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Global High Dividend Yield Equity: Allocation of Investments - Managed Accounts

Global High Dividend Yield Equity

The intelligent investor is a realist who sells to optimists and buys from pessimists.

BENJAMIN GRAHAM, The Intelligent Investor
Top 25 Equity Holdings Sample portfolio* as of 09/30/2025
Kemira OYJ
3.71
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.

Rubis SCA
3.39
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.

TotalEnergies SE
3.28
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.

Roche Holding
3.18
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.

Novartis
2.95
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.

Wells Fargo & Company
2.87
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.

DHL Group
2.75
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.

Johnson & Johnson
2.61
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.

Bank of America
2.56
United States

Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

Megacable Holdings SAB
2.5
Mexico

Megacable Holdings SAB de CV provides cable television, Internet access, and telephone services.

United Overseas Bank
2.37
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.

Zurich Insurance Group
2.37
Switzerland

Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Safran SA
2.31
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.

Subaru Corp
2.26
Japan

Subaru Corporation manufactures and distributes automobile products. The Company produces passenger cars, motor vehicle parts, other related products and vehicle maintenance services, as well as offers development and production of a wide variety of aircraft and parts such as such as wings, combat helicopters, and system integration technology. Subaru serves customers worldwide.

 

 

Heineken Holding
2.16
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.

Jardine Matheson Holdings Ltd
2.13
Singapore

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group’s activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

GSK PLC
2.07
Great Britain

GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Aalberts NV
2.04
Netherlands

Aalberts N.V. designs, develops, and manufactures hydronic flow control and treatment systems. The Company provides integrated piping systems to distribute and regulate water and gas flows in heating, cooling, and sprinkler systems in residential, commercial, and industrial buildings. Aalberts serves industrial, automotive, aerospace, transportation, and semiconductor sectors worldwide.

Computacenter plc
1.96
Great Britain

Computacenter plc provides distributed information technology and related services to corporate and public sector organizations. The Group’s services are divided into three sectors: logistical operations, consolidation and integration, and operational management. Computacenter has operations in the UK, France, Luxembourg, and Belgium.

Munich Re
1.96
Germany

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Nestlé
1.93
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
1.92
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.

Grafton Group plc
1.92
UK

Grafton Group PLC manufactures and retails building supplies. The Company operates the Plumbase, Buildbase, Jackson, MacNaughton Blair, Chadwicks and Woodies retail chains, and produces dry mortar. Grafton operates in the United Kingdom and Ireland.

US Bancorp
1.9
United States

U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

DBS Group Holdings
1.88
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.

Total
60.98%
Country Allocations
Sample portfolio* as of 09/30/2025
Market Value
Number of Issues
% EQUITY
Country
Equities
6,259,981
55
100
Developed Europe
3,542,604
29
56.59
Belgium
86,423
1
1.38
Finland
232,373
1
3.71
France
864,581
7
13.81
Germany
294,891
2
4.71
Great Britain
1,001,504
10
16
Netherlands
263,225
2
4.2
Sweden
146,990
2
2.35
Switzerland
652,617
4
10.43
Developed Asia & Pacific
1,198,455
12
19.14
Hong Kong
92,149
1
1.47
Japan
706,799
8
11.29
Singapore
399,507
3
6.38
Emerging Markets
498,575
5
7.96
China
94,108
1
1.5
Mexico
222,419
2
3.55
South Korea
182,048
2
2.91
U.S. and Canada
1,020,347
9
16.3
United States
1,020,347
9
16.3
Total
6,259,981
100.00%

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

TWEEDY, BROWNE
Market Capitalization Sample portfolio as of 09/30/2025
% Equity
>50 Billion
41.22
25 - 50 Billion
3.75
10 - 25 Billion
8.59
2 - 10 Billion
37.7
<2 Billion
8.74
Sector Allocations Sample portfolio as of 09/30/2025
% Equity
Communication Services
2.5
Consumer Discretionary
9.54
Consumer Staples
8.08
Energy
3.28
Financials
22.33
Health Care
10.81
Industrials
24.04
Information Technology
4.22
Materials
11.8
Utilities
3.39

*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.