The Tweedy, Browne . Buybacks . Dividends + Value Fund primarily invests in US and foreign equity securities that have a buyback yield, which is the percentage reduction in the company’s shares outstanding, and/or a dividend yield, or both, and that also appear to be undervalued—including undervaluation based on proprietary combinations of various numerical investment characteristics, a value score, and qualitative assessments.

In addition to the return provided by dividend yields, share buybacks at attractive prices may offer the prospect of enhancing per-share valuations and future returns for shareholders who remain owners of companies that engage in such “shareholder-friendly” actions. Share buybacks may also signal management’s belief that a company’s shares are undervalued. In some instances, corporate insiders may be purchasing their own company’s shares, which the Adviser believes may also signal an insider’s belief that the company’s shares are undervalued.

Rooted in the value-investing principles of Benjamin Graham, the Fund seeks a diversified portfolio of businesses across industries, countries, and market capitalizations that meet this dual test: they are undervalued and demonstrate a commitment to returning cash to shareholders through buybacks and/or dividends.

As of March 31, 2026, our Managing Directors, retired principals, employees, and their immediate families had more than $327.7 million invested in our Funds, including approximately $6.6 million in the Buybacks . Dividends + Value Fund*. Investment Committee members have spent between 10 and 52 years working at Tweedy, Browne. No member of our Management Committee has ever left the firm except for the reason of retirement.