International Value Fund: Investment Performance And Expense Ratio

Investment Performance — Calendar Year Returns (%)

 MSCI EAFE Index2 
 Tweedy, Browne
International Value Fund
 Hedged to US$ US$Foreign Stock Fund Average3
1993 (06/15 - 12/31) 15.40 10.33  5.8818.94
1994  4.36 -1.67  7.78-0.33
1995 10.70 11.23 11.2110.29
1996 20.23 13.53  6.0513.59
1997 22.96 15.47  1.78 5.81
1998 10.99 13.70 20.0013.26
1999 25.28 36.47 26.9643.28
2000 12.39 -4.38-14.17-14.95
2001 -4.67-15.87-21.44-21.42
2003 24.93 19.17 38.5936.84
2004 20.01 12.01 20.2518.69
2005 15.42 29.67 13.5415.55
2006 20.14 19.19 26.3425.06
2007  7.54  5.32 11.1712.16
2009 37.85 25.67 31.7834.30
2010 13.82  5.60  7.7511.94
2011 -4.13-12.10-12.14-13.61
2012 18.39 17.54 17.3219.13
2013 19.62 26.67 22.7822.75
2014  1.51  5.67 -4.90-5.35
2015 -1.46  5.02 -0.81 1.56
2016  5.62  6.15  1.00 0.79
2017 15.43 16.84 25.0328.90
2018 -6.67 -8.96-13.79-16.80
2019 14.63 24.64 22.0122.79
2020 -1.00  2.50  7.8213.53
2021 15.59 19.43 11.2610.86
2022 -7.53 -4.60-14.45-18.63
2023 (through 09/30)  6.40 13.16  7.08   n/a
Cumulative Return
(06/15/931 09/30/23)
1013.50 571.27 340.29 n/a
Details array(7) { [0]=> string(35) "17.11,15.78,11.24,24.15,25.65,,n/a " [1]=> string(31) "9.19,8.11,7.29,12.99,5.75,,n/a " [2]=> string(30) "3.31,2.33,2.62,7.81,3.24,,n/a " [3]=> string(30) "4.40,3.54,3.48,8.17,3.82,,n/a " [4]=> string(30) "6.48,5.65,5.39,7.51,4.66,,n/a " [5]=> string(30) "6.92,6.20,5.92,7.56,5.90,,n/a " [6]=> string(29) "8.28,7.30,7.03,6.48,5.01,,n/a" }

Annual Total Returns For Periods Ending 09/30/23 (%)

 Tweedy, Browne International Value FundMSCI EAFE Index2 
Average Annual Total ReturnsReturn before TaxesReturn after Taxes on DistributionsReturn after Taxes on Distributions & Sale of Fund SharesHedgedUS$Foreign Stock Fund Average3
1 Year 17.11 15.78 11.24 24.15 25.65n/a
3 Years  9.19  8.11  7.29 12.99  5.75n/a
5 Years  3.31  2.33  2.62  7.81  3.24n/a
10 Years  4.40  3.54  3.48  8.17  3.82n/a
15 Years  6.48  5.65  5.39  7.51  4.66n/a
20 Years  6.92  6.20  5.92  7.56  5.90n/a
Since Inception (06/15/93)1  8.28  7.30  7.03  6.48  5.01n/a

Expense Ratio

Total Annual Fund Operating Expense Ratio as disclosed in the Fund's most recent prospectus:1.40%
Total Annual Fund Operating Expenses (After Fee Waiver and/or Expense Reimbursement) as disclosed in the Fund's most recent prospectus:1.40%

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.

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.

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.

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.


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 US$) consists of the results of the MSCI EAFE Index 100% hedged back into U.S. dollars and accounts for interest differentials in forward currency exchange rates. The MSCI EAFE Index (US$) 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 have less than 20% of their assets invested in U.S. stocks. 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:
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.