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 II: Allocation of Investments - US Funds

International Value Fund II - Currency Unhedged

Ben Graham bought stocks the way an insurance actuary underwrites risk. He wanted a lot of stocks (policies) to protect against loss. So do we.

TWEEDY, BROWNE
Top 20 Equity Holdings as of 05/31/2026
CNH Industrial NV
3.44
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.

Kemira OYJ
3.26
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.

Rubis SCA
3.05
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.

United Overseas Bank
3.05
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.

DHL Group
3.04
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.

Roche Holding AG
2.77
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.

Winpak Ltd
2.76
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.

 

Samsung Electronics Co., Ltd.
2.72
South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

TotalEnergies SE
2.46
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.

LG Corp
2.42
South Korea

LG Corp is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company’s main business areas are electronics, chemicals, and household products manufacturing and telecommunications services.

Inaba Denki Sangyo Co.
2.33
Japan

Inaba Denki Sangyo CO., LTD. sells electric cables, plumbing products, and electronic equipment. The Company’s products include cables, electric switchboards, lighting equipment, sensors, and ducts. Inaba Denki Sangyo also provides real estate management and data processing services.

Safran SA
2.32
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.

Ionis Pharmaceuticals Inc
2.30
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.

Prudential PLC
2.13
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.

Lassonde Industries Inc.
2.06
Canada

Lassonde Industries Inc. manufactures, processes, packages, and markets food products. The Company’s products include fruit juices, fondue bouillons and sauces, citrus drinks, barbecue sauces, meat marinades, and baked beans. Lassonde’s brand names include Rougemont, Oasis, and Fruite.

CVS Group PLC
2.03
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.

Nestlé
1.97
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.

Johnson Service Group
1.85
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.

Heineken Holding
1.81
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.

Trelleborg AB
1.73
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.

Total
49.5%
October 26th 2009

International Value Fund II
is established

Country Allocations
AS OF 05/31/2026
Market Value
Number of Issues
Percent
Country
Equities
158,973,053
72
94.92
Developed Europe
93,233,116
38
55.67
Belgium
4,244,441
2
2.53
Finland
5,462,183
1
3.26
France
21,993,493
8
13.13
Germany
7,386,669
4
4.41
Italy
1,876,905
1
1.12
Netherlands
4,735,578
2
2.83
Sweden
4,564,431
2
2.73
Switzerland
11,144,302
4
6.65
United Kingdom
31,825,114
14
19
Developed Asia & Pacific
37,400,949
22
22.33
Hong Kong
3,571,940
1
2.13
Japan
28,720,291
20
17.15
Singapore
5,108,718
1
3.05
Emerging Markets
15,582,157
8
9.3
Chile
1,180,966
1
0.71
Mexico
2,637,545
2
1.57
Philippines
947,373
1
0.57
South Korea
10,816,273
4
6.46
U.S. and Canada
12,756,831
4
7.62
Canada
8,901,078
3
5.31
United States
3,855,753
1
2.3
Hedging
0
0
Other Assets (Liabilities)
1,811,511
1.08
Net Cash
6,699,783
4
Total
167,484,347
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 05/31/2026
% Equity
>50 Billion
19.63
25 - 50 Billion
6.38
10 - 25 Billion
18.23
2 - 10 Billion
33.24
<2 Billion
22.52
Sector Allocations As of 05/31/2026
% Equity
Communication Services
1.84
Consumer Discretionary
11.64
Consumer Staples
9.45
Energy
2.59
Financials
7.15
Health Care
14.5
Industrials
24.37
Information Technology
8.14
Materials
17.08
Utilities
3.22

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.