Important Notice: Fraudulent Schemes Impersonating Tweedy, Browne Company LLC

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Tweedy Browne and its employees, officers, affiliates and agents are not responsible for any conduct by unauthorized parties and channels, nor are they responsible for the services or information provided by such unauthorized parties and channels. You may also submit a report through the Federal Bureau of Investigation’s Internet Crime Complaint Center at https://www.ic3.gov/.

International Equity: Allocation of Investments - Managed Accounts

International Equity

The analyst's conclusions must always rest upon the figures and upon established tests and standards.

BENJAMIN GRAHAM, The Intelligent Investor
Top 25 Equity Holdings Sample portfolio* as of 09/30/2025
Safran SA
3.9
France

Safran SA manufactures propulsion, communications, defense, security, and aerospace equipment. The Company produces engines for airplanes, helicopters, missiles and launch vehicles, mobile telephones, printing terminals, broadband networks, landing gear, wheels and brakes, aircraft wiring, inertial navigation systems, optronics, avionics, and fingerprint biometric equipment.

Roche Holding
3.15
Switzerland

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Nestlé
2.69
Switzerland

Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company’s product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Sol SpA
2.66
Italy

Sol S.p.A. produces industrial and medical gases. The Company produces and markets oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, ammonia, chlorofluoride carbides, aseptic air, nitrous oxide and gas mixtures. Sol also produces gas for electronics, and liquid and compressed helium. The Company manufactures inhalation home care supplies.

Kemira OYJ
2.59
Finland

Kemira Oyj is a global water chemistry company serving customers in water-intensive industries. The Company offers chemical products and integrated systems that help customers in the water-intensive pulp and paper industry, water treatment chemicals for municipalities and industrial customers, and chemical extraction and process solutions for oil and mining industries.

Johnson & Johnson
2.55
United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

TotalEnergies SE
2.5
France

TotalEnergies explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Prudential plc
2.2
Hong Kong

Prudential Public Limited Company provides long term savings and protection products. The Company offers life and health insurance for long term business including asset management services. Prudential serves customers in Asia and Africa.

Heineken Holding
2.16
Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

Johnson Service Group
2.09
Great Britain

Johnson Service Group PLC is a workwear and linen rental services provider. The Group comprises two main divisions: Workwear and HORECA (Hotel, Restaurant, and Catering). Johnson Service Group operates across the UK.

CVS Group PLC
2.08
United Kingdom

CVS Group PLC provides animal veterinary and related services. The Company sells animal medicines and a range of pet products directly to consumers. CVS Group operates throughout the United Kingdom.

Rubis SCA
2.05
France

Rubis SCA distributes liquefied petroleum gas and stores bulk liquides. The Company stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also distributes liquefied petroleum gas (LPG) in Europe.

Fresenius SE & Co KGaA
1.98
Germany

Fresenius SE & Co KGaA is a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipement and systems, blood separators, plasma, hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

United Overseas Bank
1.94
Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

Azelis Group NV
1.93
Belgium

Azelis Group NV wholesales and distributes chemicals. The Company offers chemicals, food ingredients, auxiliary materials, and a wide range of additives. Azelis Group serves customers worldwide.

BAE Systems PLC
1.92
Great Britain

BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Novartis
1.92
Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Munich Re
1.8
Germany

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Berkeley Group Holdings
1.77
United Kingdom

The Berkeley Group Holdings PLC is a residential and commercial property development company focusing on urban regeneration and mixed-use developments. The Company purchases and develops land, in addition to constructing homes, and apartment complexes throughout the South of England, the Midlands, and the North West.

CNH Industrial NV
1.76
United States

CNH Industrial NV through its brands, designs, produces and sells trucks, commercial vehicles, buses, special vehicles, agricultural and construction equipment, in addition to engines and transmissions for those vehicles and engines for marine applications. The company also provides equipment financing services.

National Bank Of Canada
1.76
Canada

National Bank of Canada provides a full array of banking services, including retail, corporate and investment banking. The Bank, through its subsidiaries, is involved in securities brokerage, insurance and wealth management, as well as mutual fund and retirement plan management.

DHL Group
1.74
Germany

DHL Group operates as a logistics company. The Company offers letter and parcel dispatch, express delivery, freight transport, supply chain management, and e-commerce solutions. DHL Group serves customers worldwide.

Winpak Ltd
1.69
Canada

Winpak Ltd. manufactures and distributes packaging materials and machines for the protection of perishable foods, beverages, and dairy products. The Company also has clients in the non-food markets such as pharmaceutical and complex industrial applications.

Breedon Group
1.66
United Kingdom

Breedon Group PLC provides construction materials. The Company produces aggregates, cement, asphalt, ready-mixed concrete, and specialist building products. Breedon Group serves clients in the United Kingdom.

Zurich Insurance Group
1.63
Switzerland

Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Total
54.12%
Country Allocations
Sample portfolio* as of 09/30/2025
Market Value
Number of Issues
% EQUITY
Country
Equities
57,487,323
82
100
Developed Europe
38,280,706
42
66.59
Belgium
1,294,586
2
2.25
Finland
1,491,536
1
2.59
France
9,206,127
9
16.01
Germany
4,956,277
7
8.62
Great Britain
11,596,882
14
20.17
Italy
1,528,034
1
2.66
Netherlands
1,733,937
2
3.02
Sweden
932,793
1
1.62
Switzerland
5,540,534
5
9.64
Developed Asia & Pacific
8,502,939
22
14.79
Hong Kong
809,313
3
1.41
Japan
5,937,429
17
10.33
Singapore
1,756,197
2
3.05
Emerging Markets
5,491,503
11
9.55
China
1,292,275
3
2.25
Mexico
1,723,786
2
3
South Korea
2,475,442
6
4.31
U.S. and Canada
5,212,175
7
9.07
Canada
1,010,395
1
1.76
United States
4,201,780
6
7.31
Total
57,487,323
100.00%

Size is often the Achilles heel of an investment management business. Our size allows us the ability to attract necessary resources while affording us the flexibility to meaningfully own smaller and medium-sized companies.

TWEEDY, BROWNE
Market Capitalization Sample portfolio* as of 09/30/2025
% Equity
>50 Billion
30.74
25 - 50 Billion
11.43
10 - 25 Billion
9.08
2 - 10 Billion
34.16
<2 Billion
14.6
Sector Allocations Sample portfolio* as of 09/30/2025
% Equity
Communication Services
2.55
Consumer Discretionary
11.04
Consumer Staples
9.74
Energy
2.5
Financials
12.15
Health Care
14.17
Industrials
23.2
Information Technology
5.52
Materials
16.84
Real Estate
0.25
Utilities
2.05

*This sample portfolio is a fully invested portfolio that has been managed by the firm for over one year with typical portfolio allocations and without significant investment restrictions or cash flows. It should not be assumed that the experience of this sample portfolio is representative of the experience of other portfolios in the strategy. Positions held in the portfolio, country, sector and market-capitalization allocations, and other metrics shown are not necessarily representative of other portfolios and are subject to change without notice. It should not be assumed that all recommendations made in the future will be profitable.