Our Investment Process


  • We use a matrix of top-down macro models and bottom-up micro stock selection models to determine weighting in countries, sectors and individual securities.
  • We believe government policies are a precursor to change, and as a result, we monitor and track the fiscal and monetary policies of the world’s largest countries both in terms of economic stature and population.
  • We focus on historical and socioeconomic cycles, and we apply both statistical and fundamental models, including “growth at a reasonable price” (GARP), to identify companies with superior growth and value metrics.
  • We overlay these explicit knowledge models with the tacit knowledge obtained by domestic and global travel for first-hand observation of local and geopolitical conditions, as well as specific companies and projects.
  • We use a matrix of statistical models to monitor market volatility and money flows, and as a result, we may at times maintain higher than normal cash levels.

Net Asset Value
as of 04/01/2020

Global Resources Fund PSPFX $2.95 -0.06 Gold and Precious Metals Fund USERX $6.95 0.04 World Precious Minerals Fund UNWPX $2.21 -0.03 China Region Fund USCOX $7.59 -0.16 Emerging Europe Fund EUROX $4.77 -0.05 All American Equity Fund GBTFX $18.58 -0.56 Holmes Macro Trends Fund MEGAX $12.23 -0.34 Near-Term Tax Free Fund NEARX $2.20 -0.02 U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change