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 06/30/2025
Roche Holding
3.45
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.

Nestlé
3.40
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.

Safran SA
3.37
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.

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
3.19
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.

Heineken Holding
3.13
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.

TotalEnergies SE
3.10
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.

BAE Systems PLC
2.98
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.

CNH Industrial NV
2.79
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.

DHL Group
2.68
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
2.59
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
2.55
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
2.33
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
2.17
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.

Prudential plc
2.11
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
2.04
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.

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.

Rheinmetall AG
1.95
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.

Trelleborg AB
1.84
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.

Teleperformance SE
1.72
France

Teleperformance offers customer relationship management services. The Company operates call centers, conducts programs to attract new customers, offers customer service and technical support services, collects debts, offers market research services, conducts telemarketing, and develops customer relationship management software.

Total
52.66%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 06/30/2025
Market Value
Number of Issues
Percent
Country
Equities
4,321,656,441
91
95.06
Developed Europe
2,821,883,452
42
62.07
Belgium
47,641,950
2
1.05
Finland
67,416,015
1
1.48
France
576,148,937
7
12.67
Germany
349,124,678
5
7.68
Italy
117,820,884
1
2.59
Netherlands
184,651,726
2
4.06
Sweden
125,064,066
3
2.75
Switzerland
640,110,042
8
14.08
United Kingdom
713,905,154
13
15.7
Developed Asia & Pacific
700,468,301
27
15.41
Hong Kong
121,101,970
4
2.66
Japan
390,703,489
21
8.59
Singapore
188,662,842
2
4.15
Emerging Markets
479,093,718
17
10.54
Chile
36,673,522
1
0.81
China
94,186,510
4
2.07
Croatia
2,774,981
1
0.06
Czech Republic
2,324,330
1
0.05
Mexico
114,391,089
2
2.52
Philippines
3,620,333
1
0.08
South Korea
225,122,953
7
4.95
U.S. and Canada
320,210,970
5
7.04
Canada
217,266,771
3
4.78
United States
102,944,199
2
2.26
Hedging
-117,208,637
-2.58
Other Assets (Liabilities)
45,306,463
1
Net Cash
296,698,030
6.53
Total
4,546,452,297
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 06/30/2025
% Equity
>$50 billion
32.11
$25 - $50 billion
9.64
$10 - $25 billion
12.06
$2 - $10 billion
34.71
<$2 billion
11.48
Sector Allocations As of 06/30/2025
% Equity
Communication Services
3.10
Consumer Discretionary
5.64
Consumer Staples
15.13
Energy
3.26
Financials
11.99
Health Care
13.22
Industrials
29.56
Information Technology
4.76
Materials
10.98
Real Estate
0.58
Utilities
1.78

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.