Investment Performance and Expense Ratio — Calendar Year Returns (%) | ||||
| Tweedy, Browne Value Fund | S&P 5002 | MSCI World Index (Hedged to US $)3 | Morningstar Average Domestic Stock4 | |
| 1993 (12/8 - 12/31) | -0.60 | 0.18 | -6.77 | |
| 1994 | -0.56 | 1.32 | -0.98 | |
| 1995 | 36.21 | 37.59 | 21.94 | |
| 1996 | 22.45 | 22.97 | 20.09 | |
| 1997 | 38.87 | 33.38 | 25.06 | |
| 1998 | 9.59 | 28.58 | 15.76 | |
| 1999 | 2.00 | 21.04 | 28.77 | |
| 2000 | 14.45 | -9.13 | -1.03 | |
| 2001 | -0.09 | -11.88 | -10.20 | |
| 2002 | -14.91 | -22.09 | -22.53 | |
| 2003 | 23.24 | 28.69 | 31.57 | |
| 2004 | 9.43 | 10.88 | 11.92 | |
| 2005 | 2.30 | 4.91 | 6.88 | |
| 2006 | 11.63 | 15.79 | 12.57 | |
| 2007 | 0.60 | 5.49 | 5.61 | 6.27 |
| 2008 | -24.37 | -37.00 | -38.45 | -36.43 |
| 2009 (through 6/30) | 2.42 | 3.16 | 5.31 | N/A |
Annual Total Returns For Periods Ending 06/30/09 (%) | ||||||
| Tweedy, Browne Value Fund | ||||||
| Annualized Results | Return Before Taxes | Return After Taxes on Distributions | Return After Taxes on Distributions & Sale of Fund Shares | S&P 5002 | MSCI World Index (Hedged to US $)3 | Morningstar Average Domestic Stock4 |
| 1 Year | -12.13 | -13.84 | -5.72 | -26.21 | -25.40 | N/A |
| 3 Years | -5.22 | -6.72 | -4.20 | -8.22 | - | N/A |
| 5 Years | -1.01 | -2.28 | -0.69 | -2.24 | - | N/A |
| 10 Years | 0.74 | -0.29 | 0.54 | -2.22 | - | N/A |
| 15 Years | 7.70 | 6.72 | 6.69 | 6.92 | - | N/A |
| Since Inception (12/08/93)1 | 7.29 | 6.35 | 6.33 | 6.44 | - | N/A |
Expense Ratio | |||
| Total Annual Fund Operating Expense Ratio as of 03/31/09: | 1.42% | ||
| Total Annual Fund Operating Expense Ratio as of 03/31/08: | 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.
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. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses and may differ from those shown in the Funds' financial statements.
Index Descriptions
1 Inception date for the Fund was December 8, 1993. Russell index and Morningstar information is available at month end only; therefore the closest month end to inception date of the Fund, November 30, 1993, was used. S&P 500 Index information is as of the FundŐs inception date, December 8, 1993.
2 S&P 500: An unmanaged capitalization-weighted index which assumes reinvestment of dividends, and which is generally considered representative of U.S. large capitalization stocks.
3 MSCI World Index (Hedged to US$): The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the world's major developed markets. MSCI World Index (Hedged to US$) consists of the results of the MSCI World Index with its foreign currency exposure hedged 100% back into US dollars. The index accounts for interest rate differentials in forward currency exchange rates. Results for this index are inclusive of dividends and net of foreign withholding taxes. The inclusion of the MSCI World Index begins in 2007 because that was the approximate point in time of the mandate change for the Value Fund. Effective December 11, 2006, the Tweedy, Browne Value Fund received permission from the FundŐs Board of Directors to eliminate the 20% restriction on non-US investments. For the time being and subject to change at any time, the Value Fund anticipates that it will invest no less than approximately 50% of its net assets in securities of U.S. issuers. However, the Fund is now more global in nature than it has been in previous years. With the Value Fund's more global structure, the Adviser thought it was appropriate to provide a comparison to a more relevant Index. The MSCI World Index has a meaningful representation in both US and non-US stocks.
4 Morningstar Domestic Stock Fund Average: Average returns of all domestic equity mutual funds in the Morningstar Universe.
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.
