--- title: "Tweedy Browne Q4 2025: A Global Value Barbell" type: research slug: tweedy-browne-q4-2025-global-value-ionis-cnh-berkshire canonical_url: https://13finsight.com/research/tweedy-browne-q4-2025-global-value-ionis-cnh-berkshire published_at: 2026-06-02T18:31:46.982Z updated_at: 2026-06-02T18:31:49.899Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 925 locale: en source: 13F Insight --- # Tweedy Browne Q4 2025: A Global Value Barbell > Tweedy, Browne's $1.24 billion U.S. 13F pairs two outsized convictions — Ionis Pharmaceuticals and a fast-growing CNH Industrial stake — with a deep bench of global value names led by Coca-Cola FEMSA and Berkshire Hathaway. Few names carry more weight in the value-investing canon than Tweedy, Browne. The firm's brokerage once executed trades for Benjamin Graham and bought stock from Warren Buffett, and its modern incarnation still runs money in the unglamorous, globally diversified, deeply-researched style those roots imply. Its fourth-quarter 2025 13F — covering $1.24 billion of U.S.-listed positions across 96 holdings — is a clean window into how that philosophy looks today: a barbell that pairs two unusually large single-stock convictions against a long, patient tail of international and domestic value names. The two anchors dominate the book. Ionis Pharmaceuticals is the largest position at 15.74% of the reported portfolio ($195.0 million), and CNH Industrial sits right behind it at 15.02% ($186.1 million). Together those two names account for nearly a third of the entire U.S. filing — an outsized concentration for a manager whose reputation rests on diversification. The two convictions at the top What makes the top of the book interesting is that the two anchors moved in opposite directions. Tweedy trimmed Ionis Pharmaceuticals by about 15% in share terms, taking something off a position that had grown into the fund's largest by value. CNH Industrial, the agricultural and construction equipment maker, went the other way entirely: the firm lifted its share count roughly 52%, pushing the stake to a near-co-largest weight. That is a deliberate, high-conviction add to a cyclical, out-of-favor industrial — exactly the contrarian profile Tweedy's process is built to surface. The pairing of a healthcare name and a European-rooted equipment maker at the top is itself a statement: this is a portfolio that hunts value wherever it appears, across sectors and across borders. Below the two anchors, the global-value DNA is unmistakable. Coca-Cola FEMSA — the Mexican Coca-Cola bottler — is the third-largest position at 9.09%, a classic Tweedy holding: a dominant, dividend-paying franchise in an emerging market, trading at a discount to its developed-market peers. Autoliv, the Swedish automotive-safety leader, holds a 3.84% weight. These are the kinds of names that rarely show up in a momentum-driven U.S. growth fund, and their presence is the signature of a manager genuinely fishing in international value waters. Berkshire, the banks, and the quality core The domestic side of the book reads like a value investor's quality list. Berkshire Hathaway appears in both share classes — the A shares at 8.78% and the B shares at 3.94%, a combined 12.7% stake that makes Warren Buffett's conglomerate, in aggregate, one of the fund's very largest commitments. Around it sit Wells Fargo (4.21%), Johnson & Johnson (3.94%), FedEx (2.63%), and a 5.04% position in Alphabet that the firm trimmed about 15% during the quarter. The concentration math captures the barbell precisely. The top five holdings command 53.7% of the portfolio, leaving the remaining 91 positions to share the other 46.3%. That structure — a few large, high-conviction bets sitting on top of a broad, diversified base — is how Tweedy reconciles concentration with prudence: when the firm is sure, it sizes up; when it is merely interested, it takes a small, patient position and waits. The presence of names like Coca-Cola FEMSA and Autoliv in the upper tier shows where that certainty currently lies. A steady, growing book The reported U.S. 13F value rose 7.6% quarter over quarter, from $1.15 billion to $1.24 billion, while the position count held essentially flat at 96 names. That combination — rising value, stable breadth — suggests appreciation and selective adds rather than wholesale repositioning. Tweedy is not chasing; it is letting its winners work while topping up a handful of convictions like CNH. The recent trajectory underscores the point: a book that has drifted steadily higher across 2025 without dramatic turnover. For a firm whose entire identity is built on low activity and long holding periods, that placidity is the feature, not a bug. What it signals Tweedy, Browne's Q4 2025 filing is a useful counterweight to the AI-and-megacap narrative dominating most 13F coverage. Here is a respected, genuinely active value manager putting nearly a third of its U.S. book into two unfashionable names — a pharmaceutical and a farm-equipment maker — while anchoring the rest in international bottlers, European industrials, and Berkshire Hathaway. For investors using 13F data to find where disciplined, discretionary value money is concentrated, the CNH Industrial add stands out as the quarter's clearest conviction signal, and the broader portfolio is a reminder that "smart money" still includes managers who look nothing like the crowd. FAQ What is Tweedy, Browne's largest holding in Q4 2025? Ionis Pharmaceuticals is Tweedy, Browne's largest U.S.-listed position at 15.74% of the reported 13F ($195.0 million), narrowly ahead of CNH Industrial at 15.02%. The firm trimmed Ionis about 15% in share terms during the quarter. What did Tweedy, Browne buy in Q4 2025? The standout add was CNH Industrial, where Tweedy lifted its share count roughly 52%, pushing the agricultural-equipment maker to a near-largest 15.02% weight. The firm trimmed Ionis Pharmaceuticals and Alphabet during the same quarter. How concentrated is Tweedy, Browne's portfolio? The U.S. 13F held 96 positions worth $1.24 billion, but the top five holdings account for 53.7% of assets. It is a barbell: two roughly 15% anchors (Ionis and CNH) plus a large Berkshire stake, sitting atop a broad, diversified tail of value names. What kind of stocks does Tweedy, Browne own? Global value names. Beyond U.S. holdings like Berkshire Hathaway, Wells Fargo, and Johnson & Johnson, the fund owns international franchises such as Coca-Cola FEMSA (Mexico) and Autoliv (Sweden), reflecting its Graham-and-Dodd, globally diversified, dividend-oriented style. ## FAQ ### What is Tweedy, Browne's largest holding in Q4 2025? Ionis Pharmaceuticals is Tweedy, Browne's largest U.S.-listed position at 15.74% of the reported 13F ($195.0 million), narrowly ahead of CNH Industrial at 15.02%. The firm trimmed Ionis about 15% in share terms during the quarter. ### What did Tweedy, Browne buy in Q4 2025? The standout add was CNH Industrial, where Tweedy lifted its share count roughly 52%, pushing the agricultural-equipment maker to a near-largest 15.02% weight. The firm trimmed Ionis Pharmaceuticals and Alphabet during the same quarter. ### How concentrated is Tweedy, Browne's portfolio? The U.S. 13F held 96 positions worth $1.24 billion, but the top five holdings account for 53.7% of assets. It is a barbell: two roughly 15% anchors (Ionis and CNH) plus a large Berkshire stake, sitting atop a broad, diversified tail of value names. ### What kind of stocks does Tweedy, Browne own? Global value names. Beyond U.S. holdings like Berkshire Hathaway, Wells Fargo, and Johnson & Johnson, the fund owns international franchises such as Coca-Cola FEMSA (Mexico) and Autoliv (Sweden), reflecting its Graham-and-Dodd, globally diversified, dividend-oriented style. --- Source: 13F Insight — https://13finsight.com/research/tweedy-browne-q4-2025-global-value-ionis-cnh-berkshire Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-06-02T18:31:49.899Z