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Shareholder Letter - Summer 2016

Dear Fellow Shareholders,

In May, I attended a media briefing in New York with six other fund managers and about 20 financial reporters. The fund managers answered a range of questions from the press, but the most common question was, “How will the election affect the market?”

Even though all of the fund managers had different investment strategies and ran very different funds, we had the same answer: current events, whether it’s the presidential election or the Brexit, typically don’t have as much of an impact on the market and on the economy as many investors expect.

In Wharton Professor Jeremy Siegel’s classic book, Stocks for the Long Run, Siegel looked at what moves the market, and he found that “less than one-quarter [of major market movements] can be associated with a news event of major political or economic import”. In other words, what matters in the market isn’t often what you’re hearing on the news.

How you respond to changing markets matters

There will always be cause for concern, whether it’s volatile markets, changing interest rates, a contentious election, or the Brexit. But one thing we’ve learned in our 47 years of fund investing is that it’s not what happens in the market or in the news, it’s how you respond that likely determines your ability to achieve your long-term goals.

Many investors struggle with changing markets. They may react impulsively to market declines or let headlines and market predictions influence their decisions. Even when they know what they need to do in the long run, some investors have trouble following through in the face of short-term losses.

This is why some investors own the Upgrader Funds. They know that we have a clear strategy designed to adapt to changing stock and bond markets in a disciplined way. They know that we’ve used this strategy to manage portfolios for clients for many decades, and that the strategy has been tested through up and down markets, Democratic and Republican administrations, and periods of global unrest or political upheaval. And they appreciate that they can call us and talk with one of the Fund’s portfolio managers.

If you have questions or need help thinking about how you might use the Upgrader Funds, give us a ring at 1-800-763-8639 and ask to speak with an advisor. 

Janet Brown
President, FundX Investment Group


Past performance does not guarantee future results. A Lipper Fund Award is awarded to one fund in each Lipper classification for achieving the strongest trend of consistent risk-adjusted performance against its classification peers over a three, five or ten-year period. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. © 2016, All Rights Reserved.

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