International Value Fund

Average Annual Total Returns (%) For periods ending 03/31/2024
TWEEDY, BROWNE INTERNATIONAL VALUE FUND
MSCI EAFE Index2
Average Annual
Total Returns
Before Taxes
After Taxes
On Distributions
After Taxes
On Distributions & Sale Of Fund Shares
Hedged to USD
USD
Foreign Stock Fund Average3
1 Year
10.99
9.97
7.39
22.36
15.32
12.45
3 Years
5.69
4.35
4.43
11.95
4.78
1.40
5 Years
5.83
4.94
4.61
11.64
7.33
6.31
10 Years
4.89
4.01
3.84
9.25
4.80
4.53
15 Years
9.39
8.60
7.97
10.78
8.41
9.18
20 Years
6.52
5.76
5.50
7.73
5.66
6.31
Since Inception (06/15/93)1
8.52
7.52
7.22
6.92
5.45
6.12
Calendar Year Returns (%) Through 03/31/2024 Sort Oldest to Newest
MSCI EAFE Index2
TWEEDY, BROWNE INTERNATIONAL VALUE FUND
Hedged to USD
USD
Foreign Stock Fund Average3
Cumulative Return (06/15/93 - 03/31/24)1
1,138.56
686.27
414.30
523.59
2024 (through 03/31)
5.23
10.51
5.78
4.17
2023
12.47
19.95
18.24
15.78
2022
-7.53
-4.60
-14.45
-18.63
2021
15.59
19.43
11.26
10.86
2020
-1.00
2.50
7.82
13.53
2019
14.63
24.64
22.01
22.79
2018
-6.67
-8.96
-13.79
-16.80
2017
15.43
16.84
25.03
28.90
2016
5.62
6.15
1.00
0.79
2015
-1.46
5.02
-0.81
1.56
2014
1.51
5.67
-4.90
-5.35
2013
19.62
26.67
22.78
22.75
2012
18.39
17.54
17.32
19.13
2011
-4.13
-12.10
-12.14
-13.61
2010
13.82
5.60
7.75
11.94
2009
37.85
25.67
31.78
34.30
2008
-38.31
-39.90
-43.38
-44.64
2007
7.54
5.32
11.17
12.16
2006
20.14
19.19
26.34
25.06
2005
15.42
29.67
13.54
15.55
2004
20.01
12.01
20.25
18.69
2003
24.93
19.17
38.59
36.84
2002
-12.14
-27.37
-15.94
-16.11
2001
-4.67
-15.87
-21.44
-21.42
2000
12.39
-4.38
-14.17
-14.95
1999
25.28
36.47
26.96
43.28
1998
10.99
13.70
20.00
13.26
1997
22.96
15.47
1.78
5.81
1996
20.23
13.53
6.05
13.59
1995
10.70
11.23
11.21
10.29
1994
4.36
-1.67
7.78
-0.33
1993 (06/15 - 12/31)
15.40
10.33
5.88
18.94
Expense Ratios 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 (06/30/1993 - 12/31/2023)

Out of 307 five-year measurement periods, International Value Fund has outperformed the MSCI EAFE Index (Hedged to USD) 186 times, or 61% of measured periods. 

Average of Returns Plotted Above
COMPOSITE
Benchmark Index
Down Market (Index below 0%) - 65 Periods Fund beats Index in 97% of periods
4.12%
-3.26%
Normal Market (Index 0 -10%) - 150 Periods Fund beats Index in 47% of periods
6.37%
5.87%
Robust Market (Index above 10%) - 92 Periods Fund beats Index in 58% of periods
13.53%
13.09%

The above chart illustrates the five-year average annual rolling net returns (calculated monthly) for the International Value Fund since June 30, 1993 (Fund inception: June 15, 1993), compared to the five-year average annual rolling returns for its benchmark, the MSCI EAFE Index (Hedged to 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 307 five-year average annual rolling return periods between June 30, 1993 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 May 22, 2020 through at least July 31, 2024, to waive the Fund’s fees whenever the Fund’s average daily net assets (“ADNA”) exceed $6 billion. Under the arrangement, the advisory fee payable by the Fund is as follows: 1.25% on the first $6 billion of the Fund’s ADNA; 0.80% on the next $1 billion of the Fund’s ADNA (ADNA over $6 billion up to $7 billion); 0.70% on the next $1 billion of the Fund’s ADNA (ADNA over $7 billion up to $8 billion); and 0.60% on the remaining amount, if any, of the Fund’s ADNA (ADNA over $8 billion). The performance data shown above would have been lower had certain fees and expenses not been waived during certain periods.

The Funds are actively managed, unlike the indexes, and consist of securities that vary widely from those included in the indexes in terms of portfolio composition, country and sector allocations, and other metrics. Hedged indexes are included to illustrate how the stocks that are components of the hedged indexes would have performed in their local currencies for a US dollar investor. The hedged indexes are fully nominally hedged on a monthly basis, whereas the International Value Fund and the Value Fund only hedge their perceived currency exposure where practicable. Tweedy, Browne applies a different hedging methodology than the hedged indexes. Index results are shown for illustrative purposes only.

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 June 15, 1993. Prior to 2004, information with respect to the MSCI EAFE Index was available at month end only; therefore, the closest month end to the inception date of the Fund, May 31, 1993, was used.
  2. The MSCI EAFE Index is an unmanaged, free float-adjusted capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (Hedged to USD) consists of the results of the MSCI EAFE Index 100% hedged back into U.S. dollars and accounts for interest differentials in forward currency exchange rates. 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. Since September 30, 2003, the Foreign Stock Fund Average is calculated by Tweedy, Browne based on data provided by Morningstar and reflects average returns or portfolio turnover rates 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. References to “Foreign Stock Funds” or the “Foreign Stock Fund Average” that predate September 30, 2003 are references to Morningstar’s Foreign Stock Funds and Foreign Stock Fund Average, respectively, while references to Foreign Stock Funds and the Foreign Stock Fund Average for the period beginning September 30, 2003 refer to Foreign Stock Funds and the Foreign Stock Fund Average as calculated by Tweedy, Browne.

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.