Value Investing

Tweedy Browne Global Value Fund II – Currency Unhedged Will Reopen To New Investors

Tweedy Browne Global Value Fund II – Currency Unhedged will reopen to new investors on February 1, 2016.

To our investors:

After serious discussion and consideration, Tweedy, Browne Company LLC, the investment adviser to the Tweedy Browne Global Value Fund II – Currency Unhedged (TBCUX), has determined to reopen the Fund to new investors on February 1, 2016. The Fund was closed to new investors on August 11, 2014, as it had become difficult to invest new subscriptions. More recently, flows have become more manageable, and we now believe that the addition of new assets to the Fund can be managed effectively, without the risk of diluting returns to existing shareholders. This is especially true given the enhanced volatility of global equity markets of late, which has begun to stimulate new idea flow.

The Fund will continue to impose a maximum purchase amount of $4,000,000 per investor on any single trade day to prevent large trades that could potentially be disruptive.

Thank you for your confidence in our firm.

Sincerely,

Tweedy Browne Company LLC

William H. Browne
Thomas H. Shrager
John D. Spears
Robert Q. Wyckoff, Jr.
Managing Directors

A Value Oriented Approach to Investing

Tweedy, Browne’s investment team seeks investments where their estimate of a company’s intrinsic value, the value they estimate would be received if the company were sold to a knowledgeable corporate buyer, is significantly greater than the share price.

Max Trade Limits for Tweedy Browne Global Value Fund II – Currency Unhedged

The Fund will continue to impose a maximum purchase amount of $4,000,000 per investor on any single trade day to prevent large trades that could potentially be disruptive. Please see the announcement regarding maximum daily trade limits on www.tweedy.com.

Some facts about Tweedy, Browne Company LLC

Tweedy, Browne Company LLC is a registered investment adviser whose value method of equity investing derives directly from the work of the late Benjamin Graham, author of Security Analysis (1934) and The Intelligent Investor (1973). Founded in 1920 and serving originally as a broker to Benjamin Graham’s investment management firm and other well known value investors, the firm began managing money on a discretionary basis for investors in 1968. As of December 31, 2015, Tweedy, Browne managed approximately $18.3 billion in domestic, international, and global equity portfolios for both individuals and institutions, including Tweedy, Browne Global Value Fund II – Currency Unhedged, Tweedy, Browne Global Value Fund, Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fund.

Tweedy Browne Global Value Fund II - Currency Unhedged