|As of 12/19/14||NAV||$ Change|
|Global Value Fund||26.95||+0.12|
|Global Value Fund II||14.13||+0.07|
|To view a Fund's historical performance, click on the Fund name above.|
The Tweedy, Browne team, winner of Morningstar's 2011 International-Stock Manager of the Year Award in the United States, discusses the role of process and time horizon in the Global Value Fund's successful long-term track record. (January 4, 2012)
Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. The Fund Manager of the Year award winners are chosen based on Morningstar's proprietary research and in-depth qualitative evaluation by its fund analysts.
The average annual total returns of the Global Value Fund for the 1-, 5- and 10-year periods ending September 30, 2014, were 8.41%, 11.54%, and 8.11%, respectively. As of March 31, 2014, the Global Value Fund's total annual operating expense ratio was 1.38%.
The preceding performance data 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 lower or higher than the performance data shown. Please visit www.tweedy.com to obtain performance data, which is current to the most recent month end. The Global Value 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 performance data quoted for periods of 60 days or less.
MSCI EAFE Index US$ is an unmanaged capitalization-weighted index of companies representing the stock markets of Europe, Australasia and the Far East. MSCI EAFE Index Hedged consists of the results of the MSCI EAFE Index hedged 100% back into US dollars and accounts for interest rate differentials in forward currency exchange rates. Results for both indexes are inclusive of dividends and net of foreign withholding taxes.
The Morningstar Foreign Large Value Category consists of funds which seek capital appreciation by investing in large international stocks that are value-oriented. Large-cap foreign stocks have market capitalizations greater than $5 billion. Value is defined based on low price/book and price/cash-flow ratios, relative to the MSCI EAFE Index. These funds typically will have less than 20% of assets invested in U.S. stocks.
As of September 30, 2014, the Global Value Fund invested the following percentage of its net assets in the following holdings: Philip Morris (0.9%), CNP Assurances (1.7%), Munich Re (1.6%), and Zurich Insurance Group (2.1%).
Current and future portfolio holdings are subject to risk. Investing in foreign securities involves additional risks beyond the risks of investing in US securities markets. These risks include currency fluctuations; political uncertainty; different accounting and financial standards; different regulatory environments; and different market and economic factors in various non-U.S. countries. In addition, the securities of small, less well-known companies may be more volatile than those of larger companies. Value investing involves the risk that the market will not recognize a security's intrinsic value for a long time, or that a security thought to be undervalued may actually be appropriately priced. Investors should refer to the Funds' prospectus for a description of risk factors associated with investments in securities held by the Funds.
Although the practice of hedging against currency exchange rate changes utilized by the Tweedy, Browne Global Value Fund and Tweedy, Browne Value Fund reduces the risk of loss from exchange rate movements, it also reduces the ability of the Funds to gain from favorable exchange rate movements when the U.S. dollar declines against the currencies in which the Funds' investments are denominated and in some interest rate environments may impose out-of-pocket costs on the Funds.
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Tweedy, Browne Global Value Fund, Tweedy, Browne Global Value Fund II -- Currency Unhedged, Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fund are distributed by AMG Distributors, Inc., Member FINRA/SIPC.