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Dear Fellow Wintergreen Fund Shareholder,

EXCERPT FROM THE 2015 SEMI-ANNUAL REPORT SHAREHOLDER LETTER

Posted August 28, 2015

As we look forward to the second half of 2015, we have been very encouraged by recent news and results. While we try not to emphasize or focus on short-term news flow, it is encouraging to see that a substantial portion of the Wintergreen Fund Inc.'s (the "Fund" or "Wintergreen") holdings have reported favorable trends or positive news -- including core long-term Fund holdings in Swatch Group AG ("Swatch"), Altria Group Inc., Reynolds American Inc. and Google Inc. ("Google").

You have brains in your head. You have feet in your shoes. You can steer yourself
any direction you choose. You're on your own. And you know what you know.
And YOU are the one who'll decide where to go...
-Dr. Seuss

Wintergreen has remained disciplined when applying our investment criteria, which will be very familiar to our long time followers:

First, a business that has good or improving economics, and often generates sales and profits in multiple currencies and jurisdictions;

Second, a management team that is working for the benefit of all shareholders and not just for its own short-term compensation; and

Third, the security is available at a compelling price.

If any one of these factors begins to deteriorate or otherwise changes in a company or sector, we re-evaluate the investment.

Our dilemma is that we hate change and love it at the same time;
what we really want is for things to remain the same but get better.
-Sydney J. Harris

In the case of gaming in Macau, which for several years experienced a boom, the economics of the business slowly began to drain away with the advent of the so-called austerity regime under Chinese President Xi Jinping. Without a firm or improving business environment for gaming companies, it is very difficult for casino stocks to perform well. We sold our entire position in SJM Holdings Ltd. during the second half of 2014, and sold our entire position of Wynn Macau Ltd. and the majority of our holding in Galaxy Entertainment Group Ltd. in the first quarter of 2015. We continue to carefully monitor this sector, as we believe there is enormous potential once the governmental restrictions are relaxed. Over the last several years we have devoted much time on the ground in Macau getting to know the leading players and how they operate. When the casino sector revitalizes we will stand ready to select the best investments for you.

Continue reading the 2015 Semi-Annual Report Shareholder Letter

View a recent listing of the Fund's Top 10 Holdings

David Winters signature

David J. Winters, CFA
Portfolio Manager

The views contained in this report are those of the Funds portfolio manager as of June 30, 2015, 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 Funds investment process and strategy. There can be no assurance that such investments will remain represented in the Funds 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)