Queens Road Funds Investment Commentary By Steven H. Scruggs, CFA Portfolio Manager, Queens Road Funds The market rout that began in late February is one of the most severe, fast and unsettling in history. The pandemic caused by the coronavirus came out of nowhere and has created the most unusual circumstances of our generation with…

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By Benton S. Bragg, CFA, CFP® Investment Committee Chair My father, Frank Bragg (aka Papa), conspired with my son Charlie (12) to convince my wife that Charlie needed a puppy for his birthday. Charlie gave us his birthday list back in July. At the top of the list: a puppy. Alice quickly informed Charlie that…

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Dear Fellow Shareholders: For investors, the volatility of the last 18 months has been especially frustrating. Like Sisyphus endlessly pushing his boulder to the top of the hill, only to watch it tumble down again, we have seen the stock market reach a new peak three times, only to drop back sharply. Yet, looking at…

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By Steven H. Scruggs, CFA Portfolio Manager, Queens Road Funds Kiplinger senior associate editor John Waggoner identified Queens Road Small Cap Value as the “best fund, round trip” in the Small-Cap Value category during the recent market decline and recovery. Using Morningstar data, Waggoner screened for diversified, actively managed funds to identify the best performing…

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By Matt DeVries, CFA Analyst, Queens Road Small Cap Value Fund In a year that began with optimistic fervor on lower taxes, 2018 ended instead with a painful stock market decline. After a 2.7% drop on Christmas Eve, the S&P 500 had fallen 19.8% from its high of September—very close to the 20% threshold considered…

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Dear Fellow Shareholders: During the fiscal year ended May 31, 2018, the Queens Road Value Fund returned 9.25% versus 8.94% for the S&P 500/Citigroup Value Index. The Queens Road Small Cap Value Fund finished the fiscal year ended May 31, 2018, with a return of 7.55% versus 16.35% for the Russell 2000 Value Index. As…

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By Steven H. Scruggs, CFA Portfolio Manager, Queens Road Funds “Don’t confuse the lack of volatility with stability, ever.” –Nassim Nicholas Taleb, author of The Black Swan For my latest project, I am building a stand-up paddleboard. My family has been spending some time down at the South Carolina coast and I was looking around…

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By Benton S. Bragg, CFA, CFP® Chairman, Investment Committee “When everyone believes something embodies no risk, they usually bid it up to the point where it’s enormously risky.” –Howard Marks My son flunked his driving test at the DMV last month. According to the DMV officer, Carlton (16) ran over the curb as he drove…

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I called home from college in the spring of 1989 to let my parents know that I had decided to go down to Wrightsville Beach that summer to find a job. I figured I could bus tables in a restaurant in the evenings, catch the late-night parties and hang out on the beach all day.…

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Dear Fellow Shareholders: During the fiscal year ending May 31, 2017, the Queens Road Value Fund returned 15.31% versus 14.73% for the S&P 500/Citigroup Value Index. The Queens Road Small Cap Value Fund finished the fiscal year with a return of 7.87% versus 21.00% for the Russell 2000 Value Index. U.S. equities continued their broad…

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