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 08/31/2024
Berkshire Hathaway B
4.07
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.

Roche Holding
3.44
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.

Johnson & Johnson
3.17
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.

Alphabet Inc – A
3.11
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.

Ionis Pharmaceuticals Inc
3.04
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.

Safran SA
2.79
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.

FMC Corp
2.73
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.

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.

Kemira OYJ
2.58
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.

Novartis
2.56
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.

Inchcape PLC
2.54
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
2.38
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.

Teleperformance SE
2.33
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.

AutoZone Inc
2.26
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.

DBS Group Holdings
2.21
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.

United Overseas Bank
2.19
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.

Rheinmetall AG
1.97
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.

LG Corp
1.95
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.

Diageo PLC
1.92
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.

Winpak Ltd
1.91
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.

 

Total
51.83%
October 26th 2009

International Value Fund II
is established

Country Allocations
AS OF 08/31/2024
Market Value
Number of Issues
Percent
Country
Equities
267,365,028
77
97.5
Developed Europe
145,428,961
37
53.03
Belgium
1,684,891
1
0.61
Finland
7,067,140
1
2.58
France
32,984,064
8
12.03
Germany
24,684,360
6
9
Italy
2,209,704
1
0.81
Netherlands
6,719,761
2
2.45
Sweden
7,118,250
3
2.6
Switzerland
25,065,166
4
9.14
United Kingdom
37,895,625
11
13.82
Developed Asia & Pacific
36,614,452
18
13.35
Hong Kong
1,963,282
3
0.72
Japan
22,589,591
13
8.24
Singapore
12,061,579
2
4.4
Emerging Markets
25,046,152
13
9.13
Chile
1,250,060
1
0.46
China
7,434,829
4
2.71
Mexico
4,626,996
2
1.69
Philippines
1,767,937
2
0.64
South Korea
9,966,330
4
3.63
U.S. and Canada
60,275,463
9
21.98
Canada
9,856,213
3
3.59
United States
50,419,250
6
18.39
Hedging
0
0
Other Assets (Liabilities)
1,514,958
0.55
Net Cash
5,341,052
1.95
Total
274,221,038
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 07/31/2024
% Equity
>$50 billion
37.93
$25 - $50 billion
2.27
$10 - $25 billion
8.40
$2 - $10 billion
39.09
<$2 billion
12.30
Sector Allocations As of 08/31/2024
% Equity
Communication Services
4.63
Consumer Discretionary
9.17
Consumer Staples
9.58
Energy
1.75
Financials
10.11
Health Care
15.56
Industrials
30.75
Information Technology
4.56
Materials
12.23
Real Estate
0.17
Utilities
1.49

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.