Sample Management Report
You may download the Adobe PDF file of our September Management Report by clicking on the link below.
The four page document will open in Adobe Acrobat
You may download the Adobe PDF file of our September Management Report by clicking on the link below.
The four page document will open in Adobe Acrobat
American Shareholders was founded in 1974 by Terry Laundry. Its purpose is to apply his T Theory to the practical matter of keeping equity investments growing through both good in bad times. The management program was begun in early 1978 and has continued to present. Those interested in our program can contact Paula Burke, President, for details including our SEC registration, investment returns from 1978 to the present, and copies of our monthly management Report. Paula may be reached by toll free telephone at 1-888-228-2995 or via email at amshar@earthlink.net
The ASIC Management Program is uniquely based on Terry Laundry's early thoughts developed in the 1970's as he was working out the details of his T Theory. During that period noload mutual funds began to appear as the more flexible new investment vehicle and Terry gravitated exclusively to ownership of the strong growth funds when T Theory had a positive projection for the general market. When the outlook was turning negative, assets were moved to a money market fund in order to better sit out any downside trend for equities.
This approach has remaind constant since the program's inception in 1978. ASIC tries to avoid the normal investment practice of diluting its investments with bonds etc. To the extend deemed prudent, ASIC wants to be either in growth oriented mutual funds or a cash haven.
The other unique characteristic of our program is that ASIC does not directly hold any of the client assets. All monies are held in the name of the client, with ASIC being granted the right to move the money between funds within the Fidelity family. This right to shift investment between a very large number of mutual funds is granted by our management aggreement (which you may obtain) and can be canceled by either the client or ASIC upon notice.
In the years prior to 2000 our program was held within the Fidelity family of funds, which numbered over 100, and this proved to be adaquate for the time. Fidelity was chosen due to the large number of funds available and the very complete set of services and assitance it offers in the area of retirement prorams, trusts, etc.
However with the years of 1998 and 2000 came very high market valuations and T Theory was warning that the 1980's and 1990's persistent bull market was not sustainable and that a better fund family would be needed. Being defensive, ASIC sat out the years beyond early 2000 in mostly cash havens while trying to construct a better program that might overcome the new over-valuation problem.
What was eventually constructed was a more versitile management program set in the Fidelity Brokerage arm of the company, which in our literature we term the "Network Program". Fidelity Brokerage accounts have the unique ability to send invest money out of Fidelity, into a Network of funds that basically allow us to purchase any of the more than 14,000 funds that Morningstar tracks.
This then became the next great revolution in our program. It allows us to set up a mix of about 10 funds selected for their suitability for the conditions at the time when T Theory is positive. When the forecast becomes negative and a defensive position are called for, some or all, of the funds positions can be liquidated and money placed in safe keeping in a money market fund.
To review a recent report that would give a better idea of how we think please download the Sample Report PDF file for a recent Management Report .
Thanks,
Terry Laundry
Welcome to American Shareholders Web site where Terry Laundry and Paula Burke discuss investment ideas that might be of value to serious long term Investors.
