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 04/30/2024
Berkshire Hathaway B
3.65
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
3.18
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.

FMC Corp
2.99
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.

Safran SA
2.91
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.

Johnson & Johnson
2.68
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.

Ionis Pharmaceuticals Inc
2.56
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.

DHL Group
2.51
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.

Inchcape PLC
2.46
Great Britain

Inchcape PLC is a global automotive distributor and retailer. The Company acts as a vehicle and parts distributor in multiple markets. In these markets, Inchcape has exclusive responsibility for managing the value chain on behalf of a focused portfolio of premium and luxury brand partners. Over two thirds of the Group profit is derived from Asia Pacific and emerging markets.

Nestlé
2.35
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.

Diageo PLC
2.26
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
2.22
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.

Kemira OYJ
2.22
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.

AutoZone Inc
2.18
United States

AutoZone, Inc. is a specialty retailer of automotive replacement parts and accessories. The Company offers an extensive product line for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. AutoZone operates in the United States, Puerto Rico, and Mexico.

TotalEnergies SE
2.15
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.

Trelleborg AB
2.07
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.

SCOR SE
2.06
France

SCOR SE offers life, accident, property/casualty, health, and special needs reinsurance. The Company offers services through subsidiaries in Europe, the Americas, Asia, and Africa. SCOR also holds real estate investments.

Megacable Holdings SAB
2.02
Mexico

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

CNH Industrial NV
2.01
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.

BAE Systems PLC
2.01
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.

Novartis
2.00
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.

Total
48.49%
October 26th 2009

International Value Fund II
is established

Country Allocations
AS OF 04/30/2024
Market Value
Number of Issues
Percent
Country
Equities
278,653,968
79
98.61
Developed Europe
157,994,919
38
55.91
Belgium
3,646,293
2
1.29
Finland
6,280,293
1
2.22
France
38,991,789
8
13.8
Germany
22,111,239
6
7.83
Italy
2,127,549
1
0.75
Netherlands
8,199,162
2
2.9
Sweden
15,224,458
4
5.39
Switzerland
23,142,054
5
8.19
United Kingdom
38,272,082
9
13.54
Developed Asia & Pacific
36,471,089
20
12.91
Hong Kong
2,675,490
4
0.95
Japan
21,971,039
14
7.78
Singapore
11,824,560
2
4.18
Emerging Markets
27,028,881
12
9.57
Chile
1,101,971
1
0.39
China
6,706,059
4
2.37
Mexico
8,600,097
2
3.04
Philippines
1,825,609
2
0.65
South Korea
8,795,145
3
3.11
U.S. and Canada
57,159,079
9
20.23
Canada
8,487,176
3
3
United States
48,671,903
6
17.22
Hedging
0
0
Other Assets (Liabilities)
2,036,918
0.72
Net Cash
1,877,287
0.66
Total
282,568,173
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
35.82
$25 - $50 billion
2.76
$10 - $25 billion
8.93
$2 - $10 billion
41.37
<$2 billion
11.13
Sector Allocations As of 04/30/2024
% Equity
Communication Services
5.79
Consumer Discretionary
8.64
Consumer Staples
9.60
Energy
2.20
Financials
13.74
Health Care
11.65
Industrials
31.57
Information Technology
3.67
Materials
11.31
Real Estate
0.28
Utilities
1.54

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.