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 09/30/2024
Berkshire Hathaway A
4.14
United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company’s principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire’s other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Safran SA
3.87
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.

TotalEnergies SE
3.81
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.

Alphabet Inc – A
3.76
United States

Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

BAE Systems PLC
3.70
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.

Nestlé
3.43
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
3.29
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.

United Overseas Bank
3.26
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.

Sol SpA
3.06
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.

Heineken Holding
2.89
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.

Diageo PLC
2.71
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.

Novartis
2.62
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.

DBS Group Holdings
2.37
Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage . DBS Group also acts as the primary dealer in Singapore government securities.

FMC Corp
2.27
United States

FMC Corporation provides agricultural solutions. The Company offers herbicides, insecticides, and miticides, fungicides, harvest aids, and other crop chemicals used for seed corn, potatoes, sorghum, sweet corn, cotton, tobacco, sunflowers, grapes, and other related products. FMC serves customers worldwide.

Johnson & Johnson
2.15
United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

CNH Industrial NV
2.12
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
2.09
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.

Zurich Insurance Group
2.01
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.

National Bank Of Canada
1.88
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.

Teleperformance SE
1.86
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
57.29%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 09/30/2024
Market Value
Number of Issues
Percent
Country
Equities
5,546,006,813
96
98.05
Developed Europe
3,368,486,558
43
59.56
Belgium
19,232,529
1
0.34
Finland
73,057,595
1
1.29
France
697,346,075
8
12.33
Germany
484,410,544
7
8.56
Italy
172,815,481
1
3.06
Netherlands
215,776,838
2
3.81
Sweden
206,580,634
4
3.65
Switzerland
751,086,129
7
13.28
United Kingdom
748,180,733
12
13.23
Developed Asia & Pacific
656,175,779
26
11.6
Hong Kong
26,699,453
4
0.47
Japan
311,229,053
20
5.5
Singapore
318,247,273
2
5.63
Emerging Markets
506,572,376
18
8.96
Chile
26,567,591
1
0.47
China
206,435,606
6
3.65
Croatia
6,355,811
1
0.11
Czech Republic
1,896,079
1
0.03
Mexico
108,834,799
2
1.92
Philippines
3,784,477
1
0.07
South Korea
152,698,013
6
2.7
U.S. and Canada
1,014,772,100
9
17.94
Canada
207,064,255
3
3.66
United States
807,707,845
6
14.28
Hedging
-62,207,218
-1.1
Other Assets (Liabilities)
34,819,790
0.62
Net Cash
137,419,331
2.43
Total
5,656,038,716
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 09/30/2024
% Equity
>$50 billion
45.95
$25 - $50 billion
5.56
$10 - $25 billion
10.67
$2 - $10 billion
29.05
<$2 billion
8.75
Sector Allocations As of 09/30/2024
% Equity
Communication Services
7.20
Consumer Discretionary
5.64
Consumer Staples
13.61
Energy
3.88
Financials
14.28
Health Care
13.06
Industrials
27.41
Information Technology
3.14
Materials
10.19
Real Estate
0.41
Utilities
1.18

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.