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 11/26/2014

Global Resources Fund PSPFX $7.96 -0.17 Gold and Precious Metals Fund USERX $5.74 -0.04 World Precious Minerals Fund UNWPX $5.14 -0.02 China Region Fund USCOX $8.32 0.14 Emerging Europe Fund EUROX $7.49 0.05 All American Equity Fund GBTFX $33.38 -0.01 Holmes Macro Trends Fund MEGAX $23.58 0.13 Near-Term Tax Free Fund NEARX $2.26 No Change China Region Fund USCOX $8.32 0.14