| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.66% | 4.2% | 23.8% |
Tweedy Browne's International Value Fund delivered strong absolute returns in Q4 2025, gaining 4.19% for the quarter and 23.77% for the full year, though lagging the unhedged MSCI EAFE Index's 31.22% return. The fund benefited from pharmaceutical holdings like Roche, Novartis, and Ionis Pharmaceuticals, which generated steady earnings and cash flows through new drug approvals. Technology positions in Samsung Electronics and Alphabet also contributed positively. Defense holdings like BAE Systems and Rheinmetall, while strong performers earlier in the year, declined in Q4 as valuations stretched beyond fundamentals. The firm added opportunistically to undervalued positions including CNH Industrial and Sodexo while trimming holdings that approached intrinsic value. Despite continued market exuberance leading to excessive valuations, particularly in US equities, the managers remain positioned in financially sound international enterprises trading below intrinsic value. They believe their disciplined approach of owning well-capitalized, competitively advantaged companies at attractive valuations provides the best defense against inevitable market volatility.
Tweedy Browne maintains a disciplined value approach, investing in financially sound, competitively advantaged companies trading below intrinsic value, with particular focus on international markets where valuations remain more attractive than US equities.
The firm takes comfort in knowing that their Funds remain well positioned in what they believe to be financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. They believe fervently that a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty and resultant volatility.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 11 2026 | 2025 Q4 | 005930.KS, 6869.T, 7958.T, BA.L, BRK-B, CNHI, CVSG.L, DGE.L, GOOGL, IONS, JNJ, JSG.L, NESN.SW, NOVN.SW, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, WFC | defense, Europe, Hedging, international, Japan, Pharmaceuticals, value | - | Tweedy Browne delivered solid Q4 returns driven by pharmaceutical and technology holdings, though defense positions weakened on valuation concerns. The firm continues adding to undervalued international positions while trimming fairly valued holdings. Despite excessive market valuations creating systemic risks, they remain confident in their disciplined value approach focused on financially sound companies trading below intrinsic value. |
| Oct 31 2025 | 2025 Q3 | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC | Currency, dividends, Europe, Hedging, international, Japan, value | AZE | Tweedy Browne's value-focused international funds posted positive returns but lagged growth-heavy benchmarks in Q3. Non-US equities, especially European stocks, have outperformed US markets year-to-date, validating the firm's overweight positioning. Japanese exporters and select European holdings contributed while some industrials faced headwinds. The firm remains disciplined, trimming appreciated positions and adding attractively valued names. |
| Aug 2 2025 | 2025 Q2 | 003550.KS, 086790.KS, 7202.T, 7270.T, 7716.T, ATE.PA, AZEG.BR, BAES.L, CVSG.L, DGE.L, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE.PA, WFC | Currency, defense, dividends, Europe, international, small caps, value | - | Tweedy Browne delivered strong Q2 returns driven by defense contractors and banks, with best performance from small-mid cap international holdings. New positions in undervalued European and Japanese companies reflect continued focus on discounted non-US opportunities. Despite elevated market valuations and geopolitical risks, the manager sees meaningful value gaps in smaller international enterprises versus popular growth stocks. |
| May 2 2025 | 2025 Q1 | BA.L, CNHI, DGE.L, DHL.DE, GOOGL, HEIA.AS, IONS, KOF, NA.TO, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, ZURN.SW | defense, Europe, Hedging, international, tariffs, value | - | Tweedy Browne's International Value Fund outperformed in Q1 2025 with strong defense and industrial holdings driving returns. The firm maintains disciplined value approach amid elevated U.S. valuations and emerging trade policy uncertainties. Well-positioned in non-U.S. equities with continued opportunities in smaller European and Asian companies despite potential market inflection point from tariff policies. |
| Jan 21 2025 | 2024 Q4 | BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, TX.SW, UOB.SI, VRTX, WFC | financials, industrials, international, Japan, valuation, value | - | Tweedy Browne's value-focused International Value Fund declined 5.34% in Q4 as mega-cap tech drove markets higher. Strong performance from Asian banks and select industrials was offset by weakness in healthcare and consumer staples. Management maintains disciplined valuation approach, avoiding overvalued tech stocks while positioning for market inflection point amid elevated valuations. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, 220.HK, 7003.T, 7270.T, 7276.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C6L.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO | dividends, Europe, Hedging, international, undervalued, value | - | Tweedy Browne's value funds delivered solid Q3 returns but lagged benchmarks in the continued bull market. The firm maintains its disciplined value approach, adding new positions in undervalued companies while trimming holdings that reached intrinsic value estimates. With markets at record highs and debt at unprecedented levels, managers emphasize caution and the importance of margin of safety. |
| Aug 2 2024 | 2024 Q2 | 000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW | Europe, financials, industrials, international, small caps, value | - | Tweedy, Browne delivered modest positive returns while maintaining disciplined value approach focused on small and mid-cap opportunities. Fund increased weightings in European equities and Japan, with strong performance from communication services and chemicals offset by weakness in beverages. Management remains cautiously positioned with low cash levels despite apprehension about elevated market valuations and macro risks. |
| Apr 15 2024 | 2024 Q1 | 6302.T, AALB.AS, BA.L, BRK-A, ENVS, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, Diversified, global, industrials, international, value | - | Tweedy, Browne delivered solid Q1 returns led by defense and industrial holdings, though lagging benchmarks in a momentum market. Defense companies BAE Systems, Safran, and Rheinmetall drove gains while healthcare stocks disappointed. The team maintains disciplined value investing despite market exuberance, expressing caution about extreme valuations and geopolitical risks while finding selective opportunities. |
| Feb 22 2024 | 2023 Q4 | 0010.HK, 1169.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DGE.L, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, 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, small caps, value | - | Tweedy, Browne's value-focused International Value Fund returned 5.71% in Q4 2023, lagging benchmarks in the momentum-driven rally. Industrial holdings led performance while healthcare and energy disappointed. The managers added new positions in Japanese industrials and Korean insurance, maintaining focus on companies with competitive moats trading below intrinsic value. They remain optimistic about value strategies in the new higher-rate environment. |
| Jan 11 2023 | 2023 Q3 | BA.L, BRK-A, CNHI, D05.SI, DGE.L, DHLG.DE, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NOVN.SW, ROG.SW, SAF.PA, TREL-B.ST, TTE, U11.SI, ZURN.SW | Diversified, Hedged, international, Multinational, value | - | Tweedy, Browne's International Value Fund posted a -1.71% Q3 return, underperforming benchmarks. The diversified fund holds 99 positions across developed markets with significant exposure to France, UK, US, and Switzerland. Top contributors included TotalEnergies and Alphabet, while FMC and Teleperformance detracted. The fund maintains its disciplined value approach with currency hedging. |
| Jul 31 2023 | 2023 Q2 | 0700.HK, AAPL, AMZN, BABA, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | - | Tweedy Browne's value-focused International Fund gained 1.51% in Q2 2023, led by insurance and pharmaceutical holdings while industrials lagged. Despite market strength driven by mega-cap tech, the team maintains their disciplined approach, adding new positions at attractive valuations and positioning for a capital markets reset driven by persistent inflation and higher rates. |
| Apr 30 2023 | 2023 Q1 | 0179.HK, 3405.T, 4182.T, 4368.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, China, energy, Europe, international, small caps, value | - | Tweedy Browne delivered solid Q1 returns led by European and Chinese holdings despite banking sector headwinds. The managers see a capital markets reset favoring value over growth as inflation persists and rates normalize higher. Their differentiated portfolios with significant small-cap and non-US exposure position them well for this environment where price matters again. |
| Jan 2 2023 | 2022 Q4 | - | - | - | |
| Nov 14 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 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 |
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 currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals, and the fund has been modestly trimming positions. |
Defense Aerospace Military | |
ValueThe fund continues to focus on financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. Despite outperformance of non-US equities, the gap in valuation between US and non-US equities still remains quite significant. |
Value Valuation Intrinsic | |
AIMarket enthusiasm has led to high valuations across most asset categories, particularly publicly traded US equities, driven by excitement around artificial intelligence and its ability to dramatically impact productivity. However, the fund notes that even the most profound technological revolutions aren't one-way streets to prosperity. |
AI Technology Productivity | |
| 2025 Q3 |
ValueThe firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. |
Valuation Discount Intrinsic Price Gap |
EuropeEuropean equities have performed well in US dollars year-to-date, producing returns that exceeded those of the S&P 500. The funds have historically carried an overweight to European equities as valuations were typically more compelling. The firm believes prospects for robust defense and infrastructure spending in Europe may be contributing to the resurgence. |
European Defense Infrastructure Overweight Compelling | |
DividendsThe Worldwide High Dividend Yield Value Fund remains focused on companies with competitive advantages that support resilient cash generation and attractive shareholder yields through above average dividends and willingness to buyback shares when undervalued. |
Dividend Yield Cash Buyback Shareholder | |
| 2025 Q2 |
Defense SpendingPerformance was driven by aerospace & defense companies including BAE Systems, Rheinmetall, and Safran amid ongoing geopolitical tensions and robust demand for defense spending. These companies benefited from increased order flow and strong fundamentals. |
Defense Aerospace Geopolitical |
ValueThe manager 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. |
Undervalued Fundamentals Discounts | |
| 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 Valuation |
DefenseDefense sector showed continued strength with BAE Systems and Rheinmetall advancing sharply on robust demand. The aerospace and defense industry was among the leading contributors to performance during the quarter. |
BAE Systems Rheinmetall Defense Spending | |
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 rigorous valuation requirements that have excluded dominant technology companies from portfolios. Management believes they are positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. |
Valuation Undervalued Intrinsic Value Discount Value Investing |
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 Small Cap Japan | |
| 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 letter. |
Undervalued Intrinsic Value Discount Conservative Valuation |
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 Income Quality Sustainable Distribution | |
| 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 cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations. |
Value Small Caps Industrials Financials Intrinsic Value |
EuropePortfolios continue to be heavily weighted in European equities as the fund is driven by where value shows up. European holdings span multiple countries including France, Germany, Switzerland, and the United Kingdom, representing significant allocations across the funds. |
Europe France Germany Switzerland United Kingdom | |
JapanThe fund has been increasing allocations to Japan as part of their geographic positioning driven by where value appears. Japanese holdings include healthcare equipment suppliers and industrial companies that contributed to performance during the quarter. |
Japan Asia Healthcare Industrials | |
| 2024 Q1 |
DefenseDefense companies led industrial returns with strong performance from BAE Systems, Safran, and Rheinmetall AG. The aerospace and defense sector was among the leading industries during the quarter. |
Defense Aerospace Military |
IndustrialsIndustrial and materials holdings earned robust returns during the quarter. Machinery holdings performed well with contributions from Sumitomo Heavy Industries, Trelleborg, and Aalberts. |
Machinery Industrial Equipment Manufacturing | |
ValueThe fund continues its value-oriented approach, purchasing companies at significant discounts to intrinsic value estimates. New additions were purchased at prices representing significant discounts from intrinsic value estimates. |
Value Investing Intrinsic Value Discount | |
| 2023 Q4 |
ValueThe fund continues to focus on companies meeting investment criteria with competitive moats, pricing power, and strong balance sheets. They 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 the future for price-sensitive strategies. |
Value Pricing Power Moats Balance Sheets Intrinsic 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. |
Industrials Aerospace Defense Machinery Chemicals | |
JapanThe Japanese component of fund portfolios has been increasing over the last couple of years as real change seems to be afoot in Japan. The fund sees this as an emerging opportunity set worth increasing exposure to. |
Japan Japanese Equities Structural Change | |
| 2023 Q2 |
ValueThe fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. The portfolio bears little resemblance to benchmark indices as the team maintains their value-oriented approach in international markets. |
Intrinsic Value Discount Undervalued Price Sensitivity Value Investing |
PharmaceuticalsStrong returns from pharmaceutical holdings including Ionis Pharma, Vertex, Johnson and Johnson, Novartis and Roche. These companies continue to impress investors with their innovative biotech drug pipelines and delivered strong quarterly performance. |
Drug Pipelines Biotech Innovation Healthcare Pharmaceuticals | |
InsuranceInsurance companies were among the leading performers, particularly SCOR which benefited from new management hiring and a hardening of prices in the reinsurance market. The sector contributed significantly to fund returns during the quarter. |
Reinsurance Premium Pricing Management Changes Hardening Market Insurance | |
| 2023 Q1 |
ValueThe manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples with owner earnings yields of 7-8% or higher for new buys. |
Valuation Multiples Earnings Reset Price |
Small CapsThe International Value Fund has enhanced its multi-cap character by adding significant smaller and medium capitalization companies, with 26% invested in companies with market caps of $10 billion or less compared to just over 10% for the MSCI EAFE Index. |
Market Cap Diversification Portfolio Allocation | |
ChinaThe Funds received a long overdue boost from Chinese and Hong Kong-based holdings following China's reopening and government signaling of relaxation of interventionist policies. This included strong returns in Baidu and Alibaba. |
Reopening Policy Government Recovery | |
EuropeThe Funds received significant boost from European holdings during the quarter, particularly German, Swedish and Dutch holdings including companies like SKF, Trelleborg, Husqvarna, and Autoliv which were significant contributors to performance. |
Performance Contributors Regional Holdings | |
RatesThe manager believes interest rates are likely to normalize higher from zero-bound levels of the last decade, creating a different environment that could favor active strategies over passive and value over growth. |
Normalization Environment Active Strategy |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| 6869.T | We did begin building a position in a new holding, Sysmex Corporation, a global leader in diagnostic equipment, with a large installed base and recurring revenue characteristics that we believe support long-term value creation. |
| BA.L | The top three contributors to this underperformance came from BAE Systems (British Defense) |
| BRK-B | Our annual pilgrimage to Omaha was running according to plan until, as we headed to the airport while listening to the final moments of the annual shareholder's meeting, Buffett dropped the bombshell: he would step down as CEO at year-end. We believe the most important aspect of Berkshire—its culture—is likely to endure. Abel inherits Berkshire's massive $382 billion cash position and will likely allocate more capital than Warren and Charlie did over much of their investing careers. |
| CNHI | CNH Industrial detracted across the Funds, reflecting investors' continued concerns about the downturn of the Ag cycle and its impact on end-market demand. CNH remains significantly undervalued in our view, and we are adding to our position opportunistically. We took advantage of a pricing opportunity and added to CNH Industrial, which is now a top 10 holding in all four funds. |
| CVSG.L | We also continued to build the position in the veterinary services provider CVS, where we see attractive opportunities driven by the technical overhang as the shares move to from AIM listing to the main market. |
| DGE.L | Diageo represents one of the clearest examples of brands crystallising into cornered resources. Its leading spirits brands are reinforced by production realities that competitors cannot accelerate, most notably long-dated ageing inventories and protected geographic areas of distribution. A rival can copy a label, but it cannot replicate decades of maturing whisky stock or compress centuries of brand heritage into a marketing cycle. This combination of time-based scarcity and cultural embeddedness gives Diageo durable pricing power that is unusually resilient through economic cycles. In Helmer's terms, the brand ceases to be merely persuasive and instead becomes an independently owned, scarce asset that underpins long-term returns on capital. That said, recent demand following a Covid-led surge has softened, particularly in South America. It will be the job of Sir Dave Lewis—the former Tesco turnaround CEO, to reintroduce a greater cost discipline across the business and ensure their leading global brands are well positioned for the evolving landscape of consumer tastes. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| IONS | 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. |
| JNJ | During the quarter, we switched out of a long-held position in Johnson & Johnson into a new holding in Merck. |
| NESN.SW | We see now as an opportune time to own a company that possesses world-leading brands in consumer categories we believe have a favourable growth outlook in the long run. Nestlé's comprehensive pricing architecture through umbrella brands Nescafé and Nespresso means the portfolio should be well-positioned to capture spending shifts up and down the price ladder. In pet foods, Nestlé also possesses category leaders in its Purina line. We see both coffee and pet care as attractive categories that are more experiential and less commoditised relative to other staples. Over recent quarters, Nestlé was able to deliver positive volume growth in coffee despite pushing through high-single-digit percentage price increases. Scale matters as Nestlé is the world's largest provider of packaged coffee and among the top pet food producers globally. |
| NOVN.SW | 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. We also trimmed several larger holdings, including Roche, Novartis, Safran, and TotalEnergies, whose stock prices had approached underlying intrinsic value. |
| ROG.SW | Top gainers among the Fund's holdings included Roche (+27%) |
| RWM.DE | Defense-related holdings such as BAE Systems and Rheinmetall, which had been standout performers for much of the year, fell back a bit in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals, and we have been modestly trimming our positions over the past few quarters. |
| SAF.PA | Safran, buoyed by robust aerospace and aftermarket parts demand, reported record profits for the prior year in early 2025. As global air traffic continued to recover and air carriers ramped up maintenance projects, the company saw stronger aftermarket growth and converted operational efficiency gains into higher earnings, prompting management to raise full-year guidance for 2025. |
| SW.PA | We added to our position in Sodexo, the French food services and facilities-management company we began buying in the third quarter. The purchases were made at prices we believe are still attractive, and Sodexo is now a significant position in all four funds. |
| TTE | Global oil & gas producer and distributor and low carbon electricity supplier |
| WFC | and money center banks Citigroup and Wells Fargo, all following strong performance |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
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| Industry | Prev Quarter % | Current Quarter % | Change |
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