| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.03% | 4.81% | 21.56% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 21.6% | 1.4% | 15.2% | -5.7% | 16.2% | -2.0% |
Tweedy, Browne's Value Fund delivered strong absolute returns of 21.56% for 2025, outperforming its primary benchmarks despite mixed relative performance across the fund family. 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 and Alphabet also contributed positively. However, cyclical industrials faced headwinds, particularly CNH Industrial due to agricultural cycle concerns, though the firm views it as significantly undervalued. Defense holdings like BAE Systems and Rheinmetall retreated after strong performance earlier in the year as valuations moved ahead of fundamentals. The firm remains cautious about excessive market valuations, particularly in US equities, while highlighting persistent opportunities in international markets where valuation gaps remain significant. Portfolio activity was subdued given elevated market levels, with selective additions to undervalued positions and trimming of holdings approaching intrinsic value. The firm maintains conviction in their disciplined value approach focused on well-capitalized companies purchased at attractive valuations.
Tweedy, Browne maintains a disciplined value approach, focusing on financially sound enterprises purchased at attractive valuations, particularly in international markets where significant valuation gaps persist compared to US equities.
Despite worrisome signs of excessive valuations and various economic headwinds, the firm believes a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. They expect that when market sentiment shifts from FOMO to fear of permanent capital loss, their positioning in undervalued international equities will serve investors well over time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 11 2026 | 2025 Q4 | 005930.KS, BRK-A, CNHI, CVS.L, DHLG.DE, ENVB, FDX, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NVST.SW, PRU.L, RMS.PA, ROG.SW, SAF.PA, TTE, U11.SI, WFC | defense, global, healthcare, industrials, international, Pharmaceuticals, technology, value | - | Tweedy, Browne Value Fund posted 21.56% returns in 2025, driven by pharmaceutical and select technology holdings while facing headwinds in cyclical industrials. The firm remains cautious on excessive US market valuations but sees compelling opportunities in undervalued international equities. Their disciplined value approach focuses on financially sound companies purchased below intrinsic value, positioning for long-term outperformance when market sentiment shifts. |
| Oct 31 2025 | 2025 Q3 | 003550.KS, 005930.KS, 0116.HK, 0590.HK, 2531.T, 4368.T, 6302.T, 6777.T, 7270.T, 7276.T, 7709.T, 7716.T, 7988.T, AKE.PA, AZE.BR, BA.L, BAB.L, BKG.L, BREE.L, CNHI, D05.SI, DGE.L, GRAF.L, HEIA.AS, IONS, JSG.L, NA.TO, NESN.SW, PETS.L, RHM.DE, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TEP.PA | Currency, dividends, ETF, Europe, Hedging, international, Japan, value |
GOOG IONS |
Tweedy Browne delivered positive returns but lagged benchmarks in Q3's risk-on environment. Non-US equities, particularly European and Japanese holdings, drove performance with companies like Safran and Subaru contributing positively. The firm maintains its disciplined value approach, trimming appreciated positions while adding to undervalued opportunities. With US valuations at record highs, their focus on reasonably priced, quality international companies appears well-positioned for future market conditions. |
| Aug 2 2025 | 2025 Q2 | 066570.KS, 086790.KS, 7270.T, 7942.T, AKE.PA, ALT.PA, BAES.L, CVSG.L, DGE.L, KRA1V.HE, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE.PA, WFC | Currency Hedging, defense, dividends, Europe, international, small caps, value | - | Tweedy Browne delivered strong Q2 returns led by defense contractors and banks, with non-US equities significantly outperforming US markets. Small and mid-cap investments drove the best performance while Swiss healthcare and consumer staples lagged. The firm remains cautious on elevated valuations but sees compelling opportunities in undervalued non-US small-cap companies trading at attractive discounts to intrinsic value. |
| May 2 2025 | 2025 Q1 | 0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW | defense, Europe, healthcare, Hedging, industrials, international, value | - | Tweedy Browne delivered strong Q1 performance across all funds through disciplined value investing, outperforming benchmarks despite market volatility from tariff uncertainty. Defense and industrial holdings drove returns while the firm remains cautiously positioned in undervalued non-U.S. equities. They believe markets may be at an inflection point but see continued opportunity in smaller international companies trading at discounts to intrinsic value. |
| Jan 21 2025 | 2024 Q4 | BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.L, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TP.PA, TTE, U11.SI, UHAL, WFC | financials, global, Japan, technology, valuation, value | - | Tweedy Browne Value Fund underperformed in Q4 as value positioning lagged mega-cap tech rally. Fund added two Japanese industrial names at attractive valuations. Management warns of precariously high market valuations reminiscent of 2000 tech bubble, citing political uncertainty and debt concerns. Despite recent struggles, fund remains positioned in global value opportunities ahead of potential market inflection point. |
| Sep 30 2024 | 2024 Q3 | BRK-B, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.AS, ISNS, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UHAL, WFC | Diversified, global, risk management, valuation, value | - | Tweedy Browne delivered solid absolute returns but trailed benchmarks in Q3 as markets rotated toward value. The firm added new positions in undervalued companies while trimming fairly valued holdings. Despite remaining largely invested with low cash levels, managers express caution about elevated valuations and systemic risks, recommending investors focus on margin of safety principles. |
| Aug 2 2024 | 2024 Q2 | 000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW | Asia, Diversified, Europe, financials, industrials, international, small caps, value | - | Tweedy Browne's value funds posted flat Q2 returns but strong six-month performance, benefiting from tech and healthcare holdings while beverage and machinery stocks lagged. The firm continues emphasizing small/mid-cap value opportunities in Europe and Japan, maintaining low cash levels despite expressing caution about elevated market valuations and macro risks. |
| Apr 15 2024 | 2024 Q1 | BA.L, BRK-A, CNHI, DEO, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NWLI, RHM.DE, RUI.PA, SAF.PA, SCRYY, TP.PA, TTE, U11.SI, WFC | defense, financials, global, healthcare, industrials, value | - | Tweedy, Browne's Value Fund gained 5.51% in Q1 2024, lagging benchmarks in a momentum-driven market. Defense and industrial holdings led performance while healthcare disappointed. The fund continues its disciplined value approach, adding quality names at attractive prices while trimming positions near fair value, maintaining diversification across geographies and market caps despite elevated market risks. |
| Feb 22 2024 | 2023 Q4 | 0010.HK, 1882.HK, 4324.T, 4401.T, 6277.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, NOVN.SW, PGR, ROG.SW, SAF.PA, SCOR.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | global, industrials, inflation, interest rates, value | - | Tweedy, Browne's Value Fund delivered solid returns despite trailing momentum-driven markets, with industrial holdings leading performance. The firm continues targeting undervalued companies with competitive moats and strong balance sheets, particularly in smaller industrials and Japan. Management believes persistent inflation and higher rates create favorable conditions for price-sensitive value strategies going forward. |
| Jan 11 2023 | 2023 Q3 | AZO, BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, ROG.SW, SAF.PA, SCOR.PA, TREL-B.ST, TTE, U11.SI, WFC | Diversified, fundamentals, international, Quality, value | - | Tweedy, Browne Value Fund posted a -1.06% Q3 return with strong year-to-date performance of 7.74%. The diversified global value strategy maintains 90% equity exposure across 86 holdings. Energy and technology names led performance while consumer staples lagged. Low turnover and selective positioning reflect the firm's patient, fundamental approach to value investing. |
| Jul 31 2023 | 2023 Q2 | 0169.HK, AAPL, AMZN, DEO, FMC, GOOGL, HEIA.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | - | Tweedy Browne's International Value Fund gained 1.51% in Q2 2023, led by insurance and pharmaceutical holdings while industrials lagged. The firm continues focusing on financially strong companies purchased at discounts to intrinsic value, believing a capital markets reset driven by persistent inflation will reward active stock selection over time. |
| Apr 30 2023 | 2023 Q1 | BABA, BAC, BIDU, CSCO, D05.SI, FDX, GOOGL, IONS, JNJ, ROG.SW, SKF, TRU, TTE, UOB.SI, USB, VRTX, WFC | Banking, China, Europe, international, small caps, value | - | Tweedy, Browne delivered solid Q1 returns while positioning for a capital markets reset favoring value investing. Their globally diversified, non-US-centric portfolios with significant small-cap exposure trade at attractive valuations. European and Chinese holdings drove performance while banking faced headwinds. The manager believes persistent inflation and higher rates create favorable conditions for their investment style. |
| 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 |
ValueThe funds remain well positioned in financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. A diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. |
Value Intrinsic Value Undervalued | |
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. |
Defense Military Aerospace | |
AIMarket enthusiasm has led to high valuations, particularly in US equities, with excitement around artificial intelligence and its ability to dramatically impact productivity driving much of the exuberance. However, the manager 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 Undervalued Intrinsic Discount Price |
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. Several European holdings added to results including Safran, Rubis, and various financial holdings. |
European Valuation Outperformance Overweight Compelling | |
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. A weaker yen continued to support exporters. |
Japan Exporters Shareholder Yen Corporate | |
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. The fund maintains a focus on dividend-paying companies with sustainable cash flows. |
Dividend Yield Cash Buyback Sustainable | |
| 2025 Q2 |
Defense SpendingDefense contractors led performance with BAE Systems, Rheinmetall, and Safran benefiting from ongoing geopolitical tensions and robust demand for defense spending. The sector continues to see increased order flow and strong fundamentals amid global security concerns. |
Defense Aerospace Geopolitical Order Flow Security |
ValueThe fund focuses on companies trading at attractive discounts from conservative estimates of intrinsic value. Portfolio activity is guided by price and value with the goal of improving overall quality and return potential while managing risk sensibly. |
Intrinsic Value Discount Price Sensitive Quality Risk Management | |
Small CapsBest returns during the quarter came from investments in small and mid-cap businesses with market capitalizations between $2 billion and $10 billion. The fund continues to find underappreciated companies in this space that offer compelling value and sound fundamentals. |
Mid Cap Underappreciated Fundamentals Market Cap Opportunity | |
| 2025 Q1 |
ValueTweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages. |
Valuation Intrinsic Value Discount Bottom-up Fundamentals |
DefenseDefense sector holdings like BAE Systems and Rheinmetall performed strongly during the quarter, with continued robust demand driving share price appreciation. The managers highlight the ongoing strength in the defense sector as a key contributor to performance. |
Defense Spending Military Aerospace Security Geopolitical | |
| 2024 Q4 |
ValueThe fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. Portfolio positioning focuses on parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. |
Value Intrinsic Value Discount Undervalued Valuation |
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. |
Japan Corporate Governance Valuation Initiatives Industrial 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 Discount Conservative Value Investing |
Risk AppetiteThe managers express caution about current market conditions, noting elevated valuations and comparing current environment to historical highs. They reference Warren Buffett's cash accumulation and suggest investors should not remain complacent, recommending re-reading Benjamin Graham's margin of safety chapter. |
Valuation Complacent Margin of Safety Elevated Caution | |
| 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. |
Valuation Intrinsic Value Small Caps Mid Caps Price Sensitive |
DividendsThe Worldwide High Dividend Yield Value Fund specifically targets higher dividend income with quality characteristics. The fund screens for sustainable and persistent dividend yields while applying quality screens to avoid companies with deteriorating fundamentals. |
Dividend Yield Income Quality Sustainable Persistent | |
| 2024 Q1 |
DefenseAerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These holdings were among the top contributors to fund performance. |
Defense Spending Aerospace Defense Components |
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 fund continues its bottom-up, stock-by-stock process to build portfolios, focusing on companies purchased at significant discounts from estimates of their underlying intrinsic values with strong balance sheets and attractive runways for potential future growth. |
Value Quality Growth | |
| 2023 Q4 |
ValueThe fund continues to focus on companies meeting their investment criteria that they believe have competitive moats, pricing power, and strong balance sheets, purchased at prices representing attractive value. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again. |
Intrinsic Value Undervalued Pricing Power Competitive Moats |
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. |
Aerospace Defense Machinery Chemicals Industrial Conglomerate | |
| 2023 Q3 |
ValueThe fund maintains a value investing approach across multiple international and domestic markets. Portfolio holdings are selected based on fundamental analysis and intrinsic value assessments. The fund's diversified value strategy spans multiple geographies and sectors. |
Value Fundamentals Intrinsic Value Undervalued Quality |
| 2023 Q2 |
ValueThe firm continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. They emphasize price sensitivity and stock selection in an environment where active management should be rewarded over time. |
Intrinsic Value Discounts Price Sensitivity Stock Selection Active Management |
PharmaceuticalsStrong returns from pharmaceutical holdings including Ionis Pharma, Vertex, Johnson and Johnson, Novartis and Roche. These companies continue to impress investors with innovative biotech drug pipelines and had strong returns for the quarter. |
Drug Pipelines Biotech Innovation Healthcare | |
InsuranceInsurance companies were among the leading performers, particularly SCOR which benefited from new management hiring and hardening reinsurance market prices. The sector showed strong returns during the quarter. |
Reinsurance Premium Pricing Management Changes | |
| 2023 Q1 |
ValueThe manager emphasizes that price matters again in the current environment, with their funds positioned to take advantage of attractive valuations. They believe the reset in capital markets could favor value stocks over growth counterparts, with their portfolios trading at reasonably attractive weighted average valuation multiples. |
Valuation Price Multiples Intrinsic Value Discount |
Small CapsThe International Value Fund has enhanced its multi-cap character by adding significant smaller and medium capitalization companies, with 26% of total equity market value invested in companies with market caps of $10 billion or less, compared to just over 10% for the MSCI EAFE Index. |
Small Cap Mid Cap Market Capitalization Multi-cap |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | Fund Letters | Jay Hill | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, cloud, digital advertising, FCF, growth, profitability, Reinvestment, Scalability | Login |
| Oct 31, 2025 | Fund Letters | Jay Hill | IONS | Ionis Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Clinical trials, innovation, Partnerships, pipeline, Rna, Upside | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| BRK-A | Miles mentioned that he had been a long-term shareholder of Berkshire Hathaway and had never sold his shares. Over roughly twenty-five years, his investment compounded at about 10.9% annually. The first dollar he invested became approximately thirteen dollars. Since around 1990, Berkshire has only marginally outperformed the S&P 500. By Buffett's own historical standards, this period could be described as mediocre. And yet, admiration for Buffett has not faded—if anything, it has intensified. |
| 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. |
| CVS.L | We also added to CVS Group in the Quarter, a business that provides veterinary services in the UK & Australia. Forced selling, which resulted from a listing venue change, provided an attractive pricing opportunity to increase our position. |
| FDX | As strong as the banks were, parcel delivery companies were even stronger, with FedEx Corp (FDX) at +23% pacing the Fund for the quarter. FedEx delivered a sizable beat-and-raise quarterly performance, and higher contracted rates appear to be sticking, even as fuel prices have declined. |
| 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. |
| HEIA.AS | Heineken (+8%) |
| 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. |
| NVST.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. |
| PRU.L | tangible signs of fundamental and governance improvement in some of our deeply out-of-favour Asian consumer companies like Prudential |
| RMS.PA | Hermès was founded in Paris in 1837 as a maker of harnesses and saddles for Europe's horse-drawn elite. From the outset, the company was defined by functional excellence and craftsmanship rather than fashion. Today, the group is one of the most profitable companies in global luxury, with activities spanning leather goods, ready-to-wear, silk, jewellery, watches and homewares. Despite operating more than 300 stores globally and employing over 20,000 people, Hermès continues to behave less like a conglomerate and more like a craft maison, prioritising long-term brand equity over near-term growth. This mindset underpins why we find Hermès such a compelling business. Its brand equity is built not on seasonal fashion or loud marketing but on function, heritage and longevity. Hermès has delivered exceptional consistency in returns on capital and earnings through cycles, underpinned by disciplined supply, minimal discounting and limited fashion risk. This reduces downside volatility and supports higher through-cycle multiples. The benefits of the Hermès model have been particularly evident through the recent challenging period for the luxury sector. Slowing global demand, softer Chinese consumption and inventory pressure have led to revenue declines and margin contraction for many peers. Hermès has stood apart. Growth has moderated but remained positive, margins have proven resilient, and inventory discipline has been maintained. |
| ROG.SW | Top gainers among the Fund's holdings included Roche (+27%) |
| 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. |
| 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 |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
