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Tweedy, Browne Fund: Different Perspectives On Investment Performance

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...