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.

Net Asset Value
as of 10/22/2014

Global Resources Fund PSPFX $8.31 -0.24 Gold and Precious Metals Fund USERX $6.10 -0.14 World Precious Minerals Fund UNWPX $5.51 -0.17 China Region Fund USCOX $7.82 -0.03 Emerging Europe Fund EUROX $7.30 -0.07 All American Equity Fund GBTFX $31.75 -0.34 Holmes Macro Trends Fund MEGAX $22.52 -0.38 Near-Term Tax Free Fund NEARX $2.26 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.01 No Change