WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND

Average Annual Total Returns (%) For periods ending 03/31/2024
TWEEDY, BROWNE WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND
MSCI Indices2
Average Annual
Total Returns
Before Taxes
After Taxes
On Distributions
After Taxes
On Distributions & Sale Of Fund Shares
World Index (USD)
World High Dividend Yield Index (USD)
Global Stock Fund Average3
1 Year
11.40
10.58
7.54
25.11
13.27
16.80
3 Years
3.53
0.89
2.68
8.60
6.19
3.18
5 Years
4.25
1.79
3.25
12.07
7.23
9.24
10 Years
3.72
1.39
2.70
9.39
6.09
7.34
15 Years
7.96
6.22
6.49
12.28
10.49
10.97
Since Inception (09/05/07)1
4.23
2.65
3.24
6.95
4.69
5.72
Calendar Year Returns (%) Through 03/31/2024 Sort Oldest to Newest
MSCI Indices2
TWEEDY, BROWNE WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND
World Index (USD)
World High Dividend Yield Index (USD)
Global Stock Fund Average3
Cumulative Return (09/05/07 - 03/31/24)1
98.71
204.28
113.85
151.53
2024 (through 03/31)
4.19
8.88
5.53
6.20
2023
12.37
23.79
9.12
17.39
2022
-10.55
-18.14
-4.74
-19.77
2021
11.58
21.82
15.83
15.18
2020
-4.35
15.90
-0.03
21.41
2019
18.55
27.67
23.15
26.09
2018
-5.61
-8.71
-7.56
-11.94
2017
22.06
22.40
18.14
24.63
2016
4.56
7.51
9.29
5.50
2015
-7.51
-0.87
-3.20
-1.69
2014
-0.92
4.94
2.48
2.76
2013
18.77
26.68
21.91
25.20
2012
12.34
15.83
12.24
15.84
2011
4.04
-5.54
3.89
-7.96
2010
7.73
11.76
6.29
13.79
2009
28.18
29.99
32.48
35.35
2008
-29.35
-40.71
-42.98
-41.93
2007 (09/05 - 12/31)
0.32
2.57
1.15
2.16
Yields AS OF 03/31/2024
30-Day Standardized Yield (Subsidized)
2.11%
30-Day Standardized Yield (Unsubsidized)
2.11%
Expense Ratios AS OF 03/31/2023
Total Annual Fund Operating Expense Ratio (gross)
1.49%
Total Annual Fund Operating Expense Ratio (net)
1.39%
5-Year Rolling Average Annual Returns Calculated monthly/net of fees (09/30/2007 - 12/31/2023)

Out of 136 five-year measurement periods, the Worldwide High Dividend Yield Value Fund has outperformed the MSCI World Index (in USD) 13 times, or 10% of measured periods.

Average of Returns Plotted Above
COMPOSITE
Benchmark Index
Down Market (Index below 0%) - 4 Periods Fund beats Index in 100% of periods
2.04%
-2.00%
Normal Market (Index 0 -10%) - 76 Periods Fund beats Index in 12% of periods
3.62%
7.13%
Robust Market (Index above 10%) - 56 Periods Fund beats Index in 0% of periods
8.70%
12.80%

The above chart illustrates the five-year average annual rolling net returns (calculated monthly) for the Worldwide High Dividend Yield Value Fund since September 30, 2007 (Fund inception: September 5, 2007), compared to the five-year average annual rolling returns for its benchmark, the MSCI World 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 136 five-year average annual rolling return periods between September 30, 2007 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 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 September 5, 2007.
  2. 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 (US$) reflects the return of this index for a U.S. dollar investor. The MSCI World High Dividend Yield Index (US$) reflects the performance of equities in the index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The MSCI World High Dividend Yield Index (US$) reflects the return of the MSCI World High Dividend Yield Index for a U.S. dollar investor. Results for each index are inclusive of dividends and net of foreign withholding taxes.
  3. Since April 28, 2017, the Global 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 Global Large Stock (including Global Large Value, Global Large Growth, and Global Large Blend categories) and Global Small/Mid Stock categories. Prior to April 28, 2017, the Global Stock Fund Average was calculated by Morningstar. Funds in these categories typically invest in stocks throughout the world while maintaining a percentage of their assets (normally 20% – 60%) invested in US stocks. These funds may or may not be hedged to the US dollar, which will affect reported returns. References to “Global Stock Funds” or the “Global Stock Fund Average” that predate April 28, 2017 are references to Morningstar’s Global Stock Funds and Global Stock Fund Average, respectively, while references to Global Stock Funds and the Global Stock Fund Average for the period beginning April 28, 2018 refer to the Global Stock Funds and Global 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.