COPY - Tweedy, Browne Fund Calendar Year 2024 Commentary

2025-04-09 08:40:00 ET

Summary

• Tweedy Browne portfolios typically do not produce strong relative returns in aggressive 'risk-on' market environments, and 2024 proved to be no exception.
• With market valuations, in our view, at precariously elevated levels and broad market indices hitting all-time highs, we can’t help but wonder whether market valuations are finally approaching a tipping point.
• Unprecedented monetary largesse post the financial crisis together with massive fiscal stimulus during COVID helped to unleash stubbornly persistent inflation and record levels of debt and deficits.

Note:

From now on, we will provide an in-depth annual investment commentary for our shareholders regarding the previous calendar year. This commentary reflects a change from our prior practice of providing a shareholder letter on a fiscal basis, semi-annually. This change in reporting is largely due to new rules from the SEC requiring a short and concise semi-annual “TSR” (Tailored Shareholder Report), which replaced the shareholder letter. Our new annual commentary is broader in scope. It continues to provide shareholders with what we believe is valuable insight into our view of markets and how we are implementing our investment approach and process in the management of our Funds. We will carry on posting quarterly commentaries on our website covering portfolio performance, attribution, and purchase and sale activity in more detail. We hope you enjoy this new reporting approach. Here goes......

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