Upgrading Fundamentals

It’s impossible to forecast future market leaders since market trends are only clear in hindsight.  We believe the Upgrading strategy can work because we gradually move toward market leadership as it develops.

Market Rotation

Market leadership changes because economic conditions change. Money managers use an investment style that works well in some, but not all market environments. In fact, few, if any money managers consistently excel, because they are unable to change investment styles to match the changing economy.

Typical market leadership can rotate between small and large cap stocks, value and growth investment styles, and international and domestic exposures. Securities that we feel are best positioned in the prevailing market environment rise to the top of our ranks.

With Upgrading, we don’t predict which securities will be the next leaders:  we stay flexible and move to those performing best.

The following chart shows the rotation of market leadership between growth and value investment styles over the last 15 years.

Market Rotation 1990 - 2004

While the Funds are no-load, there are management fees and operating expenses that do apply.

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