International Value Fund II - Currency Unhedged

Average Annual Total Returns (%) For Periods Ending 03/31/2024
TWEEDY, BROWNE INTERNATIONAL VALUE FUND II - CURRENCY UNHEDGED
MSCI EAFE Index2
Average Annual
Total Returns
Before Taxes
After Taxes
On Distributions
After Taxes
On Distributions & Sale Of Fund Shares
USD
Foreign Stock Fund Average3
1 Year
9.74
9.50
6.28
15.32
12.45
3 Years
4.22
4.00
3.36
4.78
1.40
5 Years
4.74
4.50
3.79
7.33
6.31
10 Years
3.19
2.97
2.58
4.80
4.53
Since Inception (10/26/09)1
5.41
5.22
4.50
5.63
5.73
Calendar Year Returns (%) Through 03/31/2024 Sort Oldest to Newest
MSCI EAFE Index2
TWEEDY, BROWNE INTERNATIONAL VALUE FUND II - CURRENCY UNHEDGED
USD
Foreign Stock Fund Average3
Cumulative Return (10/26/09 - 03/31/24)1
113.98
120.59
123.16
2024 (through 03/31)
3.65
5.78
4.17
2023
12.70
18.24
15.78
2022
-8.18
-14.45
-18.63
2021
10.76
11.26
10.86
2020
-0.02
7.82
13.53
2019
13.66
22.01
22.79
2018
-8.99
-13.79
-16.80
2017
21.60
25.03
28.90
2016
2.34
1.00
0.79
2015
-5.39
-0.81
1.56
2014
-4.50
-4.90
-5.35
2013
19.64
22.78
22.75
2012
17.98
17.32
19.13
2011
-1.73
-12.14
-13.61
2010
9.43
7.75
11.94
2009 (10/26 - 12/31)
2.04
0.58
5.30
Expense Ratio As of 03/31/2023
Total Annual Fund Operating Expense Ratio (gross)
1.40%
Total Annual Fund Operating Expense Ratio (net)
1.40%
5-Year Rolling Average Annual Returns Calculated monthly/net of fees (10/31/2009 - 12/31/2023)

Out of 111 five-year measurement periods, International Value Fund II has outperformed the MSCI EAFE Index (in USD) 21 times, or 19% of measured periods.

Average of Returns Plotted Above
COMPOSITE
Benchmark Index
Down Market (Index below 0%) - 4 Periods Fund beats Index in 0% of periods.
-1.38%
-0.43%
Normal Market (Index 0 -10%) - 105 Periods Fund beats Index in 20% of periods.
4.29%
5.24%
Robust Market (Index above 10%) - 2 Period Fund beats Index in 0% of periods.
7.85%
10.24%

The above chart illustrates the five-year average annual rolling net returns (calculated monthly) for the International Value Fund II since October 31, 2009 (Fund inception: October 26, 2009), compared to the five-year average annual rolling returns for its benchmark, the MSCI EAFE Index (in USD) (the ‘Index’). The horizontal axis represents the returns for the Index, while the vertical axis represents the returns for the Fund. The diagonal axis is a line of demarcation separating periods of outperformance from periods of underperformance. Plot points above the diagonal axis indicate the Fund’s relative outperformance, while points below the diagonal axis indicate the Fund’s relative underperformance. Returns were plotted for three distinct equity market environments: a ‘down market’ (benchmark return was less than 0%); a ‘normal market’ (benchmark return was between 0% and 10%); and a ‘robust market’ (benchmark return was greater than 10%). There were 108 five-year average annual rolling return periods between October 31, 2009 and December 31, 2023. Past performance is no guarantee of future returns.

The performance shown, before and after taxes, represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Please click here or call 1 -800-432-4789 to obtain performance data that is current as of the most recent month-end.

The Fund does not impose any front-end or deferred sales charges. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Funds’ financial statements.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions are adjusted for federal income taxes associated with fund distributions, but do not reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Returns after taxes on distributions and sale of fund shares are adjusted for federal income taxes associated with fund distributions and reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Investors cannot invest directly in an index, unlike an index fund. Index returns are not adjusted to reflect the deduction of taxes that an investor would pay on distributions or the sale of securities comprising the index.

Tweedy, Browne has voluntarily agreed, effective December 1, 2017 through at least July 31, 2024, to waive a portion of the Fund’s investment advisory fees and/or reimburse a portion of the Fund’s expenses to the extent necessary to keep the Fund’s expense ratio in line with the expense ratio of the International Value Fund. (For purposes of this calculation, the Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded, and the Fund’s expense ratio is rounded to two decimal points). The net expense ratio set forth above reflects this limitation, while the gross expense ratio does not. The performance data shown above would have been lower had certain fees and expenses not been waived and/or reimbursed during certain periods.

The performance results reflected above are over the course of many years and reflect multiple market cycles and varying geopolitical, market and economic conditions. Past performance is no guarantee of future results.

Index Descriptions

  1. Inception date for the Fund was October 26, 2009.
  2. The MSCI EAFE Index is an unmanaged, capitalization-weighted index of companies representing the stock markets of Europe, Australasia and the Far East. The MSCI EAFE Index (USD) reflects the return of the MSCI EAFE Index for a U.S. dollar investor. Index results are inclusive of dividends and net of foreign withholding taxes. Index figures do not reflect any deduction for fees, expenses or taxes.
  3. The Foreign Stock Fund Average is calculated by Tweedy, Browne based on data provided by Morningstar and reflects average returns of all mutual funds in the Morningstar Foreign Large-Value, Foreign Large-Blend, Foreign Large-Growth, Foreign Small/Mid-Value, Foreign Small/Mid-Blend, and Foreign Small/Mid-Growth categories. Funds in these categories typically invest in international stocks and devote no less than 70% of assets to international markets. These funds may or may not be hedged to the U.S. dollar, which will affect reported returns.

Notes to Morningstar Category Returns
Content reproduced from Morningstar is ©2024  Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is no guarantee of future results.