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 01/18/2017

Global Resources Fund PSPFX $5.52 -0.07 Gold and Precious Metals Fund USERX $7.87 -0.21 World Precious Minerals Fund UNWPX $6.95 -0.19 China Region Fund USCOX $7.70 0.08 Emerging Europe Fund EUROX $5.98 -0.02 All American Equity Fund GBTFX $23.75 0.09 Holmes Macro Trends Fund MEGAX $18.71 0.02 Near-Term Tax Free Fund NEARX $2.22 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change