Tweedy, Browne Mutual Funds Q3 2025 Commentary

2025-11-11 20:25:00 ET

It was another extraordinarily buoyant period for global equity markets during the third quarter, with both US and non-US equity markets continuing to achieve new record highs as measured by broad market capitalization-weighted indices such as the S&P 500 Index (“S&P 500”), the MSCI World Index, and the MSCI EAFE Index. The S&P 500 finished the quarter up 8.12% and is up 14.83% year-to-date. As we have mentioned in past reports, popular valuation metrics such as the “Buffett Indicator” and the CAPE-Shiller P/E are now at or near record highs. And this has come on the heels of the S&P 500’s back-to-back 26% and 25% calendar year returns in 2023 and 2024. Meanwhile, the MSCI EAFE Index was up 4.77% for the quarter and soared well ahead of the S&P 500 year-to-date, with a return of 25.14%....

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