When you invest, what you are doing is buying an interest in the business. If you accept that framework and that lens, it will drive everything you do in terms of analysis or figuring out what the business is worth.
The Portfolio is a long-only, open-ended investment vehicle designed to achieve long-term capital growth by investing in the Tweedy, Browne International Value Fund EUR Class IX USD (the “Underlying Fund”). Except for assets held in liquid form, the Portfolio invests exclusively in participatory interests of the Underlying Fund, a UCITS fund domiciled in Luxembourg.
The Underlying Fund pursues long-term capital appreciation by investing primarily in equity securities of issuers from around the world — including common stocks and depositary receipts such as ADRs, GDRs, and European Depositary Receipts — that are admitted to or dealt in on a Regulated Market or Other Regulated Market. The common thread across all of these holdings is the same discipline Tweedy, Browne has applied since 1920: we apply a traditional Benjamin Graham value-investing approach, focusing primarily on securities trading at a discount to the adviser’s assessment of intrinsic value, as defined by metrics such as book value, earnings, or private-market value. The Underlying Fund is actively managed and does not aim to resemble a benchmark index.
As of 31 March 2026, the current Managing Directors and retired principals and their families, as well as employees of Tweedy, Browne, had more than US$1.5 billion in portfolios combined with or similar to client portfolios. Total assets under management at Tweedy, Browne were approximately US$7 billion as of the same date. We invest alongside our clients. That principle has guided the firm since its founding in 1920, and it is no less central to our decision to make our investment strategies available to South African investors today. Learn more about our decision to launch UCITS funds in South Africa.
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