The work of a financial analyst falls somewhere in the middle between that of a mathematician and of an orator.

BENJAMIN GRAHAM, The Intelligent Investor

Our Team

Tweedy, Browne Company LLC serves as the Funds’ investment adviser. We are team-oriented, developing cohesive decisions through consensus.

Experienced Management

Tweedy, Browne’s Investment Committee comprises seven long-serving investment professionals, including Roger R. de Bree (Investment Committee member since 2013), Andrew Ewert (since 2022), Frank H. Hawrylak (since 2014), Jay Hill (since 2013), Thomas H. Shrager (since 2003), John D. Spears (since 1974), and Robert Q. Wyckoff, Jr. (since 2007), each of whom is also a Managing Director. The members of the Investment Committee have extensive investment experience, as indicated in their bios below, and have spent between 8 and 50 years (or an average of 30 years) at Tweedy, Browne. They are supported by highly trained and experienced investment professionals whose analytical skills in our view are largely interchangeable with those of our Investment Committee members.

WE OWN OUR DECISIONS AND INVEST IN THE FUNDS
ALONGSIDE FUND SHAREHOLDERS.

Tweedy, Browne’s operations are managed by its Management Committee, which consists of Roger de Bree, Jay Hill, Jason J. Minard, Thomas H. Shrager, John D. Spears and Robert Q. Wyckoff, Jr., who have worked at Tweedy, Browne for tenures ranging from 21 to 50 years. They are responsible for all business decisions made by the firm. No Management Committee member has ever left Tweedy, Browne to join another investment firm.

As of September 30, 2024, Tweedy, Browne’s current Managing Directors, one of our retired principals, current employees, and their immediate family members had more than $296.2 million invested in our Funds, including approximately $175.7 million in the International Value Fund and $106.1 million in the Value Fund, $7.6 million in the Worldwide High Dividend Yield Value Fund and $6.7 million in the International Value Fund II – Currency Unhedged.

300 years

years of combined service by our investment team with tenures spanning 8 to 50 years

Investment Team

Olivier Berlage Analyst
Olivier Berlage
Analyst

Olivier Berlage joined the Investment Adviser in 2002, primarily focusing on companies in the Asia Pacific area. Prior to joining the Investment Adviser, he held positions with McKinsey & Co. in Brussels and Amsterdam and with NEC Corp in Tokyo. He received a M.E.E from the University of Tokyo and a Master in Management Science from the Solvay Business School in Brussels.

William H. Browne Senior Advisor to the Investment Committee
William H. Browne
Senior Advisor to the Investment Committee

William H. Browne has been with Tweedy, Browne since 1978. He is a Senior Advisor to the firm’s Investment Committee. Additionally, he is a member of the Executive Advisory Board of the Heilbrunn Center for Graham & Dodd Investing, and Trustee Emeritus of Colgate University. Mr. Browne holds the degrees of B.A. from Colgate University and M.B.A. from Trinity College in Dublin, Ireland.

Roger R. de Bree* Managing Director
Roger R. de Bree*
Managing Director

Roger R. de Bree has been with Tweedy, Browne since 2000. He is a Managing Director and a member of the firm’s Investment and Management Committees, as well as Treasurer of Tweedy, Browne Fund Inc. In 2011, he became an equity stakeholder in the firm and a Managing Director in 2020. Before joining Tweedy, Browne, Roger worked at ABN AMRO Bank and MeesPierson Inc. He has an undergraduate degree in business administration from Nijenrode, the Netherlands School of Business in Breukelen, the Netherlands as well as a M.B.A. from IESE, University of Navarre in Barcelona, Spain.

Andrew Ewert* Managing Director
Andrew Ewert*
Managing Director

Andrew Ewert has been associated with the Investment Manager since 2016. He is a Managing Director of the Investment Manager and a member of its Investment Committee. Prior to joining the Investment Manager, he held positions at Equinox Partners, L.P., Ruane, Cunniff & Goldfarb Inc., MTS Health Partners, L.P., and Bear Stearns. Mr. Ewert holds a B.B.A. from Emory University and an M.B.A. from Columbia Business School.

Frank H. Hawrylak, CFA* Managing Director
Frank H. Hawrylak, CFA*
Managing Director

Frank H. Hawrylak, CFA has been with Tweedy, Browne since 1986. He is a Managing Director and a member of the firm’s Investment Committee. In 2011, he became an equity stakeholder in the firm and a Managing Director in 2020. Prior to joining Tweedy, Browne, Frank worked in the investment department at Royal Insurance. Mr. Hawrylak received a B.S. from the University of Arizona and an M.B.A. from the University of Edinburgh, Scotland.

Jay Hill, CFA* Managing Director
Jay Hill, CFA*
Managing Director

Jay Hill, CFA has been with Tweedy, Browne since 2003. He is a Managing Director and a member of the firm’s Investment and Management Committees and has been an equity stakeholder in the firm since 2011. He is a holder of the CFA Institute Certificate in ESG Investing. Prior to joining Tweedy, Browne, Jay held positions with Banc of America Securities LLC, Credit Lyonnais Securities(USA) Inc., and Providence Capital, Inc. Jay received a B.B.A. from Texas Tech University.

Amelia Koh Analyst
Amelia Koh
Analyst

Amelia Koh joined Tweedy, Browne in June 2016 and is focused on global companies. Previously, she worked at Deutsche Bank Securities Inc. Ms. Koh holds the degrees of B.A. from Macalester College and M.B.A. from Columbia Business School.

Dave Krasne, CFA Analyst
Dave Krasne, CFA
Analyst

Dave Krasne, CFA joined the Investment Adviser in 2009, focused on researching global companies with above average dividend yields. Previously, he held a research associate position at The Capital Group Companies. Mr. Krasne received a B.A. from Cornell University and an M.B.A. from Columbia Business School.

Thomas H. Shrager* Managing Director
Thomas H. Shrager*
Managing Director

Thomas H. Shrager has been with Tweedy, Browne since 1989. He is a member of the firm’s Investment and Management Committees, and is the President and a Director of Tweedy, Browne Fund Inc. Previously he had worked in mergers and acquisitions at Bear Stearns, and as a consultant for Arthur D. Little. He received a B.A. and a Masters in International Affairs from Columbia University.

John D. Spears* Managing Director
John D. Spears*
Managing Director

John D. Spears has been with Tweedy, Browne since 1974 and is a Managing Director. He is also a member of the firm’s Investment and Management Committees, and Vice President of Tweedy, Browne Fund Inc. Additionally, he is a member of the Board of Managers of Haverford College. Previously, he had been in the investment business with Berger, Kent Associates; Davic Associates; and Hornblower & Weeks-Hemphill, Noyes & Co. Mr. Spears studied at the Babson Institute of Business Administration, Drexel Institute of Technology and the University of Pennsylvania – The Wharton School.

Robert Q. Wyckoff, Jr.* Managing Director
Robert Q. Wyckoff, Jr.*
Managing Director

Robert Q. Wyckoff, Jr. has been with Tweedy, Browne since 1991 and is a Managing Director. He is also a member of the firm’s Investment and Management Committees, and is Chairman of the Board and Vice President of Tweedy, Browne Fund Inc., and a member of the Board of Directors of Tweedy, Browne Value Funds, domiciled in Luxembourg. Prior to joining the Investment Adviser, he held positions with Bessemer Trust, C.J. Lawrence, J&W Seligman, and Stillrock Management. He received a B.A. from Washington & Lee University and a J.D. from the University of Florida School of Law.

27 years

average tenure of investment team members at Tweedy

Client Services

Jason J. Minard Managing Director
Jason J. Minard
Managing Director

Jason J. Minard has been with Tweedy, Browne since 1999. He is a Managing Director and a member of the firm’s Management Committee. In 2011, he became an equity stakeholder in the firm and a Managing Director in 2020. Jason is responsible for business development and client services. Prior to joining Tweedy, Browne, he worked in the private client departments at Warburg Pincus Asset Management and Zweig/Avatar Capital Management. Mr. Minard holds a B.A. from the State University of New York at Albany and an M.B.A. from Fordham University.

* denotes Investment Committee Member

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