From Graham to Global: Tweedy, Browne's Next Chapter

Tweedy, Browne Company has launched its second ETF, the Tweedy, Browne International Insider + Value ETF (ICPY), an internationally focused fund. This follows the successful debut of its first ETF, COPY, which launched in December 2024, is up 22% in 2025, and has accumulated $145 million in assets. ICPY will apply the firm's proprietary multifactor model, which identifies undervalued companies with significant insider buying, exclusively to non-U.S. equities, expanding Tweedy, Browne's ETF market presence and offering investors a new avenue for its century-long value investing methodology.

Analysis

Tweedy, Browne Company is strategically expanding its ETF lineup by launching the Tweedy, Browne International Insider + Value ETF (ICPY), a move that directly builds on the significant success of its first fund, the Insider + Value ETF (COPY). Since its December 2024 launch, COPY has demonstrated strong market traction, achieving a 22% return as of September 2025 and accumulating $145 million in assets, with over $90 million in net inflows occurring in the last three months alone. The new ICPY fund will leverage the exact same proprietary multifactor model, which seeks undervalued companies experiencing open-market purchases by insiders or corporate buyback programs, but will apply it exclusively to non-U.S. equities. This strategy is rooted in the firm's century-long value investing philosophy, historically associated with Benjamin Graham. An analysis of the existing COPY portfolio reveals a globally diversified fund of approximately 180 positions with a small-to-mid-cap bias, as two-thirds of its assets are in stocks with market caps of $10 billion or less. This product extension allows the firm to capitalize on the demonstrated investor appetite for its active, factor-based approach while offering a new, tax-efficient vehicle for international exposure.

Key Decisions for Investors

• Investors seeking international value exposure should evaluate the new ICPY ETF, which applies the same insider-buying strategy that drove its predecessor COPY's 22% year-to-date return and significant asset growth.
• The launch of ICPY offers a tax-efficient vehicle to diversify existing value portfolios into non-U.S. equities, specifically targeting the 'insider's edge' factor which the firm believes is equally potent in international markets.
• Monitor ICPY's initial asset inflows and trading volume relative to its sibling fund as a key gauge of market reception and its potential to replicate the momentum seen in active, value-oriented ETF strategies.