After a roller coaster year, which in late spring saw equity indices hit their highest point sincethe 2008 financial crisis only to be followed by a precipitous decline in the third quarter, globalequity markets finished the fourth quarter on a positive note, reflecting in part the markets’cautious optimism about recent actions taken by European policymakers to ward off anescalating financial crisis in southern Europe. The Tweedy Browne Funds held up quite well on a relative basis in this challenging environment with all four of our Funds besting their respective benchmark indices for the yearby a significant margin. The same held for the fourth quarter; however, the Worldwide HighDividend Yield Value Fund, which was our best performer for the year, marginally trailed itsbenchmark for the quarter while producing a 6.17% return. Longer-term comparisons for allfour Funds remain quite favorable.
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