Without a doubt the last several months were rough ones for investors. Moving forward, the environment should improve. Pre-announcements are now past and companies are meeting downwardly revised earnings numbers. Moreover, the fund remains focused on larger capitalization issues with steady revenue streams. Unless there is a deterioration of the fundamentals or a significant change in any holding's prospects, we do not expect to eliminate it from the portfolio.
New investments continue to be made on the basis of bottom-up, fundamental analysis.
More specifically, while we do expect to add names to the portfolio in the months ahead, we seek to invest in strong companies whose prospects are bright whatever the market environment. The investment adviser has voluntarily waived its advisory fee and reimbursed some expenses, without which performance would have been lower. Please read the prospectus carefully before investing. Shares in a mutual fund involve investment risks, including possible loss of the principal amount invested. All rights reserved.