The Firm’s 100-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment advisor. The Firm’s investment approach derives from the work of the late Benjamin Graham, co-author of the first textbook on investment research, Security Analysis (1934) and author of The Intelligent Investor (1949). Graham, through his investment firm Graham-Newman Corp., was one of the Firm’s primary brokerage clients in the 1930s, 1940s, and 1950s. It was through Graham that the original partners of the Firm developed brokerage relationships with investment legends Walter Schloss and Warren Buffett, and met Tom Knapp, who joined the Firm in 1957 from Graham-Newman and led its conversion from broker to investor.

In 1959, the partners of then Tweedy, Browne & Knapp pooled their capital in a partnership investment vehicle. In 1968, the firm accepted its first outside money management clients as limited partners of this vehicle. In 1975, Tweedy, Browne registered as an investment advisor and began managing separate accounts for individuals and institutions. Since 1980, Tweedy, Browne has been managing assets for non-U.S. investors in offshore jurisdictions. In 1996, this effort was reorganized under a Société d’Investissement à Capital Variable (SICAV) structure domiciled in Luxembourg consisting of three Sub-Funds.  As of September 30, 2020, the Firm managed in excess of US$10.8 billion for individuals, institutions, partnerships, three US-based mutual funds, and the three SICAV Sub-Funds.

In 2006, Tweedy, Browne began to broadly offer its clients a value strategy that seeks long-term growth of capital by investing in companies around the globe that the adviser believes to have above-average dividend yields, an established history of paying dividends and reasonable valuations. The firm has managed some accounts in this strategy since 1979 and began to offer it more broadly beginning in 2006. In June 2007, the firm launched the Tweedy, Browne Global High Dividend Value Fund (Hedged to the Euro).

Tweedy, Browne’s operations are managed by its Management Committee, which consists of William H. Browne, Thomas H. Shrager, John D. Spears and Robert Q. Wyckoff, Jr., who have been with the firm for tenures ranging from 28 to 45 years.  The Management Committee is responsible for all business decisions made by the firm.  Will Browne and John Spears have worked together and have served as principals of the firm for over 41 years. No principal has ever left Tweedy, Browne to join another investment firm.  While there are no current anticipated retirements, when the time comes, departing members of the Management Committee will be replaced by other long-serving Tweedy, Browne employees.

We do not attempt to be all things to all people, but instead pursue a value-oriented approach to investment management first pioneered by Benjamin Graham. We invest in undervalued common stocks in the United States and outside the United States. Tweedy, Browne first began investing outside the U.S. in 1983 by applying the same principles of value investing that we had successfully applied for the management of U.S. securities. The Managing Directors of Tweedy, Browne have always invested right alongside its clients. As of September 30, 2020, the current Managing Directors and retired principals and their families, as well as employees of Tweedy, Browne had more than US$1.2 billion in portfolios combined with or similar to client portfolios. We have always owned what our clients own.