7
Morningstar FundInvestor
June 2
013
Morningstar Analyst Rating
05-21-13
„
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
§
Positive
Neutral
Positive
Positive
Negative
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
10.92
10.16
9.20
9.01
8.56
6.85
10.00
. . . . .
Total Return %
7.48
12.34
4.04
7.73
28.18
-29.35
. . . . . .
+/-MSCI EAFE
-0.46
-4.98
16.18
-0.02
-3.60
14.03
. . . . . .
+/-MSCI World
-3.69
-3.49
9.58
-4.03
-1.81
11.36
. . . . . .
Income Return %
0.00
1.74
1.98
2.26
2.87
2.57
. . . . . .
Capital Return %
7.48
10.60
2.06
5.47
25.31
-31.92
. . . . . .
Total Rtn % Rank Cat
82
80
7
87
75
6
. . . . . .
Income $
0.00
0.16
0.18
0.19
0.20
0.26
0.03
. . . . .
Capital Gains $
0.00
0.00
0.00
0.00
0.00
0.00
0.00
. . . . .
Expense Ratio %
1.37
1.37
1.37
1.37
1.37
1.37
. . . . . .
Income Ratio %
1.88
2.11
2.00
2.36
2.99
2.38
. . . . . .
Turnover Rate %
12
6
16
18
38
2
. . . . . .
Net Assets $mil
741
675
404
239
133
88
62
. . . . .
Performance
05-31-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-11.09 17.49 13.78 7.85 28.18
0.70 -9.31 12.84 4.53
7.73
5.66 3.16 -10.10 6.17
4.04
5.98 -2.63
5.66 3.03 12.34
5.02
. . . .
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% EAFE
World
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
4.20 0.69
-1.41
71 10,420
9.19 -2.20
-4.07
84 10,919
23.97 -7.65
-3.80
65 12,397
13.66 2.66
0.32
35 14,683
4.44 6.04
2.93
14 12,426
. . . . .
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
12.88
35
0.68
70
3.61
14
0.80
76
. . . .
Potential Capital Gain Exposure: 17% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
23.97
3 Yr
13.66
Avg
Low
5 Yr
4.44
+Avg
Low
10 Yr
. . . .
Incept
3.66
Other Measures
Standard Index
Best Fit Index
MSCI EAFE
MSCI Eur
Alpha
5.8
5.9
Beta
0.64
0.56
R-Squared
93
94
Standard Deviation
12.00
Mean
13.66
Sharpe Ratio
1.12
Morningstar’s Take
by Kevin McDevitt, CFA 05-21-13
Tweedy, Browne Worldwide High Dividend Yield
Value’s prudence will pay off again.
This fund’s discretion has no place in a loose-money
world. Equity markets have soared over the past 12
months as central banks have further opened the
monetary spigots. This has most benefited the types of
stocks this fund usually avoids; it has hardly any Japan
holdings, given a dearth of shareholder-oriented
companies there. But the fund has missed out as the
Bank of Japan has flooded the market with yen and
equities have soared by more than a third over the past
six months. It has similarly missed out on the torrid
rally in European banks, some of which have doubled
over the past 12 months. As a result, the fund’s
12-month 24% return through May 20, 2013, lands
near the world-stock category’s bottom 10%.
If anything, management has been running in the
opposite direction, addressing any modest indulgences.
The team has trimmed exposure to high-yielding
telecom and utilities stocks to a combined 2.4% of
assets; this modest sum even trails the MSCI World
Index’s 7.5% weighting. This shows once again that
despite the fund’s name, management prioritizes
companies with strong competitive advantages ahead
of plump yields. Further, the team has trimmed the
consumer staples stake to 17% from 25% in 2010.
These changes leave the portfolio more diversified
across sectors than it has typically been.
As a result, the fund looks particularly well
prepared for the next downturn. This would be nothing
new, though, as its high-quality portfolio and cash
stakes often north of 10% of assets helped it endure
2008 and 2011’s bear markets better than 90% of its
peers. It’s worth noting that the portfolio’s out-of-favor
holdings haven’t become as inflated as the rest of the
market either. Unlike in the U.S. where high-yielding
stocks have been bid up in recent quarters,
dividend-paying foreign stocks typically trade at
cheaper multiples than the broader market. This
shows here in the portfolio’s below-average multiples.
This fund is struggling now, but it’ll be ready when the
tide turns.
Address:
350 Park Ave 9th Fl
New York, NY 10022
800-432-4789
Web Address:
Inception:
09-04-07
Advisor:
Tweedy Browne Co LLC
Subadvisor:
None
NTF Plans:
N/A
Minimum Purchase:
$2500
Add: $200 IRA: $500
Min Auto Inv Plan:
$0
Add:
.
Sales Fees:
No-load, 2.00%R
Management Fee:
1.25%
Actual Fees:
Mgt:1.25% Dist:
.
Expense Projections:
3Yr:$440
5Yr:$761 10Yr:$1669
Income Distribution:
Semi-Annually
Data through May 31, 2013
Tweedy, Browne Worldwide Hi Div Yld Val
Ticker
Status Yield Total Assets
Mstar Category
TBHDX Open
1.5% $741 mil
World Stock
99% 76% 90% 86% 84% 79%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13
Historical Profile
Return
Risk
Rating
Above Avg
Low
Highest
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI EAFE
Performance Quartile
(within Category)
History
10.0
4.0
6.0
12.0
Portfolio Analysis
12-31-12
Share change since 09-12 Total Stocks:43 Sector
Country
% Assets
Dreyfus Government Pr Ca
.
United States 18.20
Total SA
Energy
France
3.78
Novartis AG
Hlth care Switzerland
3.54
Royal Dutch Shell PLC Cl
Energy
U.K.
3.54
HSBC Holdings PLC
Finan Svs U.K.
3.47
Johnson & Johnson
Hlth care United States
3.19
Zurich Insurance Group A
Finan Svs Switzerland
2.94
Muenchener Rueckversiche
Finan Svs Germany
2.78
Roche Holding AG
Hlth care Switzerland
2.71
Unilever NV DR
Cnsmr Def
Netherlands
2.64
Siemens AG
Industrl
Germany
2.52
G4S PLC
Industrl
U.K.
2.52
United Overseas Bank Ltd
Finan Svs Singapore
2.44
Vodafone Group PLC
Comm Svs U.K.
2.42
Axel Springer AG
Cnsmr Cyc Germany
2.32
Cisco Systems Inc
Technology United States
2.18
Diageo PLC
Cnsmr Def
U.K.
2.15
Akzo Nobel NV
Basic Mat
Netherlands
2.11
ABB, Ltd.
Industrl
Switzerland
2.10
Nestle SA
Cnsmr Def
Switzerland
2.09
Current Investment Style
Market Cap %
Giant
67.1
Large
19.9
Mid
12.9
Small
0.0
Micro
0.0
Avg $mil:
49,647
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
U.K.
32
United States 19
Switzerland 17
Germany
10
France
9
Regional Exposure
% Stock
UK/W. Europe 75
Japan
0
Asia X Japan 5
N. America 19
Latn America 1
Other
0
Sector
Weightings
% of
Stocks
Rel MSCI
EAFE High
3 Year
Low
Cyclical 28.71
.
BasicMat 2.67
.
3 1
CnsmrCyc 5.65
.
9 4
FinanSvs 20.39
.
22 12
Real Est 0.00
. . .
Sensitive 35.71
.
CommSrvs 3.06
.
8 3
Energy 14.33
.
14 10
Industrl 15.57
.
16 11
Technlgy 2.75
.
3 3
Defensive35.58
.
CnsmrDef20.72
.
29 21
Hlthcare 14.86
.
15 11
Utilities 0.00
.
4 2
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
20.8
Stocks
79.2
Bonds
0.0
Other
0.0
Foreign
81.4
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
8.72
1.79
-0.99
-0.49
2.21
0.79
0.97
NMF
NMF
1.17
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
11.15
1.74
0.84
6.37
3.42
0.76
0.91
0.66
0.89
1.40
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2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or
timely. Pastperformance isnoguarantee of future results.Access updated reports at
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