Tweedy, Browne Company, the century-old value investing business that is associated with legends such as Benjamin Graham and Warren Buffett, is doubling down on its ETF effort. Having seen good success with its first fund, the company launched the Tweedy, Browne International Insider + Value ETF (NYSE:ICPY) this week, an actively managed strategy that targets firms outside the U.S.
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The launch follows the success of the Tweedy, Browne Insider + Value ETF (NYSE:COPY), which started trading in December 2024 and is 22% higher year-to-date.
Like COPY, the new ICPY will employ Tweedy’s own proprietary multifactor model, which integrates old-school value analysis with insider activity signals such as open-market buying and corporate buybacks. The objective: spot undervalued shares where management itself is indicating confidence.
John Spears, managing director and member of the firm’s Investment Committee, said that it’s been the company’s view for a long time that the actions of well-informed insiders can provide strong signals of future value. This new ETF concentrates solely on overseas companies where the ‘insider’s edge’ can also be strong.
COPY has approximately 180 holdings spread across numerous geographies and industries. While its biggest exposure is still the U.S. at 27%, two-thirds of its assets reside in firms worth $10 billion or less, with significant exposure in Canada, Germany, South Korea, Sweden, and the U.K. Some holdings include Burberry Group, Dundee Precious Metals, KT Corp., and Stonex Group.
"Launching our first ETF last December offered investors tax-efficient access to this active strategy, and we've been encouraged by its early success," added Jason Minard, Tweedy, Browne's head of client services. "With this new international fund, we're applying the same value-conscious approach, grounded in insider buying signals, to non-U.S. stocks, offering investors another way to put this strategy to work."
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