Munich / States Great / New York / France Germany Great / Singapore South / /
Company
S Kone Oyj T / Korea Exchange Bank / Browne Company LLC / T Roche Holding A Bottom Contributors G4S PLC T / Phillip Morris International / Pearson PLC / Unilever / Cargotec Corp T / Devon Energy / Global Value Fund / Henkel KGaA / ADR T Krones A Torchmark Corp / 3M / Nestle / Coca Cola / A AT&T Inc (U.S.) SK Telecom / SK Telecom / Johnson & Johnson Total Pearson PLC / Arca A Telefonica A Bottom Contributors ENI SpA / Leucadia National Corp / Total Fund Market Value Top 20 Holdings / Value Fund / Browne Global Value Fund / Ramco Gershenson / National Bank Of Canada / Sysco / New York Stock Exchange / Beverage & Tobacco Diversified Financials Transportation Telecom / Diageo PLC / S&P / Browne Funds / Wal-Mart Stores Inc / Akzo Nobel / Tweedy / Food & Staples Retailing Telecom / Browne Worldwide High Dividend Yield Value Fund / Roche Holding / Unifirst Corp / ConocoPhillips A Novartis A Diageo PLC / Union Pacific / Johnson & Johnson / Femsa / Philip Morris / Linde / ENI SpA / Top Contributors CNP Assurance (France) Diageo PLC / Telefonica / Morningstar Inc. / Novartis 3M Co. / Fund Burlington Nrthrn Santa Fe Total Equities / Forster Holding S Nestle T SK Telecom / Genuine Parts Co / Holdings Market Value CNP Assurance Glaxo Smithkline PLC / WW High Dividend Yield Value Fund / Assurance (France) Korea Exchange Bank (S. Korea) Kone Oyj / Spain Germany Glaxo Smithkline PLC / BROWNE FUND INC. / BROWNE VALUE FUND / Comcast Corp / Worldwide High Dividend Yield Value Fund / Heineken / United States France Great Britain Top Contributors Industries / Kone Oyj / Ins Co / Raven Russia / Emerson Electric AT&T Inc / /
Continent
Europe / /
Country
Switzerland / Netherlands / Norway / France / Japan / Canada / Australia / Portugal / Korea / United Kingdom / Finland / Denmark / Germany / Italy / Sweden / New Zealand / Belgium / Austria / United States / Singapore / Spain / South Korea / Greece / Ireland / /
Currency
USD / /
Event
Reorganization / Dividend Issuance / /
Facility
Heilbrunn Center / /
IndustryTerm
media holdings / food and related products / food service industry / /
MarketIndex
S&P 500 / EAFE / Russell / MSCI EAFE / MSCI World Index Morningstar Fund / S&P 5002 MSCI World / MSCI World / /
Organization
Bank of Canada / PLC ADR / Columbia Business School / Heilbrunn Center for Graham & Dodd Investing / /
Person
Axel Springer / Sean McDonald / David Krasne / Robert Q. Wyckoff / Jr. / Christopher H. Browne William / Thomas H. Shrager John / / /
Position
generally considered representative of U.S. large capitalization stocks / representative / Adviser / /
Microsoft Word - Fund Commentary Q2 2009 FINAL