Fund Notice

Effective July 29, 2021, the Tweedy, Browne Global Value Fund changed its name to the Tweedy, Browne International Value Fund. There were no changes to the Fund’s investment policies or related features. For more information, please see the Fund’s prospectus.

Fund Overview

Fund Overview

Share Class

Common

NAV | as of 02/10/2010

$20.48
+$0.00 (+0.00%)

Morningstar | Style Box

V B G L M S

Overall Morningstar Rating


Rated against 317 Foreign Large Value funds as of 03/31/2022

View Morningstar Details

Morningstar Analyst Rating

as of 07/15/2021 Download Analyst Rating Report

Growth of $10,000 (Hypothetical)

Since Inception 06/15/1993 to 01/31/2010 = $48,287.83

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown.

Objective

The Fund seeks long term capital growth.

Why Consider

  • Invests primarily in equity securities of foreign issuers that the Adviser believes are undervalued, but also invests on a more limited basis in U.S. equity securities when opportunities appear attractive.
  • The fund may be appropriate for long-term value investors looking to gain exposure to international equity investments.
  • Invests, based on Tweedy, Browne’s fundamental research, in a diversified portfolio of stocks from a variety of industries and countries across market capitalizations.
  • Utilizes a value investing approach popularized by legendary investor Benjamin Graham.
  • Where practicable, perceived foreign currency exposure is hedged back into the U.S. dollar.

Roger R. de Bree

MANAGING DIRECTOR

Frank H. Hawrylak, CFA

MANAGING DIRECTOR

Jay Hill, CFA

MANAGING DIRECTOR

Sean McDonald, CFA

MANAGING DIRECTOR

Thomas H. Shrager

MANAGING DIRECTOR

Robert Q. Wyckoff, Jr.

MANAGING DIRECTOR

John D. Spears

MANAGING DIRECTOR

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing Returns

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown.

Expense Ratios

  • Gross Expense Ratio: 1.38%
  • Net Expense Ratio: 1.37%
  • Expense Cap Expiration Date: 07/31/2022

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Dec 10, 2021 $2.586000 $0.410000 $0.020000 $2.156000
Dec 11, 2020 $0.257000 $0.257000
Dec 12, 2019 $0.500000 $0.446000 $0.054000
Dec 27, 2018 $1.677000 $0.391000 $0.103000 $1.183000
Dec 27, 2017 $0.414000 $0.314000 $0.042000 $0.058000
Dec 28, 2016 $0.632000 $0.292000 $0.340000
Dec 29, 2015 $0.999000 $0.211000 $0.788000
Dec 29, 2014 $0.845000 $0.330000 $0.515000
Dec 27, 2013 $1.055000 $0.320000 $0.735000
Dec 27, 2012 $2.564000 $0.350000 $2.214000
Dec 29, 2011 $0.984000 $0.420000 $0.564000
Dec 30, 2010 $0.309000 $0.254000 $0.055000
Dec 30, 2009 $0.332000 $0.332000
Dec 30, 2008 $2.244000 $0.753000 $1.491000
Dec 28, 2007 $3.352000 $0.476000 $2.876000
Dec 28, 2006 $0.786000 $0.433000 $0.353000
Dec 28, 2005 $0.365000 $0.365000
Dec 28, 2004 $0.271200 $0.271200
Dec 29, 2003 $0.200000 $0.200000
Dec 27, 2002 $0.466100 $0.199700 $0.030900 $0.235500
Dec 27, 2001 $0.513300 $0.183700 $0.104300 $0.225300
Dec 28, 2000 $2.722200 $0.206100 $0.734200 $1.781900
Dec 22, 1999 $0.846400 $0.258800 $0.028900 $0.558700
Dec 29, 1998 $1.369300 $0.378700 $0.214800 $0.775800
Dec 29, 1997 $1.360700 $0.870900 $0.126500 $0.363300
Dec 30, 1996 $1.122400 $0.553100 $0.150300 $0.419000
Dec 29, 1995 $0.200900 $0.200900
Dec 30, 1994 $0.163300 $0.060300 $0.103000

Risk & Return Stats

As of: 04/30/2022

3YR 5YR 10YR
Alpha
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha.
-4.76 -3.16 -1.92
Standard Deviation
Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.
16.09 13.67 11.20
Sharpe Ratio
Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.
0.15 0.23 0.50
Upside Capture Ratio (%)
Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets.
85.17 80.92 58.35
Downside Capture Ratio (%)
Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets.
109.99 103.25 93.79
Beta
Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk.
1.05 1.00 0.86
R-Squared
R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures.
91.15 90.18 84.97
Tracking Error (%)
Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero.
4.84 4.28 4.66
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 03/31/2022

NESTLE SA REG - NEW 5.25%
DIAGEO PLC 4.56%
CNH INDUSTRIAL NV 3.70%
ROCHE HOLDING AG 3.66%
BERKSHIRE HATHAWAY INC 3.51%
ALPHABET INC-CL C 3.33%
TOTALENERGIES SE 3.09%
UNITED OVERSEAS BANK (FOREIGN) 3.07%
GLAXO SMITHKLINE PLC 2.89%
SCOR SE 2.85%
% in Top 10 Holdings 35.91%
View Holding Details Read Important Investment Disclosures

Regional Allocation

As of: 03/31/2022

View Allocation Details

Investment Approach

Investment Approach

Tweedy, Browne International Value Fund

The Fund’s investment process is driven by fundamental, bottom-up research on individual companies. The investment team seeks to appraise the worth of a company, its “intrinsic value” (aka “private market value”, “breakup value” or “liquidation value”), by determining its acquisition value or estimating the collateral value of its assets and/or cash flow.

A World of Opportunity

While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the US. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad.

Read More

About

Background

Tweedy, Browne Company LLC is a leading practitioner of the value-oriented investment approach using methodology that derives directly from the work of the legendary Benjamin Graham, professor of investments at Columbia Business School, a professional investor, co-author of Security Analysis and author of The Intelligent Investor. Serving originally as a broker to Graham and other highly noted value investors, the firm’s 100-year history is grounded in undervalued securities, first as a market maker, then as an investor and investment adviser.

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Founded

1920


Headquarters

Stamford, CT


Affiliate Since

1997

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