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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 08/01/2014

Global Resources Fund PSPFX $9.80 -0.12 Gold and Precious Metals Fund USERX $7.50 0.06 World Precious Minerals Fund UNWPX $7.11 0.04 China Region Fund USCOX $8.26 -0.03 Emerging Europe Fund EUROX $8.07 0.03 All American Equity Fund GBTFX $32.53 -0.02 Holmes Macro Trends Fund MEGAX $23.47 No Change Near-Term Tax Free Fund NEARX $2.25 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change