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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"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."
The Appleseed Fund is a global SMID cap value fund managed by Pekin Hardy Strauss that seeks to generate market-beating returns through prudent, disciplined, and sustainable investments. The fund employs ESG screening criteria and maintains a diversified portfolio of 28 holdings with an average market cap of $8.2 billion. The portfolio is geographically diversified with 71% US exposure and 29% international allocation across developed markets including Canada, Japan, South Korea, France, Israel, and Switzerland. Top holdings include Sprott Physical Gold Trust at 10.2%, Boardwalk REIT at 6.1%, and positions in fertilizer companies Mosaic and CF Industries. The fund returned 9.39% in 2023, underperforming the Morningstar Global SMID Cap Index return of 16.28%. Since inception in December 2006, the fund has generated annualized returns of 5.80% compared to the benchmark's 6.31%. The fund maintains low cash levels at 2.03% and is diversified across sectors with the largest allocations to technology (18.2%), industrials (12.9%), and financial services (13.8%).
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