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 04/30/2025
Tarkett
3.49
France

Tarkett manufactures flooring products. The Company specializes in flooring and sports surfaces such as vinyl, linoleum, carpet, wood, laminate, rubber, artificial grass, turf, and tracks, as well as offers installation services. Tarkett serves workplace, health and aged care, education, sports, residential, and hospitality markets worldwide.

Kemira OYJ
3.36
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.

Safran SA
3.31
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.

Nestlé
3.12
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.

DHL Group
3.09
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.

United Overseas Bank
2.92
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.

BAE Systems PLC
2.72
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.

Winpak Ltd
2.70
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.

 

Roche Holding
2.57
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.

Rubis SCA
2.28
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.

Teleperformance SE
2.12
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.

Novartis
2.10
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.

Rheinmetall AG
2.08
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.

Diageo PLC
1.98
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.

TotalEnergies SE
1.96
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.

Prudential plc
1.89
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.

Heineken Holding
1.85
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.

CNH Industrial NV
1.83
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.

Lassonde
1.82
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.

LG Corp
1.75
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.

Total
48.94%
October 26th 2009

International Value Fund II
is established

Country Allocations
AS OF 04/30/2025
Market Value
Number of Issues
Percent
Country
Equities
169,496,997
72
95.54
Developed Europe
101,180,618
33
57.03
Belgium
2,745,090
2
1.55
Finland
5,960,065
1
3.36
France
28,492,472
8
16.06
Germany
10,686,564
4
6.02
Italy
1,304,184
1
0.74
Netherlands
5,056,334
2
2.85
Sweden
4,048,186
2
2.28
Switzerland
13,826,537
3
7.79
United Kingdom
29,061,186
10
16.38
Developed Asia & Pacific
34,957,848
21
19.71
Hong Kong
5,660,111
4
3.19
Japan
24,124,747
16
13.6
Singapore
5,172,990
1
2.92
Emerging Markets
19,494,294
12
10.99
Chile
1,576,280
1
0.89
China
3,923,391
3
2.21
Mexico
4,319,006
2
2.43
Philippines
767,678
1
0.43
South Korea
8,907,939
5
5.02
U.S. and Canada
13,864,237
6
7.82
Canada
9,726,866
3
5.48
United States
4,137,371
3
2.33
Hedging
0
0
Other Assets (Liabilities)
1,815,249
1.02
Net Cash
6,090,196
3.43
Total
177,402,442
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 04/30/2025
% Equity
>$50 billion
28.17
$25 - $50 billion
5.02
$10 - $25 billion
8.68
$2 - $10 billion
32.22
<$2 billion
25.91
Sector Allocations As of 04/30/2025
% Equity
Communication Services
2.19
Consumer Discretionary
8.76
Consumer Staples
13.12
Energy
2.11
Financials
7.81
Health Care
10.12
Industrials
33.56
Information Technology
5.90
Materials
13.70
Real Estate
0.35
Utilities
2.38

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.