May 2014 –
In his address to shareholders, Andrew Foster reflects on the
that weighed upon the emerging markets during the past year. Despite such challenges, stock prices were
Andrew asserts this was because equities in the developing world were
(and are) inexpensive. During a year beset by many troubles,
China was the most worrisome market of all.
Andrew acknowledges his concerns, but encourages shareholders to
peer over the “great wall of worry.”
The Middle Kingdom is engaged in a sweeping set of economic reforms
that have the potential to put the country on an improved path.
The final section of the letter includes
announcements of interest to shareholders.
The Fund seeks to provide long-term capital appreciation
along with some current income; it also seeks to mitigate
adverse volatility in returns.
The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including dividend-paying common stocks, preferred stocks, convertible bonds, and fixed-income securities.