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 09/30/2025
Safran SA
3.80
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
3.63
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
3.49
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.

Ionis Pharmaceuticals Inc
3.47
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.

Nestlé
3.23
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
3.23
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
3.17
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
2.98
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.

National Bank Of Canada
2.70
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.

Sol SpA
2.67
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.

DHL Group
2.67
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.

Prudential plc
2.43
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.

CNH Industrial NV
2.40
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.

Diageo PLC
2.29
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.

TX Group AG
2.16
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.

Rubis SCA
2.03
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.

Trelleborg AB
1.91
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.

BAE Systems PLC
1.81
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.

Samsung Electronics Co., Ltd.
1.77
South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Coca Cola FEMSA
1.72
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.

Total
53.56%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 09/30/2025
Market Value
Number of Issues
Percent
Country
Equities
4,262,680,500
89
96.23
Developed Europe
2,667,754,990
42
60.22
Belgium
70,016,059
2
1.58
Finland
65,605,676
1
1.48
France
516,990,043
7
11.67
Germany
288,119,600
5
6.5
Italy
118,334,874
1
2.67
Netherlands
170,409,783
2
3.85
Sweden
126,172,583
2
2.85
Switzerland
635,214,379
8
14.34
United Kingdom
676,891,993
14
15.28
Developed Asia & Pacific
740,519,682
25
16.72
Hong Kong
123,126,260
3
2.78
Japan
431,364,172
20
9.74
Singapore
186,029,250
2
4.2
Emerging Markets
481,189,298
17
10.86
Chile
37,555,883
1
0.85
China
95,977,696
4
2.17
Croatia
2,779,670
1
0.06
Czech Republic
2,434,183
1
0.05
Mexico
105,638,568
2
2.38
Philippines
2,954,400
1
0.07
South Korea
233,848,898
7
5.28
U.S. and Canada
373,216,530
5
8.43
Canada
214,226,453
3
4.84
United States
158,990,077
2
3.59
Hedging
-68,975,751
-1.56
Other Assets (Liabilities)
32,901,581
0.74
Net Cash
203,252,055
4.59
Total
4,429,858,385
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 09/30/2025
% Equity
>50 Billion
30.79
25 - 50 Billion
10.12
10 - 25 Billion
14.81
2 - 10 Billion
30.82
<2 Billion
13.46
Sector Allocations As of 09/30/2025
% Equity
Communication Services
3.06
Consumer Discretionary
7.38
Consumer Staples
14.58
Energy
3.3
Financials
12.49
Health Care
15.4
Industrials
23.23
Information Technology
5.22
Materials
12.88
Real Estate
0.37
Utilities
2.1

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.