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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 12/31/2025
Roche Holding
3.85
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.

Kemira OYJ
3.63
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.

TotalEnergies SE
3.36
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.

Rubis SCA
3.26
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
3.23
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.

Novartis
3.09
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
3.04
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.

CNH Industrial NV
2.95
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.

Johnson & Johnson
2.78
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
2.60
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.

Zurich Insurance Group
2.40
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.

United Overseas Bank
2.30
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.

GSK PLC
2.28
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.

Subaru Corp
2.28
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
2.20
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
2.20
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.

Safran SA
2.18
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.

Megacable Holdings SAB
2.13
Mexico

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

Computacenter plc
2.04
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.

US Bancorp
1.99
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.

Nestlé
1.99
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.

DBS Group Holdings
1.98
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.

Inchcape PLC
1.96
Great Britain

Inchcape PLC is a global automotive distributor and retailer. The Company acts as a vehicle and parts distributor in multiple markets. In these markets, Inchcape has exclusive responsibility for managing the value chain on behalf of a focused portfolio of premium and luxury brand partners. Over two thirds of the Group profit is derived from Asia Pacific and emerging markets.

Aalberts NV
1.95
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.

Munich Re
1.93
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.

Total
63.6%
Country Allocations
Sample portfolio* as of 12/31/2025
Market Value
Number of Issues
% EQUITY
Country
Equities
6,570,650
54
100
Developed Europe
3,856,956
30
58.7
Belgium
94,727
1
1.44
Finland
238,351
1
3.63
France
904,041
7
13.76
Germany
338,892
2
5.16
Great Britain
1,161,313
12
17.67
Netherlands
272,770
2
4.15
Sweden
102,661
1
1.56
Switzerland
744,201
4
11.33
Developed Asia & Pacific
1,206,372
12
18.36
Hong Kong
95,205
1
1.45
Japan
685,504
8
10.43
Singapore
425,663
3
6.48
Emerging Markets
383,284
4
5.83
China
93,040
1
1.42
Mexico
214,897
2
3.27
South Korea
75,347
1
1.15
U.S. and Canada
1,124,038
8
17.11
United States
1,124,038
8
17.11
Total
6,570,650
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 12/31/2025
% Equity
>50 Billion
42.73
25 - 50 Billion
3.53
10 - 25 Billion
12.01
2 - 10 Billion
32.92
<2 Billion
8.81
Sector Allocations Sample portfolio as of 12/31/2025
% Equity
Communication Services
2.13
Consumer Discretionary
10.89
Consumer Staples
8.92
Energy
3.36
Financials
20.75
Health Care
11.99
Industrials
25.56
Information Technology
4.14
Materials
9.00
Real Estate
0.00
Utilities
3.26

*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.