First Quarter 2017

The All American Fund had a total return of 3.74 percent in the first quarter of 2017, underperforming its benchmark, the S&P 500 Stock Index, which returned 6.07 percent. Overall, large capitalization value stocks outperformed large capitalization growth stocks. See complete fund performance here.

Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.


  • Stock selection was strong in consumer discretionary, energy and health care.
  • The fund's overweight in consumer discretionary proved to be a good decision evidenced by the sector's 38 basis point outperformance.
  • Pulte Group, NettApp and Legg Mason were among the best contributors to fund performance.


  • Unfortunately, the fund's allocation to industrials, telecommunication services and financials didn't provide the desired sector outperformance.
  • Stock selection was the principal driver of industrial sectors underperformance.
  • Investments in Qualcomm, Exxon Mobile and Phillips 66 were among the worst contributors to the fund's performance.


  • Pending home sales jumped 5.5 percent in February, the most since April 2010, according to the National Association of Realtors. Some prospective homebuyers are speeding up the process in anticipation of higher interest rates.
  • Global trade is growing at its fastest pace in seven years. Global trade in goods increased 2.4 percent in volume terms during the three months that ended in January, making for the fastest growth since August 2010, the Financial Times reports, citing figures from the CPB Netherlands Bureau for Economic Policy Analysis.
  • Consumer sentiment rose in March as Americans registered sunnier views about the state of their finances. The University of Michigan Confidence Index increased to 113.2 from 111.5 the prior month, an 11-year high.


  • The commercial real estate market is showing cracks and will peak this year, Morgan Stanley analysts forecast. The big risk for the market is that the growth of net operating income could slow down, they said. Commercial real-estate prices have recovered above the peaks they set before the housing crisis a decade ago. However, the revenue generated by rents face two growing challenges. "To keep CRE [commercial real estate] prices afloat, NOI [net operating income] growth needs to accelerate to overcome dual headwinds of rising rates and tighter lending standards," Morgan Stanley wrote. "However, the reality is that it is decelerating, which is different than prior rate hike cycles. We therefore believe valuations can decline even without a recession, which was a necessary condition for the past two declines in CRE prices in the early 1990s and 2008."
  • In March, equities dropped across the globe as investors start to question President Trump's ability to enact his pro-growth policies, reports Bloomberg, casting doubt on the so-called reflation trade.
  • U.S. Purchasing Managers' Index (PMI) data in mid-March came in worse than expected at 53.2 versus consensus expectations of 54.3, according to Bloomberg. The index fell to its lowest levels since before the election, suggesting the U.S. economy may be struggling to sustain momentum in growth.


The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

The University of Michigan Confidence Index is a survey of consumer confidence conducted by the University of Michigan. The report, released on the tenth of each month, gives a snapshot of whether or not consumers are willing to spend money.

Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the All American Equity Fund as a percentage of net assets as of 3/31/2017: Exxon Mobile 2.17%, Legg Mason 2.35%, NetApp 3.05%, Phillips 66 1.75%, Pulte Group 4.33%, Qualcomm 2.72%.

Net Asset Value
as of 06/26/2017

Global Resources Fund PSPFX $5.31 -0.01 Gold and Precious Metals Fund USERX $7.29 -0.03 World Precious Minerals Fund UNWPX $6.22 -0.04 China Region Fund USCOX $9.49 0.10 Emerging Europe Fund EUROX $6.26 0.03 All American Equity Fund GBTFX $24.39 0.06 Holmes Macro Trends Fund MEGAX $19.82 0.01 Near-Term Tax Free Fund NEARX $2.23 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change