Global Equity

We generally adhere to a policy of broad diversification within individual portfolios.

TWEEDY, BROWNE
Top 25 Equity Holdings Sample portfolio* as of 03/31/2025
Berkshire Hathaway B
7.7
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
3.76
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.

Roche Holding
3.64
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.

BAE Systems PLC
3.59
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
3.54
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
3.18
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.

Novartis
2.79
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.

Nestlé
2.66
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.

Johnson & Johnson
2.65
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.

Wells Fargo & Company
2.63
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.

United Overseas Bank
2.57
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.

CNH Industrial NV
2.36
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.

Teleperformance SE
2.33
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.

Rubis SCA
2.3
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.

DHL Group
2.05
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.

Heineken Holding
2.04
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.

Kemira OYJ
2.02
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.

Prudential plc
1.82
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.

U-Haul Holding Company
1.79
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.

Alten SA
1.78
France

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

Diageo PLC
1.67
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.

Fresenius SE & Co KGaA
1.62
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.

AutoZone Inc
1.62
United States

AutoZone, Inc. is a specialty retailer of automotive replacement parts and accessories. The Company offers an extensive product line for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. AutoZone operates in the United States, Puerto Rico, and Mexico.

Envista Holdings Corp
1.61
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.

Winpak Ltd
1.55
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.

Total
65.27%
Country Allocations
Sample portfolio* as of 03/31/2025
Market Value
Number of Issues
% EQUITY
Country
Equities
58,023,349
72
100
Developed Europe
28,003,014
30
48.26
Belgium
197,736
1
0.34
Finland
1,170,550
1
2.02
France
8,454,770
7
14.57
Germany
3,285,940
4
5.66
Great Britain
6,739,747
10
11.62
Netherlands
1,746,728
2
3.01
Sweden
581,808
1
1
Switzerland
5,825,735
4
10.04
Developed Asia & Pacific
6,902,666
18
11.9
Hong Kong
608,220
2
1.05
Japan
4,200,180
14
7.24
Singapore
2,094,266
2
3.61
Emerging Markets
3,799,354
9
6.55
Chile
173,487
1
0.3
China
563,042
1
0.97
Mexico
1,170,869
2
2.02
South Korea
1,891,956
5
3.26
U.S. and Canada
19,318,315
15
33.29
United States
19,318,315
15
33.29
Total
58,023,349
100.00%

Size is often the Achilles heel of an investment management business. Our size allows us the ability to attract necessary resources, while generally affording us the flexibility to meaningfully purchase smaller and medium-sized companies for our clients.

TWEEDY, BROWNE
Market Capitalization Sample portfolio* as of 03/31/2025
% Equity
>$50 billion
50.38
$25 - $50 billion
5.49
$10 - $25 billion
11.01
$2 - $10 billion
25.99
<$2 billion
7.13
Sector Allocations Sample portfolio* as of 03/31/2025
% Equity
Communication Services
5.05
Consumer Discretionary
6.36
Consumer Staples
9.20
Energy
3.54
Financials
20.40
Health Care
16.27
Industrials
23.27
Information Technology
5.00
Materials
8.23
Real Estate
0.38
Utilities
2.30

*This sample portfolio is a fully invested portfolio that has been managed by the firm for over one year with typical portfolio allocations and without significant investment restrictions or cash flows. This sample portfolio is provided for illustrative purposes only. It should not be assumed that the experience of this sample portfolio is representative of the experience of other portfolios in the strategy. Positions held in the portfolio, country, sector and market-capitalization allocations, and other metrics shown are not necessarily representative of other portfolios and are subject to change without notice. It should not be assumed that all recommendations made in the future will be profitable.