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David Winters appeared on CNBC

March 16, 2017
David Winters discusses the effects of rising interest rates on the markets, and what he believes are the benefits of investing in undervalued securities that have pricing power, with CNBC's Akiko Fujita. He also discusses portfolio holdings Heineken, British American Tobacco, and Elbit.

Wintergreen Advisers Cites Complete Victory in Settlement with Consolidated-Tomoka Land

March 8, 2017
On March 6, 2017, Wintergreen Advisers, LLC and Consolidated-Tomoka Land Co. and its directors entered into a settlement agreement whereby CTO shareholders will be permitted to vote on Wintergreen's nominees to CTO's Board of Directors at CTO's 2017 Annual Meeting. This is exactly the relief Wintergreen requested in its complaint against the Defendants and Wintergreen views the settlement as a complete victory, both for itself and for all CTO shareholders.

Wintergreen Fund, Inc. Releases 2016 Annual Report to Shareholders

March 3, 2017
Wintergreen Fund, Inc. has released its 2016 Annual Report. The shareholder letter appears below and is also available at http://www.wintergreenfund.com.

Wintergreen Fund 2016 Annual Report

March 1, 2017
Wintergreen Fund's 2016 Annual Report is now available

Wintergreen Advisers, LLC Files Complaint against Consolidated-Tomoka Land Co. to Vindicate its Shareholder Right to Propose Director Nominees

February 21, 2017
Wintergreen Advisers, LLC has brought an action for declaratory judgment and injunctive relief against Consolidated-Tomoka Land Co. ("CTO", NYSE: CTO) and the current members of the Company's Board of Directors in the Circuit Court of the Seventh Judicial Circuit in and for Volusia County, Florida, in order to vindicate its right as a shareholder of the Company to present a proposal to shareholders for the election of four individuals to the Board at the Company's upcoming annual shareholder meeting.

Wintergreen Advisers Responds to Consolidated-Tomoka's Desperate Attempt to Block Shareholder Action

January 31, 2017
Wintergreen Advisers, LLC serves as investment adviser to clients who have collectively owned more than 10% of Consolidated-Tomoka Land Co. 's ("CTO", NYSE: CTO) shares since 2006, and who currently own more than 27.1% of CTO's shares. Attempting to block our legitimate right to propose nominees to CTO's Board of Directors is yet another example of CTO's Board and management putting their own interests before those of shareholders, and seeking to distract shareholders from their own mismanagement.

Year-End Distributions are now available

December 15, 2016

David Winters appeared on CNBC's Power Lunch

November 17, 2016
David Winters discusses where he sees current investment opportunities and the hidden expenses of owning index funds with Brian Sullivan and Michelle Caruso-Cabrera on CNBC's Power Lunch. He also discusses portfolio holdings Union Pacific, British American Tobacco, Reynolds American, and Altria.

Wintergreen Fund 2016 Semi-Annual Report

August 30, 2016
Wintergreen Fund's 2016 Semi-Annual Report is now available

David Winters discusses "look-through expenses" in the New York Times article "Stung Twice By Lavish Pay At the Top"

July 10, 2016
David Winters and Liz Cohernour discuss "look-though expenses" with New York Times columnist Gretchen Morgenson. Winters says, "We realized that dilution was systemic in the Standard & Poor's 500, and that buybacks were being used not necessarily to benefit the shareholder but to offset the dilution from executive compensation."

David Winters appeared on "Bloomberg Surveillance."

June 28, 2016
David Winters talks to Bloomberg's Tom Keene and Francine Lacqua about his investing strategy in the aftermath of the U.K.'s Brexit referendum and the risks of the recent flow of money into index funds. He also discusses portfolio holdings British American Tobacco, Heineken, and Nestle.

Liz Cohernour Discusses the Outcome of Consolidated-Tomoka's 2016 Proxy Vote with The Deal's Alicia McElhaney

April 28, 2016
Following Consolidated-Tomoka's Annual Meeting of Shareholders on April 27, 2016, Wintergreen's Liz Cohernour discusses how the votes cast by CTO shareholders have sent a "clear message to the board" by voting against two proposals, and supporting the proposal for CTO to hire an independent adviser to evaluate ways to maximize shareholder value.

Wintergreen Advisers to Oppose CTO Proposed Share Issuance, and Support Proposal to Hire Independent Advisor

April 7, 2016
Wintergreen Advisers today announced that it intends to vote against certain proxy items proposed by Consolidated-Tomoka Land Co., including the Item 5 proposal to issue additional shares of common stock. According to Wintergreen's analysis of information provided in CTO's proxy statement, Wintergreen believes this issuance, if fully exercised, could dilute existing CTO shareholders to the tune of more than 23%. Wintergreen also indicated it will support the Wintergreen Advisers proposal to request that CTO hire an independent adviser to evaluate ways to maximize shareholder value. Wintergreen believes that shares of CTO are extremely undervalued and that substantial value is available to be unlocked quickly.

David Winters quoted in Bloomberg article about Coca-Cola's revamped equity compensation plan

March 10, 2016
Winters said, "Wintergreen is ecstatic that Coca-Cola finally took action on our analysis of Coke's bloated equity bonus plan," in the Bloomberg article, "Coca-Cola Cuts CEO Kent's Pay After Revamping Equity Program" by Anders Melin and Jennifer Kaplan.

Wintergreen Fund, Inc. Releases 2015 Annual Report to Shareholders

February 29, 2016
Wintergreen Fund, Inc. has released its 2015 Annual Report. The shareholder letter appears below and is also available at http://www.wintergreenfund.com.

Wintergreen Fund 2015 Annual Report

February 29, 2016
Wintergreen Fund's 2015 Annual Report is now available

Wintergreen Advisers pleased that Consolidated-Tomoka has hired Deutsche Bank to pursue the directive of Wintergreen's Proxy Proposal

February 17, 2016
Wintergreen Advisers, LLC is pleased that Consolidated-Tomoka Land Co. has hired Deutsche Bank to pursue the directive of Wintergreen's Proxy Proposal: to explore strategic alternatives to enhance shareholder value, including the possible liquidation of assets or the sale of the company. We believe CTO is trading at a massive discount to the value of its underlying assets and that a liquidation or substantial asset sale is in the best interests of the CTO shareholders.

Wintergreen Advisers Cites What it Sees as Further Disclosure Failings at Consolidated-Tomoka

January 12, 2016
Wintergreen Advisers, LLC sent the following letter to the board of Directors of Consolidated-Tomoka Land Co. to draw attention to what Wintergreen believes are continuing failures by CTO to make full disclosures to its shareholders about the financial condition of the company.

Year-End Distributions are now available

December 17, 2015

Wintergreen Advisers Sees Possible Securities Law Violations at Consolidated-Tomoka

December 17, 2015
Wintergreen Advisers, LLC today announced that it submitted the following letter to the independent directors of Consolidated-Tomoka Land Company. Wintergreen believes CTOs recent public filings have not met the standards set forth in various federal securities laws. Furthermore, Wintergreen believes that CTO's management, led by John Albright, is actively trying to deceive shareholders with filings, investor presentations, and disclosures that obfuscate, confuse and hide what is really going on at CTO, including the trading of a blind pool with borrowed money. Wintergreen believes that CTO's management violated both the letter and the spirit of multiple laws, and in light of this, expects CTO's Board of Directors to conduct a thorough and independent inquiry.

Wintergreen Advisers urges Consolidated-Tomoka Land Co. to take steps to maximize shareholder value

November 23, 2015
Wintergreen Advisers, LLC, today announced that it has submitted a shareholder proposal to Consolidated-Tomoka Land Company recommending that the Board of Directors of CTO retain an independent financial adviser to evaluate ways to maximize shareholder value through the sale of the company or the liquidation of its assets.

Wintergreen Fund, Inc. Releases 2015 Semi-Annual Report to Shareholders

August 31, 2015
Wintergreen Fund, Inc. has released its 2015 Semi-Annual Report. The shareholder letter appears below and is also available at http://www.wintergreenfund.com.

Wintergreen Fund 2015 Semi-Annual Report

August 28, 2015
Wintergreen Fund's 2015 Semi-Annual Report is now available

David Winters appeared on Consuelo Mack WealthTrack

July 3, 2015
David Winters appeared on Consuelo Mack WealthTrack the weekend of July 3, 2015.

Index Investing Puts Americans' Retirement Savings in Peril, Wintergreen Advisers Says

April 30, 2015
The rush of money into index equity funds has ballooned into a market mania that is fueling excessive CEO compensation and putting the savings of ordinary investors at risk, according to a new report by Wintergreen Advisers that was released today.

Wintergreen Advisers Cites Changes in Coca-Cola Proxy, But Big Issues Remain

April 13, 2015
Wintergreen Advisers today issued a report on The Coca-Cola Company's 2015 Proxy Statement. David J. Winters, CEO of Wintergreen Advisers, said: "While there has been progress in some areas at Coca-Cola, the board continues to give Muhtar Kent and his team excessive rewards, and we question whether many Coca-Cola directors are able to vigorously act for all shareholders given their overlapping business interests."

Wintergreen Fund's Bradden Backer Receives Board Trustee of the Year Award

March 31, 2015
Bradden C. Backer, independent Chairman of Wintergreen Fund, was named Small Board Trustee of the Year by Fund Directions, a leading publication on governance and compliance for the fund industry.

Wintergreen Fund, Inc. Releases 2014 Annual Report to Shareholders

March 2, 2015
Wintergreen Fund, Inc. today released its 2014 Annual Report. The shareholder letter appears below and is also available at http://www.wintergreenfund.com.

Wintergreen Fund 2014 Annual Report

March 2, 2015
Wintergreen Fund's 2014 Annual Report is now available

David Winters discusses Coca-Cola's secret "bonus shares" with Maria Bartiromo on Fox Business

February 6, 2015
David Winters talks to Maria Bartiromo about the letter that Wintergreen Advisers sent to The Coca-Cola Company on February 3, 2015, regarding Coca-Cola's secret "bonus shares." Winters said, "Only in a document, which wasn't mailed to shareholders, is there a mention of shares that they can issue with no criteria, in an unlimited amount."

Wintergreen Advisers Issues Analysis of Coca-Cola

December 15, 2014
Wintergreen Advisers today issued a report on the Coca-Cola Company (NYSE:KO) and called for forceful action to revitalize the company. David J. Winters, CEO of Wintergreen Advisers, said: “Coca-Cola has serious problems but we believe they can be fixed. With the right management and a commitment to serving shareholders, we think Coca-Cola can thrive again.”

Wintergreen Advisers Poses Twelve Urgent Questions for Coca-Cola

October 20, 2014
As The Coca-Cola Company (NYSE: KO) prepares to announce its third-quarter 2014 financial results on October 21, Wintergreen Advisers today released a list of twelve questions for the company to address during its conference call with investors.

David Winters discusses Coca-Cola's compensation plan changes with Maria Bartiromo on Fox Business

October 2, 2014
David Winters discusses why he is not satisfied with the changes announced by Coca-Cola for their 2014 equity compensation plan. Winters said, "We're thrilled that Coca-Cola has acknowledged and conceded that what they did was wrong. And now, there is an opportunity for further progress at Coca-Cola."

David Winters appeared on CNBC to discuss why more changes are needed at Coca-Cola

October 1, 2014
David Winters discusses ongoing issues at Coca-Cola with CNBC's Scott Wapner, Kayla Tausche, and Josh Brown. Regarding Coca-Cola's decision to revise their equity compensation plan, Winters said, "It is a move in the right direction. It is Coca-Cola's public admission that the plan was a bad plan, and what they have told shareholders over the last many months was incorrect."

Wintergreen Advisers responds to Coca-Cola’s statement regarding new Equity Stewardship Guidelines

October 1, 2014
Wintergreen Advisers today released the following statement by David Winters.

David Winters discusses issues at Coca-Cola on CNBC

September 18, 2014
David Winters discusses issues at Coca-Cola and Berkshire Hathaway with Kelly Evans on CNBC’s Closing Bell. They also discuss portfolio holdings Canadian Natural Resources, Union Pacific, Genting and Swatch.

Wintergreen Advisers Renews Call for Withdrawal of Coca-Cola Equity Plan

September 15, 2014
Wintergreen Advisers today renewed its call for The Coca-Cola Company (NYSE: KO) to withdraw its 2014 Equity Plan in light of new disclosures about significant shareholder opposition to the plan.

David Winters discusses issues at Coca-Cola with the New York Times

September 9, 2014
David Winters discusses the lack of shareholder support for The Coca-Cola Company's 2014 equity plan with Andrew Ross Sorkin for the New York Times article, "Support in Coca-Cola Vote Depends on How the Math Is Done."

Wintergreen Fund, Inc. Releases 2014 Semi-Annual Report to Shareholders

August 28, 2014
Wintergreen Fund, Inc. today released its 2014 Semi-Annual Report. The shareholder letter appears below and is also available at http://www.wintergreenfund.com.

Wintergreen Fund 2014 Semi-Annual Report

August 28, 2014
Wintergreen Fund's 2014 Semi-Annual Report is now available

Wintergreen Advisers Announces www.FixBigSoda.com and Outlines Steps to Revitalize Coca-Cola

July 23, 2014
Citing persistent weakness in revenue and net income at The Coca-Cola Company (NYSE: KO), Wintergreen Advisers today presented an eleven-point plan to revitalize the company. The Wintergreen plan was shared in early July with Coca-Cola’s largest shareholders and is available today to the public on a new website, www.FixBigSoda.com, devoted to sharing information on improving Coca-Cola’s governance and business performance.

David Winters Q&A with Barron’s

July 7, 2014
David Winters discusses issues at Coca-Cola, why he isn’t selling Coke’s stock, and why he’s bullish on the Asian consumer, in the Barron’s article, “How a Hands-On Investor Went Flat on Coke” by Sarah Max.

David Winters appeared on Bloomberg TV

June 18, 2014
David Winters was interviewed by Tom Keene and Scarlet Fu on Bloomberg Surveillance. They discussed value investing, speculation about Berkshire Hathaway and 3G taking Coca-Cola private, executive compensation, dividends and buybacks. They also discuss portfolio holdings Canadian Natural Resources, Genting and Google.

David Winters discusses issues at Coca-Cola with Yahoo Finance

June 18, 2014
David Winters was interviewed by The Daily Ticker’s Aaron Task about the potential for Coca-Cola to be taken private and possible conflicts of interest.

David Winters discusses Coca-Cola buyout speculation on Fox Business

June 17, 2014
David Winters appeared on Fox Business with Maria Bartiromo to discuss the possibility of Berkshire Hathaway and 3G taking Coca-Cola private. They also discuss possible conflicts of interest and corporate governance issues at Coca-Cola.

Wintergreen Advisers Urges Coca-Cola to Address Conflicts Amid Buyout Speculation

June 17, 2014
Citing its concern about possible conflicts of interest at The Coca-Cola Company (NYSE: KO) amid media speculation that 3G Capital and Berkshire Hathaway may be planning a transaction to take Coca-Cola private, Wintergreen Advisers today released the following letter. It is addressed to the independent directors who chair Coca-Cola's Audit, Compensation, and Governance Committees and urges them to address these conflicts and take steps to exercise their fiduciary duty with regard for all shareholders.

Wintergreen Advisers Writes Directors of Coca-Cola, Berkshire Hathaway

May 7, 2014
Wintergreen Advisers today released the following letter, which was sent to the directors of The Coca-Cola Company (NYSE: KO) and Berkshire Hathaway (NYSE: BRK.A, BRK.B). In the letter, Wintergreen states its belief that the Boards’ recent actions are utterly inconsistent with the well-defined fiduciary duties that they owe to their respective shareholders.

David Winters talks about Coca-Cola and Warren Buffett on Fox Business

May 7, 2014
David Winters tells Fox Business’ Maria Bartiromo he believes that Warren Buffett and the Board of Directors at Coca-Cola have failed their fiduciary duties to shareholders by allowing Coca-Cola’s equity compensation plan to pass.

Wintergreen Advisers Calls on Coca-Cola to Commit to Changes in Equity Plan

May 2, 2014
Wintergreen Advisers today issued the following statement: After several weeks, Coca-Cola (NYSE: KO) appears to be taking seriously the issues we raised regarding its equity plan in our first letter to Coca-Cola's Board and Warren Buffett on March 21st.

David Winters appeared on CNBC

May 2, 2014
David Winters tells CNBC’s Becky Quick that he was "absolutely stunned" when he learned about Coca-Cola's equity compensation plan for executives. He also urged the beverage giant to withdraw the "extreme overreaching" plan, saying it raised questions about Coke's corporate governance.

Wintergreen Advisers Questions Board Actions in Coca-Cola Equity Plan Vote

May 1, 2014
Wintergreen Advisers sent a letter to Coca-Cola’s Board of Directors and Warren Buffett raising questions about the actions of Coca-Cola Chairman and CEO Muhtar Kent, Director Howard Buffett and Director Maria Elena Lagomasino, and statements made by the company in connection with the shareholder vote on the Coca-Cola 2014 equity plan.

Wintergreen Believes Coca-Cola Lacks Shareholder Mandate for Equity Plan

April 24, 2014
Shareholders in the Coca-Cola Company (NYSE: KO) delivered a clear message at yesterday’s annual meeting that they do not support Coca-Cola's 2014 equity plan.

Warren Buffett discusses why he abstained from voting on Coca-Cola’s 2014 Equity Plan

April 23, 2014
Following Coca-Cola’s Annual Meeting on April 23, 2014, Warren Buffett was interviewed by CNBC’s Becky Quick about his decision to abstain from voting on Coca-Cola’s controversial equity compensation plan, even though he thought the plan was "excessive." He also discusses why he didn’t publicly voice his concerns about the plan like Wintergreen Advisers CEO David Winters did, and why he has voted in favor of compensation plans in the past even when he did not agree with them.

Wintergreen Asks Shareholders to Consider Nine Points Before Voting on Coca-Cola's Equity Plan

April 22, 2014
Ahead of the Coca-Cola Company (NYSE:KO) annual shareholders’ meeting tomorrow, April 23, David Winters, CEO of Wintergreen Advisers, wrote a letter intended for all Coca-Cola shareholders.

Wintergreen Advisers Sends Second Letter to Warren Buffett on Coca-Cola Equity Plan

April 21, 2014
As investors continue to prepare to cast their proxy ballots ahead of the Coca-Cola Company annual shareholders’ meeting on April 23, David Winters, CEO of Wintergreen Advisers, sent a second letter to Coca-Cola’s largest shareholder, Warren Buffett, CEO of Berkshire Hathaway.

David Winters appeared on Fox Business

April 16, 2014
David Winters appeared on Fox Business Network's "Countdown to the Closing Bell" with Liz Claman, and discussed his opposition to Coca-Cola's 2014 equity compensation plan, as well as portfolio holdings Genting and Galaxy Entertainment.

Wintergreen Advisers Urges All Investors to Review Coca-Cola’s 2014 Equity Plan Before Voting

April 15, 2014
As investors prepare to cast their proxy ballots ahead of the Coca-Cola Company (NYSE:KO) annual shareholders’ meeting on April 23, David Winters, CEO of Wintergreen Advisers, today sent the following letter to Coca-Cola’s top 25 institutional shareholders, urging them to carefully review the Coca-Cola 2014 equity plan before they vote.

David Winters interviewed by Yahoo Finance

April 14, 2014
David Winters discusses where he is finding value in the market with The Daily Ticker's Aaron Task. They also discuss portfolio holdings Canadian Natural Resources, Union Pacific, and Google.

David Winters discussed Coca-Cola with Yahoo Finance

April 11, 2014
David Winters was interviewed by The Daily Ticker's Aaron Task about his opposition to Coca-Cola's 2014 equity compensation plan.

Wintergreen Advisers Welcomes Vote by Calvert Investments Against Coca-Cola Equity Plan

April 10, 2014
David Winters today issued the following statement: "We welcome the news that Calvert Investments has voted against the Coca-Cola Equity Plan."

Wintergreen Advisers: Pleased That the Ontario Teachers' Pension Plan is Voting Against Coca-Cola's 2014 Equity Compensation Plan

April 8, 2014
David Winters today issued the following statement: "We are very pleased that the Ontario Teachers' Pension Plan has announced they are voting against the Coca-Cola 2014 Equity Plan."

David Winters discussed Coca-Cola on CNBC

April 3, 2014
David Winters talks about Coca-Cola's 2014 equity compensation plan with Bill Griffeth, Kelly Evans, and Sara Eisen on CNBC's "Closing Bell."

Wintergreen: Coca-Cola's Equity Compensation Plan Is a 'Big Grab' by Management

April 2, 2014
David Winters, CEO of Wintergreen Advisers, said the response by The Coca-Cola Company to Wintergreen's criticism of its proposed 2014 equity compensation plan was "disappointing, defensive and inadequate."

David Winters appeared on Consuelo Mack WealthTrack

March 28, 2014
David Winters appeared on Consuelo Mack WealthTrack the weekend of March 28, 2014.

Wintergreen Advisers Urges Coca-Cola Board of Directors to Withdraw Proposed 2014 Equity Compensation Plan, Put Forward an Improved Plan for Consideration in 2015

March 27, 2014
Wintergreen Advisers, LLC expands upon concerns with Coca-Cola's (NYSE:KO) proposed 2014 Equity Plan in letters to Coca-Cola shareholders and the Coca-Cola Board of Directors and Warren Buffett.

David Winters appeared on Fox Business

March 27, 2014
David Winters appeared on Fox Business Network's "Countdown to the Closing Bell" with Sandra Smith, and discussed portfolio holdings Canadian Natural Resources, Coca-Cola, and Union Pacific.

David Winters appeared on Fox Business

March 24, 2014
David Winters discusses his opposition to Coca-Cola's compensation plan with Maria Bartiromo on Fox Business Network's "Opening Bell."

Wintergreen Advisers Expresses Disappointment with Coca‐Cola’s Proposed 2014 Equity Plan

March 21, 2014
Wintergreen Advisers, LLC details concerns with Coca-Cola’s proposed 2014 Equity Plan in letters to Coca-Cola shareholders and the Coca-Cola Board of Directors and Warren Buffett.

Wintergreen Fund 2013 Shareholder Letter Press Release

March 4, 2014
Wintergreen Fund, Inc. Institutional Class (NASDAQ:WGRIX) and Investor Class (NASDAQ:WGRNX) is pleased to announce the release of the 2013 Shareholder Letter.

Wintergreen Fund 2013 Annual Report

March 3, 2014
Wintergreen Fund's 2013 Annual Report is now available


David Winters appeared on Consuelo Mack WealthTrack

July 19, 2013
David Winters speaks with Consuelo Mack about the current state of the global economy, and why he likes investing in luxury goods and global businesses. They also discuss portfolio holdings Swatch, Nestle, Richemont, Wynn Macau, Jardine Matheson, Cielo, and MasterCard. 


David Winters appeared on Consuelo Mack WealthTrack

October 5, 2012
David Winters appeared on Consuelo Mack WealthTrack the weekend of October 5, 2012.

David Winters presented at The Ben Graham Centre's 2012 Value Investing Conference

April 25, 2012
On April 25, 2012, The Ben Graham Centre for Value Investing hosted a value investing conference of interest to individual investors and practicing professionals in the investment management industry at the Board of Trade, First Canadian Place, Toronto.

Wintergreen Advisers, LLC Reports Amicable Resolution With Consolidated-Tomoka Land Co.

March 5, 2012
Consolidated-Tomoka Land Co. and Wintergreen Advisers, LLC are pleased to announce that they have amicably resolved their disagreement related to Wintergreen's statutory request for production of documents.

New Class of Shares Available for Wintergreen Fund Investors

January 4, 2012
We are pleased to announce that Wintergreen Fund has created a new class of shares effective December 30, 2011 — the Institutional Class.


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