Out of 322 five-year measurement periods, the Global Equity Composite (Hedged to USD) has outperformed the MSCI World Index (Hedged to USD) 149 times, or 46% of measured periods.
Out of 304 five-year measurement periods, the Global Equity Composite (in USD) has outperformed the MSCI World Index (USD) 148 times, or 49% of measured periods.
The above chart illustrates the five-year average annual rolling net returns (calculated monthly) for the Global Equity Composite (Hedged to USD) (the ‘Composite’) since December 31, 1993, compared to the five-year average annual rolling returns for its benchmark, the MSCI World Index (Hedged to USD) (the ‘Index’). The horizontal axis represents the returns for the Index, while the vertical axis represents the returns for the Composite. The diagonal axis is a line of demarcation separating periods of outperformance from periods of underperformance. Plot points above the diagonal axis are indicative of the Composite’s relative outperformance, while points below the diagonal axis are indicative of the Composite’s relative underperformance. Returns were plotted for three distinct equity market environments: a ‘down market’ (Index return was less than 0%); a ‘normal market’ (Index return was between 0% and 10%); and a ‘robust market’ (Index return was greater than 10%). There were 322 five-year average annual rolling return periods between December 31, 1993 and September 30, 2025. Past performance is no guarantee of future returns.
The above chart illustrates the five-year average annual rolling net returns (calculated monthly) for the Global Equity Composite (In USD) (the ‘Composite’) since June 30, 1995, compared to the five-year average annual rolling returns for its benchmark, the MSCI World Index (Hedged to USD) (the ‘Index’). The horizontal axis represents the returns for the Index, while the vertical axis represents the returns for the Composite. The diagonal axis is a line of demarcation separating periods of outperformance from periods of underperformance. Plot points above the diagonal axis are indicative of the Composite’s relative outperformance, while points below the diagonal axis are indicative of the Composite’s relative underperformance. Returns were plotted for three distinct equity market environments: a ‘down market’ (Index return was less than 0%); a ‘normal market’ (Index return was between 0% and 10%); and a ‘robust market’ (Index return was greater than 10%). There were 304 five-year average annual rolling return periods between June 30, 1995 and September 30, 2025. Past performance is no guarantee of future returns.
The performance results reflected above are over the course of many years and reflect multiple market cycles and varying geopolitical, market and economic conditions. Past performance is no guarantee of future results. Performance results vary dramatically over shorter time periods. Investing involves the risk of loss, including the loss of principal.
Results of individual portfolios will vary from results shown. The Composite consists of the results of all fully discretionary, global equity portfolios denominated in US dollars that have been under management for at least one quarter prior to measurement and that implement a currency hedging strategy. The portfolios included in the Composite invest primarily in equity securities of companies located throughout the world and hedge perceived foreign currency exposure, where practicable, back to the US dollar. Returns are time- and asset-weighted and reflect beginning of quarter market values. The Composite included just one portfolio from 12/31/1993 through 12/31/1997. As of 09/30/2025, 4 accounts were included in the Composite, representing $538mm in assets under management. Composite results are inclusive of dividends and net of foreign withholding taxes.
1. Performance “before deducting fees” does not reflect the impact of Tweedy, Browne’s advisory fee, but reflects the impact of transaction costs that are imposed in connection with the purchase or sale of a portfolio position, such as brokerage commissions, exchange fees, local market fees, and regulatory fees, if any, and hedging costs. For periods prior to 10/01/2014, ticket charges imposed by Tweedy, Browne’s clearing brokers were also included (since 10/01/2014, Tweedy, Browne no longer uses a clearing broker). Performance for periods since 10/01/2014 reflects the impact of any ticket charges imposed by Pershing LLC (in the case of portfolios custodied at Pershing LLC).
2. Performance “net of actual fees” reflects all of the above transaction costs included in performance before deducting fees (see footnote 1), in addition to actual investment advisory fees billed and, in the case of a mutual fund portfolio managed by Tweedy, Browne which is included in the Composite, and a private fund portfolio that was included in the Composite from 12/31/1993 through 12/31/2009, also reflects the deduction of all other expenses paid by those portfolios. This portfolio was charged a 20% annual incentive fee, accrued monthly. Net of actual fees results reflect the deduction of this incentive fee. This, in part, explains the substantial differential that occurred in certain years between the “before deducting fees” and “net of actual fees” results. The private fund portfolio was included in the Composite from 12/31/1993 through 12/31/2009, at which time the portfolio changed to an unhedged strategy. Investment advisory fees differ across portfolios.
The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (Hedged to USD) 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. The MSCI World Index (in USD) reflects the return of the MSCI World Index for a US dollar investor.
The hedged index is included to illustrate how the stocks that are the components of the MSCI World Index would have performed in their local currencies for a US dollar investor. The portfolios included in the composite are actively managed, unlike the indices, and consist of securities that vary widely from those included in the indices in terms of portfolio composition, country and sector allocations, and other metrics. The hedged index is fully nominally hedged on a monthly basis, whereas Tweedy, Browne’s hedged portfolios only hedge their perceived currency risk where practicable. Tweedy, Browne applies a different hedging methodology than the hedged index. Results for each index are inclusive of dividends and net of foreign withholding taxes. Index results are shown for illustrative purposes only, and do not reflect any deduction for fees and expenses. You cannot invest directly in an index.
GLOBAL EQUITY COMPOSITE (IN USD)
The performance results reflected above are over the course of many years and reflect multiple market cycles and varying geopolitical, market and economic conditions. Past performance is no guarantee of future results. Performance results vary dramatically over shorter time periods. Investing involves the risk of loss, including the loss of principal.
Results of individual portfolios will vary from results shown. The Composite consists of the results of all fully discretionary, global equity portfolios denominated in US dollars that have been under management for at least one quarter prior to measurement and that do not implement a currency hedging strategy. The portfolios included in the Composite invest primarily in equity securities of companies located throughout the world. Returns are time- and asset-weighted and reflect beginning of quarter market values. The Composite included just one portfolio from inception through 12/31/1997. As of 09/30/2025, 7 portfolios were included in the Composite, representing $50.1mm in assets under management. Composite results are inclusive of dividends and net of foreign withholding taxes.
1. Performance “before deducting fees” does not reflect the impact of Tweedy, Browne’s advisory fee, but reflects the impact of transaction costs that are imposed in connection with the purchase or sale of a portfolio position, such as brokerage commissions, exchange fees, local market fees, and regulatory fees, if any. For periods prior to 10/01/2014, ticket charges imposed by Tweedy, Browne’s clearing brokers were also included (since 10/01/2014, Tweedy, Browne no longer uses a clearing broker). Performance for periods since 10/01/2014 reflects the impact of any ticket charges imposed by Pershing LLC (in the case of portfolios custodied at Pershing LLC).
2. Performance “net of actual fees” reflects all of the above transactions costs included in performance before deducting fees (see footnote 1), in addition to actual investment advisory fees billed and, in the case of a private fund portfolio managed by Tweedy, Browne that was included in the Composite during the period 01/01/2010 through 06/30/2016, also reflects the deduction of all other expenses paid by that portfolio. This portfolio was charged a 20% annual incentive fee, accrued monthly. Net of actual fees results reflect the deduction of this incentive fee. Investment advisory fees differ across portfolios.
The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (in USD) reflects the return of the MSCI World Index for a US dollar investor. The MSCI World Index (Hedged to USD) 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.
The hedged index is included to illustrate how the stocks that are the components of the MSCI World Index would have performed in their local currencies for a US dollar investor. The portfolios included in the composite are actively managed, unlike the indices, and consist of securities that vary widely from those included in the indices in terms of portfolio composition, country and sector allocations, and other metrics. The hedged index is fully nominally hedged on a monthly basis, whereas Tweedy, Browne’s hedged portfolios only hedge their perceived currency risk where practicable. Tweedy, Browne applies a different hedging methodology than the hedged index. Results for each index are inclusive of dividends and net of foreign withholding taxes. Index results are shown for illustrative purposes only, and do not reflect any deduction for fees and expenses. You cannot invest directly in an index.
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