Tweedy, Browne Co Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

Analyzing the scale and structure of the portfolio, we see an institution that maintains a moderate size in terms of total assets under management (AUM) disclosed in 13F filings, yet operates with the precision of a much larger entity. The portfolio value of $1.238B suggests a stable capital base, but the internal dynamics of the holdings indicate a period of significant tactical adjustment. With 96 stocks, the institution appears diversified at first glance. However, a deeper look at the concentration levels reveals a "barbell" strategy: a highly concentrated top tier of "conviction holdings" supported by a long tail of smaller, perhaps exploratory or legacy, positions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

Healthcare (25.33%) remains a cornerstone, but the activity in this sector suggests a "harvesting" phase. The reduction in IONS (Ionis Pharmaceuticals) , while still keeping it as the #1 holding, indicates that the institution is locking in gains from a successful multi-year thesis. Healthcare provides a defensive counterbalance to the more cyclical Industrials and Financials. By holding large-cap names like JNJ (Johnson & Johnson) and VRTX (Vertex Pharmaceuticals) , the firm ensures a steady stream of cash flow and innovation-driven growth that is relatively decoupled from the broader economic cycle.

Perhaps the loudest signal in the report is the Technology (0.49%) allocation. In an era where the "Magnificent Seven" dominate most institutional portfolios, Tweedy Browne’s near-total avoidance of the tech sector is a bold statement on valuation discipline . By exiting GOOG (Alphabet Class C) and maintaining only a minimal presence in tech, the firm is essentially saying that the risk-reward profile in the tech sector does not meet their value criteria. They are choosing to avoid the "AI hype" in favor of businesses they can value with greater certainty based on traditional cash flow metrics.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Wells Fargo (WFC) and Johnson & Johnson (JNJ) provide the "Old Guard" stability in financials and healthcare. Both are trading at reasonable multiples compared to their historical averages and offer solid dividends. Autoliv (ALV) , a leader in automotive safety, and FedEx (FDX) , a global logistics giant, round out the Top 10, providing exposure to global trade and automotive cycles.

Overall Construction : The Top 10 reveals a portfolio that is heavily skewed toward tangible value and market leaders . There is a clear preference for companies with "moats"—whether through intellectual property (IONS), distribution networks (KOF, FDX), or capital scale (BRK, WFC). The risk-return profile is balanced between the high-upside potential of Ionis and CNH and the steady-state compounding of Berkshire and Coca-Cola FEMSA.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The total estimated buy scale this quarter is dominated by the CNH move. Interestingly, the capital used for these buys appears to be sourced from the strategic trimming of winners like Ionis and the complete exit of Alphabet (Class C) . This is "inventory reallocation" at its finest. Tweedy Browne is not necessarily bringing in massive amounts of new capital; instead, they are "recycling" profits from high-multiple or matured positions into "trough-valuation" opportunities. This rotation increases the portfolio’s "offensiveness" by increasing exposure to stocks with significant "reversion-to-the-mean" potential.

By buying into Industrials (CNH, NTR) and Regional Banks (ZION) in Q4 2025, Tweedy Browne is signaling that they believe the "worst is over" for these cyclical sectors. They are stepping in when sentiment is likely at its lowest, providing the "liquidity of last resort" that defines successful value investing. This timing suggests a belief that the global economy will avoid a "hard landing" and that the "Old Economy" is poised for a multi-year comeback as the tech-heavy trade becomes overcrowded.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The scale of the recouped funds (roughly $55M-$60M from the top trims and exits) almost perfectly matches the estimated $62M put into CNH Industrial . This confirms the "Sell A, Buy B" rotation strategy. Tweedy Browne is moving capital from "High-Multiple/High-Growth" (Ionis, Alphabet) and "Matured Value" (Autoliv, Cenovus) into "Deep Cyclical Value" (CNH, Nutrien). This is a bold move that increases the portfolio's sensitivity to a global economic recovery while lowering its overall valuation multiple.

The reduction in Alphabet and the exit from several financial and energy names suggest that Tweedy Browne is wary of "Crowded Trades" and "Valuation Creep." By exiting Cenovus and trimming Autoliv, they are signaling that the easy money has been made in those specific cyclical recoveries. The move away from Alphabet, even in a small way, warns other investors that even the "cheapest" tech giants may not be immune to the firm's strict value filters.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Disciplined Profit Harvesting : The firm’s willingness to trim its #1 holding (Ionis) and its long-term winner (Autoliv) demonstrates a lack of emotional attachment to "winners." This discipline is what allows them to recycle capital into the next generation of value opportunities before the rest of the market catches on. 3. The "Quality-Value" Filter : The new entry into UniFirst (UNF) shows that Tweedy Browne still prizes high-quality business models with recurring revenue and strong balance sheets. They are not just buying "cheap" stocks; they are buying "good businesses at cheap prices." 4. Consolidation of Tech : The exit from Alphabet (Class C) and the trim of Class A suggest that the "Big Tech as a Safe Haven" trade is over for Tweedy Browne. They are moving toward more specialized or "deep value" opportunities where they have a higher degree of certainty in their valuation models.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.