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 04/30/2024
Berkshire Hathaway A
6.84
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
4.48
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.

TotalEnergies SE
3.85
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.

National Western Life Ins
3.69
United States

National Western Life Insurance Company is a life insurance company. The Company sells life insurance and annuity products in the United States. National Western also accepts applications from and issues policies to residents of several Central and South American countries.

Safran SA
3.54
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.

Wells Fargo & Company
3.00
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.

Nestlé ADR
2.67
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.

Rubis SCA
2.33
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.

Heineken Holding
2.31
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.

SCOR SE
2.27
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.

FMC Corp
2.21
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.

FedEx Corp
2.06
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.

Johnson & Johnson
2.05
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.

Rheinmetall AG
2.03
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.

Fresenius SE & Co KGaA
2.01
Germany

Fresenius SE & Co KGaA is a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipement and systems, blood separators, plasma, hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

BAE Systems PLC
1.98
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.

Diageo plc ADR
1.94
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.

Teleperformance SE
1.93
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.

United Overseas Bank
1.92
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.

DHL Group
1.79
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.

Total
54.9%
December 8th 1993

Value Fund
is established

Country Allocations
AS OF 04/30/2024
Market Value
Number of Issues
Percent
Country
Equities
429,277,198
85
96.06
Developed Europe
203,433,980
33
45.52
Belgium
4,175,743
2
0.93
Finland
4,972,352
1
1.11
France
68,415,176
8
15.31
Germany
33,433,772
5
7.48
Netherlands
14,835,743
2
3.32
Sweden
19,401,040
4
4.34
Switzerland
20,641,787
3
4.62
United Kingdom
37,558,367
8
8.4
Developed Asia & Pacific
32,115,022
19
7.19
Hong Kong
1,638,210
3
0.37
Japan
21,891,513
15
4.9
Singapore
8,585,299
1
1.92
Emerging Markets
26,471,051
13
5.92
Chile
1,078,067
1
0.24
China
9,830,627
5
2.2
Mexico
5,395,743
1
1.21
Philippines
1,141,668
1
0.26
South Korea
9,024,946
5
2.02
U.S. and Canada
167,257,145
20
37.43
Canada
7,521,693
2
1.68
United States
159,735,452
18
35.74
Hedging
4,997,744
1.12
Other Assets (Liabilities)
1,793,039
0.4
Net Cash
10,822,093
2.42
Total
446,890,074
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
44.15
$25 - $50 billion
3.50
$10 - $25 billion
12.33
$2 - $10 billion
30.55
<$2 billion
9.47
Sector Allocations AS OF 04/30/2024
% Equity
Communication Services
6.22
Consumer Discretionary
5.11
Consumer Staples
10.43
Energy
4.72
Financials
21.12
Health Care
11.24
Industrials
29.01
Information Technology
2.26
Materials
7.48
Real Estate
0.00
Utilities
2.42

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.