Tweedy Browne 13F (2025 Q4): A Graham-Lineage Global Value Book

The deepest roots in value investing

Few firms can trace their lineage as directly to the source of value investing as Tweedy, Browne. The brokerage that became Tweedy Browne executed trades for Benjamin Graham himself, and later for Graham's most famous students, including a young Warren Buffett and Walter Schloss. When the firm moved from brokering other people's value bets to managing money of its own, it kept the discipline: buy securities trading at a discount to a conservative estimate of their worth, hold them patiently, and spread the bets across a global opportunity set rather than chasing whatever is working at home.

That global mandate is the single most important thing to understand before reading Tweedy Browne's 13F. The filing shows roughly $1.24 billion in reported value across the firm's US-listed positions as of 2025Q4. That is not the firm's total assets. Tweedy Browne runs global and international value funds whose holdings are largely listed abroad, and foreign-listed shares do not appear on a US 13F at all. What you are seeing here is the US-reportable sleeve of a much larger, deliberately international book.

A book that looks nothing like a US index

Even within the US-reportable slice, the international DNA is obvious. The second-largest position is CNH Industrial, the Netherlands-domiciled maker of agricultural and construction equipment, at 15.02% of reported value. Coca-Cola FEMSA, the Mexican bottler, sits third at 9.09%. Autoliv, the Swedish-rooted automotive-safety supplier, rounds out the top ten. These are exactly the kind of unloved, cash-generative, often-overlooked-by-US-investors businesses that a Graham-style screen surfaces, and they share the stage with more familiar names like Alphabet, Wells Fargo, Johnson & Johnson, and both share classes of Berkshire Hathaway.

The one position that breaks the value template is the top holding: Ionis Pharmaceuticals at 15.74%. A clinical-stage-adjacent biotech is not the obvious fit for a deep-value shop, and its prominence at the top of the book is a reminder that even the most disciplined value managers will hold a name whose thesis rests on something other than a low multiple. It is the exception that makes the rest of the portfolio's character clearer.

What actually changed in the fourth quarter

Tweedy Browne is a low-turnover manager, so the quarter's handful of real moves carry signal. The firm added aggressively to CNH Industrial, lifting the share count by about 52% and pushing it to a near-co-equal top position alongside Ionis. At the same time it trimmed its largest holding, cutting Ionis shares by roughly 15%, and pared Alphabet by a similar 15% and Autoliv by 7%. The rest of the top ten was held essentially flat.

Read together, those moves describe a manager leaning further into a classic industrial-value name while taking something off the table in its two highest-flying or highest-weight positions, a textbook rebalancing toward where it sees the better margin of safety. Reported value rose 7.6% quarter over quarter, a clean and modest figure consistent with market movement plus that net repositioning, not a sign of large inflows or redemptions.

How to read a global value manager through a US lens

The practical lesson for anyone tracking Tweedy Browne is to treat the 13F as a window, not the whole house. The positions it does show, CNH, Coca-Cola FEMSA, Autoliv, Ionis, Berkshire, tell you a great deal about the firm's appetite for businesses the broad market has priced cheaply or ignored, and the quarter-over-quarter share changes tell you where conviction is shifting. But the absence of the firm's many foreign-listed holdings means the US 13F understates both the size and the international tilt of what Tweedy Browne actually owns.

For investors who use institutional filings as an idea-generation tool, a firm with this pedigree is worth watching precisely because its US sleeve surfaces names that rarely show up in momentum-driven portfolios. You can review the full set of US-reportable holdings, the position history, and the quarter-over-quarter changes on the Tweedy Browne filer page.