The above chart illustrates the five-year average annual rolling returns (calculated monthly) for the Tweedy, Browne International Value Fund (CHF), net of fees, since October 31, 1996, compared to the five-year average annual rolling returns for its benchmark, the MSCI EAFE Index (Hedged to CHF) (the ‚Index‘). The horizontal axis represents the returns for the Index, while the vertical axis represents the returns for the Sub-Fund. 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 Sub-Fund’s relative outperformance, while points below the diagonal axis are indicative of the Sub-Fund’s relative underperformance. Returns were plotted for three distinct equity market environments: a ‚down market‘
(benchmark return was less than 0%); a ’normal market‘ (benchmark return was between 0% and 10%); and a ‚robust market‘ (benchmark return was greater than 10%). There were 231 average annual rolling return periods between October 31, 1996 and December 31, 2020. Past performance is no guarantee of future returns.