| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.71% | 3.6% | 3.6% |
Tweedy, Browne's funds outperformed benchmarks in Q1 2026 despite global equity market declines driven by geopolitical tensions and oil price spikes. The International Value Fund returned 3.44% versus the MSCI EAFE's -1.24% decline. Energy holdings, particularly TotalEnergies, and semiconductor positions like Samsung Electronics were key contributors, while consumer discretionary holdings faced headwinds. The manager actively trimmed positions approaching intrinsic value, including TotalEnergies, Samsung, BAE Systems, Roche, and Novartis, while establishing new positions in Auto Trader Group, Bunzl, and Springer Nature at attractive valuations. The Worldwide High Dividend Yield Value Fund is being renamed to emphasize buyback activity alongside dividends, based on proprietary research showing return advantages for discounted stocks with active share repurchases. Looking forward, the manager believes value-oriented market leadership conditions remain intact despite recent US technology rallies, and expects continued volatility given elevated valuations, inflation concerns, fiscal strains, and AI profitability questions.
Tweedy, Browne focuses on investing in companies trading at significant discounts to intrinsic value, with particular emphasis on non-US equities that continue to trade at discounts to US counterparts, while actively managing portfolio positions by trimming holdings that approach fair value and reallocating to more attractive opportunities.
The manager believes conditions that underpinned the earlier change in market sentiment toward value equities remain largely in place despite recent US technology rallies. They suspect the recent surge in market volatility may not yet have run its course given various crosscurrents, but are reassured by their funds' attractive valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jun 1 2026 | 2026 Q1 | 005930 KS, 7267.T, AUTO.L, BA.L, BNZL.L, CNHI, DGE.L, NOVN SW, ROG SW, TTE | Buybacks, dividends, energy, Geopolitical, international, Portfolio Management, value | - | Tweedy, Browne's value-focused funds outperformed in Q1 2026 as energy and technology holdings drove returns while consumer discretionary lagged. Active portfolio management involved trimming positions near fair value and establishing new discounted opportunities. The manager remains optimistic about value equity leadership despite recent volatility, citing attractive non-US valuations and persistent macro headwinds for growth stocks. |
| Jun 1 2026 | 2026 Q1 | 005930 KS, AUTO.L, BA.L, BNZL.L, CNHI, DHL.DE, NESN SW, NOVN SW, ROG SW, RUI.PA, TTE, U11.SI | defense, energy, international, Pharmaceuticals, semiconductors, value | - | International Value Fund II gained 2.01% in Q1 2026, outperforming benchmarks through strong energy, semiconductor, and pharmaceutical holdings. TotalEnergies, Samsung Electronics, and Roche were key contributors amid geopolitical tensions. The fund trimmed appreciated positions and added new value opportunities while maintaining focus on attractively valued businesses trading at discounts to intrinsic value. |
| Feb 11 2026 | 2025 Q4 | 005930.KS, 6869.T, 7958.T, BA.L, CNHI, CVSG.L, DHL.DE, GOOGL, HEIA.AS, IONS, JSG.L, NESN.SW, NOVN.SW, PRU.L, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, U11.SI | Asia, defense, Europe, Hedging, international, Pharmaceuticals, value | - | Tweedy Browne delivered strong absolute returns in 2025 led by pharmaceuticals and select technology holdings, while trimming overvalued defense positions. The firm warns of excessive market valuations driven by AI enthusiasm but remains positioned in undervalued international equities where significant valuation gaps persist versus US markets, emphasizing financially sound enterprises trading below intrinsic value. |
| Oct 31 2025 | 2025 Q3 | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW | Currency, dividends, ETFs, Europe, Hedging, international, Japan, value | AZE | Tweedy Browne delivered positive absolute returns but lagged growth-favoring markets in Q3. Japanese exporters and select European holdings drove performance while industrial and consumer names faced headwinds. The firm maintains conviction in their value-driven, internationally-focused approach, believing funds are positioned to benefit from any rotation toward non-US equities or provide downside protection in challenging markets. |
| Aug 2 2025 | 2025 Q2 | 003550.KS, 086790.KS, BAES.L, CNH, D05.SI, DGE.L, DHL.DE, IONS, KOF, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TP.PA, TREL-B.ST, TTE.PA, U11.SI, WFC | Banking, Currency, defense, Europe, international, Pharmaceuticals, small caps, value |
AZEG.BR 7716.T 7202.T |
Tweedy Browne delivered strong Q2 returns led by defense contractors and banks, with non-US equities significantly outperforming US markets. The fund continues finding compelling value in underappreciated small and mid-cap international companies, particularly in Europe where defense spending and accommodating monetary policy provide tailwinds despite elevated overall market valuations. |
| May 2 2025 | 2025 Q1 | 086280.KS, 2531.T, 4091.T, 7988.T, AKE.PA, BA.L, CCC.L, CNHI, DGE.L, DHL.DE, HEIA.AS, IONS, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TTE, U11.SI | Currency, defense, Europe, international, tariffs, value | - | Tweedy Browne's International Value Fund II gained 8.48% in Q1 2025, outperforming benchmarks through disciplined value investing in non-U.S. markets. Defense and industrial holdings drove performance while Trump's tariff announcements created market volatility. The firm sees potential market inflection point but remains well positioned in international equities trading at attractive valuations. |
| Jan 21 2025 | 2024 Q4 | 3405.T, ATE.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, INCH.L, IONS, JNJ, KEMIRA.HE, NESN.SW, NVS, RHM.DE, ROG.SW, SAF.PA, TTE, UOB.SI, WPK.TO | financials, industrials, international, Japan, valuation, value | - | Tweedy Browne's value-focused international fund underperformed in Q4's tech-driven rally, declining 9.87%. Strong performance from Singapore banks and German defense offset weakness in chemicals and pharmaceuticals. The fund added Japanese industrials while maintaining disciplined valuation approach. Managers see elevated US tech valuations reminiscent of 2000 bubble, positioning for potential market inflection point. |
| Sep 30 2024 | 2024 Q3 | 003550.KS, AZO, BRK-B, CNHI, D05.SI, DGE.L, DPW.DE, FMC, GOOGL, INCH.L, IONS, JNJ, KEF1V.HE, NESN.SW, NOVN.SW, ROG.SW, SAF.PA, TEP.PA, U11.SI, WPK.TO | Currency, dividends, Europe, Hedging, international, Japan, value | - | Tweedy Browne International Value Fund II gained 4.78% in Q3 2024, benefiting from value rotation and emerging market strength. The fund added new positions in undervalued companies while maintaining focus on European equities. Despite solid performance, managers express caution about record-high market valuations and unprecedented debt levels, emphasizing the need for margin of safety. |
| Aug 2 2024 | 2024 Q2 | 000858.SZ, 0700.HK, 2357.PS, 3405.T, 4182.T, 601009.SS, 6277.T, 6302.T, 6849.T, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, U11.SI, UBI.PA, VRTX, WFC | Asia, Diversified, Europe, international, small cap, value | - | Tweedy Browne's value-focused approach faced headwinds in Q2's risk-on environment, returning -0.28%. Strong performance from communication services and healthcare was offset by beverage holdings. The fund continues building exposure to attractively valued small and mid-cap companies, particularly in Europe and Japan, while maintaining a cautious outlook given elevated market valuations and macro risks. |
| Apr 15 2024 | 2024 Q1 | AZO, BAE.L, BRK-A, CNH, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, IONS, JNJ, NESN.SW, NOVN.SW, RHM.DE, ROG.SW, SAF.PA, SCR.PA, TREL-B.ST, TTE, U11.SI | Currency, defense, Diversified, industrials, international, value | - | Tweedy, Browne's International Value Fund II returned 3.65% in Q1 2024, driven by strong defense and industrial holdings but held back by healthcare disappointments and Teleperformance's AI-related decline. The firm maintains its disciplined value approach while expressing caution about elevated market valuations and geopolitical risks, finding comfort in portfolio diversification across quality smaller and mid-cap companies. |
| Feb 22 2024 | 2023 Q4 | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NVS, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, rates, value | - | Tweedy, Browne's International Value Fund II gained 7.86% in Q4 2023, led by industrial and aerospace holdings while communication services and healthcare lagged. The managers continue finding value opportunities in smaller industrial companies and Japan, believing persistent inflation and higher rates create a favorable environment for their price-sensitive value approach. |
| Jan 11 2023 | 2023 Q3 | BA.L, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMS.DE, GOOGL, INP.L, IONS, JNJ, MEGACPO.MX, NESN.SW, NVS, RMS.PA, ROG.SW, SAF.PA, TREL-B.ST, TTE, U11.SI | Currency, Diversified, international, value | - | International value fund declined 2.55% in Q3 but outperformed MSCI EAFE benchmark. Strong contributions from TotalEnergies and European industrials offset weakness in chemicals and logistics names. Diversified 94-stock portfolio maintains value discipline across developed and emerging markets with full currency exposure. |
| Jul 31 2023 | 2023 Q2 | AAPL, AMZN, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL.ST, TSLA, VRTX | Currency, industrials, insurance, international, Pharmaceuticals, value | - | Tweedy Browne's International Value Fund II gained 0.73% in Q2, led by insurance and pharmaceutical holdings while industrial and beverage companies declined. The managers added new positions at attractive valuations and remain optimistic that persistent inflation and higher rates will create opportunities for disciplined value investors focused on financially strong companies with competitive advantages. |
| Apr 30 2023 | 2023 Q1 | 0179.HK, 3405.T, 4182.T, 4368.T, 6250.T, 6302.T, 7988.T, ALV.ST, BABA, BAC, BIDU, BRE.DE, CCC.L, CSCO, D05.SI, FDX, FRE.DE, GOOGL, HUSQ-B.ST, IONS, JNJ, KBC.BR, MEGACPO.MX, ROG.SW, SKF, TFC, TREL.ST, TTE, TXGN.SW, U11.SI, USB, VRTX, WFC | Banking, diversification, energy, international, Non-US, value | - | Tweedy, Browne International Value Fund II gained 6.44% in Q1 2023, led by Swedish industrials and Chinese reopening beneficiaries. Banking crisis headwinds affected financial holdings while new positions were added in specialty chemicals and technology at attractive valuations. Managers believe a capital markets reset favors their value-oriented, non-US focused approach over passive growth strategies. |
| Jan 2 2023 | 2022 Q4 | - | - | - | |
| Nov 14 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyOil and gas holdings, particularly TotalEnergies, provided meaningful tailwinds during the quarter amid geopolitical tensions and oil supply disruptions. The fund benefited from strength in energy positions as oil prices spiked in March due to Iranian conflict. |
Oil Gas TotalEnergies Energy Geopolitical |
ValueThe fund continues to focus on attractively valued businesses trading at significant discounts to intrinsic value. Portfolio activity involved trimming positions where valuation gaps had narrowed and reallocating to more compelling opportunities. |
Value Intrinsic Value Discount Undervalued | |
SemiconductorsSemiconductor-related holdings such as Samsung Electronics contributed positively to returns during the quarter. The fund maintains exposure to technology hardware companies that demonstrated strong performance. |
Semiconductors Samsung Technology Hardware | |
PharmaceuticalsLarge pharmaceutical holdings including Roche and Novartis were among significant contributors to returns. The fund maintains meaningful exposure to established pharmaceutical companies with strong competitive positions. |
Pharmaceuticals Roche Novartis Healthcare | |
DefenseDefense holdings such as BAE Systems were notable contributors, reflecting durable competitive positions and increasing demand in the defense sector amid heightened geopolitical tensions. |
Defense BAE Systems Aerospace Military | |
| 2025 Q4 |
PharmaceuticalsHealth care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. |
Pharmaceuticals Biotechnology Healthcare |
ValueThe fund continues to focus on financially sound enterprises purchased at attractive valuations. Despite high market valuations, the gap between US and non-US equities remains significant and should serve the fund well given its non-US-centric posture. |
Value Valuation International | |
Defense SpendingDefense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses benefit from secular growth in defense spending, share prices have moved ahead of fundamentals and positions have been trimmed. |
Defense Military Aerospace | |
AIMarket enthusiasm is attributed partly to excitement around artificial intelligence and its ability to dramatically impact productivity. However, the managers note that even the most profound technological revolutions aren't one-way streets to prosperity. |
AI Technology Productivity | |
| 2025 Q3 |
ValueThe firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance. |
Valuation Intrinsic Value Discount Price Multiple |
DividendsThe Worldwide High Dividend Yield Value Fund focuses on companies with competitive advantages that support resilient cash generation and attractive shareholder yields through above average dividends and share buybacks. The fund maintains a 4.17% average-weighted dividend yield on fund stocks alone. |
Dividend Yield Cash Generation Shareholder Yield Income | |
EuropeEuropean equities have performed well in US dollars, with the firm maintaining an overweight to European equities as valuations were typically more compelling. They believe prospects for robust defense and infrastructure spending in Europe may be contributing to the resurgence. |
European Equities Defense Spending Infrastructure Valuation Gap | |
JapanJapan was among the stronger markets for the portfolios with companies like Subaru, Koito Manufacturing, Fuso Chemical, Nifco, and Takara Holdings contributing positively. The environment in Japan has been improving and corporate behavior continues to move in a more shareholder-friendly direction. |
Japanese Equities Shareholder Friendly Corporate Behavior Exporters | |
| 2025 Q2 |
Defense SpendingPerformance was driven by aerospace and defense companies including BAE Systems, Rheinmetall, and Safran, benefiting from ongoing geopolitical tensions and robust demand for defense spending. These companies continue to see increased order flow and strong fundamentals amid global security concerns. |
Defense Aerospace Geopolitical Security Military |
ValueThe fund continues to find companies that are underappreciated by the broader market but offer compelling value and sound fundamentals, particularly in small and mid-cap businesses trading at attractive valuations. Portfolio activity is guided by price and value with the goal of improving overall quality and return potential. |
Undervalued Discounts Intrinsic Value Fundamentals Quality | |
Small CapsThe best returns during the quarter came from investments in small and mid-cap businesses with market capitalizations between $2 billion and $10 billion, where the fund continues to find underappreciated companies with compelling value and sound fundamentals. |
Small Cap Mid Cap SMID Underappreciated Opportunity | |
| 2025 Q1 |
ValueTweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments. |
Intrinsic Value Discounts Conservative |
DefenseDefense sector showed continued strength with BAE Systems and Rheinmetall advancing sharply on robust demand. The aerospace and defense industry was among the leading performers during the quarter. |
BAE Systems Rheinmetall Robust Demand | |
Trade PolicyPresident Trump's announcement of sweeping new tariff measures reignited concerns about global trade frictions and economic growth. The market reaction reflects uncertainty around tariff imposition and their potential impact on prices and economic growth. |
Tariffs Trade Frictions Economic Growth | |
| 2024 Q4 |
ValueThe fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. The manager notes their rigorous valuation requirements have kept them out of dominant technology companies that have driven market returns. |
Intrinsic Value Valuation Discount Value Investing Undervalued |
JapanThe fund added two new Japanese industrial companies and remains optimistic about Japan given positive governance and valuation initiatives. Japanese corporations face pressure from exchanges and government to improve corporate valuations and returns. |
Japanese Equities Corporate Governance Valuation Reform Industrial Companies Small Cap | |
| 2024 Q3 |
ValueThe fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary. |
Intrinsic Value Undervalued Discounts Conservative Estimates Value Investing |
DividendsThe Worldwide High Dividend Yield Value Fund is specifically mentioned as producing the best absolute returns. The fund focuses on higher dividend income and quality characteristics. Average-weighted dividend yield on fund stocks is 3.80% versus 1.76% for the MSCI World Index. |
Dividend Yield Dividend Income High Dividend Yield Income | |
| 2024 Q2 |
ValueThe fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger counterparts. |
Valuation Intrinsic Value Small Cap Mid Cap Price Sensitive |
DividendsThe fund maintains exposure to dividend-paying companies across various sectors. Holdings include companies with strong dividend profiles, particularly in the financial and industrial segments. |
Dividend Yield Income Distribution Payout Yield | |
| 2024 Q1 |
DefenseAerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These companies benefited from increased defense spending and strong performance in the defense sector. |
Defense Spending Aerospace Defense Electronics |
IndustrialsThe Funds had considerable exposure to industrial and materials stocks during the quarter. Machinery holdings performed well, with contributions from Sumitomo Heavy Industries, Trelleborg, and Aalberts. |
Industrial Machinery Automation Industrial Services | |
ValueThe firm continues its bottom-up, stock-by-stock value investing process, focusing on companies purchased at significant discounts from estimates of their underlying intrinsic values with strong balance sheets and attractive growth runways. |
Value Quality Growth | |
| 2023 Q4 |
ValueThe fund continues to focus on companies purchased at significant discounts to intrinsic value estimates. The managers believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about price-sensitive strategies like theirs. |
Intrinsic Value Discount Price Sensitive Undervalued Attractive Value |
IndustrialsThe fund has been uncovering new opportunities particularly in smaller and medium capitalization industrial companies. Industrial segments including aerospace & defense, machinery, and chemicals were among the leading contributors to returns during the quarter. |
Industrial Companies Aerospace Defense Machinery Chemicals | |
JapanThe Japanese component of the fund portfolios has been increasing over the last couple of years as real change seems to be afoot in Japan. The managers see this as part of their broader opportunity set expansion. |
Japanese Companies Japan Exposure Real Change Portfolio Component | |
| 2023 Q2 |
ValueThe fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. New positions were established in companies that were financially strong and had attractive runways for potential future growth, all purchased at prices representing significant discounts from intrinsic value estimates. |
Intrinsic Value Discount Undervalued Price Sensitivity Financial Strength |
PharmaceuticalsPharmaceutical holdings were among the leading contributors to fund performance during the quarter. Companies like Ionis Pharma and Vertex continue to impress investors with their innovative biotech drug pipelines, while Johnson and Johnson, Novartis and Roche had strong returns. |
Drug Pipelines Biotech Innovation Healthcare Pharmaceuticals | |
InsuranceInsurance companies were top performers during the quarter. SCOR, the French reinsurer, benefited from new management hiring and a hardening of prices in the reinsurance market. The sector was among the leading industries contributing to fund returns. |
Reinsurance Premium Pricing Management Changes Hardening Market Financial Services | |
| 2023 Q1 |
ValueThe fund emphasizes trading at significant discounts to intrinsic value estimates. Portfolio holdings generally trade at reasonably attractive weighted average valuation multiples. Owner earnings yields for new buys typically around 7-8% or higher. |
Intrinsic Value Valuation Discounts Earnings Yield Price Matters |
DividendsThe fund maintains focus on dividend-paying companies with sustainable yields. Portfolio includes companies with attractive dividend characteristics and quality screens for sustainable dividend payments. |
Dividend Yield Sustainable Income Quality |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | Fund Letters | Jay Hill | AZE | Azelis Group N.V. | Health Care | Specialty Chemicals Distribution | Bull | Shanghai Stock Exchange | balance sheet, Distribution, growth, M&A, resilience, Scalability, specialty chemicals | Login |
| Jul 1, 2025 | Fund Letters | Tweedy, Browne International Value II | 7716.T | Nakanishi Inc. | Health Care | Health Care Equipment | Bull | Tokyo Stock Exchange | Dental Equipment, Global, healthcare, Japan, Medical devices, niche market, Value | Login |
| Jul 1, 2025 | Fund Letters | Tweedy, Browne International Value II | AZEG.BR | Azelis Group | Materials | Specialty Chemicals | Bull | Euronext Brussels | asset-light, Belgium, compounder, Distributor, materials, specialty chemicals, Value | Login |
| Jul 1, 2025 | Fund Letters | Tweedy, Browne International Value II | 7202.T | Isuzu Motors | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | automotive, commercial vehicles, dividend, Japan, Southeast Asia, trucks, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| TTE | TotalEnergies provided a meaningful tailwind during the quarter amid strength in oil and gas holdings. The manager trimmed the position as it approached estimates of underlying intrinsic value while continuing to view it as a desirable portfolio holding. |
| 005930.KS | Samsung Electronics contributed positively during the quarter, with semiconductor-related holdings providing selective but important contributions within Information Technology. The position was trimmed as valuations evolved. |
| CNHI | CNH Industrial was a notable contributor reflecting durable competitive positions and increasing demand in agricultural equipment. The company represents machinery and aerospace sectors that added to returns in aggregate. |
| BA.L | BAE Systems was a notable contributor reflecting durable competitive positions and increasing demand in defense. The position was trimmed during the quarter as it approached intrinsic value estimates. |
| ROG.SW | Roche was among the more significant contributors during the quarter, with gains in large pharmaceutical holdings. The position was trimmed as it approached estimates of underlying intrinsic value. |
| NOVN.SW | Novartis was among the more significant contributors during the quarter, with strong performance from pharma holdings. The position was trimmed as it approached estimates of underlying intrinsic value. |
| DGE.L | Diageo position was reduced in light of valuation considerations and the near-term challenges it faces from changes in drinking patterns and GLP-1 weight loss drugs. |
| 7267.T | Subaru was among the declining stocks and detractors, with automotive-related companies facing weakness as economic momentum appeared uneven. |
| AUTO.L | Auto Trader Group was established as a new position during the quarter, believed to be trading at a significant discount to intrinsic value, financially strong, and having runways of future growth. |
| BNZL.L | Bunzl was established as a new position during the quarter, believed to be trading at a significant discount to intrinsic value, financially strong, and having runways of future growth. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
