- Choose A Fund
- Global Resources Fund
- Gold and Precious Metals Fund
- World Precious Minerals Fund
- China Region Fund
- Eastern European Fund
- Global Emerging Markets Fund
- Global MegaTrends Fund
- All American Equity Fund
- Holmes Growth Fund
- Tax Free Fund
- Near-Term Tax Free Fund
- US Gov't Savings Fund
- US Treasury Securities Cash Fund
Global Emerging Markets Fund
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January 2010
Strengths
- Russia and Hungary were among the best performers, up 2.5 percent and down 0.7 percent respectively. The fund was overweight both markets.
- The fund was underweight Brazil, one of the month’s worst performers, down 11.9 percent.
- The fund underperformed its benchmark, the MSCI Emerging Markets Net Total Return Index, in January.
- The fund was underweight South Korea, which outperformed the benchmark index.
- We continue to search for quality companies including some frontier markets.
- We believe that key infrastructure projects in most global emerging markets will be undertaken despite the current volatility.
- Downward exchange volatility in global emerging markets may affect companies with foreign currency denominated debt and revenue in local currencies.
- Global slowdown in the economic activity will likely affect those emerging market companies that rely on exports.
Past performance does not guarantee future results.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. The MSCI Emerging Markets Total Net Return Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in emerging market countries on a net return basis (i.e., reflects the minimum possible dividend reinvestment after deduction of the maximum rate withholding tax).
Net Asset Value
as of 03/11/2010
- Global Resources Fund
PSPFX $9.28 +0.03 - Gold and Precious Metals Fund
USERX $15.17 +0.09 - World Precious Minerals Fund
UNWPX $17.61 +0.07 - China Region Fund
USCOX $8.43 -0.02 - Eastern European Fund
EUROX $9.33 No Change - Global Emerging Markets Fund
GEMFX $8.08 No Change - Global MegaTrends Fund
MEGAX $8.04 -0.01 - All American Equity Fund
GBTFX $20.14 +0.10 - Holmes Growth Fund
ACBGX $16.20 +0.06 - Tax Free Fund
USUTX $12.32 No Change - Near-Term Tax Free Fund
NEARX $2.23 No Change - U.S. Government Securities Savings Fund
UGSXX $1.00 No Change - U.S. Treasury Securities Cash Fund
USTXX $1.00 No Change
