Core Insights - Global equity markets experienced significant growth in Q3, with the S&P 500 rising 8.12% for the quarter and 14.83% year-to-date, while the MSCI EAFE Index increased by 4.77% for the quarter and 25.14% year-to-date [2][3] Market Performance - The S&P 500 achieved back-to-back annual returns of 26% and 25% in 2023 and 2024, respectively, with valuation metrics like the "Buffett Indicator" and CAPE-Shiller P/E at or near record highs [2] - Non-US equities, particularly European stocks, outperformed the S&P 500 year-to-date, benefiting from a weaker US dollar and a resurgence in value recognition [3][11] Fund Performance - Tweedy, Browne Funds reported year-to-date returns ranging from 15.98% for the Value Fund to 23.17% for the International Value Fund II, with the Worldwide High Dividend Yield Value Fund outperforming its benchmark [3][5] - The International Value Fund II had a return of 23.17%, trailing its benchmark, the unhedged MSCI EAFE Index, by 197 basis points [3] Portfolio Activity - The company made strategic adjustments to its portfolio, trimming or selling holdings that reached estimated value and adding to companies perceived as attractively priced, such as Berkeley Group Holdings and Breedon Group [8] - New positions were initiated in Santec Holdings and additional investments were made in companies like Dentium and Azelis Group, reflecting a focus on growth potential and reasonable valuations [8] Outlook - The company is optimistic about the resurgence of non-US equity returns and believes its funds are well-positioned for future market conditions, whether they favor non-US equities or face broader market challenges [11]

William Blair downgraded Dentsply Sirona Inc. (NASDAQ:XRAY) to "Market Perform" due to third-quarter earnings missing expectations.The company reported a 26.5% decrease in adjusted earnings per share and a 4.9% year-over-year decline in revenues.A return-to-growth plan was announced by the CEO to address performance issues, with revised 2025 EPS guidance to approximately $1.60.Dentsply Sirona Inc. (NASDAQ: XRAY), a leading name in the dental equipment industry, is renowned for its cutting-edge dental techno ...

Dentsply Sirona Inc. (NASDAQ:XRAY) stock is trading lower on Thursday after weaker-than-expected third-quarter earnings and lowered guidance. • XRAY shares are approaching critical lows. Get the inside scoop here.Adjusted earnings came in at 37 cents, down from 50 cents a year ago, beating the consensus of 45 cents. The decline was attributed to sales mix, tariffs and a higher tax rate.The dental equipment company reported sales of $904 million, down 5% year over year, beating the consensus of $896.71 milli ...