Funds Currently Managed

Tweedy Browne Global Value Fund (TBGVX), co-manager since inception, June 1993.

Tweedy Browne American Value Fund (TWEBX), co-manager since inception, December 1993.

Investment Style Overview

Adheres to “classic value” investment philosophies of Benjamin Graham; purchasing stocks trading at significant discounts to “intrinsic value.” Global Value Fund focuses on developed markets around the world.

Key Stock Selection Criteria

*Low price-to-earnings, price-to-book value, and price-to-cash flow ratios.

*Above-average dividend yield.

*Low price-to-sales ratio relative to industry peers

*Price has declined significantly from its previous high.

Key Sell Criteria

*Stock price reaches intrinsic value.

*Becomes too large a position in the portfolio.

Biographical Notes

Robert Q. Wyckoff, Jr. is a Managing Director of Tweedy, Browne Company LLC, and has been with the firm since 1991. He previously held positions with Bessemer Trust, C.J. Lawrence, J&W;. Seligman, and Stillrock Management. He received a B.A. from Washington & Lee University, and a J.D. from the University of Florida School of Law.