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Global Value Fund: Investment Performance And Expense Ratio

Investment Performance — Calendar Year Returns (%)

 MSCI EAFEMorningstar Fund Averages
 Tweedy, Browne
Global Value Fund
 Hedged2 US$3World Stock Funds4Foreign Stock Fund5
1993 (6/15 - 12/31) 15.40 10.33  5.88 17.4218.94
1994  4.36 -1.67  7.78 -1.33-0.33
1995 10.70 11.23 11.21 17.6010.29
1996 20.23 13.53  6.05 16.5413.59
1997 22.96 15.47  1.78 13.24 5.81
1998 10.99 13.70 20.00 12.3513.26
1999 25.28 36.47 26.96 38.5243.28
2000 12.39 -4.38-14.17 -8.47-14.95
2001 -4.67-15.87-21.44-16.13-21.42
2002-12.14-27.37-15.94-19.29-16.11
2003 24.93 19.17 38.59 34.3336.84
2004 20.01 12.01 20.25 15.1618.69
2005 15.42 29.67 13.54 11.7415.55
2006 20.14 19.19 26.34 19.5225.06
2007  7.54  5.32 11.17 11.2812.16
2008-38.31-39.90-43.38-41.93-44.64
2009 37.85 25.67 31.78 35.3534.30
2010 13.82  5.60  7.75 13.7911.94
2011 -4.13-12.10-12.14 -7.96-13.61
2012 18.39 17.54 17.32 15.8419.13
2013 19.62 26.67 22.78 25.2022.75
2014 (through 11/30)  2.86  7.17 -1.49  4.50 -2.83
Cumulative Return
(6/15/931 11/30/14)
679.66 248.57 215.02 373.00 284.51

Annual Total Returns For Periods Ending 11/30/14 (%)

 Tweedy, Browne Global Value FundMSCI EAFEMorningstar Fund Averages
Average Annual Total ReturnsReturn before TaxesReturn after Taxes on DistributionsReturn after Taxes on Distributions & Sale of Fund SharesHedged2US$3World Stock Funds4Foreign Stock Fund5
1 Year  3.90  2.97  3.14  8.64 -0.026.64-0.86
3 Years 13.89 12.88 11.32 17.04 12.0214.4511.51
5 Years 10.90 10.35  9.08  9.29  6.3810.567.62
10 Years  7.65  7.00  6.55  6.52  5.256.766.18
15 Years  7.32  6.47  6.09  2.97  3.375.444.75
20 Years  9.80  8.70  8.19  6.05  5.24n/an/a
Since Inception (06/15/93)1 10.04  9.01  8.50  5.98  5.487.506.46

Annual Total Returns For Periods Ending 09/30/14 (%)

 Tweedy, Browne Global Value FundMSCI EAFEMorningstar Fund Averages
Average Annual Total ReturnsReturn before TaxesReturn after Taxes on DistributionsReturn after Taxes on Distributions & Sale of Fund SharesHedged2US$3World Stock Funds4Foreign Stock Fund5
1 Year  8.41  7.43  5.72 10.50  4.259.773.87
3 Years 15.72 14.69 12.79 17.33 13.6516.6813.89
5 Years 11.54 10.98  9.60  8.15  6.5610.478.00
10 Years  8.11  7.46  6.94  6.57  6.327.457.26
15 Years  7.46  6.62  6.21  3.41  3.876.025.62
20 Years  9.71  8.61  8.10  5.85  5.16n/an/a
Since Inception (06/15/93)1 10.16  9.12  8.59  5.88  5.537.456.55

Expense Ratio

Total Annual Fund Operating Expense Ratio as of 03/31/14:1.38%

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 charge. However, a 2% redemption fee is imposed on redemption proceeds for redemptions or exchanges made within 60 days of purchase. Performance data does not reflect the deduction of the redemption fee, and if reflected, the redemption fee would reduce the performance data quoted for periods of 60 days or less. 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 June 15, 1993. Index information is available at month end only; therefore the closest month end to inception date of the Fund, May 31, 1993, was used.

2 MSCI EAFE Hedged: 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. Index results are inclusive of dividends and net of foreign withholding taxes.

3 MSCI EAFE (US$): An unmanaged capitalization-weighted index of companies representing the stock markets of Europe, Australasia and the Far East. Index results are inclusive of dividends and net of foreign withholding taxes.

4 Morningstar World Stock Fund Average: Average results of all mutual funds in the Morningstar universe that invest throughout the world while maintaining a percentage of assets (normally 25-50%) in the U.S.

5 Morningstar Foreign Stock Fund Average: Average returns of all mutual funds in the Morningstar universe that have 90% or more of their assets invested in non-U.S. stocks.

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.