Dear Shareholders,
March 31, 2015 marked the end of the Port Street Quality Growth Fund’s first twelve months of stewardship. Thank you for the opportunity to report on the Fund’s strategy, performance, and outlook going forward.
Strategy
The Fund’s approach to investing focuses on those companies that can be purchased at market prices below their fair value with a record of consistent, above average profit growth, strong balance sheets, sustainable competitive advantages, and capable management. The source of such growth is persistently above average profitability, which, when combined with a sensible policy relating to the payout of such profits and intelligent re-investment, results in the compounding of retained earnings and long-term growth. The Fund’s investment strategy is designed to grow purchasing power in excess of inflation and outperform the general market over time while mitigating losses during periods of economic adversity.
Performance
To view PSQGX’s performance, please see PSQGX-annual-report-2015-Oct
* Russell 1000 Growth is an equity index the measures the performance of the large cap growth segment of the US equity universe. It includes those Russell 1000 companies w/ higher price to book ratios and higher forecasted growth values.
** MSCI World Index: A market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International, and is comprised of stocks from both developed and emerging markets.