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 03/31/2025
Nestlé
4.29
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.

Roche Holding
4.21
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.

BAE Systems PLC
4.08
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.

TotalEnergies SE
3.60
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
3.44
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.

United Overseas Bank
3.31
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.

Novartis
3.15
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.

Safran SA
3.14
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.

Zurich Insurance Group
2.81
Switzerland

Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Sol SpA
2.66
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.

CNH Industrial NV
2.65
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
2.53
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.

DHL Group
2.50
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.

National Bank Of Canada
2.05
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.

Coca Cola FEMSA
1.96
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.

Trelleborg AB
1.86
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.

Prudential plc
1.82
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.

Rheinmetall AG
1.69
Germany

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

TX Group AG
1.68
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.

Ionis Pharmaceuticals Inc
1.56
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.

Total
54.99%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 03/31/2025
Market Value
Number of Issues
Percent
Country
Equities
4,279,357,054
90
94.36
Developed Europe
2,880,387,874
41
63.51
Belgium
18,972,053
1
0.42
Finland
63,443,905
1
1.4
France
563,665,100
8
12.43
Germany
312,953,245
5
6.9
Italy
120,850,216
1
2.66
Netherlands
200,502,494
2
4.42
Sweden
117,403,688
3
2.59
Switzerland
773,440,932
7
17.05
United Kingdom
709,156,241
13
15.64
Developed Asia & Pacific
640,291,145
26
14.12
Hong Kong
110,078,786
5
2.43
Japan
330,812,136
19
7.29
Singapore
199,400,223
2
4.4
Emerging Markets
416,377,426
17
9.18
Chile
31,667,645
1
0.7
China
98,341,057
4
2.17
Croatia
2,044,876
1
0.05
Czech Republic
2,167,787
1
0.05
Mexico
108,071,686
2
2.38
Philippines
2,402,147
1
0.05
South Korea
171,682,228
7
3.79
U.S. and Canada
342,300,609
6
7.55
Canada
182,088,767
3
4.01
United States
160,211,842
3
3.53
Hedging
32,401,974
0.71
Other Assets (Liabilities)
40,364,314
0.89
Net Cash
183,149,239
4.04
Total
4,535,272,581
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 03/31/2025
% Equity
>$50 billion
39.43
$25 - $50 billion
7.60
$10 - $25 billion
11.88
$2 - $10 billion
29.21
<$2 billion
11.88
Sector Allocations As of 03/31/2025
% Equity
Communication Services
3.63
Consumer Discretionary
4.84
Consumer Staples
16.63
Energy
3.82
Financials
13.01
Health Care
13.31
Industrials
28.98
Information Technology
4.22
Materials
9.48
Real Estate
0.51
Utilities
1.57

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.