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/.

International Value Fund Allocation | Tweedy, Browne

International Value Fund

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

BENJAMIN GRAHAM, The Intelligent Investor
Top 20 Equity Holdings as of 08/31/2026
DHL Group
4.01
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.

United Overseas Bank
3.57
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.

Heineken Holding
3.54
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.

Roche Holding AG
3.35
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.

CNH Industrial NV
3.34
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.

Novartis
3.05
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.

Nestlé
2.90
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.

Safran SA
2.87
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.

TotalEnergies SE
2.79
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.

Ionis Pharmaceuticals Inc
2.44
United States

Ionis Pharmaceuticals, Inc. operates as a biotechnology company. The Company researches in RNA-targeted drug discovery and development that focuses on drugs for patients who have unmet medical needs. Ionis Pharmaceuticals serves customers in the United States.

Sol SpA
2.40
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.

Trelleborg AB
2.38
Sweden

Trelleborg AB manufactures and distribues industrial products. The Company produces noise supression and anti-vibration systems for the automobile industry and completes wheel systems for forest and farm machines and other equipment. Trelleborg also develops and makes industrial fluid systems and polymer and bitumen based building products. The Company markets worldwide.

Hana Financial Group
2.35
South Korea

Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

Coca Cola FEMSA
2.28
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.

Prudential PLC
2.14
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.

Rubis SCA
2.08
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.

Diageo PLC
1.96
Great Britain

Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Computacenter plc
1.89
Great Britain

Computacenter plc provides distributed information technology and related services to corporate and public sector organizations. The Group’s services are divided into three sectors: logistical operations, consolidation and integration, and operational management. Computacenter has operations in the UK, France, Luxembourg, and Belgium.

TX Group AG
1.77
Switzerland

TX Group AG operates as a media company. The Company offers daily and weekly newspapers, magazines, and network of digital platforms. TX Group serves customers in Switzerland, Germany, and Austria.

CVS Group PLC
1.74
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.

Total
52.85%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 08/31/2026
Market Value
Number of Issues
Percent
Country
Equities
4,113,553,761
88
95.58
Developed Europe
2,672,729,521
43
62.1
Belgium
25,822,668
2
0.6
Finland
59,624,066
1
1.39
France
510,504,229
7
11.86
Germany
313,397,536
5
7.28
Italy
103,425,298
1
2.4
Netherlands
225,156,549
3
5.23
Sweden
133,828,211
2
3.11
Switzerland
525,897,738
7
12.22
United Kingdom
775,073,226
15
18.01
Developed Asia & Pacific
633,213,515
23
14.71
Hong Kong
99,205,166
2
2.31
Japan
380,492,319
20
8.84
Singapore
153,516,030
1
3.57
Emerging Markets
486,132,526
16
11.3
Chile
43,698,158
1
1.02
China
59,573,262
4
1.38
Czech Republic
2,571,772
1
0.06
Mexico
125,502,829
2
2.92
Philippines
2,993,403
1
0.07
South Korea
246,402,728
6
5.73
Taiwan
5,390,374
1
0.13
U.S. and Canada
321,478,199
6
7.47
Canada
157,416,825
3
3.66
United States
164,061,374
3
3.81
Hedging
-43,371,640
-1.01
Other Assets (Liabilities)
53,598,461
1.25
Net Cash
180,065,815
4.18
Total
4,303,846,397
100.00%

Size is often the Achilles heel of an investment management business. Our size allows us the flexibility to meaningfully invest fund assets in smaller and medium-sized companies.

TWEEDY, BROWNE
Market Capitalization as of 08/31/2026
% Equity
>50 Billion
30.95
25 - 50 Billion
6.17
10 - 25 Billion
21.26
2 - 10 Billion
27.37
<2 Billion
14.25
Sector Allocations As of 08/31/2026
% Equity
Communication Services
4.36
Consumer Discretionary
9.81
Consumer Staples
14.81
Energy
2.96
Financials
9.86
Health Care
16.36
Industrials
23.67
Information Technology
5.66
Materials
10.13
Real Estate
0.18
Utilities
2.20

The allocations of investments shown above reflect the Fund’s investments on the date indicated and may not be representative of the Fund’s current or future holdings.