Global Equity

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

TWEEDY, BROWNE
Top 25 Equity Holdings Sample portfolio* as of 12/31/2023
Berkshire Hathaway B
5.82
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.

TotalEnergies SE
4.45
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
4.04
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
3.43
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.

BAE Systems PLC
3.4
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.

Teleperformance SE
3.18
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.

Alphabet Inc – A
3.17
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.

SCOR SE
2.62
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.

Johnson & Johnson
2.45
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.

Novartis
2.37
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.

Heineken Holding
2.23
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.

Deutsche Post AG
2.23
Germany

Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services. Deutsche Post also provides a variety of financial services including standard banking services, retail and commercial lending, and brokerage services.

Ionis Pharmaceuticals Inc
2.2
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.

CNH Industrial NV
2.19
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.

Diageo PLC
2.18
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
2.18
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.

Wells Fargo & Company
2.17
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.

FMC Corp
2.09
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.

U-Haul Holding Company
1.99
USA

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.

Rubis SCA
1.89
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.

Trelleborg AB
1.89
Sweden

Trelleborg AB manufactures and distribues industrial products. The Company produces noise supression and anti-vibration systems for the automobile industry and completes wheel systems for forest and farm machines and other equipment. Trelleborg also develops and makes industrial fluid systems and polymer and bitumen based building products. The Company markets worldwide.

United Overseas Bank
1.82
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.

AutoZone Inc
1.65
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.

DBS Group Holdings
1.64
Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage . DBS Group also acts as the primary dealer in Singapore government securities.

Sealed Air Corp
1.59
USA

Sealed Air Corporation manufactures packaging and performance-based materials and equipment systems that serve food, industrial, medical, and consumer applications.

Total
64.87%
Country Allocations
Sample portfolio* as of 12/31/2023
Market Value
Number of Issues
% EQUITY
Country
Equities
62,153,096
71
100
Developed Europe
31,083,284
31
50.01
Belgium
558,353
2
0.9
Finland
468,592
1
0.75
France
10,896,621
7
17.53
Germany
3,744,040
4
6.02
Great Britain
5,143,543
7
8.28
Netherlands
1,969,960
2
3.17
Sweden
2,539,291
3
4.09
Switzerland
5,762,884
5
9.27
Developed Asia & Pacific
4,965,184
12
7.99
Hong Kong
567,554
2
0.91
Japan
2,247,329
8
3.62
Singapore
2,150,301
2
3.46
Emerging Markets
4,008,191
8
6.45
Chile
120,946
1
0.19
China
1,378,255
2
2.22
Mexico
1,229,494
2
1.98
South Korea
1,279,496
3
2.06
U.S. and Canada
22,096,437
20
35.55
United States
22,096,437
20
35.55
Total
62,153,096
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 12/31/2023
% Equity
>$50 billion
43.14
$25 - $50 billion
10.14
$10 - $25 billion
12.05
$2 - $10 billion
31.22
<$2 billion
3.44
Sector Allocations Sample portfolio* as of 12/31/2023
% Equity
Communication Services
8.61
Consumer Discretionary
4.28
Consumer Staples
9.24
Energy
4.45
Financials
18.01
Health Care
12.56
Industrials
29.41
Information Technology
3.99
Materials
7.22
Real Estate
0.33
Utilities
1.89

*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.