International Value Fund II - Currency Unhedged

Ben Graham bought stocks the way an insurance actuary underwrites risk. He wanted a lot of stocks (policies) to protect against loss. So do we.

TWEEDY, BROWNE
Top 20 Equity Holdings as of 09/30/2025
Safran SA
3.59
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.

Kemira OYJ
3.45
Finland

Kemira Oyj is a global water chemistry company serving customers in water-intensive industries. The Company offers chemical products and integrated systems that help customers in the water-intensive pulp and paper industry, water treatment chemicals for municipalities and industrial customers, and chemical extraction and process solutions for oil and mining industries.

DHL Group
3.05
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.

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.

Nestlé
2.54
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.

Rubis SCA
2.47
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.

Roche Holding
2.46
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.

Winpak Ltd
2.42
Canada

Winpak Ltd. manufactures and distributes packaging materials and machines for the protection of perishable foods, beverages, and dairy products. The Company also has clients in the non-food markets such as pharmaceutical and complex industrial applications.

 

Prudential plc
2.35
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.

Novartis
2.23
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
2.10
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.

Samsung Electronics Co., Ltd.
2.00
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.

TotalEnergies SE
1.98
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.

Megacable Holdings SAB
1.87
Mexico

Megacable Holdings SAB de CV provides cable television, Internet access, and telephone services.

LG Corp
1.81
South Korea

LG Corp is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company’s main business areas are electronics, chemicals, and household products manufacturing and telecommunications services.

CVS Group PLC
1.81
United Kingdom

CVS Group PLC provides animal veterinary and related services. The Company sells animal medicines and a range of pet products directly to consumers. CVS Group operates throughout the United Kingdom.

BAE Systems PLC
1.75
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.

Lassonde Industries Inc.
1.74
Canada

Lassonde Industries Inc. manufactures, processes, packages, and markets food products. The Company’s products include fruit juices, fondue bouillons and sauces, citrus drinks, barbecue sauces, meat marinades, and baked beans. Lassonde’s brand names include Rougemont, Oasis, and Fruite.

Inaba Denki Sangyo Co.
1.69
Japan

Inaba Denki Sangyo CO., LTD. sells electric cables, plumbing products, and electronic equipment. The Company’s products include cables, electric switchboards, lighting equipment, sensors, and ducts. Inaba Denki Sangyo also provides real estate management and data processing services.

Johnson Service Group
1.62
Great Britain

Johnson Service Group PLC is a workwear and linen rental services provider. The Group comprises two main divisions: Workwear and HORECA (Hotel, Restaurant, and Catering). Johnson Service Group operates across the UK.

Total
45.72%
October 26th 2009

International Value Fund II
is established

Country Allocations
AS OF 09/30/2025
Market Value
Number of Issues
Percent
Country
Equities
177,028,950
71
94.32
Developed Europe
101,577,020
35
54.12
Belgium
4,559,716
2
2.43
Finland
6,467,986
1
3.45
France
24,515,717
8
13.06
Germany
8,964,182
4
4.78
Italy
1,695,850
1
0.9
Netherlands
4,630,934
2
2.47
Sweden
4,744,829
2
2.53
Switzerland
13,571,855
3
7.23
United Kingdom
32,425,951
12
17.28
Developed Asia & Pacific
37,884,495
19
20.19
Hong Kong
4,402,007
1
2.35
Japan
28,250,286
17
15.05
Singapore
5,232,202
1
2.79
Emerging Markets
23,387,703
12
12.46
Chile
1,710,177
1
0.91
China
4,154,919
3
2.21
Mexico
4,804,980
2
2.56
Philippines
914,335
1
0.49
South Korea
11,803,292
5
6.29
U.S. and Canada
14,179,732
5
7.56
Canada
9,847,226
3
5.25
United States
4,332,506
2
2.31
Hedging
0
0
Other Assets (Liabilities)
1,714,328
0.91
Net Cash
8,939,179
4.76
Total
187,682,457
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
24.85
25 - 50 Billion
5.45
10 - 25 Billion
10.71
2 - 10 Billion
38.17
<2 Billion
20.82
Sector Allocations As of 09/30/2025
% Equity
Communication Services
1.97
Consumer Discretionary
10.8
Consumer Staples
11.63
Energy
2.09
Financials
8.98
Health Care
11.43
Industrials
26.8
Information Technology
6.96
Materials
16.72
Utilities
2.61

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.