International Equity

The analyst's conclusions must always rest upon the figures and upon established tests and standards.

BENJAMIN GRAHAM, The Intelligent Investor
Top 25 Equity Holdings Sample portfolio* as of 03/31/2024
Zurich Insurance Group
4.86
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
4.75
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.

BAE Systems PLC
3.49
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.

Nestlé
3.41
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.

TotalEnergies SE
3.08
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.

Rheinmetall AG
2.91
Germany

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

DBS Group Holdings
2.84
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.

Heineken Holding
2.78
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.

SCOR SE
2.54
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.

Diageo PLC
2.51
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.

FMC Corp
2.45
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.

Johnson & Johnson
2.38
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.

CNH Industrial NV
2.29
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.

Rubis SCA
2.12
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.

Teleperformance SE
2.06
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.

Roche Holding
2.05
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.

Trelleborg AB
2
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.

DHL Group
1.84
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.

Coca Cola FEMSA
1.83
Mexico

Coca-Cola Femsa, S.A.B. de C.V. (Femsa) bottles beverages. The Company bottles and distributes branded beverages in parts of North, Central and South America. In some countries Femsa also markets water, beer, and other products.

Fresenius SE & Co KGaA
1.83
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.

Sol SpA
1.81
Italy

Sol S.p.A. produces industrial and medical gases. The Company produces and markets oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, ammonia, chlorofluoride carbides, aseptic air, nitrous oxide and gas mixtures. Sol also produces gas for electronics, and liquid and compressed helium. The Company manufactures inhalation home care supplies.

United Overseas Bank
1.72
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.

Inchcape PLC
1.7
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.

Novartis
1.62
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.

Unilever NV
1.61
Netherlands

Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Total
62.48%
Country Allocations
Sample portfolio* as of 03/31/2024
Market Value
Number of Issues
% EQUITY
Country
Equities
52,508,478
78
100
Developed Europe
35,581,548
41
67.76
Belgium
476,741
2
0.91
Finland
666,703
1
1.27
France
9,276,531
9
17.67
Germany
5,742,110
7
10.94
Great Britain
7,012,715
10
13.36
Italy
952,333
1
1.81
Netherlands
2,832,482
3
5.39
Sweden
2,188,124
3
4.17
Switzerland
6,433,809
5
12.25
Developed Asia & Pacific
6,510,671
19
12.4
Hong Kong
680,813
3
1.3
Japan
3,434,057
14
6.54
Singapore
2,395,801
2
4.56
Emerging Markets
3,863,037
10
7.36
China
1,044,924
4
1.99
Mexico
1,740,834
2
3.32
South Korea
1,077,279
4
2.05
U.S. and Canada
6,553,222
8
12.48
Canada
801,560
1
1.53
United States
5,751,662
7
10.95
Total
52,508,478
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
39.78
$25 - $50 billion
5.93
$10 - $25 billion
14.17
$2 - $10 billion
33.98
<$2 billion
6.13
Sector Allocations Sample portfolio* as of 03/31/2024
% Equity
Communication Services
3.71
Consumer Discretionary
4.12
Consumer Staples
12.84
Energy
3.08
Financials
15.87
Health Care
9.97
Industrials
35.06
Information Technology
3.88
Materials
9.18
Real Estate
0.16
Utilities
2.12

*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. 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.