Tweedy, Browne Co LLC reported an equity portfolio of approximately $1.26 billion in the latest quarter, continuing the firm’s long-standing commitment to classic value investing principles rooted in downside protection, valuation discipline, and patient capital allocation. Founded on the teachings of Benjamin Graham and closely associated with deep-value investing for decades, Tweedy Browne’s portfolio emphasizes established global franchises, conservative balance sheets, and companies trading below intrinsic value.
The portfolio remains relatively concentrated, with the top 10 holdings accounting for approximately 70.33% of total assets. Consistent with the firm’s traditional value-oriented philosophy, turnover remains low, with only selective adjustments around core positions rather than aggressive trading activity.
Portfolio Snapshot
Total Portfolio Value: ~$1.26B
Top 10 Weight: 70.33% (highly concentrated)
Turnover: Low — selective trims and incremental adjustments within long-held positions
Top Holdings & Weights
CNH Industrial (CNH) — ~$221.7M (17.61%)
Ionis Pharmaceuticals (IONS) — ~$170.9M (13.57%)
Coca-Cola FEMSA (KOF) — ~$114.1M (9.07%)
Berkshire Hathaway Class A (BRK.A) — ~$103.4M (8.22%)
Alphabet (GOOGL) — ~$57.0M (4.53%)
Johnson & Johnson (JNJ) — ~$53.7M (4.26%)
Berkshire Hathaway Class B (BRK.B) — ~$46.7M (3.71%)
Wells Fargo (WFC) — ~$41.1M (3.26%)
Autoliv (ALV) — ~$40.3M (3.20%)
Envista Holdings (NVST) — ~$36.5M (2.90%)
Key Takeaways
Global Deep-Value Orientation
The portfolio continues to reflect Tweedy Browne’s preference for internationally diversified, cash-generative businesses trading at reasonable valuations. Holdings such as CNH Industrial, Coca-Cola FEMSA, Autoliv, and Berkshire Hathaway align with the firm’s long-standing emphasis on durable franchises purchased conservatively.
Blend of Defensive & Cyclical Exposure
The portfolio balances defensive healthcare and consumer holdings like Johnson & Johnson and Coca-Cola FEMSA alongside more cyclical industrial and financial positions such as CNH Industrial, Wells Fargo, and Autoliv. This mix provides both stability and upside tied to economic normalization.
High Conviction Positioning
The top holdings represent a significant share of total assets, highlighting the firm’s willingness to concentrate capital in its highest-conviction ideas rather than broadly diversify across hundreds of positions.
Biggest Changes Last Quarter
Notable Trims
Ionis Pharmaceuticals (IONS)
Shares reduced by -189,305 (-7.68%)
→ The sizable reduction suggests partial profit-taking or portfolio rebalancing following strong performance, though the position remains one of the portfolio’s largest holdings.
FedEx (FDX)
Shares reduced by -38,712 (-34.34%)
→ One of the largest percentage reductions in the portfolio, potentially reflecting caution around cyclical freight demand, margins, or valuation after recent gains.
Wells Fargo (WFC)
Shares reduced by -43,447 (-7.77%)
→ Continued trimming may indicate moderation of financial sector exposure amid ongoing uncertainty surrounding credit conditions and interest rates.
Johnson & Johnson (JNJ)
Shares reduced by -16,585 (-7.03%)
→ A modest reduction in a long-standing defensive healthcare holding, likely tied to capital reallocation rather than a major change in conviction.
Autoliv (ALV)
Shares reduced by -17,332 (-4.32%)
→ Suggests selective profit-taking within the auto supplier space while maintaining meaningful exposure.
Notable Stability
Both Berkshire Hathaway share classes, Alphabet, and several core long-term holdings saw minimal changes during the quarter.
→ The limited turnover reinforces Tweedy Browne’s patient, long-duration investment philosophy centered on compounding rather than active trading.
Full Exits Last Quarter
Atmus Filtration Technologies (ATMU)
General Motors (GM)
AutoNation (AN)
Blue Owl Capital (OBDC)
Cleveland-Cliffs (CLF)
Herbalife (HLF)
Albemarle (ALB)
Consensus Cloud Solutions (CCSI)
→ These exits suggest ongoing portfolio simplification and a continued emphasis on concentrating capital into higher-conviction opportunities with stronger long-term risk/reward profiles.
Summary
Tweedy Browne’s latest filing highlights a disciplined, classic value-oriented portfolio built around durable businesses, conservative positioning, and long-term capital preservation. The firm continues to maintain significant exposure to industrials, healthcare, consumer franchises, and select financials while keeping overall turnover relatively low.
Recent activity was dominated primarily by trims and several full exits rather than aggressive new buying, reinforcing the firm’s cautious and valuation-sensitive approach. Overall, the portfolio reflects a patient investment style focused on compounding through high-quality businesses purchased at attractive prices rather than short-term market positioning.
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