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ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: As many of you know, I was fortunate enough to attend the Wharton School at the University of Pennsylvania for
S&C Fund Services. The Fund's performance results have been audited for calendar years 2011, 2012, 2013. and 2014 by the Fund's independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: I want to take this opportunity to update you on our portfolio. While 2013 and the first quarter of 2014 drove
rator. EAS Accounting Services. The Fund's performance results have been audited for calendar years 2011 and 2012 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update — Our Patient Approach at Work: While the Fund is not always in a position to discuss names in the portfolio bec
S&C Fund Services. The Fund's performance results have been audited for calendar years 2011, 2012. 2013, and 2014 by the Fund's independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: 2014 was an interesting year for the stock market to say the least. While the broader large capitalization ind
rator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update -- Our Patient Approach at Work: While the Fund is not always in a position to discuss names in the portfolio be
S&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. 2013. and 2014 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: As many of you know, I was fortunate enough to attend the Wharton School at the University of Pennsylvania for
SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, 2013. and 2014 by the Funds independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the funds prime
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update — Our Patient Approach at Work: While the Fund is not always in a position to discuss names in the portfolio bec
S&C Fund Services. The Fund's performance results have been audited for calendar years 2011, 2012. 2013, and 2014 by the Fund's independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: I want to take this opportunity to update you on our portfolio. While 2013 and the first quarter of 2014 drove
rator. EAS Accounting Services. The Fund's performance results have been audited for calendar years 2011 and 2012 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: As we mentioned in our 1s' quarter update, we believe our value discipline on cash flows and unloved "boring bu
tor. SS&C Fund Services. The Fund's performance results have been audited for calendar years 2011. 2012. and 2013 by the Fund's independent auditor. Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
ver an extended period of time. While this strategy may yield lumpy results, we believe it limits idea dilution and protects the Fund's returns from Uncle Sam and Wall Street. Portfolio Update: 2014 was an interesting year for the stock market to say the least. While the broader large capitalization ind
rator, SS&C Fund Services. The Funds performance results have been audited for calendar years 2011, 2012, and 2013 by the Funds independent auditor, Marcum LLP. Inception-to-date figures incorporate audited results from prior years and unaudited results from the current year. Statements from the fund's prim
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