VALUE FUND

Average Annual Total Returns (%) For periods ending 03/31/2024
TWEEDY, BROWNE VALUE FUND
Average Annual
Total Returns
Before Taxes
After Taxes
On Distributions
After Taxes
On Distributions & Sale Of Fund Shares
MSCI World Index (Hedged to USD)2
S&P 500 Index/MSCI World Index (Hedged to USD)2
1 Year
15.35
13.49
10.38
27.22
27.22
3 Years
7.33
5.36
5.56
10.76
10.76
5 Years
6.71
5.21
5.15
13.40
13.40
10 Years
5.71
4.01
4.24
11.06
11.06
15 Years
9.62
8.17
7.85
13.03
13.03
20 Years
6.08
4.68
4.77
8.81
8.25
Since Inception (12/08/93)
7.96
6.77
6.65
8.48
9.15
Calendar Year Returns (%) Through 03/31/2024 Sort Oldest to Newest
TWEEDY, BROWNE VALUE FUND
MSCI World Index (Hedged to USD)2
S&P 500 Index/MSCI World Index (Hedged to USD)2
Cumulative Return (12/08/93 - 03/31/24)1
920.34
1,079.55
1,319.83
2024 (through 03/31)
5.51
10.24
10.24
2023
15.20
24.30
24.30
2022
-5.67
-15.38
-15.38
2021
16.16
24.38
24.38
2020
-1.99
14.27
14.27
2019
16.05
28.43
28.43
2018
-6.39
-6.59
-6.59
2017
16.46
19.13
19.13
2016
9.69
9.39
9.39
2015
-5.39
2.01
2.01
2014
4.02
9.71
9.71
2013
22.68
28.69
28.69
2012
15.45
15.77
15.77
2011
-1.75
-5.46
-5.46
2010
10.51
10.46
10.46
2009
27.60
26.31
26.31
2008
-24.37
-38.45
-38.45
2007
0.60
5.61
5.61
2006
11.63
16.89
15.79
2005
2.30
16.08
4.91
2004
9.43
11.01
10.88
2003
23.24
24.43
28.69
2002
-14.91
-24.71
-22.09
2001
-0.09
-14.00
-11.88
2000
14.45
-8.45
-9.13
1999
2.00
29.09
21.04
1998
9.59
21.55
28.58
1997
38.87
23.64
33.38
1996
22.45
17.94
22.97
1995
36.21
20.55
37.59
1994
-0.56
-0.99
1.32
1993 (12/08 - 12/31)
-0.60
5.53
0.18
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 (12/31/1993 - 12/31/2023)

Out of 301 five-year measurement periods, Value Fund has outperformed the S&P 500 Index/MSCI World Index (Hedged to USD)2 134 times, or 45% of measured periods.

Average of Returns Plotted Above
COMPOSITE
Benchmark Index
Down Market (Index below 0%) - 70 Periods Fund beats Index in 100% of periods
2.11%
-1.89%
Normal Market (Index 0 -10%) - 104 Periods Fund beats Index in 43% of periods
4.77%
5.67%
Robust Market (Index above 10%) - 127 Periods Fund beats Index in 15% of periods
11.51%
15.13%

The above chart illustrates the five-year average annual rolling net returns (calculated monthly) for the Value Fund since December 31, 1993 (Fund inception: December 8, 1993), compared to the five-year average annual rolling returns for its benchmark, the S&P 500 Index/MSCI World (Hedged to USD)2 (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 301 five-year average annual rolling return periods between December 31, 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 charge. 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 equal to or below the expense ratio of the International Value Fund. (For purposes of this calculation, each Fund’s acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded, and each 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 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 December 8, 1993.
  2. The S&P 500 Index/MSCI World Index (Hedged to USD) is a combination of the S&P 500 Index and the MSCI World Index (Hedged to US$), linked together by Tweedy, Browne, and represents the performance of the S&P 500 Index for the periods 12/08/93 – 12/31/06 and the performance of the MSCI World Index (Hedged to US$) beginning 01/01/07 and thereafter (beginning December 2006, the Fund was permitted to invest more significantly in non-US securities). The S&P 500 Index is a market capitalization weighted index composed of 500 widely held common stocks that assumes the reinvestment of dividends. The index is generally considered representative of US large capitalization stocks.  The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (in US$) reflects the return of this index for a US dollar investor. The MSCI World Index (Hedged to US$) consists of the results of the MSCI World Index with its foreign currency exposure hedged 100% back into US dollars. The index accounts for interest rate differentials in forward currency exchange rates.