International Value Fund

The analyst's conclusions must always rest upon the figures and upon established tests and standards.

BENJAMIN GRAHAM, The Intelligent Investor
Top 20 Equity Holdings as of 08/31/2025
Safran SA
3.60
France

Safran SA manufactures propulsion, communications, defense, security, and aerospace equipment. The Company produces engines for airplanes, helicopters, missiles and launch vehicles, mobile telephones, printing terminals, broadband networks, landing gear, wheels and brakes, aircraft wiring, inertial navigation systems, optronics, avionics, and fingerprint biometric equipment.

Roche Holding
3.58
Switzerland

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Novartis
3.46
Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Nestlé
3.35
Switzerland

Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company’s product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

United Overseas Bank
3.33
Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

TotalEnergies SE
3.29
France

TotalEnergies explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Heineken Holding
3.10
Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

DHL Group
2.74
Germany

DHL Group operates as a logistics company. The Company offers letter and parcel dispatch, express delivery, freight transport, supply chain management, and e-commerce solutions. DHL Group serves customers worldwide.

Sol SpA
2.74
Italy

Sol S.p.A. produces industrial and medical gases. The Company produces and markets oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, ammonia, chlorofluoride carbides, aseptic air, nitrous oxide and gas mixtures. Sol also produces gas for electronics, and liquid and compressed helium. The Company manufactures inhalation home care supplies.

National Bank Of Canada
2.69
Canada

National Bank of Canada provides a full array of banking services, including retail, corporate and investment banking. The Bank, through its subsidiaries, is involved in securities brokerage, insurance and wealth management, as well as mutual fund and retirement plan management.

Diageo PLC
2.66
Great Britain

Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

CNH Industrial NV
2.55
United States

CNH Industrial NV through its brands, designs, produces and sells trucks, commercial vehicles, buses, special vehicles, agricultural and construction equipment, in addition to engines and transmissions for those vehicles and engines for marine applications. The company also provides equipment financing services.

Prudential plc
2.33
Hong Kong

Prudential Public Limited Company provides long term savings and protection products. The Company offers life and health insurance for long term business including asset management services. Prudential serves customers in Asia and Africa.

Ionis Pharmaceuticals Inc
2.28
United States

Ionis Pharmaceuticals, Inc. operates as a biotechnology company. The Company researches in RNA-targeted drug discovery and development that focuses on drugs for patients who have unmet medical needs. Ionis Pharmaceuticals serves customers in the United States.

TX Group AG
2.11
Switzerland

TX Group AG operates as a media company. The Company offers daily and weekly newspapers, magazines, and network of digital platforms. TX Group serves customers in Switzerland, Germany, and Austria.

Trelleborg AB
2.00
Sweden

Trelleborg AB manufactures and distribues industrial products. The Company produces noise supression and anti-vibration systems for the automobile industry and completes wheel systems for forest and farm machines and other equipment. Trelleborg also develops and makes industrial fluid systems and polymer and bitumen based building products. The Company markets worldwide.

Rubis SCA
1.80
France

Rubis SCA distributes liquefied petroleum gas and stores bulk liquides. The Company stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also distributes liquefied petroleum gas (LPG) in Europe.

Coca Cola FEMSA
1.78
Mexico

Coca-Cola Femsa, S.A.B. de C.V. (Femsa) bottles beverages. The Company bottles and distributes branded beverages in parts of North, Central and South America. In some countries Femsa also markets water, beer, and other products.

CVS Group PLC
1.56
United Kingdom

CVS Group PLC provides animal veterinary and related services. The Company sells animal medicines and a range of pet products directly to consumers. CVS Group operates throughout the United Kingdom.

BAE Systems PLC
1.55
Great Britain

BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Total
52.5%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 08/31/2025
Market Value
Number of Issues
Percent
Country
Equities
4,210,212,358
92
95.9
Developed Europe
2,690,450,944
43
61.28
Belgium
75,467,470
2
1.72
Finland
67,531,201
1
1.54
France
549,188,862
7
12.51
Germany
283,797,126
5
6.46
Italy
120,206,759
1
2.74
Netherlands
176,912,885
2
4.03
Sweden
133,520,759
3
3.04
Switzerland
630,384,494
8
14.36
United Kingdom
653,441,388
14
14.88
Developed Asia & Pacific
733,044,844
27
16.7
Hong Kong
120,289,660
4
2.74
Japan
424,091,492
21
9.66
Singapore
188,663,692
2
4.3
Emerging Markets
466,097,331
17
10.62
Chile
36,520,512
1
0.83
China
101,576,650
4
2.31
Croatia
2,802,177
1
0.06
Czech Republic
2,399,504
1
0.05
Mexico
104,194,358
2
2.37
Philippines
2,888,194
1
0.07
South Korea
215,715,936
7
4.91
U.S. and Canada
320,619,239
5
7.3
Canada
215,833,345
3
4.92
United States
104,785,894
2
2.39
Hedging
-75,398,865
-1.72
Other Assets (Liabilities)
30,737,797
0.7
Net Cash
224,704,345
5.12
Total
4,390,255,635
100.00%

Size is often the Achilles heel of an investment management business. Our size allows us the flexibility to meaningfully invest fund assets in smaller and medium-sized companies.

TWEEDY, BROWNE
Market Capitalization as of 08/31/2025
% Equity
>50 Billion
30.94
25 - 50 Billion
10.14
10 - 25 Billion
11.55
2 - 10 Billion
34.29
<2 Billion
13.07
Sector Allocations As of 08/31/2025
% Equity
Communication Services
2.94
Consumer Discretionary
6.66
Consumer Staples
15.48
Energy
3.44
Financials
12.5
Health Care
14.1
Industrials
24.34
Information Technology
4.7
Materials
13.52
Real Estate
0.43
Utilities
1.89

The allocations of investments shown above reflect the Fund’s investments on the date indicated and may not be representative of the Fund’s current or future holdings.