| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.03% | 4.81% | 21.56% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 21.6% | 1.4% | 15.2% | -5.7% | 16.2% | -2.0% |
Tweedy, Browne's Value Fund delivered strong absolute returns of 21.56% for 2025, outperforming its primary benchmarks despite mixed relative performance across the fund family. The fund benefited from pharmaceutical holdings like Roche, Novartis, and Ionis Pharmaceuticals, which generated steady earnings and cash flows through new drug approvals. Technology positions in Samsung and Alphabet also contributed positively. However, cyclical industrials faced headwinds, particularly CNH Industrial due to agricultural cycle concerns, though the firm views it as significantly undervalued. Defense holdings like BAE Systems and Rheinmetall retreated after strong performance earlier in the year as valuations moved ahead of fundamentals. The firm remains cautious about excessive market valuations, particularly in US equities, while highlighting persistent opportunities in international markets where valuation gaps remain significant. Portfolio activity was subdued given elevated market levels, with selective additions to undervalued positions and trimming of holdings approaching intrinsic value. The firm maintains conviction in their disciplined value approach focused on well-capitalized companies purchased at attractive valuations.
Tweedy, Browne maintains a disciplined value approach, focusing on financially sound enterprises purchased at attractive valuations, particularly in international markets where significant valuation gaps persist compared to US equities.
Despite worrisome signs of excessive valuations and various economic headwinds, the firm believes a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. They expect that when market sentiment shifts from FOMO to fear of permanent capital loss, their positioning in undervalued international equities will serve investors well over time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 11 2026 | 2025 Q4 | 005930.KS, BRK-A, CNHI, CVS.L, DHLG.DE, ENVB, FDX, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NVST.SW, PRU.L, RMS.PA, ROG.SW, SAF.PA, TTE, U11.SI, WFC | defense, global, healthcare, industrials, international, Pharmaceuticals, technology, value | - | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals,… |
| Oct 31 2025 | 2025 Q3 | - | Defense industry, Europe, healthcare, Hedging, Value Investing |
GOOG IONS |
Value: The portfolio trims or sells positions reaching intrinsic value and redeploys into sensibly priced, cash-generative franchises. International: The team has historically overweighted Europe and… |
| Aug 2 2025 | 2025 Q2 | - | Discipline, fundamentals, Margin Of Safety, Patience, valuation | - | The commentary reinforces long-standing value discipline amid a market dominated by growth and momentum stocks. Management stresses skepticism toward elevated multiples and prioritizes downside protection… |
| May 2 2025 | 2025 Q1 | - | - | - | - |
| Jan 21 2025 | 2024 Q4 | - | - | - | - |
| Sep 30 2024 | 2024 Q3 | - | - | - | - |
| Aug 2 2024 | 2024 Q2 | - | - | - | - |
| Apr 15 2024 | 2024 Q1 | - | - | - | - |
| Feb 22 2024 | 2023 Q4 | - | - | - | - |
| Jan 11 2023 | 2023 Q3 | - | - | - | - |
| Jul 31 2023 | 2023 Q2 | - | - | - | - |
| Apr 30 2023 | 2023 Q1 | - | - | - | - |
| Jan 2 2023 | 2022 Q4 | - | - | - | - |
| Nov 14 2022 | 2022 Q3 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines |
PharmaceuticalsEli Lilly represents a high-quality growth franchise in global healthcare, with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. The company's GLP-1 treatments continue to see demand outpace supply with additional indications on the horizon. |
Pharmaceuticals GLP1 Diabetes Obesity Healthcare | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
DefenseThe team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
Defense Budgets Aerospace Nuclear Submarines |
| 2025 Q2 |
Discipline |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | Fund Letters | Jay Hill | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, cloud, digital advertising, FCF, growth, profitability, Reinvestment, Scalability | Login |
| Oct 31, 2025 | Fund Letters | Jay Hill | IONS | Ionis Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Clinical trials, innovation, Partnerships, pipeline, Rna, Upside | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| BRK-A | Miles mentioned that he had been a long-term shareholder of Berkshire Hathaway and had never sold his shares. Over roughly twenty-five years, his investment compounded at about 10.9% annually. The first dollar he invested became approximately thirteen dollars. Since around 1990, Berkshire has only marginally outperformed the S&P 500. By Buffett's own historical standards, this period could be described as mediocre. And yet, admiration for Buffett has not faded—if anything, it has intensified. |
| CNHI | CNH Industrial detracted across the Funds, reflecting investors' continued concerns about the downturn of the Ag cycle and its impact on end-market demand. CNH remains significantly undervalued in our view, and we are adding to our position opportunistically. We took advantage of a pricing opportunity and added to CNH Industrial, which is now a top 10 holding in all four funds. |
| CVS.L | We also added to CVS Group in the Quarter, a business that provides veterinary services in the UK & Australia. Forced selling, which resulted from a listing venue change, provided an attractive pricing opportunity to increase our position. |
| FDX | As strong as the banks were, parcel delivery companies were even stronger, with FedEx Corp (FDX) at +23% pacing the Fund for the quarter. FedEx delivered a sizable beat-and-raise quarterly performance, and higher contracted rates appear to be sticking, even as fuel prices have declined. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| HEIA.AS | Heineken (+8%) |
| IONS | Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. |
| JNJ | During the quarter, we switched out of a long-held position in Johnson & Johnson into a new holding in Merck. |
| NESN.SW | We see now as an opportune time to own a company that possesses world-leading brands in consumer categories we believe have a favourable growth outlook in the long run. Nestlé's comprehensive pricing architecture through umbrella brands Nescafé and Nespresso means the portfolio should be well-positioned to capture spending shifts up and down the price ladder. In pet foods, Nestlé also possesses category leaders in its Purina line. We see both coffee and pet care as attractive categories that are more experiential and less commoditised relative to other staples. Over recent quarters, Nestlé was able to deliver positive volume growth in coffee despite pushing through high-single-digit percentage price increases. Scale matters as Nestlé is the world's largest provider of packaged coffee and among the top pet food producers globally. |
| NVST.SW | Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. |
| PRU.L | tangible signs of fundamental and governance improvement in some of our deeply out-of-favour Asian consumer companies like Prudential |
| RMS.PA | Hermès was founded in Paris in 1837 as a maker of harnesses and saddles for Europe's horse-drawn elite. From the outset, the company was defined by functional excellence and craftsmanship rather than fashion. Today, the group is one of the most profitable companies in global luxury, with activities spanning leather goods, ready-to-wear, silk, jewellery, watches and homewares. Despite operating more than 300 stores globally and employing over 20,000 people, Hermès continues to behave less like a conglomerate and more like a craft maison, prioritising long-term brand equity over near-term growth. This mindset underpins why we find Hermès such a compelling business. Its brand equity is built not on seasonal fashion or loud marketing but on function, heritage and longevity. Hermès has delivered exceptional consistency in returns on capital and earnings through cycles, underpinned by disciplined supply, minimal discounting and limited fashion risk. This reduces downside volatility and supports higher through-cycle multiples. The benefits of the Hermès model have been particularly evident through the recent challenging period for the luxury sector. Slowing global demand, softer Chinese consumption and inventory pressure have led to revenue declines and margin contraction for many peers. Hermès has stood apart. Growth has moderated but remained positive, margins have proven resilient, and inventory discipline has been maintained. |
| ROG.SW | Top gainers among the Fund's holdings included Roche (+27%) |
| SAF.PA | Safran, buoyed by robust aerospace and aftermarket parts demand, reported record profits for the prior year in early 2025. As global air traffic continued to recover and air carriers ramped up maintenance projects, the company saw stronger aftermarket growth and converted operational efficiency gains into higher earnings, prompting management to raise full-year guidance for 2025. |
| TTE | Global oil & gas producer and distributor and low carbon electricity supplier |
| WFC | and money center banks Citigroup and Wells Fargo, all following strong performance |
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