US Equity / ADR

The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.

BENJAMIN GRAHAM, The Intelligent Investor
Top 25 Equity Holdings Sample portfolio* as of 12/31/2023
Berkshire Hathaway B
9
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.

Cisco Systems
5.15
United States

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

Johnson & Johnson
5.04
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.

TotalEnergies SE
4.8
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.

American Express
4.65
United States

American Express Company is a global payment and travel company. The Company’s principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world.

Wells Fargo & Company
4.55
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.

Bank of New York Mellon
4.12
United States

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company provides financial services for institutions, corporations and high-net-worth individuals, providing asset management and wealth management, asset servicing, issuer services, clearing services and treasury services.

Munich Re ADR
4.08
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.

Vertex Pharmaceuticals Inc
3.79
United States

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves the healthcare sector worldwide.

Novartis ADR
3.53
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.

Truist Financial Corporation
3.28
United States

Truist Financial Corporation provides financial services. The Company offers a wide range of services including retail, small business and commercial banking, asset management, capital markets, commercial real estate, corporate and institutional banking, insurance, mortgage, payments, and specialized lending and wealth management solutions.

National Western Life Ins
3
United States

National Western Life Insurance Company is a life insurance company. The Company sells life insurance and annuity products in the United States. National Western also accepts applications from and issues policies to residents of several Central and South American countries.

US Bancorp
2.83
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.

Diageo plc ADR
2.74
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.

CNH Industrial NV
2.7
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.

FMC Corp
2.5
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.

GSK PLC
2.48
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.

FedEx Corp
2.46
United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

U-Haul Holding Company
2.35
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.

Heineken ADR
2.11
Netherlands

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

Progressive Corp/The
1.98
United States

The Progressive Corporation is an insurance holding company. The Company, through its subsidiaries, provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services throughout the United States.

Sealed Air Corp
1.85
USA

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

Autoliv Inc
1.69
United States

Autoliv, Inc. develops and manufactures automotive safety systems for automotive manufacturers. The Company’s products include seat belts, airbags, anti-whiplash seats, child restraints, and leg protection equipment. Autoliv tests cars and products at crash test tracks in several countries.

Concentrix Corp
1.69
United States

Concentrix Corporation provides technology infused solutions. The Company offers digital customer experience (CX) solutions. Concentrix serves customers in the United States.

Coca Cola FEMSA
1.68
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.

Total
84.05%
Country Allocations
Sample portfolio* as of 12/31/2023
Market Value
Number of Issues
% EQUITY
Country
Equities
2,417,828
41
100
Developed Europe
569,207
11
23.54
France
116,163
1
4.8
Germany
98,631
1
4.08
Great Britain
162,613
4
6.73
Netherlands
50,980
1
2.11
Sweden
31,976
1
1.32
Switzerland
108,844
3
4.5
Developed Asia & Pacific
0
0
0
Emerging Markets
79,268
3
3.28
China
38,573
2
1.6
Mexico
40,695
1
1.68
U.S. and Canada
1,769,353
27
73.18
United States
1,769,353
27
73.18
Total
2,417,828
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 12/31/2023
% Equity
>$50 billion
67.46
$25 - $50 billion
11.00
$10 - $25 billion
8.72
$2 - $10 billion
9.83
<$2 billion
3.00
Sector Allocations Sample portfolio* as of 12/31/2023
% Equity
Communication Services
2.29
Consumer Discretionary
4.63
Consumer Staples
8.30
Energy
6.34
Financials
39.16
Health Care
16.42
Industrials
11.66
Information Technology
6.84
Materials
4.35
Real Estate
0.00
Utilities
0.00

*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.