This podcast was recorded on March 5, 2020.

The information presented in this podcast is designed to be illustrative of the general investment philosophy and broad investment style overview of Tweedy, Browne Company LLC. It contains forthright opinions and statements on investment techniques, economic and market conditions and other matters. These opinions and statements are as of the date indicated above, and are subject to change without notice. There is no guarantee that these opinions and statements will prove to be correct, since some of them are inherently speculative. The information included in this podcast is not intended, and should not be construed, as an offer or recommendation to buy or sell any security, nor should specific information contained in this podcast be relied upon as investment advice or statements of fact.

Tweedy, Browne Company LLC is investment adviser for four mutual funds: Tweedy, Browne International Value Fund (formerly: Tweedy, Browne Global Value Fund), Tweedy, Browne Value Fund, Tweedy, Browne Worldwide High Dividend Yield Value Fund, and Tweedy, Browne International Value Fund — Currency Unhedged (formerly: Tweedy, Browne Global Value Fund II — Currency Unhedged).

Investors should consider the Tweedy, Browne Funds’ investment objectives, risks, charges and expenses carefully before investing. Investors may obtain a free prospectus, which contains this and other information about the Tweedy, Browne Funds by calling (800) 432-4789. Please read the prospectus carefully before investing.

Investment decisions for the Funds are made by consensus of the available members of Tweedy, Browne’s Investment Committee, which is comprised of Roger R. de Bree, Andrew Ewert, Frank H. Hawrylak, Jay Hill, Thomas H. Shrager, John D. Spears and Robert Q. Wyckoff, Jr. Much of the information in this podcast represents the opinions of the speakers, and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Views expressed may differ from those of the Investment Committee or of Tweedy, Browne as a whole. In the course of the podcast, Tweedy, Browne personnel mention certain securities that the Tweedy, Browne Funds held as of the date of the podcast or had held prior to such date. Discussion of any particular security, sector or fund by Tweedy, Browne personnel does not constitute information reasonably sufficient upon which to base an investment decision, should not be considered a recommendation to purchase or sell any particular security, and should not be considered an offer for any of the securities referenced. The Tweedy, Browne Funds may or may not presently hold any of the securities mentioned in this podcast. The information in this podcast is not guaranteed as to its accuracy or completeness. This podcast is not an offer to sell any security nor is it a solicitation of an offer to buy any security.

Current and future portfolio holdings are subject to risk. Investing in foreign securities involves additional risks beyond the risks of investing in U.S. securities markets. These risks include currency fluctuations; political uncertainty; different accounting and financial standards; different regulatory environments; and different market and economic factors in various non-U.S. countries. In addition, the securities of smaller, less well-known companies may be more volatile than those of larger companies. Force majeure events such as pandemics and natural disasters are likely to increase the risks inherent in investments and could have a broad negative impact on the world economy and business activity in general. Value investing involves the risk that the market will not recognize a security’s intrinsic value for a long time, or that a security thought to be undervalued may actually be appropriately priced. There can be no guarantee of safety of principal or a satisfactory rate of return. Dividends are not guaranteed, and a company that currently pays dividends may reduce or eliminate those dividends in the future. Diversification does not guarantee a profit and does not protect against a loss in a declining market. Investors should refer to the Tweedy, Browne Funds’ prospectuses for a description of risk factors associated with investments in securities held by the Tweedy, Browne Funds. Past performance is no guarantee of future results.

Although the practice of hedging against currency exchange rate changes utilized by some of the Tweedy, Browne Funds reduces the risk of loss from exchange rate movements, it also reduces the ability of a Fund to gain from favorable exchange rate movements when the U.S. dollar declines against the currencies in which the Fund’s investments are denominated, and, in some interest rate environments, may impose out-of-pocket costs on the Fund.

The Managing Directors and employees of Tweedy, Browne Company LLC may have a financial interest in the securities mentioned in this podcast. The financial interest stems from the fact that, where consistent with the Firm’s Code of Ethics, the Managing Directors and employees may own these securities in their personal securities trading accounts or through their ownership of various pooled vehicles that own these securities. As of September 30, 2024, Tweedy, Browne’s current Managing Directors, one of our retired principals, current employees, and their immediate family members had more than $296.2 million invested in our Funds, including approximately $175.7 million in the International Value Fund and $106.1 million in the Value Fund, $7.6 million in the Worldwide High Dividend Yield Value Fund and $6.7 million in the International Value Fund II – Currency Unhedged.

Assets under management are subject to fluctuation, and not necessarily representative of current assets under management. During the first quarter of 2020, the Firm, like many other asset managers, experienced a decline in assets under management as the novel coronavirus (COVID-19) pandemic escalated, accelerating at the end of the quarter. As of February 28, 2020, assets under management were $12.97 billion.

References to publications, books or other sources of information should not be construed as an adoption or endorsement by the Firm of any opinions or statements presented therein.

Tweedy, Browne Company LLC ceased its operations as a broker-dealer on September 30, 2014.

The Tweedy, Browne Funds are distributed by AMG Distributors, Inc., Member FINRA/SIPC.

This material must be preceded or accompanied by a prospectus for Tweedy, Browne Fund Inc.