2 Tweedy / Transatlantic Holdings / ALTADIS / Browne Company LLC / NOVARTIS / NET CASH TOTAL INVESTMENTS / PROQUEST CO / GATX Corporation / FEDERATED INVESTORS / MBIA INC. / Browne American Value Fund 2nd Quarter 2004 Global / Switzerland TOTAL EQUITIES / Morningstar Inc. / Russell / NESTLE / SIKA AG / Merck KGAA / NAV TORCHMARK CORP. / PFIZER INC. / American Express / Browne Global Value Fund / ABN Amro / Equities-Foreign Total Equities / Grey Global / New York Stock Exchange / Trinity Mirror / DIAGEO PLC / BROWNE FUND INC. / ALMANIJ / Market Value Equities / FREDDIE MAC / S&P / COMCAST CORP / HEINEKEN / PNC FINANCIAL / Schering Plough / Browne American Value Fund / TWENTY LARGEST HOLDINGS / ALLOCATION OF INVESTMENTS / Sanyo / AKZO NOBEL / Hollinger International / the Daily Telegraph / Switzerland KONE CORP / /
Continent
Europe / /
Country
Germany / Netherlands / Mexico / Belgium / Japan / United States / Canada / United Kingdom / Singapore / Finland / Denmark / Czech Republic / /
Currency
USD / /
Event
M&A / /
IndustryTerm
investment banking / /
MarketIndex
S&P 500 / Russell 3000 / Morningstar Domestic Stock Funds / EAFE / MSCI EAFE / Russell 1000 Value / /
MusicAlbum
S&P / /
Organization
Global Value Fund US / /
Person
Christopher H. Browne William / AXEL SPRINGER / Robert Q. Wyckoff / Jr. / William H. Browne John / John D. Spears Thomas / Thomas H. Shrager Robert / / /
Position
generally considered representative of U.S. small capitalization stocks / generally considered representative of U.S. large capitalization stocks / representative / /
Microsoft Word - Global-American Value Fund Commentary.FINAL2[removed]doc