| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.72% | 2.39% | 21.7% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 21.7% | 0.2% | 12.4% | -10.6% | 11.6% | -4.4% |
Tweedy, Browne's Worldwide High Dividend Yield Value Fund delivered strong absolute returns of 21.70% in 2025, driven by pharmaceutical holdings like Roche and Novartis that benefited from new drug approvals and steady earnings generation. The fund's dividend-focused strategy contributed meaningfully through financials and industrials exposure. Defense holdings like BAE Systems and Rheinmetall, while previously strong performers, declined in Q4 as valuations moved ahead of fundamentals, prompting modest position trims. Technology holdings including Samsung and Alphabet contributed positively despite price appreciation. The manager expresses concern about excessive valuations across most asset categories, particularly US equities, warning that current market exuberance driven by AI optimism may prove temporary. However, they remain confident in their positioning in financially sound international enterprises where stock prices are collateralized by intrinsic value. The significant valuation gap between US and non-US equities should benefit their non-US-centric portfolio positioning going forward.
Tweedy, Browne maintains that a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations in undervalued international markets offers the best defense against market uncertainty, particularly given the significant valuation gap between US and non-US equities.
Despite ongoing macro challenges, the firm takes comfort in knowing their 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. They believe 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, BAE.L, CNHI, DHL.DE, GOOGL, IONS, J36.SI, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, RB.PA, RHM.DE, ROG.SW, SAF.PA, TFC, TTE, U11.SI, USB, ZURN.SW | defense, dividends, global, industrials, Pharmaceuticals, value | - | Tweedy, Browne's dividend-focused fund returned 21.70% in 2025, led by pharmaceutical and technology holdings. While concerned about excessive US market valuations and AI-driven exuberance, the firm remains confident in their international value approach, believing the significant US-international valuation gap favors their non-US positioning in well-capitalized, competitively advantaged companies. |
| Oct 31 2025 | 2025 Q3 | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC | Buybacks, Currency, dividends, Europe, international, Japan, value |
NESN RUI SWAN DBS SUBARU |
Tweedy, Browne's value-focused international funds posted positive returns but lagged growth-heavy benchmarks in Q3. Japanese exporters and select European holdings drove performance while industrial and consumer names faced headwinds. The firm maintains disciplined positioning in undervalued, financially sound companies and sees encouraging signs in non-US equity resurgence after years of US market dominance. |
| Aug 2 2025 | 2025 Q2 | 003550.KS, 086790.KS, 7751.T, 7779.T, AKE.PA, ALT.PA, BAES.L, CVS.L, DGE.L, KEMIRA.HE, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, WFC | Currency, defense, dividends, Europe, Hedging, international, small caps, value | - | Tweedy Browne delivered strong Q2 returns driven by defense contractors and banks, with best performance from small-mid cap international stocks. Non-U.S. equities significantly outperformed U.S. markets year-to-date. Despite elevated overall valuations, the firm sees compelling opportunities in underappreciated smaller international companies trading at attractive discounts to intrinsic value. |
| May 2 2025 | 2025 Q1 | 0220.HK, AAPL, ARKM.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, HEIN.AS, HTO.PA, INCH.L, JNJ, KEF1V.HE, KO, MSFT, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, ZURN.SW | defense, dividends, Europe, industrials, international, value | - | Tweedy Browne's high dividend fund gained 7.22% in Q1 2025, driven by defense stocks and disciplined value investing in non-U.S. markets. The firm sees elevated U.S. valuations and tariff uncertainty as potential catalysts for a market inflection point favoring international value opportunities, particularly in smaller European and Asian companies where they maintain strong positioning. |
| Jan 21 2025 | 2024 Q4 | 005930.KS, 2531.T, 3105.T, 7203.T, ALTEN.PA, BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, P911.DE, RHM.DE, ROG.SW, TEP.PA, TX.SW, UOB.SI, UPI.HK, VRTX, WFC | dividends, financials, global, high yield, value | - | Tweedy Browne's high dividend value fund returned 0.22% in 2024, lagging growth-driven markets while maintaining a 4.10% yield. Strong performance from Singapore and US banks offset weakness in chemicals and consumer staples. Managers see elevated valuations creating bubble-like conditions reminiscent of 2000, positioning defensively in undervalued international dividend payers for an eventual value inflection point. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, 0220.HK, 4368.T, 7003.T, 7270.T, 7276.T, 7958.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C07.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, P911.DE, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO | dividends, global, high yield, international, value | - | Tweedy Browne's high dividend yield fund delivered strong Q3 returns while maintaining its value-focused approach. The fund targets companies with sustainable dividend characteristics trading at discounts to intrinsic value. Despite solid performance, managers express caution about elevated market valuations and unprecedented debt levels, emphasizing the importance of margin of safety in current conditions. |
| Aug 2 2024 | 2024 Q2 | 000858.SZ, 2357.PS, 3405.T, 4182.T, 601919.SS, 6277.T, 6302.T, 6849.T, 700.HK, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NOVN.SW, RHM.DE, ROG.SW, RRI.PA, RUI.PA, SAF.PA, SCOR.PA, U11.SI, UBI.PA, VRTX, WFC | dividends, financials, global, industrials, small cap, value | - | Tweedy, Browne's dividend-focused fund declined 0.91% in Q2 as narrow market leadership continued. Strong performance from chemicals, banks, and pharma was offset by weakness in beverages and machinery. The value-oriented managers maintain low cash levels and heavy industrial/financial weightings while increasing small-cap exposure, viewing current conditions as offering solid opportunities despite elevated market valuations and macro risks. |
| Apr 15 2024 | 2024 Q1 | 6302.T, AALB.AS, BA.L, BRK-A, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, NVTA, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, dividends, global, High Dividend, value | - | Tweedy, Browne's high dividend fund gained 4.19% in Q1 but lagged momentum-driven markets. Defense and machinery holdings drove performance while healthcare disappointed. The fund maintains disciplined value approach with diversified portfolio of dividend-paying companies trading below intrinsic value. Manager warns of elevated valuations and geopolitical risks but remains confident in defensive positioning. |
| 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, NOVN.SW, PGR, RNO.PA, ROG.SW, SAF.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | dividends, global, High Dividend, industrials, value | - | Tweedy Browne's high dividend yield value fund returned 9.41% in Q4 2023, underperforming in a momentum-driven market. Industrial holdings led performance while the fund maintains its focus on companies with competitive moats trading at discounts to intrinsic value. The managers are optimistic about price-sensitive strategies as persistent inflation makes valuations matter again. |
| Jan 11 2023 | 2023 Q3 | BAE.L, BRK-A, D05.SI, DGE.L, DHL.DE, FRE.DE, GOOGL, GSK.L, INCH.L, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NVS, PGR, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TREL-B.ST, U11.SI | dividends, global, high yield, Quality, value | - | Tweedy Browne's global high dividend fund returned -2.55% in Q3 2023, outperforming the MSCI World Index. The fund maintains a 3.92% dividend yield through 58 quality holdings across developed markets, emphasizing sustainable dividend characteristics. Top contributors included insurance and aerospace companies, while the portfolio remains positioned for income generation through disciplined value investing. |
| Jul 31 2023 | 2023 Q2 | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, real estate, Recovery, small cap, value | - | Ariel Fund's contrarian strategy delivered strong Q2 2023 results as previously scorned holdings like cruise lines became top performers. The managers capitalized on market dislocations by buying during distress, with Royal Caribbean up +109.9% exemplifying their approach of finding value in written-off sectors. They continue seeking opportunities in unloved areas like real estate while maintaining focus on high-quality companies with strong fundamentals. |
| Apr 30 2023 | 2023 Q1 | BABA, BAC, BAESY, BIDU, BRK-B, CSCO, DGE.L, FDX, GOOGL, JNJ, NESN.SW, NVS, RHHBY, SAF.PA, TFC, TTE, UL, USB, VRTX, WFC | Banking, dividends, international, Reset, value | - | Tweedy, Browne's dividend-focused fund gained 5.09% in Q1 2023 despite banking sector headwinds from the SVB crisis. Strong European and Chinese holdings drove performance. The managers believe a capital markets reset favors value over growth and non-US over big tech US stocks, positioning their funds to benefit from this environment where price matters again. |
| Jan 2 2023 | 2022 Q4 | - | - | - | |
| Nov 14 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI remains transformative but markets are shifting from hype to show-me phase. The industry has spent over $400 billion on capex while producing roughly $50 billion in revenues. Physical constraints like power shortages and build delays are challenging assumptions of frictionless scaling. |
Artificial Intelligence Technology Capex Infrastructure Valuations |
Private CreditPrivate markets are finally offering opportunity as supply and demand balance has shifted. Traditional institutions are over-allocated, distributions have dried up, and scarcity of capital gives patient liquidity providers leverage on price and terms. Launching a private markets fund in Q1 2026. |
Private Markets Illiquid Strategies Secondaries Credit | |
Commercial Real EstateReal estate is where price and replacement cost have meaningfully diverged. Valuations have fallen approximately 20% since 2022 while construction costs have risen 20-30%. Refinancing cliffs force motivated behavior creating opportunities to acquire assets at deep discounts. |
Real Estate Valuations Construction Costs Refinancing | |
| 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 Intrinsic Value Price Discount Fair Value |
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 Equities Defense Spending Infrastructure Spending Valuation Gap Currency | |
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 for some time, and corporate behavior continues to move in a more shareholder-friendly direction. A weaker yen continued to support exporters. |
Japanese Equities Exporters Yen Corporate Governance Shareholder Returns | |
BuybacksThe firm focuses on companies where knowledgeable insiders have been making material, free will purchases of their company's shares. The Worldwide High Dividend Yield Value Fund remains focused on companies with attractive shareholder yields evidenced by above average dividends and a willingness to buyback shares when undervalued. |
Share Buybacks Insider Buying Shareholder Yields Capital Allocation Management | |
| 2025 Q2 |
Defense SpendingPerformance was driven by aerospace & defense companies including BAE Systems, Rheinmetall, and Safran, benefiting from ongoing geopolitical tensions and robust demand for defense spending. These companies contributed positively across all funds amid increased order flow and strong fundamentals. |
Defense Aerospace Geopolitical Order Flow Military |
ValueThe firm 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 discounts from conservative estimates of intrinsic values. |
Undervalued Intrinsic Value Discounts Fundamentals Price-sensitive | |
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 firm continues to find underappreciated companies with compelling value. |
Mid-cap Market Cap Underappreciated Outperformance 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. Their bottom-up, fundamentally driven investment process focuses on businesses with sound balance sheets and enduring competitive advantages. |
Intrinsic Value Discounts Conservative Bottom-up Fundamentals |
DividendsThe Worldwide High Dividend Yield Value Fund focuses on companies with higher dividend income and quality characteristics. The fund maintains an average-weighted dividend yield of 4.07% on fund stocks alone versus 1.82% for the MSCI World Index. Holdings are selected for sustainable and persistent dividend yields with quality screens applied. |
Dividend Yield Income Sustainable Quality Persistent | |
DefenseDefense sector was a notable contributor with BAE Systems being a top performer, seeing continued strength in the defense sector. Rheinmetall also advanced sharply on continued robust demand. The aerospace and defense industry was among the leading sectors during the quarter. |
Defense Spending Aerospace Robust Demand Sector Strength | |
| 2024 Q4 |
ValueThe fund remains positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. The managers believe their attractive positioning has not produced good relative returns but gives reason to believe they are close to an inflection point in equity markets. |
Valuation Undervalued Intrinsic Value Discount Inflection Point |
DividendsThe fund focuses on high dividend yield investments with an average-weighted dividend yield of 4.10% on fund stocks alone versus 1.73% for the MSCI World Index. The fund maintains exposure to dividend-paying companies across various sectors including financials, industrials, and consumer staples. |
Dividend Yield Income Distribution Payout Sustainable | |
| 2024 Q3 |
DividendsThe fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.80% on fund stocks versus 1.76% for the MSCI World Index. The fund seeks companies with sustainable and persistent dividend characteristics. |
Dividend Yield Income Sustainable Persistent Quality |
ValueThe fund maintains its value investing approach, seeking securities trading at discounts to conservative estimates of intrinsic value. Portfolio positioning reflects areas where investors may uncover undervalued securities. |
Intrinsic Value Undervalued Discount Conservative Margin of Safety | |
| 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 Price-sensitive Small Cap Mid Cap |
DividendsThe Worldwide High Dividend Yield Value Fund specifically targets higher dividend income with quality characteristics. The fund maintains a 3.92% average-weighted dividend yield on fund stocks alone versus 1.80% for the MSCI World Index. |
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. Defense companies were among the top contributors to fund performance. |
Defense Spending Aerospace Defense Electronics |
DividendsThe fund focuses on high dividend yield value investing with an average-weighted dividend yield on fund stocks of 3.77% versus 1.79% for the MSCI World Index. The fund targets companies with sustainable and persistent dividend characteristics. |
Dividends Value Quality | |
ValueThe fund continues to meet value criteria with investments purchased at significant discounts from estimates of intrinsic values. Portfolio consists of companies that are financially strong with attractive runways for potential future growth. |
Value Quality Small Caps | |
| 2023 Q4 |
DividendsThe fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.84% on fund stocks alone versus 1.97% for the MSCI World Index. The fund specifically targets companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. |
Dividend Yield Income Sustainable Quality High Dividend |
ValueThe fund employs a value investing strategy, purchasing companies at prices that represent a significant discount from estimates of their underlying intrinsic values. The managers believe price matters again in the current environment and are optimistic about the future for price-sensitive strategies like theirs. |
Intrinsic Value Discount Price-sensitive Undervalued Value Investing | |
IndustrialsIndustrial companies represent 29.67% of the fund's portfolio and were among the leading performers in Q4. The fund has been uncovering new opportunities particularly in smaller and medium capitalization industrial companies, including aerospace & defense, machinery, and chemical holdings. |
Industrial Aerospace Defense Machinery Chemicals | |
| 2023 Q3 |
DividendsThe fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.92% on fund stocks versus 2.10% for the MSCI World Index. The fund's strategy emphasizes companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. |
Dividends Yield Income Quality Sustainable |
| 2023 Q2 |
CruisesCruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. |
Travel Leisure Recovery Contrarian Value |
ValueThe managers emphasize their contrarian approach of buying when others are selling, particularly in areas written off by the market. They highlight how portfolio dislocations of this magnitude have often served as a prelude to their most robust recoveries, with confidence in doubling down on scorned holdings based on patience, courage and deep expertise. |
Contrarian Patience Fundamentals Bargains Recovery | |
Commercial Real EstateWidespread disdain for real estate and real estate related companies in a higher interest rate environment is described as today's bad neighborhood offering a bevy of investment opportunities. The managers reference a BusinessWeek cover titled SCARY on commercial real estate, comparing it to the famous 1979 Death of Equities cover that coincided with one of the strongest bull markets. |
Real Estate Interest Rates Contrarian Opportunity Distressed | |
FertilizersInvestment in Mosaic is based on long-term trends supporting increasing demand for agricultural fertilizers including global population growth, improving protein-based diets, and climate change reducing arable land. However, the company's stock price is highly volatile and subject to commodity price vagaries, with corn prices dropping precipitately in 2023. |
Agriculture Population Growth Commodities Volatility Long-term | |
| 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. The owner earnings yield for many new buys has typically been around 7-8% or higher. |
Valuation Intrinsic Value Price Earnings Yield Reset |
DividendsThe Worldwide High Dividend Yield Value Fund specifically focuses on dividend-paying companies with an average-weighted dividend yield of 3.75% on fund stocks alone. The fund targets companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. |
Dividend Yield Income Sustainable Quality |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | Fund Letters | Jay Hill | SWAN | Safran S.A. | Other | Aerospace & Defense | Bull | Euronext Stock Exchange | Aerospace, aftermarket, cash flow, Defense, Engines, growth, recovery, services | Login |
| Oct 31, 2025 | Fund Letters | Jay Hill | DBS | DBS Group Holdings Ltd. | Financials | Banks | Bull | Singapore Exchange | Asia, banking, capital return, Digitalization, dividends, resilience, ROE | Login |
| Oct 31, 2025 | Fund Letters | Jay Hill | SUBARU | Subaru Corporation | Consumer Discretionary | Automobiles | Bull | NYSE | Automobiles, capital allocation, Cost management, Demand, Electrification, Margins, recovery | Login |
| Oct 31, 2025 | Fund Letters | Jay Hill | NESN | Nestlé S.A. | Consumer Staples | Food Products | Bear | Swiss Exchange | Brand, consumer staples, dividends, Food, Margins, Pricing power, valuation | Login |
| Oct 31, 2025 | Fund Letters | Jay Hill | RUI | Rubis SCA | Financials | Oil & Gas Storage & Distribution | Bull | Euronext Stock Exchange | cash flow, Distribution, dividends, Emerging markets, energy, inflation hedge, infrastructure | Login |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Top gainers included Samsung (+38% in U.S. dollar terms) |
| BAE.L | 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. Declining stocks included BAE Systems. |
| 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. |
| DHL.DE | DHL Group reported quarterly results that beat profit expectations (despite a slight revenue dip), driven by cost efficiencies and e-commerce growth. |
| 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. |
| J36.SI | our Asian investments performed strongly with Alibaba and Jardine Matheson up 63% |
| 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. |
| RHM.DE | The top three contributors to this underperformance came from Rheinmetall (German Defense). The top three contributors to this outperformance came from Rheinmetall (German Defense) |
| 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. |
| TFC | This preferred stock position was called during the period. |
| TTE | Global oil & gas producer and distributor and low carbon electricity supplier |
| USB | Select holdings in banking (US Bank) detracted from returns |
| 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 | |||
