VALUE FUND

The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.

BENJAMIN GRAHAM, The Intelligent Investor
Top 20 Equity Holdings As of 09/30/2025
Safran SA
3.62
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.

Roche Holding
3.36
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.

Wells Fargo & Company
3.27
United States

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

TotalEnergies SE
3.26
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.

Ionis Pharmaceuticals Inc
2.82
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.

Rubis SCA
2.55
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.

Berkshire Hathaway A
2.39
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.

Nestlé ADR
2.32
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.

United Overseas Bank
2.26
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.

Prudential plc
2.20
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.

Johnson & Johnson
2.12
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.

DHL Group
1.93
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.

FedEx Corp
1.88
United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

Alphabet Inc – A
1.82
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.

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.

Envista Holdings Corp
1.72
United States

Envista Holdings Corporation operates as a holding company. The Company, through its subsidiaries, provides dental consumables, equipment, and services to dental professionals. Envista Holdings offers its services in the United States.

Berkshire Hathaway B
1.71
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.

Heineken Holding
1.67
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
1.60
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.

Novartis
1.48
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
45.73%
December 8th 1993

Value Fund
is established

Country Allocations
AS OF 09/30/2025
Market Value
Number of Issues
Percent
Country
Equities
424,690,903
84
96.16
Developed Europe
201,899,036
34
45.72
Belgium
7,933,041
2
1.8
Finland
6,202,036
1
1.4
France
62,383,012
8
14.13
Germany
19,974,257
4
4.52
Netherlands
11,132,402
2
2.52
Sweden
7,489,005
2
1.7
Switzerland
31,619,436
3
7.16
United Kingdom
55,165,847
12
12.49
Developed Asia & Pacific
60,247,094
19
13.64
Hong Kong
9,711,083
1
2.2
Japan
40,547,709
17
9.18
Singapore
9,988,302
1
2.26
Emerging Markets
38,834,945
13
8.79
Chile
1,673,080
1
0.38
China
13,234,888
5
3
Mexico
4,522,302
1
1.02
Philippines
854,984
1
0.19
South Korea
18,549,691
5
4.2
U.S. and Canada
123,709,828
18
28.01
Canada
8,034,126
2
1.82
United States
115,675,702
16
26.19
Hedging
-5,402,588
-1.22
Other Assets (Liabilities)
1,466,882
0.33
Net Cash
20,878,218
4.73
Total
441,633,415
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
42.34
25 - 50 Billion
6.82
10 - 25 Billion
12.67
2 - 10 Billion
26.9
<2 Billion
11.27
Sector Allocations AS OF 09/30/2025
% Equity
Communication Services
2.5
Consumer Discretionary
7.53
Consumer Staples
10.5
Energy
4.43
Financials
16.48
Health Care
16.22
Industrials
23.72
Information Technology
4.86
Materials
11.36
Utilities
2.41

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.