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 high dividend yield portfolios denominated in US dollars that have been under management for at least one quarter prior to measurement. From 07/01/1979 through 07/31/1997, the portfolios in the Composite consisted primarily of US equity securities that paid dividends. Since August 1997, non-US securities were added to the portfolios, and since January 2003, the portfolios have had meaningful exposure to non-US equities and reflect a global high dividend yield mandate. From time to time through 12/31/1994, fixed income securities comprised a modest allocation of Composite assets. Composite results are based on time-weighted portfolio returns, are asset-weighted and are calculated monthly. As of 12/31/2023, 9 accounts were included in the Composite, representing $110 million 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 mutual fund and a private fund portfolio managed by Tweedy, Browne that are included in the Composite, also reflects the deduction of all other expenses paid by those portfolios. Up until 1991, the Composite consisted of a single portfolio that did not pay TBC an investment advisory fee. This explains why the gross and net of actual fee result for the Composite are the same until 1992. Since 1992 through 05/31/2022, the last full period during which the portfolio was under Tweedy Browne’s management and included in the Composite, the percentage of the Composite assets represented by the non-fee-paying portfolio was as follows: 1992: 22.6%, 1993: 21.0%, 1994: 20.7%, 1995: 21.7%, 1996: 22.8%, 1997: 25.2%, 1998: 27.0%, 1999: 25.8%, 2000: 26.3%, 2001: 23.5%, 2002: 21.4%, 2003: 20.4%, 2004: 18.9%, 2005: 19.3%, 2006: 5.9%, 2007: 1.5%, 2008: 1.1%, 2009: 1.0%, 2010: 0.6%, 2011: 0.3%, 2012: 0.1%, 2013: 0.1%, 2014: 0.1%, 2015: 0.3%, 2016: 0.5%; 2017: 0.6%, 2018: 1.0%, 2019: 1.1%, 2020: 1.5%, 2021: 1.8%, 1.9% (as of 05/31/2022). See footnote 3, below.

3. Net of Actual and Model Fees illustrates an assumed fee assigned to the one portfolio in the Composite that did not pay a management fee. From 1979 through June 2006, an assumed fee of 1.50% of invested equity (the highest fee applicable to global high dividend portfolios during that period) was applied to this portfolio. Beginning July 2006 through May 2022, the last full period during which the portfolio was under Tweedy, Browne’s management and included in the Composite, a fee of 1.25% of invested equity (the highest fee applicable to global high dividend portfolios during that period) was applied. The intention of this calculation is to give a clearer understanding of how Tweedy, Browne’s advisory fee would have impacted the Composite’s overall net of fee return had fees been charged to that portfolio. Investment advisory fees differ across portfolios.

4. The S&P 500/MSCI World Index (USD) is a combination of the S&P 500 Index and the MSCI World Index, linked together by TBC, and represents the performance of the S&P 500 Index for periods 06/30/1979 through 12/31/2002 and the performance of the MSCI World Index (USD) for the period beginning 01/01/2003 and thereafter. From inception through 2002, the portfolios included in the Composite consisted primarily of US equity securities, so the S&P 500 was chosen as the relevant benchmark. Beginning January 2003, the portfolios had meaningful exposure to non-US equities, and reflected a global mandate, so the MSCI World Index (USD) was chosen as the relevant benchmark. The S&P 500 is an unmanaged, capitalization-weighted index that assumes the reinvestment of dividends, and is generally considered representative of US large capitalization stocks. The MSCI World Index (USD) is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of the world’s major developed markets. Benchmark information is provided for comparison purposes only. Portfolios are actively managed and are expected to look very different from the benchmark, in terms of both portfolio composition and returns.