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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 10, 2026
Tweedy, Browne International Value Fund II – Currency Unhedged returned 2.75% net of fees in the third quarter of 2026, outperforming its international benchmark, the MSCI EAFE Index (USD), which gained 0.81%. Year-to-date through September 30, 2026, the strategy generated an 11.82% net return compared to 10.33% for the index. Equity exposure stood at 94.75% of net assets at quarter-end, complemented by a 5.25% cash and money market reserve without currency hedges. Portfolio performance was propelled by strong attribution across industrial machinery, IT services, specialty retail, and selected financial institutions, led by top contributors including CNH Industrial, Computacenter, Alten, Azelis Group, and Rubis. Management's macroeconomic framework highlights an impending structural transition across global equity markets driven by elevated interest rates, persistent inflation, high sovereign deficits, and historically stretched US equity valuations. The commentary emphasizes that international markets offer a substantially more compelling opportunity set than the narrow group of mega-cap domestic technology names that have dominated index performance. Tweedy, Browne notes that aggressive capital expenditure cycles in artificial intelligence infrastructure, rising margin leverage, and elevated market optimism raise fundamental questions regarding future returns on invested capital and prospective downside risks. Portfolio activity reflected disciplined, price-sensitive capital deployment into established international businesses trading at conservative discounts to intrinsic value with resilient balance sheets. During the quarter, the strategy initiated new positions in automotive technology supplier Aptiv, luxury goods leader LVMH, automotive component specialist Minth Group, Philippine grocer Puregold Price Club, Japanese automaker Toyota Motor, and Mimaki Engineering. The strategy selectively trimmed Computacenter after substantial share price gains and completed full exits from Teleperformance, Alliance Global Group, and Transcosmos.
Compound shareholder capital at attractive risk-adjusted rates by investing in established, financially sound businesses trading at meaningful discounts to conservative appraisals of intrinsic business value.
Management anticipates a potential structural regime shift in global equity markets toward price-sensitive investing as elevated capital costs challenge high-valuation growth assets. Portfolios are positioned to weather market volatility through established international companies boasting durable competitive moats and strong cash flow generation.
Neutral / Balanced
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