Third Quarter 2017

The All American Equity Fund had a total return of 1.11 percent in the third quarter of 2017, underperforming its benchmark, the S&P 500 Index, which returned 4.48 percent. See complete fund performance.

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 materials, consumer staples and tactical ETF positioning.
  • The fund’s overweight in sector-specific investments proved to be a good decision evidenced by the allocation’s outperformance.
  • Investments in the technology sector ETF, Kohl’s Corporation and LyondellBasell Industries were among the best contributors to fund performance.


  • The fund’s allocation in information technology, health care and financials didn’t provide the anticipated sector outperformance.
  • Stock selection was the principal driver of underperformance in the information technology and heath care allocations.
  • Investments in Bed Bath & Beyond, Allergan and Quest Diagnostics were among the worst contributors to the fund’s performance.


  • We're officially in the second-longest bull market since World War II. Stocks have climbed roughly 270 percent from their March 2009 low, eclipsing the bull run from June 1949 to August 1956, according to data from LPL Financial.
  • Retail investors in the U.S. are at record levels of optimism. The preliminary University of Michigan survey of consumer sentiment for September showed that the mean expected probability that stocks would climb over the next year hit a record 65 percent.
  • The Federal Reserve raised its outlook for the U.S. economy. It now expects real gross domestic product (GDP) to grow from 2.2 percent to 2.5 percent in 2017, up from June's projection of 2.1 percent to 2.2 percent.


  • September’s Markit U.S. Services PMI came in at 55.1, below the expected reading of 55.8.
  • U.S. existing home sales for August came in softer than expected. Sales of existing homes totaled 5.35 million units, below expectations for 5.45 million.
  • The likelihood of a Fed rate increase this year moved up as traders boosted the odds to about 62 percent, based on Fed funds futures, after Janet Yellen stuck to the Fed’s forecast for another hike this year. The probability was around 50 percent prior to the meeting and as low as 22 percent on September 8.

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

The Michigan Consumer Sentiment Index (MCSI) uses telephone surveys to gather information on consumer expectations regarding the overall economy. The preliminary report, which includes about 60% of total survey results, is released around the 10th of each month

The Markit U.S. Services PMI complements the HIS Markit U.S. Manufacturing PMI and enables the production of the HIS Markit U.S. Composite PMI which tracks business trends across both the manufacturing and service sectors, based on original survey data collected from a representative panel of over 1,000 companies.

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 9/30/2017: Kohl’s Corp. 0.00%, LyondellBasell Industries NV 3.88%, Bed Bath & Beyond Inc. 0.00%, Allergan PLC 2.54%, Quest Diagnostic Inc. 0.00%.


Net Asset Value
as of 03/16/2018

Global Resources Fund PSPFX $6.09 -0.03 Gold and Precious Metals Fund USERX $6.76 0.02 World Precious Minerals Fund UNWPX $4.08 0.04 China Region Fund USCOX $12.27 0.09 Emerging Europe Fund EUROX $7.63 No Change All American Equity Fund GBTFX $25.48 0.08 Holmes Macro Trends Fund MEGAX $19.86 0.05 Near-Term Tax Free Fund NEARX $2.20 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $1.99 No Change