| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 |
|---|
| 19.1% |
Appleseed Fund generated a 19.14% return over 12 months ended September 30, 2025, outperforming the Morningstar Global Markets Index return of 16.64%. The fund's core thesis centers on gold's continued outperformance through this decade, driven by persistent inflation above the Federal Reserve's 2% target, foreign central bank accumulation, and declining U.S. relative economic power. Gold has risen 60% year-to-date to $4,250/ounce, representing the best calendar-year performance since 1979. The fund expects continued Federal deficit spending financed by money printing, similar to but exceeding the Great Financial Crisis response. Key portfolio positioning includes overweight allocations to physical gold trusts, uranium trusts, and companies with non-U.S. dollar cash flows. The managers favor consumer staples, healthcare, and agriculture sectors while maintaining exposure to inexpensive value stocks. Primary risks include potential government interference with gold ownership and Bitcoin potentially replacing gold as a store of value. The fund may trim gold positions for rebalancing purposes given the significant price appreciation.
Gold will continue its historic bull market driven by persistent inflation, declining U.S. relative power, foreign central bank accumulation, and fiscal deficit spending financed by money printing, with the fund maintaining significant precious metals exposure despite potential short-term volatility.
The fund expects gold to continue outperforming all other asset classes through the balance of this decade despite short-term uncertainty. They remain positioned for an inflationary, slow growth economy and believe inflation is not under control as most long-term drivers are secular rather than cyclical.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Nov 17 2025 | 2025 Q3 | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | - | Appleseed Fund delivered 19.14% returns driven by their gold-centric thesis as the metal surged 60% year-to-date to $4,250/ounce. The fund expects continued gold outperformance through this decade based on persistent inflation, foreign central bank buying, and U.S. fiscal deficit spending. Portfolio remains overweight gold, uranium, and non-dollar cash flow companies while favoring defensive sectors. |
| Apr 30 2025 | 2025 Q1 | 005930.KS, AER, BABA, BW.TO, CF, DG, LITE, MOS | commodities, Dollar, Foreign Equities, Geopolitical, gold, inflation, real assets, tariffs | - | Pekin Hardy Strauss sees the post-WWII dollar-dominated system collapsing into a fragmented, inflationary world driven by rising tariffs, capital flight, and fiscal constraints. They position in real assets like gold, foreign equities, and real estate while avoiding bonds and expensive U.S. tech stocks, expecting international markets to outperform as dollar hegemony ends. |
| Nov 13 2024 | 2024 Q3 | AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC | commodities, defensives, energy, inflation, Mining, nuclear, uranium, value |
CCJ SRUUF |
Appleseed Fund delivered 20.46% returns while positioning for a nuclear renaissance driven by uranium supply deficits and surging electricity demand from data centers and EVs. Added Cameco and Sprott Uranium Trust to capitalize on structural uranium shortages. Maintains defensive positioning with gold and Treasuries, expecting persistent inflation from fiscal deficits to favor hard assets. |
| May 15 2024 | 2024 Q1 | AER, AGNC, ARDX, BEI.TO, CCJ, CF, DG, EVR, GNK, HLF, HUM, ITRN, MOS, RHHBY, SFM, VFC, WCC | Defensive, gold, healthcare, inflation, value |
HUM AGNC |
Appleseed Fund delivered 17.36% returns while positioning defensively for continued inflation and monetary debasement. Gold represents the core thesis, rising 20% on central bank demand and Chinese flows, with the fund expecting decade-long outperformance versus the S&P 500. New positions in beaten-down healthcare and mortgage REITs complement overweight allocations to Treasuries and physical gold. |
| Dec 31 2023 | 2023 Q4 | AER, BEI.UN.TO, CF, DG, MDT, MOS, PHYS, SSNC, VFC | Diversified, Esg, global, SMID Cap, value | - | Global SMID cap value fund with ESG screening delivered 9.39% returns in 2023, underperforming benchmark by 690 basis points. Portfolio of 28 holdings led by gold trust and REIT positions, with 71% US exposure and diversified sector allocation. Fund maintains disciplined value approach with sustainable investment criteria across developed markets. |
| Oct 30 2023 | 2023 Q3 | 005930.KS, AER, ARDX, BEI-UN.TO, BOL.PA, CF, DG, FNMAS, FNMAT, GNK, HRTX, ITRN, MOS, MRC, SFM, SNV, VFC, WCC | Agriculture, Bonds, Defensive, Deficit, gold, inflation, Treasury, value |
0TDG LN WCC GNK |
Appleseed Fund positions defensively for persistent inflation driven by unsustainable U.S. fiscal deficits. The portfolio emphasizes value stocks in defensive sectors, short-term Treasuries, and gold hedges. Despite underperformance from cautious positioning, managers maintain their bearish economic outlook and expect continued inflation as the politically viable solution to reduce America's mounting debt burden. |
| Apr 25 2023 | 2023 Q1 | 005930.KS, ADS.DE, AER, ALL, ARDX, BEI.UN.TO, CCNE, CF, ITRN, MDT, MOS, MRC, PSLV, RKLY, SNV, SONY, SWK | Banking, Consumer Staples, Defensive, gold, healthcare, inflation, Recession, value |
MDT SWK SNV |
Appleseed Fund warns of impending recession driven by inflation, banking instability, inverted yield curve, and Fed tightening. The fund delivered 5.42% six-month returns while positioning defensively in value stocks, consumer staples, healthcare, agriculture, TIPS, and gold. New holdings include Medtronic and Stanley Black & Decker at attractive valuations despite challenging macro environment. |
| Jan 31 2023 | 2022 Q4 | BBBY, CF, MOS | - | - | |
| Apr 30 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
GoldGold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher. |
Gold Central Banks Inflation Reserve Asset Monetary Base |
InflationThe Consumer Price Index has remained persistently above the Federal Reserve's 2% goal for the last five years. The fund believes inflation will likely re-accelerate due to a depreciating dollar, high levels of fiscal deficit spending, significant trade tariffs, and declining interest rates. They view this as a secular rather than cyclical trend. |
Inflation CPI Federal Reserve Fiscal Deficit Dollar | |
DollarThe U.S. dollar index has declined by about 10% in 2025, making gold's performance 10% better in dollar terms. The Trump administration wants a lower dollar to address the large current account deficit. The fund has increased exposure to companies with larger non-U.S. dollar denominated cash flows as they believe the U.S. fiscal situation needs the dollar down and inflation back up. |
Dollar Currency Current Account Cash Flows Depreciation | |
UraniumThe fund holds physical uranium trusts as part of their overweight positioning beyond equities. This appears to be part of their broader commodities exposure alongside gold, reflecting their view on inflation and alternative assets. |
Uranium Nuclear Commodities Physical Trusts Alternative Assets | |
| 2025 Q1 |
Trade PolicyThe Trump Administration proposed raising tariffs broadly starting at 10% and reaching as high as 154% for China, bringing average tariff rates above 20% to the highest level since the 1930s. This represents a shift toward industrial policy, onshoring, and bilateral trade agreements, moving away from the free trade era. |
Tariffs Onshoring Industrial Policy Bilateral Trade Import Substitution |
GoldGold has been quietly rallying due to increased demand from central banks as countries move away from U.S. Treasuries as reserve assets. Central banks started buying gold in size especially after the U.S. froze Russia's reserves, and BRICS countries are working to settle trade in their own currencies using gold to square things up. |
Central Banks Reserve Assets BRICS Currency Settlement Counterparty Risk | |
DollarForeign capital is starting to come home as the world moves away from inexorable growth of global capital mobility. As trade deficits shrink, capital inflows should also shrink, potentially meaning lower U.S. asset prices and increasing asset prices abroad. Treasury Secretary Scott Bessent has floated the idea that a weaker dollar could help U.S. industry. |
Capital Flight Trade Deficit Asset Prices Dollar Weakness Capital Mobility | |
InflationThe manager expects persistently high rates of inflation driven by less efficient supply chains from tariffs, rising costs for consumers and producers, and the need to reduce the real value of government debt. They anticipate lower real interest rates over time even in the face of high inflation. |
Supply Chains Real Interest Rates Debt Debasement Cost Inflation Monetary Policy | |
Defense SpendingThe United States has started to step back from its role as the world's policeman due to fiscal constraints and rising interest payments. As the U.S. pulls back from global commitments, the world may become more unpredictable from political and economic perspectives. |
Military Footprint Fiscal Constraints Global Commitments Geopolitical Risk Defense Retrenchment | |
| 2024 Q3 |
UraniumThe fund sees a structural supply deficit in uranium markets driven by dramatically increasing demand from nuclear energy expansion while supply growth remains inadequate. Uranium prices have increased significantly over the past 5 years but the bull market is still in early innings due to persistent supply shortfalls. |
Nuclear Energy Transition Commodities Supply Deficit Mining |
NuclearNuclear energy is experiencing a renaissance with plans to triple capacity by 2050 driven by data center growth, electric vehicles, and climate goals. Nuclear provides reliable baseload power with minimal carbon emissions unlike intermittent renewables. |
Energy Transition Climate Baseload Power Carbon Free Capacity Expansion | |
Data CentersData centers are driving significant electricity demand growth, forecasted to increase from 3% to 8% of total US power consumption by 2030. If AI demand meets expectations, this could prove to be conservative. |
AI Cloud Electricity Demand Infrastructure Power Consumption | |
InflationThe fund expects persistently high inflation during the 2020s driven by unsustainable government deficits financed by unprecedented money printing. They view the recent decline in inflation as temporary and favor scarce hard assets like uranium. |
Monetary Policy Government Deficits Hard Assets Scarcity Money Printing | |
| 2024 Q1 |
GoldGold has risen 20% over six months to new all-time highs driven by monetary debasement, emerging market demand especially from China, central bank purchases exceeding 1,000 tonnes annually, and physical gold flows shifting from West to East. The fund expects gold to outperform the S&P 500 over the next decade. |
Gold Monetary China Central Banks Physical |
InflationThe fund believes inflation is not under control as long-term drivers remain secular rather than cyclical. Money supply increased from $18.1 trillion to $20.9 trillion since June 2020 while CPI has risen 21% cumulatively. The U.S. fiscal situation may require the dollar down and inflation back up. |
Inflation Money Supply CPI Fiscal Dollar | |
HealthcareThe fund added Humana, a large managed care organization focused on government health insurance, after its stock fell over 40% from post-COVID highs due to elevated medical loss ratios. The managers view the stock as severely punished and attractive at current levels. |
Healthcare Managed Care Medical Government Insurance | |
| 2023 Q3 |
InflationThe fund believes inflation is not under control and expects it to remain persistently elevated. They view continued inflation as the politically palatable solution to reduce the U.S. debt burden and associated interest costs. |
Inflation Monetary Policy Fiscal Policy Dollar Rates |
GoldThe fund holds physical gold trusts as a hedge against inflation and to reduce portfolio volatility. Gold is expected to perform well in an environment where inflation remains persistently elevated while real growth is slowing. |
Gold Inflation Volatility Dollar | |
Dollar StoresThe fund added Dollar General as a new position, viewing it as offering tremendous value despite current challenges. The business is highly defensive with rural consumers' dollars going further than at any other retailer. |
Dollar Stores Discount Retail Value Defensive | |
FertilizersThe fund holds positions in CF Industries and The Mosaic Company as part of their agriculture sector exposure. These companies are positioned to benefit from the fund's inflationary outlook. |
Fertilizers Agriculture Inflation Commodities | |
| 2023 Q1 |
InflationInflation is hitting consumers hard with prices rising at mid-to-high single-digit rates since 2021, reducing purchasing power and quality of living. Consumer savings rates have fallen while credit card debt spiked to record $931 billion, forcing reliance on expensive credit for necessities. |
Consumer Credit Purchasing Power Savings |
Credit StressTotal U.S. credit card debt reached record $931 billion with 18.5% increase from 2021, while credit card delinquency rates are rising despite low unemployment. Banks are tightening lending standards as depositors move capital to money market funds. |
Credit Cards Delinquency Banking Lending | |
Regional BanksBanking crisis wiped out several well-respected regional banks including Silicon Valley Bank and Signature Bank, causing instability in the financial services sector. Despite poor timing on Synovus purchase, the fund believes it remains well capitalized with strong risk controls at attractive valuations. |
Banking Crisis Synovus Valuations Risk Controls | |
GoldFund is overweight physical gold trusts as gold should help reduce portfolio volatility and perform well in an environment where inflation remains persistently elevated while real growth is slowing. Gold was a positive contributor to performance. |
Physical Gold Volatility Inflation Hedge Performance | |
RatesThe inverted yield curve with 90-day to 10-year Treasury spread at negative 1.44% is one of the most reliable leading indicators of impending recession. Federal Reserve maintains hawkish posture with Fed Funds at 5% while pursuing Quantitative Tightening to drain liquidity. |
Yield Curve Fed Policy Recession Indicator Liquidity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 13, 2024 | Fund Letters | Appleseed Fund | CCJ | Cameco Corporation | Energy | Uranium | Bull | NYSE | Canada, commodity, Energy security, Equity, Mining, nuclear energy, supply deficit, uranium | Login |
| Nov 13, 2024 | Fund Letters | Appleseed Fund | SRUUF | Sprott Physical Uranium Trust | Financials | Asset Management & Custody Banks | Bull | OTC | Canada, Commodity Trust, Hard Asset, inflation hedge, Nuclear Fuel, Physical Uranium, Spot Price, trust | Login |
| May 2, 2024 | Fund Letters | Appleseed Fund | AGNC | AGNC Investment Corp. | Real Estate | Mortgage REITs | Bull | NASDAQ | agency RMBS, discount to book value, fixed income, high dividend yield, Mortgage Securities, REIT, Spread Normalization | Login |
| May 2, 2024 | Fund Letters | Appleseed Fund | HUM | Humana Inc. | Health Care | Managed Health Care | Bull | NYSE | contrarian, Government Health Insurance, healthcare, managed care, Medical Loss Ratios, Medicare Advantage, Value | Login |
| Oct 30, 2023 | Fund Letters | Appleseed Fund | 0TDG LN | Dollar General Corp | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | consumer staples, defensive, Discount Retailer, high-ROIC, Rural Markets, Small Basket, turnaround, Value | Login |
| Oct 30, 2023 | Fund Letters | Appleseed Fund | WCC | Wesco International | Industrials | Trading Companies & Distributors | Bull | NYSE | electrical distribution, Free Cash Flow, Industrial, Inflation beneficiary, market leader, North America, shareholder returns | Login |
| Oct 30, 2023 | Fund Letters | Appleseed Fund | GNK | Genco Shipping & Trading | Energy | Oil & Gas Equipment & Services | Bull | NYSE | China recovery, Commodities, Cyclical, Drybulk Shipping, Free Cash Flow, Maritime, net asset value | Login |
| Apr 25, 2023 | Fund Letters | Appleseed Fund | MDT | Medtronic | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | Aging demographics, Emerging markets, Healthcare Equipment, In-Patient Procedures, margin expansion, market leader, Medical devices, Pricing power, Temporary Headwinds | Login |
| Apr 25, 2023 | Fund Letters | Appleseed Fund | SWK | Stanley Black & Decker | Capital Goods | Industrial Machinery | Bull | NYSE | Construction Market, Cyclical Recovery, deep value, distressed valuation, Industrial Equipment, inventory management, market leader, supply chain, Tools | Login |
| Apr 25, 2023 | Fund Letters | Appleseed Fund | SNV | Synovus Financial | Banks | Regional Banks | Bull | NYSE | asset quality, Banking Crisis, loan growth, net interest margin, regional bank, Restructuring Benefits, risk management, sector contagion, Strong Capitalization | Login |
| TICKER | COMMENTARY |
|---|---|
| CAG | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Conagra (CAG) |
| CC | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Chemours (CC) |
| DEA | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Easterly Government Properties (DEA) |
| DSX | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Diana Shipping (DSX). The most significant detractors to performance over the past 12 months have been Diana Shipping (DSX) |
| GXO | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including GXO Logistics (GXO) |
| LULU | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Lululemon (LULU) |
| STAN.L | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Standard Chartered (STAN-GB) |
| TWO | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Two Harbors (TWO) |
| NICE | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including NICE Ltd. (NICE) |
| WMMVY | Appleseed Fund added a number of new names to the portfolio in the past twelve months, including Wal-Mart de Mexico (WMMVY) |
| SSNC | Appleseed Fund liquidated its holdings in SS&C (SSNC). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere |
| CCJ | Appleseed Fund liquidated its holdings in Cameco (CCJ). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere. The biggest contributors to the Fund's performance over the past 12 months were Cameco (CCJ) |
| WCC | Appleseed Fund liquidated its holdings in Wesco (WCC). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere |
| CCNE | Appleseed Fund liquidated its holdings in CNB Financial (CCNE). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere |
| SONY | Appleseed Fund liquidated its holdings in Sony (SONY). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere |
| RHHBY | Appleseed Fund liquidated its holdings in Roche (RHHBY). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere |
| EL | Appleseed Fund liquidated its holdings in Estée Lauder (EL). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere. The most significant detractors to performance over the past 12 months have been Estée Lauder (EL) |
| AGNC | Appleseed Fund liquidated its holdings in AGNC (AGNC). All of these securities reached our estimates for intrinsic value, and we took the capital and invested it elsewhere |
| AER | The biggest contributors to the Fund's performance over the past 12 months were AerCap (AER) |
| SWK | The most significant detractors to performance over the past 12 months have been Stanley Black & Decker (SWK) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
