Tweedy, Browne Company LLC 13F holdings and portfolio analysis

Directly following the disclosed baseline exposes an investor to a concentrated, top-heavy portfolio with weaker benchmark-relative performance than its defensive beta might imply. The baseline top holding is near 18%, and strategyViews.baseline.weaknesses explicitly notes that single-name concentration is meaningful. In the baseline artifact, top holdings are led by Ionis Pharmaceuticals at 17.86% and CNH Industrial at 17.04%, with Coca-Cola FEMSA at 10.33%; concentration reaches 55.71% in the top 5 and 74.86% in the top 10. Sector exposure is also concentrated in Health Care (27.44%), Industrials (25.12%), and Financials (19.81%). Meanwhile, annualized return is just 4.55% with -5.39 alpha and a -38.66% max drawdown, so the lagged 13F replication still carries substantial downside and stock-specific risk.

The recent baseline periods that best explain the trade-off are the ones with weak excess returns despite moderate turnover and occasional wins in difficult markets. The worst recent lagging periods were 2025-03-31, when optimizedReturn was 1.89% versus benchmarkReturn 9.22% for -7.33% excess on 27.9 turnover, and 2024-06-30, when optimizedReturn was 2.9% versus 9.83% for -6.92% excess on 29.22 turnover. There were also weaker periods like 2024-09-30 (-4.57 excess) and 2023-06-30 (-5.76 excess). The positive side is that the baseline did outperform in some down or mixed markets, including 2024-12-31 with +2.62 excess and 2023-12-31 with +3.01 excess. Those numbers show the trade-off clearly: the portfolio can help in some non-bullish windows, but it tends to lag badly when SPY rallies strongly.

Before accepting the baseline, a user should inspect three things: concentration, turnover, and the periods that created underperformance. Concentration is important because the baseline artifact shows Ionis at 17.86% and CNH at 17.04%, with top 5 at 55.71% and top 10 at 74.86%. Turnover also matters because the risk notes cite 1,206 trades and nearly 95% turnover in one period, while recent turnoverSeries still shows spikes such as 29.22 in 2024-06-30 and 27.9 in 2025-03-31. Finally, users should inspect periodPerformance because several recent quarters underperformed SPY by more than 4 to 7 points. If a user is comfortable with large single-name exposure, reporting-lag execution, and intermittent deep relative drawdowns, the baseline may be acceptable; otherwise, the strategy screens may be more appropriate.