Important Notice: Fraudulent Schemes Impersonating Tweedy, Browne Company LLC

There have been recent incidents of individuals and groups falsely claiming to be associated with Tweedy, Browne Company LLC (“Tweedy, Browne”) and its employees on social media platforms and messaging apps. These imposters have engaged in a variety of unauthorized conduct, including soliciting customers to carry out trading activities with them, constructing fake websites that purport to represent or be hosted by Tweedy Browne, and impersonating Tweedy Browne using the genuine names of Tweedy Browne employees to offer investment opportunities.

There have also been fake websites and mobile applications that claim to be Tweedy Browne when in fact they are not. These are scams and not sponsored, endorsed by or in any way affiliated or authorized by Tweedy Browne.
Please be aware that Tweedy Browne does not engage in any investment activities, provide training or financial services, or conduct other regulated activities through social media platforms or messaging apps such as WhatsApp.

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/.

US Equity ADR Strategy Allocation | Tweedy, Browne

US Equity / ADR

The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.

BENJAMIN GRAHAM, The Intelligent Investor
Top 25 Equity Holdings Sample portfolio* as of 06/30/2026
Bank of New York Mellon
6.97
United States

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company provides financial services for institutions, corporations and high-net-worth individuals, providing asset management and wealth management, asset servicing, issuer services, clearing services and treasury services.

American Express
5.80
United States

American Express Company is a global payment and travel company. The Company’s principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world.

Berkshire Hathaway B
5.18
United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company’s principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire’s other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Berkshire Hathaway A
5.09
United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company’s principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire’s other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Alphabet Inc – A
4.96
United States

Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

CNH Industrial NV
3.87
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.

Globe Life Inc.
3.75
United States

Global Life Inc. operates as an insurance company. The Company offers term, whole, and children’s life insurance, as well as accidental benefits, mortgage protection, and medicare supplement plans. Global Life operates in the state of Texas.

Johnson & Johnson
3.73
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.

Novartis ADR
3.39
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.

Truist Financial Corporation
3.33
United States

Truist Financial Corporation provides financial services. The Company offers a wide range of services including retail, small business and commercial banking, asset management, capital markets, commercial real estate, corporate and institutional banking, insurance, mortgage, payments, and specialized lending and wealth management solutions.

Wells Fargo & Company
3.30
United States

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

Nestlé ADR
3.08
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.

US Bancorp
3.03
United States

U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

Novartis
2.73
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.

GSK PLC
2.73
Great Britain

GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

TotalEnergies SE
2.42
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.

Roche Holding ADR
2.33
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.

Munich Re ADR
2.32
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.

Zoetis Inc
2.26
USA

Zoetis Inc. discovers, develops, manufactures, and commercializes animal health medicines and vaccines, with a focus on both livestock and companion animals. The Company markets its
products in North America, Europe, Africa, Asia, Australia, and Latin America.

Bank of America
2.17
United States

Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

Envista Holdings Corp
2.13
United States

Envista Holdings Corporation operates as a holding company. The Company, through its subsidiaries, provides dental consumables, equipment, and services to dental professionals. Envista Holdings offers its services in the United States.

Heineken Holding NV
2.11
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.

Coca Cola FEMSA
1.79
Mexico

Coca-Cola Femsa, S.A.B. de C.V. (Femsa) bottles beverages. The Company bottles and distributes branded beverages in parts of North, Central and South America. In some countries Femsa also markets water, beer, and other products.

AutoZone Inc
1.74
United States

AutoZone, Inc. is a specialty retailer of automotive replacement parts and accessories. The Company offers an extensive product line for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. AutoZone operates in the United States, Puerto Rico, and Mexico.

DHL Group
1.69
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.

Total
81.9%
Country Allocations
Sample portfolio* as of 06/30/2026
Market Value
Number of Issues
% EQUITY
Country
Equities
14,697,799
45
100
—
Developed Europe
3,845,537
14
26.16
France
355,674
1
2.42
Germany
589,441
2
4.01
Great Britain
826,168
4
5.62
Netherlands
321,866
2
2.19
Switzerland
1,752,388
5
11.92
Developed Asia & Pacific
0
0
0
Emerging Markets
262,969
1
1.79
Mexico
262,969
1
1.79
U.S. and Canada
10,589,293
30
72.05
United States
10,589,293
30
72.05
Total
14,697,799
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 06/30/2026
% Equity
>50 Billion
76.85
25 - 50 Billion
4.36
10 - 25 Billion
14.30
2 - 10 Billion
4.48
<2 Billion
0.00
Sector Allocations Sample portfolio* as of 06/30/2026
% Equity
Communication Services
6.68
Consumer Discretionary
2.39
Consumer Staples
10.06
Energy
4.64
Financials
40.95
Health Care
22.55
Industrials
11.52
Information Technology
1.21
Materials
0.00
Real Estate
0.00
Utilities
0.00

*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. This sample portfolio is provided for illustrative purposes only. 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.