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 02/28/2025
Berkshire Hathaway A
5.00
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.

Wells Fargo & Company
4.12
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.

Roche Holding
3.54
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.

TotalEnergies SE
3.41
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.

Safran SA
3.02
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 ADR
2.74
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
2.52
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.

Johnson & Johnson
2.34
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.

Heineken Holding
2.25
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.

FedEx Corp
2.21
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.

Teleperformance SE
2.19
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.

CNH Industrial NV
2.00
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.

Rubis SCA
1.99
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.

Alphabet Inc – A
1.97
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.

U-Haul Holding Company
1.81
United States

U-Haul Holding Company operates as a holding company. The Company, through its subsidiaries, offers rental of trucks, trailers, and self storage space, as well as provides property and casualty and life insurance products. U-Haul Holding also sells boxes, tapes, and other moving and self-storage products and services to ‘do-it-yourself’ moving and storage customers.

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.

Envista Holdings Corp
1.78
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.

Vertex Pharmaceuticals Inc
1.76
United States

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves the healthcare sector worldwide.

BAE Systems PLC
1.67
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
1.63
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.

Total
49.74%
December 8th 1993

Value Fund
is established

Country Allocations
AS OF 02/28/2025
Market Value
Number of Issues
Percent
Country
Equities
392,090,635
84
93.66
Developed Europe
184,019,210
32
43.96
Belgium
1,277,452
1
0.31
Finland
5,037,727
1
1.2
France
55,657,658
7
13.29
Germany
27,350,243
5
6.53
Netherlands
13,248,354
2
3.16
Sweden
8,896,749
3
2.13
Switzerland
31,828,067
3
7.6
United Kingdom
40,722,960
10
9.73
Developed Asia & Pacific
48,516,730
21
11.59
Hong Kong
7,684,029
3
1.84
Japan
30,281,907
17
7.23
Singapore
10,550,794
1
2.52
Emerging Markets
31,742,618
14
7.58
Chile
1,261,044
1
0.3
China
12,002,956
5
2.87
Mexico
4,850,999
1
1.16
Philippines
733,351
1
0.18
South Korea
12,894,268
6
3.08
U.S. and Canada
127,812,077
17
30.53
Canada
7,466,666
2
1.78
United States
120,345,411
15
28.75
Hedging
3,804,749
0.91
Other Assets (Liabilities)
1,087,348
0.26
Net Cash
21,655,141
5.17
Total
418,637,873
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 01/31/2025
% Equity
>$50 billion
43.52
$25 - $50 billion
8.93
$10 - $25 billion
10.81
$2 - $10 billion
26.83
<$2 billion
9.91
Sector Allocations AS OF 02/28/2025
% Equity
Communication Services
3.12
Consumer Discretionary
7.96
Consumer Staples
11.33
Energy
4.56
Financials
17.79
Health Care
16.18
Industrials
26.44
Information Technology
4.72
Materials
5.79
Real Estate
0.00
Utilities
2.11

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.