Tweedy Browne Portfolio: Heavyweights in Healthcare and Industrials

Top Holdings Analysis

The portfolio's largest position by value is held in IONIS PHARMACEUTICALS INC. (IONS), accounting for 15.74% of the total holdings. This is followed closely by CNH INDUSTRIAL NV (CNH) at 15.02% allocation. Other significant holdings include COCA COLA FEMSA (KOF) at 9.09%, ALPHABET INC-CL A (GOOGL) at 5.04%, and WELLS FARGO & CO (WFC) at 4.21%. Notably, BRK-B, the Class B shares of Berkshire Hathaway, holds a substantial 3.94% allocation, reflecting a core position in a diversified financial powerhouse.

Concentration in Key Sectors

The portfolio demonstrates a clear preference for specific sectors. Healthcare is the most concentrated sector, encompassing several top holdings including IONS (15.74%), JNJ (3.94%), NVST (2.53%), and ALV (3.84%). Financial Services is another heavily represented sector with WFC (4.21%) and BRK-B (3.94%). The portfolio also includes significant exposure to Industrials (CNH at 15.02% and FDX at 2.63%) and Consumer Cyclical (ALV at 3.84%).

Recent Changes and Stability

Several holdings show notable changes from the previous period. IONS experienced a significant reduction, with shares decreasing by 15.04% (-436,286 shares). Similarly, GOOGL saw a substantial decrease of 14.71% (-34,406 shares). On the positive side, CNH showed strong growth, increasing its share count by 51.95% (+6,899,583 shares). Other changes, such as the slight decrease in KOF (-1.46%) and the stability of NVST, provide a mixed picture of portfolio adjustments.

Investment Strategy Focus

The investment strategy appears to favor established, large-cap companies with strong market positions. The heavy allocation to sectors like Healthcare and Financial Services suggests a preference for stability and proven business models. Major holdings in companies like IONS, CNH, and BRK-B indicate confidence in specific cyclical or growth sectors, while diversification across different industries (including Consumer Defensive via KOF and Communication Services via GOOGL) is also evident, albeit to a lesser extent. The portfolio's structure points towards a strategy that balances significant exposure to high-conviction names with broader diversification.

Conclusion

The Tweedy, Browne Co All Funds portfolio, as of December 31, 2025, is characterized by significant concentration in select large-cap stocks, particularly within the Healthcare and Financial Services sectors. Holdings like IONS and CNH represent core positions, while others like GOOGL and WFC are substantial but perhaps secondary. The strategy involves a blend of deep convictions in specific industries and diversification across different types of large-cap businesses. Recent data shows active management, with notable reductions in some positions and significant increases in others.