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August 2015


  • The fund’s stock selection in the metals and mining sector had a large positive contribution to the fund’s performance for the month of August.
  • The fund’s overweight position in junior growth stocks helped lead to the fund’s outperformance against its benchmark during August.
  • Atlas Development & Support was the best performer within the fund for the month of August.


  • The fund’s stock selection in the agribusiness and energy sectors was out of favor and led to a negative contribution to the fund’s performance.
  • The fund’s cash position had a slightly negative contribution to the fund’s performance.
  • SunEdison was the worst performer within the fund for the month of August.


  • Lower oil prices will force non-OPEC producers, including the United States, to cut output by the steepest rate in more than two decades next year, rebalancing an oversupplied oil market, the International Energy Agency (IEA) said. The IEA said it now expects U.S. light, tight oil production to shrink by 0.4 million barrels per day (bpd) next year after expanding by a record 1.7 million bpd in 2014.
  • The World Nuclear Association Nuclear Fuel reported that global nuclear capacity will grow to 552 gigawatts equivalent (GWe) in 2035 from 379 GWe currently. Still, the IEA states this will fall short of its threshold figure of 900 GWe in capacity (by 2050) needed to avoid the worst effects of climate change. In order to reach its estimate, the IEA believes $81 billion a year in nuclear plant investments would be needed throughout that time frame.
  • According to the Wall Street Journal, private equity firms are looking for opportunities in the oil patch following the latest downturn in prices.  These firms are hoping that the commodity-price crash this summer will open up both producing assets as well as capital-starved companies on the cheap.


  • According to Goldman Sachs, the world’s oil glut may be bigger than originally thought even as U.S. shale production is expected to decline next year, which could push crude oil to $20 a barrel in order to rebalance global supply. 
  • Concerns over China’s slowing growth rate remain high. Commodities and related stocks could remain volatile over the short-term.
  • Over the past two years, underlying inflows have frequently come into the commodity complex during periods of negative price performance.  However, this trend appears to be absent amid the summer’s commodity-price downturn, leaving any upturn in notional investment in question for the time being.

Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings.

Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the Global Resources Fund as a percentage of net assets as of 06/30/2015: Atlas Development & Support Services Ltd. 2.23%, SunEdison Inc. 3.27%.

Net Asset Value
as of 10/09/2015

Global Resources Fund PSPFX $5.00 0.03 Gold and Precious Metals Fund USERX $5.38 0.19 World Precious Minerals Fund UNWPX $4.26 0.12 China Region Fund USCOX $7.62 No Change Emerging Europe Fund EUROX $5.81 0.08 All American Equity Fund GBTFX $26.64 0.01 Holmes Macro Trends Fund MEGAX $19.95 0.12 Near-Term Tax Free Fund NEARX $2.25 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.01 No Change