Dear Fellow Wintergreen Fund Shareholder,
EXCERPT FROM THE 2011 ANNUAL REPORT SHAREHOLDER LETTER
Posted March 2, 2012
Dear Fellow Wintergreen Fund Shareholder,
Since its inception on October 17, 2005, Wintergreen Fund, Inc. (the "Fund") has a cumulative performance which compares very favorably to the Standard & Poor's 500 Composite Index's ("S&P 500") cumulative return. The Fund's performance for 2011 slightly underperformed the S&P 500. The Fund's performance in 2011 was due, in part, to strong returns from holdings in British American Tobacco plc, Birchcliff Energy Ltd. ("Birchcliff"), and Mastercard Inc., Class A. Securities that underperformed during 2011 included holdings in Anglo American plc, Swatch Group AG ("Swatch"), and Canadian Natural Resources Ltd. The Fund also utilized forward currency contracts for hedging purposes which had an overall positive impact on performance.
The Fund's portfolio is very global in nature. Many of our U.S. holdings, whether they are traded on the New York Stock Exchange or NASDAQ, have meaningful overseas exposure. This international exposure gives us the ability to participate in the growing economies around the world and to participate in companies that do business in various currencies. As of the writing of this report, none of our portfolio holdings are denominated in the Euro. At the same time, we have approximately 28% of the Fund's assets in holdings denominated in the Swiss franc and the Canadian dollar. In our opinion, the U.S. market is mature and has some more work to do as it strengthens and rights itself. While this is happening, we believe there are fabulous opportunities beyond our borders.
Another characteristic of the Fund's portfolio holdings is a concept that is familiar to many of our long-term shareholders: we call it the "trifecta." Companies with the trifecta share three attributes: good and/or improving economics, a management team working for the benefit of all shareholders, and availability of the security at a compelling price. An important benefit of this concept is that we believe it helps to minimize risk and maximize returns.
Continue reading the 2011 Annual Report Shareholder Letter
View a recent listing of the Fund's Top 10 Holdings
David J. Winters, CFA
Portfolio Manager
The views contained in this report are those of the Fund's portfolio manager as of December 31, 2011, and may not reflect his views on the date this report is first published or anytime thereafter. The preceding examples of specific investments are included to illustrate the Fund's investment process and strategy. There can be no assurance that such investments will remain represented in the Fund's portfolios. Holdings and allocations are subject to risks and to change. The views described herein do not constitute investment advice, are not a guarantee of future performance, and are not intended as an offer or solicitation with respect to the purchase or sale of any security.
The Fund is subject to several risks, any of which could cause an investor to lose money. The Fund may purchase risk arbitrage securities (securities of companies involved in a restructuring) or distressed companies. These companies may not be successful in their restructuring and securities of distressed companies are generally more likely to become worthless than securities of more financially stable companies. Smaller companies involve substantial risk as these securities are traditionally more volatile in price than larger company securities. Securities rated below investment grade, sometimes called junk bonds, involve a greater degree of risk than investment grade bonds in return for higher yield potential. The Fund may be subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of increases in market interest rates. By participating in derivative securities, the Fund may attempt to hedge (protect) against currency risk which is the risk that the value of foreign securities may be affected by changes in currency exchange rates. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. International investing involves certain risks and increased volatility not associated with investing solely in the U.S. These risks include currency fluctuations, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. These risks are magnified in emerging markets. Short sale risk is the risk that the Fund will incur an unlimited loss if the price of a security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security.
In light of these risks, the Fund may not be suitable for all investors.
Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. The prospectus and summary prospectus contain this and additional information regarding the Fund. To obtain a prospectus or summary prospectus, please download from this site or call toll-free 1-888-468-6473. The prospectus and summary prospectus should be read carefully before investing. This website is not a solicitation for the Fund outside of the United States.
Foreside Fund Services, LLC, distributor (www.foreside.com)
Wintergreen Fund rated 5 stars by Morningstar
April 9, 2012
The Fund has earned a 5-year Morningstar Rating™ of five stars for its risk-adjusted performance among 504 World Stock funds for the 5-year period ended 3/31/12 for the Investor Class.
News
April 24th, 2012
March 5th, 2012
Wintergreen Advisers, LLC Reports Amicable Resolution With Consolidated-Tomoka Land Co.
March 2nd, 2012
Wintergreen Fund's 2011 Annual Report is now available
February 7th, 2012
David Winters appeared on Bloomberg TV
January 4th, 2012
New Class of Shares Available for Wintergreen Fund Investors