Value Fund: Investment Performance And Expense Ratio

Investment Performance — Calendar Year Returns (%)

 Tweedy, Browne Value FundS&P 500 (12/8/93-12/31/06) /
MSCI World Index (Hedged to US$) (1/1/07-present)2
1993 (12/08 - 12/31) -0.60 0.18
1994 -0.56 1.32
1995 36.2137.59
1996 22.4522.97
1997 38.8733.38
1998  9.5928.58
1999  2.0021.04
2000 14.45-9.13
2001 -0.09-11.88
2003 23.2428.69
2004  9.4310.88
2005  2.30 4.91
2006 11.6315.79
2007  0.60 5.61
2009 27.6026.31
2010 10.5110.46
2011 -1.75-5.46
2012 15.4515.77
2013 22.6828.69
2014  4.02 9.71
2015 -5.39 2.01
2016  9.69 9.39
2017 16.4619.13
2018 -6.39-6.59
2019 16.0528.43
2020 -1.9914.27
2021 16.1624.38
2022 -5.67-15.38
2023 (through 09/30)  7.74 12.86
Cumulative Return
(12/08/931 - 09/30/23)
804.43 1069.36

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

 Tweedy, Browne Value Fund 
Average Annual Total ReturnsReturn before TaxesReturn after Taxes on DistributionsReturn after Taxes on Distributions & Sale of Fund SharesS&P 500 (12/8/93-12/31/06) /
MSCI World Index (Hedged to US$) (1/1/07-present)2
1 Year 21.81 20.16 14.1321.54
3 Years 10.20  8.63  7.9610.16
5 Years  4.30  2.16  3.12 8.71
10 Years  5.29  3.61  3.96 9.91
15 Years  6.63  5.19  5.23 9.18
20 Years  6.11  4.80  4.90 7.91
Since Inception (12/08/93)1  7.67  6.52  6.43  8.60

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.

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 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.


Index Descriptions
1 Inception date for the Fund was December 8, 1993.

2 The S&P 500 Index/MSCI World Index (Hedged to US$) is a combination of the S&P 500 Index and the MSCI World Index (Hedged to US$) linked together by Tweedy, Browne, and represents the performance of the S&P 500 Index for the periods 12/8/93 - 12/31/06, and the performance of the MSCI World Index (Hedged to US$) beginning 1/01/07 and thereafter (beginning December 2006, the Fund was permitted to invest more significantly in non-U.S. securities).

The S&P 500 Index is an unmanaged, market capitalization weighted index composed of 500 widely held common stocks that assumes the reinvestment of dividends. The index is generally considered representative of U.S. large capitalization stocks. The index does not reflect any deduction for fees, expenses or taxes.

The MSCI World Index is an unmanaged, 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$) reflects the return of the MSCI World Index for a U.S. dollar investor. The MSCI World Index (Hedged to US$)consists of the results of the MSCI World Index with its foreign currency exposure hedged 100% back into U.S. dollars and accounts for interest rate differentials in forward currency exchange rates.