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 06/25/2019

Global Resources Fund PSPFX $4.58 -0.03 Gold and Precious Metals Fund USERX $7.98 -0.10 World Precious Minerals Fund UNWPX $2.84 -0.04 China Region Fund USCOX $8.55 -0.08 Emerging Europe Fund EUROX $7.08 -0.04 All American Equity Fund GBTFX $24.23 -0.23 Holmes Macro Trends Fund MEGAX $16.60 -0.14 Near-Term Tax Free Fund NEARX $2.22 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change