Global Equity

Average Annual Total Returns (%)
GLOBAL EQUITY COMPOSITE (HEDGED TO USD)
GLOBAL EQUITY COMPOSITE (IN USD)
For periods ending 03/31/2024
Global Equity Composite (Currency Exposure Hedged to the USD)
Global Equity Composite (In USD)
MSCI World Index
Average Annual Total Returns
Before Deducting Fees
Net of actual fees
Hedged to USD
USD
USD
Hedged to USD
1 Year
13.85
12.72
27.22
25.11
3 Years
7.24
6.19
10.76
8.60
5 Years
6.83
5.67
13.40
12.07
10 Years
6.22
5.03
11.06
9.39
15 Years
10.88
9.60
13.04
12.28
20 Years
7.45
6.07
8.81
8.11
25 Years
8.18
6.62
6.62
6.23
30 Years
10.12
8.17
8.48
7.85
Since Inception (12/31/1993)
9.94
7.96
8.31
7.81
1 Year
14.10
13.18
25.11
27.22
3 Years
6.72
5.96
8.60
10.76
5 Years
6.83
6.08
12.07
13.40
10 Years
5.10
4.17
9.39
11.06
15 Years
10.38
9.20
12.28
13.03
20 Years
6.95
5.78
8.11
8.81
25 Years
7.99
6.76
6.23
6.62
Since Inception (06/30/1995)
9.29
8.03
7.72
8.68
Calendar Year Returns (%)
GLOBAL EQUITY COMPOSITE (HEDGED TO USD)
GLOBAL EQUITY COMPOSITE (IN USD)
Through 03/31/2024
Global Equity Composite (Currency Exposure Hedged to the USD)
Global Equity Composite (In USD)
MSCI World Index
Before Deducting Fees
Net of actual fees
Hedged to USD
USD
USD
Hedged to USD
Cumulative Return (30.25 years)
1,656.46
912.88
1,017.76
872.41
2024 (through 03/31)
5.55
5.28
10.24
8.88
2023
14.04
12.93
24.30
23.79
2022
-6.10
-7.00
-15.38
-18.14
2021
17.64
16.39
24.38
21.82
2020
-2.96
-4.16
14.27
15.90
2019
17.89
16.46
28.43
27.67
2018
-5.46
-6.58
-6.59
-8.71
2017
16.78
15.41
19.13
22.40
2016
10.30
9.00
9.39
7.51
2015
-2.94
-3.97
2.01
-0.87
2014
3.87
2.68
9.71
4.94
2013
22.79
21.38
28.69
26.68
2012
20.57
19.09
15.77
15.83
2011
-1.05
-2.31
-5.46
-5.54
2010
14.47
13.09
10.46
11.76
2009
32.62
30.79
26.31
29.99
2008
-31.58
-32.58
-38.45
-40.71
2007
3.22
1.56
5.61
9.04
2006
17.80
15.81
16.89
20.07
2005
9.65
7.92
16.07
9.49
2004
19.81
16.94
11.01
14.72
2003
31.05
29.00
24.44
33.11
2002
-13.92
-15.23
-24.71
-19.89
2001
1.36
-0.35
-14.00
-16.82
2000
20.18
17.39
-8.45
-13.18
1999
18.88
15.37
29.09
24.93
1998
11.73
9.11
21.55
24.34
1997
34.09
27.94
23.64
15.76
1996
25.53
19.73
17.94
13.48
1995
27.56
20.14
20.55
20.72
1994
-1.26
-1.78
-0.99
5.08
Cumulative Return (28.5 years)
1184.52
821.62
747.90
994.11
2024 (through 3/31)
5.49
5.28
8.88
10.24
2023
14.31
12.80
18.24
19.95
2022
-7.53
-8.17
-18.14
-15.38
2021
16.29
15.61
21.82
17.94
2020
-0.93
-1.62
15.90
14.27
2019
17.83
17.00
27.67
28.43
2018
-8.41
-9.04
-8.71
-6.59
2017
17.89
17.03
22.40
19.13
2016
8.47
7.07
7.51
9.39
2015
-6.49
-7.70
-0.87
2.01
2014
1.26
-0.29
4.94
9.71
2013
24.19
22.01
26.68
28.69
2012
20.20
18.47
15.83
15.77
2011
-0.42
-1.73
-5.54
-5.46
2010
13.27
11.80
11.76
10.46
2009
35.13
33.56
29.99
26.31
2008
-34.68
-35.56
-40.71
-38.45
2007
4.63
3.35
9.04
5.61
2006
21.31
19.99
20.07
16.89
2005
4.22
3.05
9.49
16.07
2004
22.95
21.39
14.72
11.01
2003
40.66
38.88
33.11
24.44
2002
-8.77
-9.97
-19.89
-24.71
2001
-0.09
-1.38
-16.82
-14.00
2000
14.23
12.85
-13.18
-8.45
1999
15.21
13.68
24.93
29.09
1998
15.82
14.31
24.34
21.55
1997
24.06
22.48
15.76
23.64
1996
18.71
17.18
13.48
17.94
1995 (06/30-12/31)
9.28
8.81
10.61
16.83
5-Year Rolling Monthly Returns
GLOBAL EQUITY COMPOSITE (HEDGED TO USD)
GLOBAL EQUITY COMPOSITE (IN USD)
CALCULATED MONTHLY/NET OF FEES (12/31/1993 - 03/31/2024) CALCULATED MONTHLY/NET OF FEES (06/30/1995 - 03/31/2024)

Out of 304 five-year measurement periods, the Global Equity Composite (Hedged to USD) has outperformed the MSCI World Index (Hedged to USD) 149 times, or 49% of measured periods.

Out of 286 five-year measurement periods, the Global Equity Composite (in USD) has outperformed the MSCI World Index (USD) 148 times, or 52% of measured periods.

Average of Returns Plotted Above
COMPOSITE
Benchmark Index
Down Market (Index below 0%) - 59 Periods Composite beats Index in 92% of periods
3.72%
-2.43%
Normal Market (Index 0 -10%) - 118 Periods Composite beats Index in 53% of periods
5.41%
5.44%
Robust Market (Index above 10%) - 127 Periods Composite beats Index in 25% of periods
11.47%
14.17%
Down Market (Index below 0%) - 58 Periods Composite beats Index in 97% of periods
4.79%
-2.02%
Normal Market (Index 0 -10%) - 138 Periods Composite beats Index in 41% of periods
5.30%
5.53%
Robust Market (Index above 10%) - 90 Periods Composite beats Index in 39% of periods
11.20%
13.12%

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 304 five-year average annual rolling return periods between December 31, 1993 and March 31, 2024. 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 286 five-year average annual rolling return periods between June 30, 1995 and March 31, 2024. Past performance is no guarantee of future returns.

GLOBAL EQUITY COMPOSITE (CURRENCY EXPOSURE HEDGED TO THE 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 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 3/31/2024, 3 accounts were included in the Composite, representing $94.4mm in assets under management. The Composite excludes a US-registered mutual fund, which is maintained in its own dedicated composite. If the mutual fund had been included, performance results would not have been materially lower than those shown. 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 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 12/31/1993 through 12/31/2009, 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. This, in part, explains the substantial differential that occurred in certain years between the “before deducting fees” and “net of actual fees” results. This 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 3/31/2024, 10 portfolios were included in the Composite, representing $463mm 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.