International Value Fund (Euro)

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
Berkshire Hathaway A
5.47
United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company’s principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire’s other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

Alphabet Inc – C
4.20
United States

Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Safran SA
3.65
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.

Heineken
3.58
Netherlands

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

Roche Holding
3.48
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.

Zurich Insurance Group
3.20
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.

Novartis
3.16
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.

United Overseas Bank
3.11
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.

DBS Group Holdings
3.07
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.

SCOR SE
3.02
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.

TotalEnergies SE
2.77
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.

Trelleborg AB
2.75
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.

Nestlé
2.62
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.

Johnson & Johnson
2.53
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.

Hyundai Mobis Co.
2.32
South Korea

Hyundai Mobis Co., Ltd. Manufactures and markets automotive parts and equipment, such as automobile service components, modules, and systems. The Company also contracts environmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

CNH Industrial NV
2.31
United States

CNH Industrial NV through its brands, designs, produces and sells trucks, commercial vehicles, buses, special vehicles, agricultural and construction equipment, in addition to engines and transmissions for those vehicles and engines for marine applications. The company also provides equipment financing services.

BAE Systems PLC
2.05
Great Britain

BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Bollore SA
1.89
France

Bollore operates as a holding company. The Company offers transportation, logistics, communications, and electricity and storage solutions, as well as manages a portfolio of communication and agricultural sector which includes oil palm rubber trees plantations, video game console supplies, and manufacturing of steel tubes. Bollare serves customers worldwide.

Sol SpA
1.88
Italy

Sol S.p.A. produces industrial and medical gases. The Company produces and markets oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, ammonia, chlorofluoride carbides, aseptic air, nitrous oxide and gas mixtures. Sol also produces gas for electronics, and liquid and compressed helium. The Company manufactures inhalation home care supplies.

Diageo plc ADR
1.85
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.

Total
58.91%
31 October 1996

Int'l Value Fund (Euro)
is established

Country Allocations
As of 31 Dec 2020
Market Value
Number of Issues
Percent
Country
Equities
85,458,016
63
96.75
Developed Europe
46,249,395
29
52.36
France
14,819,715
8
16.78
Germany
3,616,291
4
4.09
Great Britain
6,348,835
6
7.19
Italy
1,659,000
1
1.88
Netherlands
4,104,059
2
4.65
Sweden
2,425,532
1
2.75
Switzerland
13,275,963
7
15.03
Developed Asia & Pacific
13,129,066
14
14.86
Hong Kong
2,716,516
5
3.08
Japan
4,953,286
7
5.61
Singapore
5,459,264
2
6.18
Emerging Markets
6,119,792
6
6.93
China
1,730,356
2
1.96
Mexico
1,023,653
1
1.16
South Korea
2,256,860
2
2.56
Thailand
1,108,923
1
1.26
U.S. and Canada
19,959,763
14
22.6
Canada
229,219
1
0.26
United States
19,730,544
13
22.34
Hedge Gain/Loss
511,615
0.58
Other (Funds)
0
0
Cash & Equiv
2,356,015
2.67
Total
88,325,646
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
75.17
$2 - $10 billion
17.10
$500 million - $2 billion
7.10
<$500 million
0.63

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
6.78
Consumer Discretionary
8.66
Consumer Staples
14.71
Energy
2.87
Financials
26.52
Health Care
11.78
Industrials
19.23
Information Technology
0.00
Materials
6.92
Real Estate
1.49
Utilities
1.04

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