Fund Description
The Independence Fund seeks great companies at value prices.
We look for well-managed companies, both in America and abroad, that boast strong financial positions and operate in industries that our management team truly understands. Performing rigorous, fundamental analysis, we dissect each company's strategy, competitive position, operations, and performance, and we review all pertinent public documents and official communications about the company.
Although we will invest with an intention to hold for the long term, we will also insist on keeping a solid margin of safety on all Fund holdings. As a result, we will sell any holding that we believe has appreciated beyond its intrinsic value.
Snapshot (as of 9/3/2010)
| Symbol | FOOLX |
|---|---|
| Net Asset Value Net asset value is the price of each share of a mutual fund. It is calculated by subtracting the fund's liabilities from its total assets, and dividing that figure by the number of shares outstanding. | $12.89 |
| Daily Change | $0.15 (1.18 %) |
| Year-to-Date Performance | -2.20% (through July 31) |
| One Year (as of 6/30/2010) | 17.68% |
| Since Inception (6/16/2009) | 17.6% (through quarter ended June 30) |
| Minimum to Invest | $3,000 |
| Min. Subsequent Investment | $100 |
| Min. Auto Investment | $100 |
| Transaction Fees | None |
| Net Expense Ratio 1 The Net Expense Ratio is the percentage of total assets that go toward paying for mutual fund expenses. | 1.39%* |
| Gross Ratio as stated in the Prospectus | 2.26%* |
*The Net Expense Ratio includes a Monthly Performance Adjustment of .04% (as of August 1, 2010). The actual Gross Expense Ratio (as of August 1, 2010) is 2.34%. See the Prospectus for additional information.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
1 The Fund's net expense ratio reflects fee waivers and expense reimbursements by the investment Adviser. This waiver and the reimbursement arrangements, if not extended, will end on February 28, 2011.
A redemption fee of 2.00% of the then-current value of the shares redeemed is imposed on redemptions of shares made within 90 days of purchase (i.e., the redemption is effective on or before the 90th day following the date of purchase), subject to certain exceptions.
William H. Mann III specializes in identifying companies with underappreciated competitive advantages and assets. He has experience analyzing a wide range of industries ... [