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Dear Fellow Wintergreen Shareholder,

Excerpt from the 2008 Annual Report Shareholder Letter

Posted March 09, 2009

Thank you for your continued investment in Wintergreen Fund, Inc. (the "Fund"). 2008 was by all accounts a most difficult year. As was the case with many investors, we were down for the year. The Fund's 2008 return of (39.05%) underperformed its benchmark, the Standard and Poor's 500 Composite Index, which returned (37.00%). The Fund's performance was negatively impacted by a number of securities that underperformed during the year, such as Japan Tobacco Inc. (Japan), Wynn Resorts Ltd. (United States), and Swatch Group AG (Switzerland).

Last year, we saw a global crushing of the markets that was worse than many of us have ever experienced. Unfortunately, the downturn that started as a day-by-day experience continued week after week and eventually month after month. I have been active in securities markets for all of my adult life and I believe this bear market is different from others I have seen. The difference is not just its duration and its breadth, but the 2008 global bear market moved dramatically within trading days and often the movements were not based on corporate news.

We think the market selloff has the potential to provide value investors with long-term opportunities. A few select companies are producing good financial results with solid prospects for their businesses and still their securities' prices have declined. Part of the reason for this phenomenon is that these quality companies are among the relatively few securities with liquidity. This disparity between security price and value has been complicated by fear. In my opinion, this is a good time to purchase some of these high quality companies that are available at seemingly bargain prices. Historically, wealth has been created through ownership of all or a portion of a business held for a long period of time. Although it isn't clear just when it will happen, I do believe normal markets will return.

Continue reading the 2008 Annual Report Shareholder LetterPDF icon

David Winters signature

David J. Winters, CFA
Portfolio Manager

The views contained in this letter are those of the Fund's portfolio manager as of December 31, 2008, the last day of the reporting period. These views are subject to change without notice as market and other conditions fluctuate. While these views are intended to assist shareholders in understanding their investment in the Fund, they 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.

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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. Investing overseas involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. 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.

In light of these risks, the Fund may not be suitable for all investors.

For a more complete description of the risks associated with the Fund please refer to the prospectus. For more complete information about the Fund, including risks, fees and expenses, download a prospectus from this site or call toll free (888) 468-6473. Read the prospectus 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).