Global High Dividend Value Fund

Performance snapshots change all the time. The key is to focus on a manager’s long-term experience.

TWEEDY, BROWNE
Top 20 Equity Holdings as of 31 Dec 2020
Diageo PLC
6.24
Great Britain

Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Nestlé
4.53
Switzerland

Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company’s product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

BASF SE
4.33
Germany

BASF SE is a chemical company. The Company operates in six segments, including chemicals, plastics, performance products, functional solutions, agricultural solutions, and oil and gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper industries, and provides a range of system solutions and services.

Michelin
4.27
France

Cie Generale des Etablissements Michelin manufactures all-purpose tires, wheels, steel cables, maps, and tourist guides. The Company’s tire products are used for automobiles, trucks, aircraft, bicycles, and industrial vehicles. Michelin manufactures and distributes its products worldwide.

SCOR SE
4.13
France

SCOR SE offers life, accident, property/casualty, health, and special needs reinsurance. The Company offers services through subsidiaries in Europe, the Americas, Asia, and Africa. SCOR also holds real estate investments.

Zurich Insurance Group
3.92
Switzerland

Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Unilever NV
3.84
Netherlands

Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Verizon Communications
3.74
United States

Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.

Siemens AG
3.68
Germany

Siemens AG is an engineering and manufacturing company. The Company focuses on four major business sectors including infrastructure and cities, healthcare, industry and energy. Siemens AG also provides engineering solutions in automation and control, power, transportation, and medical.

Roche Holding
3.59
Switzerland

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

TotalEnergies SE
3.43
France

TotalEnergies explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Safran SA
3.41
France

Safran SA manufactures propulsion, communications, defense, security, and aerospace equipment. The Company produces engines for airplanes, helicopters, missiles and launch vehicles, mobile telephones, printing terminals, broadband networks, landing gear, wheels and brakes, aircraft wiring, inertial navigation systems, optronics, avionics, and fingerprint biometric equipment.

DBS Group Holdings
3.35
Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage . DBS Group also acts as the primary dealer in Singapore government securities.

United Overseas Bank
3.12
Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

Munich Re
2.99
Germany

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Trelleborg AB
2.9
Sweden

Trelleborg AB manufactures and distribues industrial products. The Company produces noise supression and anti-vibration systems for the automobile industry and completes wheel systems for forest and farm machines and other equipment. Trelleborg also develops and makes industrial fluid systems and polymer and bitumen based building products. The Company markets worldwide.

Johnson & Johnson
2.74
United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

GlaxoSmithKline PLC
2.52
Great Britain

GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Novartis
2.44
Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Total
69.17%
1 June 2007

Global High Dividend Value Fund
is established

Country Allocations
As of 31 Dec 2020
Market Value
Number of Issues
Percent
Country
Equities
14,097,563
40
97.7
Developed Europe
9,162,997
20
63.5
France
2,611,368
6
18.1
Germany
1,654,508
4
11.47
Great Britain
1,834,290
4
12.71
Netherlands
553,889
1
3.84
Sweden
418,270
1
2.9
Switzerland
2,090,672
4
14.49
Developed Asia & Pacific
1,877,036
7
13.01
Hong Kong
419,759
2
2.91
Japan
277,197
2
1.92
Singapore
1,180,080
3
8.18
Emerging Markets
307,410
2
2.13
China
26,149
1
0.18
Mexico
281,261
1
1.95
U.S. and Canada
2,750,120
11
19.06
United States
2,750,120
11
19.06
Hedge Gain/Loss
63,279
0.44
Other (Funds)
0
0
Cash & Equiv
268,609
1.86
Total
14,429,451
100.00%

The analyst's conclusions must always rest upon the figures and upon established tests and standards.

BENJAMIN GRAHAM, The Intelligent Investor
Market Capitalization as of 31 Dec 2020
% Equity
>$10 billion
82.50
$2 - $10 billion
16.77
$500 million - $2 billion
0.74
<$500 million
0.00

The analyst's conclusions must always rest upon the figures and upon established tests and standards.

BENJAMIN GRAHAM, The Intelligent Investor
Sector Allocations As of 31 Dec 2020
% Equity
Communication Services
5.00
Consumer Discretionary
5.89
Consumer Staples
16.89
Energy
0.53
Financials
24.45
Health Care
16.10
Industrials
19.44
Information Technology
3.48
Materials
5.77
Real Estate
0.96
Utilities
1.49

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