The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.
The Tweedy, Browne International Value Fund invests primarily in foreign equity securities that the Adviser believes are undervalued, but also invests on a more limited basis in US equity securities when opportunities appear attractive. Investments by the Fund are focused for the most part in developed markets with some exposure to emerging markets. The Fund seeks to reduce currency risk by hedging its perceived foreign currency exposure back into the US dollar where practicable.
As of September 30, 2025, Tweedy, Browne’s current Managing Directors, one of our retired principals, current employees, and their immediate family members had more than $319.7 million invested in our Funds, including approximately $191.0 million in the International Value Fund. Investment Committee members have spent between 9 and 51 years working at Tweedy, Browne. No member of our Management Committee has ever left the firm except for the reason of retirement.
When it was launched, the International Value Fund was one of the few Funds to use forward contracts to seek to reduce perceived foreign currency exposure in the portfolio where practicable, essentially allowing investors to capture a return closer to the local equity market return. Empirical studies at the time showed that you could hedge foreign currency exposure in developed markets at minimal cost to the investor in terms of foregone return.
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