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 04/30/2024
TotalEnergies SE
4.77
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.

Safran SA
4.39
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.

BAE Systems PLC
4.37
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.

Berkshire Hathaway A
4.29
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.

Alphabet Inc – A
4.21
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.

Nestlé
3.32
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.

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.

Sol SpA
2.88
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.

United Overseas Bank
2.79
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.

Diageo PLC
2.61
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.

DBS Group Holdings
2.50
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.

CNH Industrial NV
2.15
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.

Novartis
2.14
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.

Trelleborg AB
1.92
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.

DHL Group
1.90
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.

Johnson & Johnson
1.86
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.

Zurich Insurance Group
1.83
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.

Coca Cola FEMSA
1.83
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.

Ionis Pharmaceuticals Inc
1.83
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.

Roche Holding
1.73
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.

Total
56.3%
June 15th 1993

International Value Fund
is established

Country Allocations
As of 04/30/2024
Market Value
Number of Issues
Percent
Country
Equities
5,591,349,432
96
95.69
Developed Europe
3,541,069,739
45
60.6
Belgium
59,094,221
2
1.01
Finland
63,701,876
1
1.09
France
866,464,096
8
14.83
Germany
429,926,278
8
7.36
Italy
168,238,241
1
2.88
Netherlands
235,386,454
2
4.03
Sweden
338,537,478
4
5.79
Switzerland
634,863,919
8
10.86
United Kingdom
744,857,176
11
12.75
Developed Asia & Pacific
568,507,214
23
9.73
Hong Kong
22,725,366
4
0.39
Japan
232,467,134
16
3.98
Philippines
3,945,038
1
0.07
Singapore
309,369,676
2
5.29
Emerging Markets
451,347,824
18
7.72
Chile
24,199,540
1
0.41
China
159,549,314
7
2.73
Croatia
10,745,786
1
0.18
Czech Republic
1,902,735
1
0.03
Mexico
133,599,316
2
2.29
South Korea
121,351,133
6
2.08
U.S. and Canada
1,030,424,655
10
17.63
Canada
176,946,664
3
3.03
United States
853,477,991
7
14.61
Hedging
83,090,276
1.42
Other Assets (Liabilities)
12,915,570
0.22
Net Cash
155,949,955
2.67
Total
5,843,305,233
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 04/30/2024
% Equity
>$50 billion
45.31
$25 - $50 billion
5.88
$10 - $25 billion
10.29
$2 - $10 billion
31.67
<$2 billion
6.84
Sector Allocations As of 04/30/2024
% Equity
Communication Services
8.75
Consumer Discretionary
4.41
Consumer Staples
12.99
Energy
4.98
Financials
16.92
Health Care
9.66
Industrials
29.27
Information Technology
2.00
Materials
9.20
Real Estate
0.34
Utilities
1.47

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.