Quarterly Letter
View the Fund's S.E.C. standardized returns, rankings and other important disclosure information
Auxier Report: Fall 2017
Sep 30, 2017
“The effect of technological disruption has been dramatic in retail with the “Amazon effect” rapidly transforming how goods are delivered and consumed.”
Auxier Report: Summer 2017
Jun 30, 2017
“While the capitalization weighted indexes appear fully valued, we are finding selective opportunities where exceptional management is brought in to build value in mismanaged enterprises.”
Auxier Report: Spring 2017
Mar 31, 2017
“So far, publicly traded stock supply has continued to decline through a combination of corporate stock buybacks fueled by cheap debt, leveraged buyouts and mergers.”
Auxier Report: Winter 2016
Dec 31, 2016
“We have had an earnings recession for the past six quarters. Stock price gains for most companies have far exceeded the growth in underlying business value. Massive share buybacks and historic low interest rates have acted as a buffer.”
Auxier Report: Fall 2016
Sep 30, 2016
“In our study of panics over centuries, we see how a semi-informed public will pool up in rising expensive markets only to unwind in down markets.”