INTC - Tweedy Browne Fund Q3 2020 Commentary

• Tweedy, Browne Company LLC provides investment advisory services. The Company offers portfolio management, financial planning, and consulting services for individuals, institutions, partnerships, pension and profit-sharing plans, charitable foundations, trusts, and offshore funds. Tweedy, Browne serves investors in the U.S.
• Many, if not the vast majority, of publicly traded equities around the globe remain well below their pre-pandemic highs and in negative or flat territory for the year, particularly many of those domiciled outside of the U.S.
• While the Funds were underweighted relative to their benchmarks in the materials sector, these stocks, together with the Funds’ consumer staples holdings, were among the best performing components of our Fund portfolios during the quarter.
• In terms of sales and reductions in positions, we sold orreduced the Funds’ shares in oil & gas companies such as ConocoPhillips,Phillips 66, and Royal Dutch; in copper miner Antofagasta; and in Heineken,HSBC, Mediaset, Nestlé, Novartis, Roche, Sol Spa, Zurich Insurance, Unilever,DBS, Siemens, J&J, and UOB, among others.

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