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The largest holding is LSL Property Services (OTC:LSLPF). There are several good articles on Seeking Alpha about LSL. According to one such rolex replica: ". LSL trades at just 10x estimated earnings for 2015. More importantly, LSL trades at less than 7x my estimate of normalized earnings - normalized earnings simply assume that the UK housing market cartier replica to its 30 year average level of transactions (we are currently sitting 20-25% below this figure). With positive operating leverage, this will drive LSL's earnings significantly higher in a market upturn. Applying a 14x multiple to rolex replica, LSL shares could trade for L6.50 or 110% greater than today's price." Another major holding is TNT Express (OTCPK:TNTEF). This is another international stock that I've written about on Seeking Alpha. TNT is the Dutch UPS/Fed Ex. Its revenues and earnings are down, but the company could be a buyout candidate. It's a major holding of several replica watches uk value funds. FPA International reminds me of Tweedy Browne (MUTF:TBGVX) and Longleaf Partners (MUTF:LLINX). When investing in a good fund, past performance is nice, but future performance is even more important. One must get inside of the manager's mind and understand their investing motives. Py is buying replica watches blue chips and waiting for a turnaround. It's concentrated, and holds high amounts of cash. This approach has worked thus far. This fund may be a great addition to your portfolio.