Investment Performance — Calendar Year Returns (%) | ||||
| MSCI EAFE2 | ||||
| Tweedy, Browne International Value Fund II — Currency Unhedged | US$ | Foreign Stock Fund Average3 | ||
| 2009 (10/26 - 12/31) | 2.04 | 0.58 | 5.30 | |
| 2010 | 9.43 | 7.75 | 11.94 | |
| 2011 | -1.73 | -12.14 | -13.61 | |
| 2012 | 17.98 | 17.32 | 19.13 | |
| 2013 | 19.64 | 22.78 | 22.75 | |
| 2014 | -4.50 | -4.90 | -5.35 | |
| 2015 | -5.39 | -0.81 | 1.56 | |
| 2016 | 2.34 | 1.00 | 0.79 | |
| 2017 | 21.60 | 25.03 | 28.90 | |
| 2018 | -8.99 | -13.79 | -16.80 | |
| 2019 | 13.66 | 22.01 | 22.79 | |
| 2020 | -0.02 | 7.82 | 13.53 | |
| 2021 | 10.76 | 11.26 | 10.86 | |
| 2022 | -8.18 | -14.45 | -18.63 | |
| 2023 (through 08/31) | 8.26 | 10.87 | 8.95 | |
| Cumulative Return (10/26/091 - 08/31/23) |
98.33 | 95.52 | 101.59 | |
Annual Total Returns For Periods Ending 08/31/23 (%) | ||||||
| Tweedy, Browne International Value Fund II — Currency Unhedged | MSCI EAFE | |||||
| Average Annual Total Returns | Return before Taxes | Return after Taxes on Distributions | Return after Taxes on Distributions & Sale of Fund Shares | US$2 | Foreign Stock Fund Average3 | |
| 1 Year | 17.58 | 17.28 | 10.86 | 17.92 | 13.51 | |
| 3 Years | 7.77 | 7.59 | 6.13 | 6.05 | 4.16 | |
| 5 Years | 2.54 | 2.31 | 2.04 | 4.14 | 2.99 | |
| 10 Years | 3.49 | 3.28 | 2.83 | 4.93 | 5.01 | |
| Since Inception (10/26/09)1 | 5.07 | 4.88 | 4.19 | 4.96 | 5.20 | |
Annual Total Returns For Periods Ending 06/30/23 (%) | ||||||
| Tweedy, Browne International Value Fund II — Currency Unhedged | MSCI EAFE | |||||
| Average Annual Total Returns | Return before Taxes | Return after Taxes on Distributions | Return after Taxes on Distributions & Sale of Fund Shares | US$2 | Foreign Stock Fund Average3 | |
| 1 Year | 13.61 | 13.32 | 8.49 | 18.77 | 13.84 | |
| 3 Years | 9.42 | 9.23 | 7.44 | 8.93 | 7.37 | |
| 5 Years | 2.70 | 2.46 | 2.17 | 4.39 | 3.03 | |
| 10 Years | 3.74 | 3.53 | 3.04 | 5.41 | 5.42 | |
| Since Inception (10/26/09)1 | 5.06 | 4.87 | 4.19 | 5.08 | 5.28 | |
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 in line with the expense ratio of the International Value Fund. (For purposes of this calculation, the Fund's acquired fund fees and expenses, brokerage costs, interest, taxes and extraordinary expenses are disregarded, and the 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 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.
Index Descriptions
1 Inception date for the Fund was October 26, 2009. Morningstar information is available at month end only; therefore, the closest month end to the inception date of the Fund, October 31, 2009, was used.
2 The MSCI EAFE Index is an unmanaged, capitalization-weighted index of companies representing the stock markets of Europe, Australasia and the Far East. 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.
