NOVN-SW-2

NOVN-SW-2

NOVN-SW-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Tweedy, Browne International Value II	8.4%	16.4%	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	Performance 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.		View
2025 Q2	Aug 2, 2025	Tweedy, Browne International Value II	12.0%	21.5%	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	Performance 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.	7202.T 7716.T AZEG.BR	View
2025 Q2	Aug 2, 2025	Tweedy, Browne Value Fund	5.1%	11.7%	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	Defense 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.		View
2025 Q2	Aug 2, 2025	Tweedy, Browne Worldwide High Dividend	9.8%	17.7%	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	Performance 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.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne International Value II	2.4%	8.3%	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	The 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.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	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	The 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.		View
2025 Q1	May 2, 2025	Tweedy, Browne International Value II	7.4%	7.4%	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 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.		View
2025 Q1	May 2, 2025	Tweedy, Browne International Value II	8.5%	8.5%	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 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.		View
2025 Q1	May 2, 2025	Tweedy, Browne Value Fund	6.3%	6.3%	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 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.		View
2025 Q1	May 2, 2025	Tweedy, Browne Worldwide High Dividend	7.2%	7.2%	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 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.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne International Value II	2.4%	8.3%	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	Defense 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.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne International Value II	4.8%	8.3%	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	Aerospace & 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.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	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	Aerospace & 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.		View
2025 Q4	Feb 11, 2026	Tweedy, Browne International Value II	4.2%	23.8%	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	Health 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. Defense-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. The firm continues to focus on 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.		View
2025 Q4	Feb 11, 2026	Tweedy, Browne International Value II	2.8%	26.6%	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	Health 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. Defense-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 around the world, share prices have moved ahead of underlying fundamentals. The firm continues to focus on 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.		View
2025 Q4	Feb 11, 2026	Tweedy, Browne Worldwide High Dividend	2.4%	21.7%	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	Health 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. The Worldwide High Dividend Yield Value Fund shared many attribution themes with a slightly different emphasis. Financials and industrials contributed meaningfully, consistent with the Fund's dividend-focused orientation. The fund maintains an average-weighted dividend yield on fund stocks of 3.94%. 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. The gap in valuation between US and non-US equities still remains quite significant and should serve us well going forward given the non-US-centric postures of our fund portfolios. We believe fervently that a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty.		View
2025 Q3	Oct 31, 2025	Tweedy, Browne International Value II	1.4%	23.2%	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	The 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.	AZE	View
2025 Q3	Oct 31, 2025	Tweedy, Browne Worldwide High Dividend	1.0%	18.9%	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	The 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.	SUBARU DBS SWAN RUI NESN	View
2024 Q3	Sep 30, 2024	Tweedy, Browne International Value II	4.8%	8.3%	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	The 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.		View
2024 Q2	Jun 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005380.KS, 055550.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ANTO.L, BARN.SW, DG.PA, DNB.OL, DTG.DE, FTK.DE, GNC.L, IPS.PA, JAZZ, LUN.TO, MEOH, MG, MUV2.DE, NOVN.SW, OTEX, PUB.PA, SVEG.OL, TEP.PA, U11.SI, YAR.OL	AI, Asia, Copper, Europe, international, materials, technology	Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications such as electric vehicles, as well as artificial intelligence and automation. Lundin Mining and Antofagasta PLC benefited from these copper trends.		View
2025 Q1	Mar 31, 2025	Distillate Capital International	8.4%	8.4%	000660.KS, 1898.HK, 4063.T, ABEV, BABA, GFI, HEI.DE, HMY, HO.PA, JD, JD.L, NOVN.SW, P911.DE, ROG.SW, TFII, TSM	AI, international, Quality, tariffs, uncertainty, valuation	Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale of potential tariff impact on GDP is unprecedented, with complex follow-on effects including potential retaliation, supply chain disruption, and business investment uncertainty.		View
2023 Q4	Feb 22, 2024	Tweedy, Browne International Value II	2.4%	8.3%	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	The 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.		View
2023 Q4	Feb 22, 2024	Tweedy, Browne Value Fund	2.8%	7.6%	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	The 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.		View
2023 Q4	Feb 22, 2024	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	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	The 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.		View
2023 Q4	Jan 18, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL	AI, Banking, financials, global, interest rates, value	Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns.		View
2023 Q3	Jan 11, 2023	Tweedy, Browne International Value II	2.4%	8.3%	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			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of NOVN-SW-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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