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 03/31/2024
TotalEnergies SE
3.89
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
3.38
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.

Kemira OYJ
3.3
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.

BAE Systems PLC
2.81
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.

DHL Group
2.8
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.

Zurich Insurance Group
2.79
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.

SCOR SE
2.78
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.

FMC Corp
2.77
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.

DBS Group Holdings
2.64
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.

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.

Novartis
2.39
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.

Teleperformance SE
2.36
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.

Nestlé
2.35
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
2.35
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.

Diageo PLC
2.34
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.

Megacable Holdings SAB
2.28
Mexico

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

GSK PLC
2.22
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.

Roche Holding
2.12
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.

Howden Joinery Group plc
2.12
UK

Howden Joinery Group Plc designs, manufactures, and sells fitted kitchens. The Company sells its products to small local builders throughout the United Kingdom via its own network of depots.

Wells Fargo & Company
2.08
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.

Grafton Group plc
2.08
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.

Bank of America
1.98
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.

Inchcape PLC
1.92
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.

US Bancorp
1.84
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.

ADEKA Corporation
1.71
Japan

Adeka Corporation manufactures basic chemicals and foodstuffs. The Company’s products include
resin products, insulators, and processed fat/oil products.

Total
61.82%
Country Allocations
Sample portfolio* as of 03/31/2024
Market Value
Number of Issues
% EQUITY
Country
Equities
5,949,698
58
100
Developed Europe
3,343,636
27
56.2
Belgium
54,356
1
0.91
Finland
196,122
1
3.3
France
886,903
6
14.91
Germany
337,892
3
5.68
Great Britain
964,317
8
16.21
Netherlands
94,388
1
1.59
Sweden
235,130
3
3.95
Switzerland
574,528
4
9.66
Developed Asia & Pacific
1,186,723
16
19.95
Hong Kong
165,258
3
2.78
Japan
714,261
11
12
Singapore
307,204
2
5.16
Emerging Markets
472,600
6
7.94
China
63,394
1
1.07
Mexico
212,194
2
3.57
South Korea
197,012
3
3.31
U.S. and Canada
946,739
9
15.91
United States
946,739
9
15.91
Total
5,949,698
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 03/31/2024
% Equity
>$50 billion
40.63
$25 - $50 billion
3.43
$10 - $25 billion
5.30
$2 - $10 billion
43.07
<$2 billion
7.56
Sector Allocations Sample portfolio as of 03/31/2024
% Equity
Communication Services
3.22
Consumer Discretionary
4.73
Consumer Staples
7.04
Energy
3.89
Financials
23.37
Health Care
10.38
Industrials
30.83
Information Technology
2.63
Materials
10.14
Real Estate
0.39
Utilities
3.38

*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.