This booklet provides an historical perspective concerning the year-by-year variability of investment returns for the Tweedy, Browne Global Value Fund since its inception in 1993, as compared to benchmark indices. The Fund has had an excellent long-term record, which has bested its benchmark by a considerable margin, yet unquestionably the return stream has been lumpy, with numerous periods of underperformance followed by periods of outperformance. (Past performance is no guarantee of future results. See page 1 for the Fund’s performance records.) We believe it is important for investors to be aware of the general pattern, sequence, and composition of investment returns for the many smaller periods of time that comprise a successful long-term investment track record. You can think of investing as a long-term journey, a veritable marathon, with many starts, stops, changes of scenery and occasional bumps. Moreover, we believe you will be much more likely to achieve your investment objectives if you know what to expect along the way. Your own psychology and ability to handle the emotional ups and downs of investing are likely to be important determinants of your long-run investment success. If this booklet serves to keep you on your journey, especially when there are some bumps, then we at Tweedy, Browne will have served you well.

Tweedy, Browne Global Value Fund Investment Results Since Inception

Tweedy, Browne Fund

Consistency of outperformance has improved as time horizon lengthens.

Tweedy, Browne Fund

Out of 229 three-year measurement periods, the Global Value Fund outperformed the MSCI EAFE (Hedged to US$) Index 181 times, or 79% of measured periods. Note: periods of relative outperformance have generally clustered in “down” and “normal” markets, while periods of underperformance have generally clustered in very “robust,” more speculative market environments.

Tweedy, Browne Fund

Out of 205 five-year measurement periods, the Global Value Fund outperformed the MSCI EAFE (Hedged to US$) index 186 times, or 91% of measured periods. Note: periods of relative outperformance have generally clustered in “down” and “normal” markets, while periods of underperformance have generally clustered in very “robust,” more speculative market environments.

Tweedy, Browne Fund

An excellent long-term record has included periods of sub-par returns, generally followed by periods of much better returns.

Tweedy, Browne Fund

The Global Value Fund, since its inception over 22 years ago, has outperformed in every calendar year in which the benchmark index had a negative return.

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A “peak-to-trough” chart illustrates the Fund’s performance from the beginning of a decline to when a new high is reached, over the given measurement period. If an investor invested in the Global Value Fund on October 31, 2007, just before the financial crisis, he or she would have been back to even in the second half of 2012. The MSCI EAFE Indexes were not back to even until mid 2014. The average Foreign Large Value Fund (measured by Morningstar) is still not back to evenas of June 30, 2015! Losing less in a downturn requires less of a climb to get back out of the hole.

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