV Consumer Staples S NL EUR 2,160,839.00 79.11 $170,179,585.84 2.70% dbsm.si DBS GROUP HOLDINGS LTD Financials S SG SGD 6,432,235.00 26.48 $168,787,930.02 2.68% googl ALPHABET INC-CL A Communication Services S US USD 75,488.00 2,781.35 $167,705,084.55 2.66% saf.pa SAFRAN SA Industrials S FR EUR 1,412,745.00 119.34 $167,292,536.81 2.65% baes.l BAE SYSTEMS PLC Industrials S GB GBp 16,699,941.00 9.45 $157,194,930.27 2.49% jnj JOHNSON & JOHNSON Health Care S US USD 787,517.00 177.23 $139,571,637.91 2.21% zurn.vx ZURICH INSURANCE GROUP AG Financials S CH CHF 262,041.00 496.39 $129,956,458.35 2.06% hnkg.f HENKEL KGAA Consumer Staples S DE EUR 1,682,955.00 66.70 $111,725,526.41 1.77% ulvr.as UNILEVER PLC Consumer Staples S GB EUR 1,178,920.00 45.56 $103,900,622.54 1.65% trelb.st TRELLEBORG AB-B Industrials S SE SEK 3,901,988.00 23.50 $91,144,989.94 1.45% fmc FMC CORP. Materials S US USD 687,282.00 131.57 $90,425,692.74 1.43% 9988.hk ALIBABA GROUP HOLDINGS LTD Consumer Discretionary S CN HKD 6,558,290.00 14.31 $89,520,813.43 1.42% na.to NATIONAL BANK OF CANADA Financials S CA CAD 1,124,700.00 76.72 $86,289,580.88 1.37% kof COCA COLA FEMSA Consumer Staples S MX USD 1,533,895.00 54.95 $84,287,530.25 1.34% freg.de FRESENIUS SE & CO KGAA Health Care S DE EUR 2,276,215.00 37.10 $84,058,091.31 1.33% sols.mi SOL SPA Materials S IT EUR 4,365,000.00 18.36 $79,892,921.06 1.27% basfn.de BASF SE Materials S DE EUR 1,383,980.00 57.59 $79,427,564.92 1.26% 9888.hk BAIDU INC - A Communication Services S CN HKD 4,349,576.00 18.07 $76,782,886.18 1.22% rubf.pa RUBIS Utilities S FR EUR 2,510,680.00 29.67 $74,223,043.75 1.18% txgn.s TX GROUP AG Communication Services S CH CHF 429,703.00 167.35 $71,839,397.24 1.14% novn.vx NOVARTIS AG Health Care S CH CHF 805,437.00 88.29 $71,002,552.38 1.13% 0700.hk TENCENT HOLDINGS LTD Communication Services S CN HKD 1,485,150.00 47.78 $68,473,622.45 1.09% muvgn.f MUNICH RE Financials S DE EUR 254,527.00 270.37 $68,438,836.65 1.09% ions IONIS PHARMACEUTICALS INC. Health Care S US USD 1,819,506.00 37.04 $67,394,502.24 1.07% krng.f KRONES AG Industrials S DE EUR 792,204.00 83.95 $66,181,456.92 1.05% 003550.ks LG CORP Industrials S KR KRW 998,776.00 63.03 $62,721,312.83 0.99% boll.pa BOLLORE Communication Services S FR EUR 10,734,192.00 5.29 $56,534,089.83 0.90% 0001.hk CK HUTCHISON HLDGS LTD Industrials S HK HKD 7,421,500.00 7.35 $54,282,218.85 0.86% ulvr.l UNILEVER PLC (NEW) Consumer Staples S GB GBp 2,283,205.00 45.49 $53,590,988.61 0.85% alv AUTOLIV INC. Consumer Discretionary S SE USD 661,300.00 76.44 $50,549,772.00 0.80% inch.l INCHCAPE PLC Consumer Discretionary S GB GBp 5,273,360.00 8.82 $46,248,229.49 0.73% 4503.t ASTELLAS PHARMA INC. Health Care S JP JPY 2,798,041.00 15.74 $43,850,571.45 0.70% tsco.l TESCO PLC Consumer Staples S GB GBp 10,457,845.00 3.63 $37,947,066.22 0.60% 0010.hk HANG LUNG GROUP LTD Real Estate S HK HKD 15,995,508.00 2.12 $33,828,307.83 0.54% csco CISCO SYSTEMS INC Information Technology S US USD 546,465.00 55.76 $30,470,888.40 0.48% 6302.t SUMITOMO HEAVY INDUSTRIES Industrials S JP JPY 1,284,760.00 23.22 $29,529,980.25 0.47% 3405.t KURARAY CO. LTD. Materials S JP JPY 3,363,180.00 8.71 $29,037,283.51 0.46% pm.s PHOENIX MECANO AG Industrials S CH CHF 68,178.00 425.43 $28,955,727.95 0.46% lasa.to LASSONDE INDS INC-CLASS A Consumer Staples S CA CAD 251,390.00 114.17 $28,702,396.14 0.46% megacpo.mx MEGACABLE HOLDINGS-CPO Communication Services S MX MXN 9,067,593.00 3.01 $27,281,896.50 0.43% bab.l BABCOCK INTERNATIONAL GROUP PLC Industrials S GB GBp 5,694,918.00 4.27 $24,235,434.16 0.38% skfb.st SKF AB Industrials S SE SEK 1,704,935.00 16.52 $22,700,002.89 0.36% 3799.hk DALI FOODS GROUP Consumer Staples S CN HKD 41,516,695.00 0.52 $21,664,060.76 0.34% tktt.pa TARKETT Industrials S FR EUR 1,527,083.00 14.18 $21,646,647.39 0.34% look.l LOOKERS PLC Consumer Discretionary S GB GBp 17,304,144.00 1.22 $20,939,199.56 0.33% and_pa.sn EMBOTELLADORA ANDINA-A Consumer Staples S CL CLP 11,044,000.00 1.87 $20,603,864.92 0.33% ksbg.f KSB AG Industrials S DE EUR 42,354.00 485.12 $20,557,403.62 0.33% kemira.he KEMIRA OYJ Materials S FI EUR 1,569,538.00 13.21 $20,053,083.73 0.32% ivg.mi IVECO GROUP NV Industrials S IT EUR 2,943,779.00 6.62 $19,342,603.68 0.31% noej.de NORMA GROUP SE Industrials S DE EUR 643,887.00 29.00 $18,595,601.37 0.29% jsg.l JOHNSON SERVICE Industrials S GB GBp 11,937,289.00 1.55 $18,455,990.60 0.29% bachocob.mx INDUSTRIAS BACHOCO SA DE CV Consumer Staples S MX MXN 4,556,152.00 3.90 $17,763,555.21 0.28% 012330.ks HYUNDAI MOBIS CO Consumer Discretionary S KR KRW 97,800.00 177.39 $17,237,310.23 0.27% cltn.s COLTENE HOLDING AG Health Care S CH CHF 142,761.00 113.01 $16,128,569.06 0.26% 600835.ss SHANGHAI MECHANICAL AND ELECTRICAL-A Industrials S CN CNY 7,801,470.00 2.05 $16,015,570.80 0.25% bzu.mi BUZZI UNICEM SPA Materials S IT EUR 817,650.00 18.75 $15,218,283.54 0.24% 9715.t TRANSCOSMOS INC. Information Technology S JP JPY 580,020.00 26.28 $15,108,053.71 0.24% rhmg.de RHEINMETALL AG Industrials S DE EUR 65,633.00 213.74 $13,953,013.08 0.22% vtu.l VERTU MOTORS PLC Consumer Discretionary S GB GBp 16,292,379.00 0.85 $13,900,481.81 0.22% 0288.hk WH GROUP LTD. Consumer Staples S HK HKD 22,047,485.00 0.63 $13,848,193.29 0.22% 7864.t FUJI SEAL INTERNATIONAL INC. Materials S JP JPY 1,001,300.00 13.87 $13,731,451.10 0.22% 0041.hk GREAT EAGLE HOLDINGS LTD Real Estate S HK HKD 5,542,142.00 2.43 $13,431,112.29 0.21% 5334.t NGK SPARK PLUG CO LTD Consumer Discretionary S JP JPY 820,800.00 16.29 $13,255,374.02 0.21% wpk.to WINPAK LTD Materials S CA CAD 386,105.00 30.74 $11,870,166.93 0.19% fagro.br FAGRON N.V. Health Care S BE EUR 569,770.00 18.38 $10,441,088.20 0.17% adgr_p.za ADRIS GRUPA Industrials S HR HRK 166,388.00 61.72 $10,269,053.08 0.16% 1882.hk HAITIAN INTL EQUITY Industrials S CN HKD 3,734,350.00 2.60 $9,631,812.96 0.15% 0220.hk UNI-PRESIDENT CHINA HOLDINGS Consumer Staples S CN HKD 9,544,780.00 0.87 $8,284,862.70 0.13% 900925.ss SHANGHAI MECHANICAL AND ELECTRICAL CO-B Industrials S CN USD 6,463,000.00 1.24 $7,967,877.24 0.13% NON-DISCLOSED SECURITY Consumer Staples S KR KRW 0.00 0.00 $7,137,999.64 0.11% 1979.t TAIKISHA LTD Industrials S JP JPY 271,950.00 25.09 $6,782,535.01 0.11% 0088.hk TAI CHEUNG HOLDINGS Real Estate S HK HKD 10,820,000.00 0.62 $6,700,845.32 0.11% agi.ps ALLIANCE GLOBAL GROUP, INC. Industrials S PH PHP 22,609,020.00 0.24 $5,461,412.06 0.09% 3319.hk A-LIVING SMART CITY SERVICES CO LTD Real Estate S CN HKD 93,500.00 1.40 $5,147,095.44 0.08% 004690.ks SAMCHULLY Utilities S KR KRW 42,936.00 87.46 $3,884,504.12 0.06% 9728.t NIPPON KANZAI Industrials S JP JPY 164,400.00 23.27 $3,808,191.31 0.06% 5122.t OKAMOTO INDUSTRIES, INC. Materials S JP JPY 104,825.00 32.17 $3,356,585.81 0.05% 383800.ks LX HOLDINGS CORP Industrials S KR KRW 360,632.00 7.95 $2,849,438.55 0.05% 000860.ks KANGNAM JEVISCO CO LTD. Materials S KR KRW 131,339.00 21.29 $2,780,499.19 0.04% 0296.hk EMPEROR ENTERTAINMENT HOTEL Consumer Discretionary S HK HKD 26,265,000.00 0.09 $2,304,487.63 0.04% tabk.pr PHILIP MORRIS CZECH REPUBLIC Consumer Staples S CZ CZK 2,800.00 792.62 $2,219,337.21 0.04% 4401.t ADEKA CORP. Materials S JP JPY 93,500.00 22.28 $2,059,822.07 0.03% NON-DISCLOSED SECURITY Industrials S JP JPY 0.00 0.00 $2,012,301.23 0.03% 9618.hk JD.COM INC. - CLASS A Consumer Discretionary S CN HKD 49,499.00 29.88 $1,406,850.09 0.02% 9543.t SHIZUOKA GAS Utilities S JP JPY 193,700.00 7.01 $1,352,609.54 0.02% 4956.t KONISHI CO LTD Materials S JP JPY 57,600.00 12.89 $737,499.57 0.01% vvo.l VIVO ENERGY PLC Consumer Discretionary S GB GBp 380,279.00 1.80 $680,664.42 0.01% B05QXL4 NEUE ZURCH ZEITUNG-REGD Communication Services S CH CHF 80.00 7,280.63 $593,317.03 0.01% 0071.hk MIRAMAR HOTEL & INVESTMENT Communication Services S HK HKD 59,000.00 1.60 $94,153.14 0.00% CASH & CASH EQUIVALENTS Cash C 0.00 0.00 $269,060,014.15 4.27% HEDGE CONTRACTS UNREALIZED GAIN/LOSS Cash C 0.00 0.00 $65,827,718.00 1.04% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return BAE Systems PLC 1 2.30% 30.09% Berkshire Hathaway Inc - CL A 2 3.26% 17.37% United Overseas Bank LTD 3 3.19% 18.92% Zurich Insurance Group AG 4 1.97% 14.01% FMC Corp 5 1.30% 20.21% DBS Group Holdings LTD 6 2.88% 9.63% TotalEnergies SE 7 3.34% 6.01% SCOR SE 8 2.89% 6.17% Ionis Pharmaceuticals 9 0.50% 17.59% Rheinmetall AG 10 0.14% 129.81% As of: 03/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Heineken Holding 20 3.06% -12.40% Sol SpA 19 1.42% -21.90% Uniilever PLC 18 2.76% -11.70% Nestlé SA 17 5.27% -5.70% Krones AG 16 1.21% -21.28% Autoliv Inc 15 0.98% -25.41% Inchcape PLC 14 0.91% -26.19% Henkel AG & Co KgAa 13 2.07% -12.73% BASF SE 12 1.55% -16.26% Iveco Croup NV 11 0.44% -41.11% As of: 03/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 03/31/2022 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 20.61% 10.19% Industrials 17.68% 15.40% Financials 16.62% 17.71% Health Care 13.41% 13.05% Communication Services 10.77% 4.85% Materials 5.53% 8.23% Cash & Other 5.31% 0.00% Consumer Discretionary 4.06% 11.54% Energy 3.09% 4.14% Utilities 1.26% 3.39% Real Estate 0.94% 2.89% Information Technology 0.72% 8.60% Bonds 0.00% 0.00% Futures 0.00% 0.00% Other Equities 0.00% 0.00% As of: 03/31/2022 Investment Allocation 03/31/2022 Stocks 94.69% Bonds 0.00% As of: 03/31/2022 Country Fund MSCI EAFE Index United Kingdom 18.71% 15.26% United States 14.69% 0.00% Switzerland 13.96% 10.41% France 11.01% 11.39% Germany 7.34% 8.24% Singapore 5.75% 1.47% China 4.83% 0.00% Netherlands 2.70% 4.37% Japan 2.61% 22.31% Sweden 2.61% 3.55% Mexico 2.05% 0.00% Canada 2.01% 0.00% Hong Kong 1.97% 2.88% Italy 1.81% 2.38% South Korea 1.53% 0.00% % in Top 15 Countries 93.58% 82.26% As of: 03/31/2022 Region Fund MSCI EAFE Index Developed 85.66% 100.00% Europe & Middle East 58.63% 64.99% North America 16.70% 0.00% Pacific 10.33% 35.01% Emerging 8.87% 0.00% Asia 6.45% 0.00% Latin America 2.38% 0.00% Europe & Middle East 0.04% 0.00% Africa 0.00% 0.00% Frontier 0.16% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.16% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 5.31% 0.00% As of: 03/31/2022 Industry Fund MSCI EAFE Index Pharmaceuticals 10.59% 9.05% Beverages 8.92% 2.09% Machinery 8.51% 2.96% Interactive Media & Services 8.29% 0.27% Banks 7.12% 8.92% Food Products 6.79% 3.37% Insurance 6.00% 5.08% Aerospace & Defense 5.75% 1.21% Chemicals 4.88% 3.36% Diversified Financial Services 3.51% 0.86% % in Top 10 Industries 70.36% 37.17% As of: 03/31/2022 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” (aka “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. A World of Opportunity While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the US. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. Read More About About Tweedy, Browne Company Background Tweedy, Browne Company LLC is a leading practitioner of the value-oriented investment approach using methodology that derives directly from the work of the legendary Benjamin Graham, professor of investments at Columbia Business School, a professional investor, co-author of Security Analysis and author of The Intelligent Investor. Serving originally as a broker to Graham and other highly noted 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 growth of capital. View Fund Details TBHDX Tweedy, Browne Worldwide High Dividend Yield Value Fund The Fund seeks long-term growth of capital. 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