A Plan 3. Free bets valid for 7 days, stake not returned. This race - despite only having a small history, has help construct several horses preparations, on their way to becoming champions, and in some cases - legends. Card payments only. Free bet valid for 7 days, stake not returned. In order to make money using a chase betting system you need three items at your disposal: 1. Free, void, cashed out or partially cashed out bets do not qualify.
We are long-term investors. Our company has been in business since and we have managed the Queens Road funds for over 18 years. During our tenure as managers of the Queens Road Funds we declined numerous offers from other firms who wished to partner with us. But when FPA suggested working together, we were immediately interested. We have followed FPA for several decades, and similarly embrace a long-term, value-oriented approach, capacity discipline, and shareholder focus.
About Bragg Bragg Financial Advisors, a family-owned registered investment advisor based in Charlotte, NC offers portfolio management and wealth advisory services to families and institutions and has been the investment advisor to the Queens Road Funds since inception in Please read the Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www. For the Queens Road Funds, you can obtain additional information by visiting the website at www.
Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost.
Current month-end performance data, which may be higher or lower than the performance data quoted, may be obtained at www. There can be no assurance that the funds will meet any of their objectives. As of its most recent prospectus, the Queens Road Value Fund total expense ratio is 0. Investments, including investments in mutual funds, carry risks and investors may lose principal value.
Capital markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. It is important to remember that there are risks inherent in any investment and there is no assurance that any investment or asset class will provide positive performance over time.
Value style investing presents the risk that the holdings or securities may never reach our estimate of intrinsic value because the market fails to recognize what the portfolio management team considers the true business value or because the portfolio management team has misjudged those values. In addition, value style investing may fall out of favor and underperform growth or other style investing during given periods. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. Index and Other Definitions Index returns do not reflect transactions costs, investment management fees or other commissions, fees and expenses that would reduce performance for an investor.
An investor cannot invest directly in an index. Russell Value index is a subset of the Russell index, a small-cap stock market index of the smallest 2, stocks in the Russell Index. T The Leuthold Universe is defined as the largest 3, securities traded on U. Universe was segregated into large- and small-cap tiers. Blue vertical bars identify recessionary periods of July to March , March to November , December to June , March to April Click to enlarge As we look through our portfolio, valuations of the companies we own look very attractive.
We think we are getting these attractive valuations because of heightened near-term uncertainty and a potential recession. As always, we focus on balance sheet strength, management quality and long-term industry outlook. Four Pillar Process When we go through our process, we weigh the different pillars - balance sheet, valuation, management, and industry - against each other. Servisfirst is a commercial lender that focuses on lower-to-middle market companies.
From a valuation perspective, ServisFirst historically has traded for a premium compared to other regional banks, and yet we believe it is a good value due to their strong balance sheet, good management, and stable industry. Companies like this make up the core of the portfolio.
High-quality companies that are reasonably valued with great long-term prospects. We call them long-term compounders and hope to own them forever. Value meaning they are cheap, but quality meaning they are not junk — they have a core franchise that we expect to grow a little and throw off cash. They may not have the exceptional character of our long-term compounders, but we think they are good businesses trading at attractive valuations.
Often, we find a company that may be experiencing a company specific issue that brings the valuation down to an attractive level. Many of those types of companies are trading at 6x — 8x expected earnings. We think these valuation levels will compensate for imperfections in the other pillars.
The company currently trades at an attractive multiple. And so those quality value holdings, and what we are seeing in the universe of good-but-not-great companies, have gotten relatively cheaper. As bottom-up stock pickers, we are always weighing the opportunity set in front of us. But we prefer the long-term compounders — high quality companies that we would expect to outperform over the long term — so we seek to tilt the portfolio in this direction. The Fund has historically held cash as a residual of the investment process.
When we cannot find companies that meet our stringent criteria, we will allow cash to build. Over a long time horizon, we would almost always prefer to own a diversified collection of quality companies acquired at reasonable prices instead of cash. But we weigh this against our reluctance to sacrifice margin of safety and risk permanent impairment of capital.
While prices have come down, long-term compounders still appear somewhat expensive. We are putting money to work opportunistically but in a measured manner. Despite the market selloff during the first half of the year, we are excited about the opportunities the recent volatility is providing us.
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Important Risk Information The Fund is new with limited operating history. Past performance does not guarantee future results. There is no assurance that the Fund will achieve its investment objective, and an investment in the Fund is not by itself a complete or balanced investment program.
Shares of the Fund are bought and sold at market price not NAV and are not individually redeemed from the Fund.