Quarterly Letter
View the Fund's S.E.C. standardized returns, rankings and other important disclosure information
Auxier Report: Fall 2013
Sep 30, 2013
“While deregulating industries can be treacherous for investors, consolidation can lead to a firmer pricing environment and can provide a catalyst for attractive investment returns.”
Auxier Report: Summer 2013
Jun 30, 2013
“Risk tends to be correlated with the degree of overvaluation of an asset class. The Fed’s easy-money mandates have led investors to under-price risk.”
Auxier Report: Spring 2013
Mar 31, 2013
“A major misperception among investors is that bigger equates with better and safe.”
Auxier Report: Year End 2012
Dec 31, 2012
“Misallocation based on extremely easy credit has contributed materially to the two major market declines in the past 12 years. This past yaer the mindless rush for yield drove investors into the danger zone once again.”
Auxier Report: Fall 2012
Sep 30, 2012
“The economy continues to suffer from excessive indeptedness and weak revenue growth, a backdrop that favors the type of top-quality companies we own.”