Our Investment Process


  • We use a matrix of top-down macro models and bottom-up micro stock selection models to determine weighting in countries, sectors and individual securities.
  • We believe government policies are a precursor to change, and as a result, we monitor and track the fiscal and monetary policies of the world’s largest countries both in terms of economic stature and population.
  • We focus on historical and socioeconomic cycles, and we apply both statistical and fundamental models, including “growth at a reasonable price” (GARP), to identify companies with superior growth and value metrics.
  • We overlay these explicit knowledge models with the tacit knowledge obtained by domestic and global travel for first-hand observation of local and geopolitical conditions, as well as specific companies and projects.
  • We use a matrix of statistical models to monitor market volatility and money flows, and as a result, we may at times maintain higher than normal cash levels.

Net Asset Value
as of 02/19/2020

Global Resources Fund PSPFX $4.43 0.04 Gold and Precious Metals Fund USERX $10.27 0.23 World Precious Minerals Fund UNWPX $3.53 0.06 China Region Fund USCOX $8.96 0.04 Emerging Europe Fund EUROX $7.51 0.09 All American Equity Fund GBTFX $26.69 0.12 Holmes Macro Trends Fund MEGAX $17.48 0.12 Near-Term Tax Free Fund NEARX $2.24 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change