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 12/31/2024
Johnson & Johnson
3.70
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.

Safran SA
3.09
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.

DHL Group
2.91
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
2.84
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.

CNH Industrial NV
2.76
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.

FMC Corp
2.76
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.

Roche Holding
2.58
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.

United Overseas Bank
2.53
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.

Winpak Ltd
2.51
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.

 

Diageo PLC
2.51
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.

Nestlé
2.45
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.

Tarkett
2.35
France

Tarkett SA manufactures and distributes building products. The Company offers a wide range of flooring solutions such as vinyl, laminate, wood, carpet rolls and tiles, linoleium, artificial turf, and accessories.

Ionis Pharmaceuticals Inc
2.22
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.

Rheinmetall AG
2.07
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.

Novartis
2.06
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.

Kuraray Co., Ltd
2.05
Japan

Kuraray Co., LTD. Manufactures synthetic and chemical fibers. The Company provides special resin, man-made leather, fine chemicals, and non-woven fabrics used as apparel and industrial materials. Kuraray also produces pharmaceutical and medical products such as dialyzers and dental-care products. The Company focuses on environmentally beneficial products.

Inchcape PLC
1.94
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.

Alten SA
1.78
France

Alten SA offers consulting and engineering services in telecommunications, computer systems, networking, multimedia, defense, aviation, and information services.

BAE Systems PLC
1.71
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.

TotalEnergies SE
1.64
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.

Total
48.46%
October 26th 2009

International Value Fund II
is established

Country Allocations
AS OF 12/31/2024
Market Value
Number of Issues
Percent
Country
Equities
193,732,897
76
94.71
Developed Europe
107,665,365
35
52.63
Belgium
1,379,894
1
0.67
Finland
5,818,402
1
2.84
France
25,740,558
7
12.58
Germany
15,621,848
6
7.64
Italy
1,095,092
1
0.54
Netherlands
4,750,663
2
2.32
Sweden
5,946,822
3
2.91
Switzerland
14,502,184
3
7.09
United Kingdom
32,809,902
11
16.04
Developed Asia & Pacific
36,056,992
21
17.63
Hong Kong
2,020,519
3
0.99
Japan
25,696,494
16
12.56
Singapore
8,339,979
2
4.08
Emerging Markets
17,351,804
11
8.48
Chile
1,212,716
1
0.59
China
4,333,411
3
2.12
Mexico
3,826,537
2
1.87
Philippines
1,088,666
1
0.53
South Korea
6,890,474
4
3.37
U.S. and Canada
32,658,736
9
15.97
Canada
9,514,425
3
4.65
United States
23,144,311
6
11.31
Hedging
0
0
Other Assets (Liabilities)
1,438,993
0.7
Net Cash
9,386,311
4.59
Total
204,558,201
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 11/30/2024
% Equity
>$50 billion
32.51
$25 - $50 billion
8.79
$10 - $25 billion
6.12
$2 - $10 billion
36.69
<$2 billion
15.89
Sector Allocations As of 12/31/2024
% Equity
Communication Services
1.72
Consumer Discretionary
10.04
Consumer Staples
11.19
Energy
1.74
Financials
6.32
Health Care
14.00
Industrials
32.62
Information Technology
5.84
Materials
14.67
Real Estate
0.28
Utilities
1.58

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.