Share buybacks, when executed at attractive prices, can enhance per-share valuations for continuing owners. They may also signal that management believes its own shares are undervalued, a conviction further reinforced when corporate insiders are purchasing shares alongside the company. Empirical research, including our own proprietary studies, has informed this evolution in strategy.
Tweedy, Browne
We are pleased to announce an upcoming change to one of our mutual funds — one we believe will position it more effectively to serve our long-term investors.
Effective May 27, the Tweedy, Browne Worldwide High Dividend Yield Value Fund will be renamed the Tweedy, Browne . Buybacks . Dividends + Value Fund. Alongside this change, the Fund’s investment strategy will be modestly broadened to reflect a wider view of what generates value for shareholders over time.
The new name reflects a meaningful expansion of the Fund’s universe. In addition to dividend-paying companies, the Fund will now invest in equity securities that exhibit any of the following characteristics, and that also appear to be undervalued:
Share buybacks, when executed at attractive prices, can enhance per-share valuations for continuing owners. They may also signal that management believes its own shares are undervalued, a conviction further reinforced when corporate insiders are purchasing shares alongside the company. Empirical research, including our own proprietary studies, has informed this evolution in strategy.
The Fund’s core objective remains the same: to achieve attractive absolute returns and to outperform the broader market over the long term, through disciplined valuation analysis and patient, fundamental investing.
We are grateful for your continued trust and welcome any questions you may have. For a full description of the changes, including revised investment strategy language, please refer to the Prospectus Supplement, available here.
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