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Home | News | 2010 | Wintergreen Fund Celebrates Five Years

For the period ending December 31, 2018, the Fund's 1-year, 5-year, 10-year, and since inception (10/17/05) average annual returns for the Investor Class were -20.18%, -2.34%, 6.08%, and 3.81%, respectively, and the 1-year, 5-year, and since inception (12/30/11) average annual return for the Institutional Class were -19.92%, -2.10%, and 1.82%, respectively. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Shares redeemed within 60 days of purchase are subject to a 2.00% redemption fee. As stated in the current prospectus, the Fund's total annual operating expense ratio for Investor Class shares (WGRNX) is 1.95%, and Institutional Class shares (WGRIX) is 1.70%. Click here to view the Fund's most recent month-end performance data.

Wintergreen Fund Celebrates Five-Year Anniversary with Five-Star Rating

Fund Manager David Winters Confident He'll continue to Unearth Value in 2011

December 14, 2010

Mountain Lakes, NJ — Wintergreen Fund (WGRNX), a global value mutual fund, recently celebrated its five-year anniversary (October 17) with a five-star rating from Morningstar for the 5-year period ended 11/30/2010 for its risk-adjusted performance among 481 World Stock funds. Morningstar is an independent mutual fund research company.  Before CEO and portfolio manager David Winters and his business partner Liz Cohernour formed Wintergreen Advisers in 2005, Winters was chief executive officer and chief investment officer at Franklin Mutual Advisers, LLC. 

In looking back at the past five years, Winters pointed to the importance of people in the success of any business.  He said he believes that is true both in his own office and in companies owned in Wintergreen Fund's portfolio.  Additionally he stated the structure and design of Wintergreen Fund allowed him the investment opportunity to look beyond the major indexes for undervalued investments that are beyond the reach of many funds. 

The fund's flexible mandate enables the Wintergreen Fund to invest all over the globe in undervalued securities, as well as in cash and convertible securities, private transactions, arbitrage opportunities, and distressed companies, including those involved in bankruptcies, reorganizations, and restructurings.   

Winters looks for companies that provide what he labels the "trifecta" in regard to attractive characteristics.  The three components are (1) good and improving economics, (2) a management team working for all shareholders interests, and (3) a compelling price. 

Winters also values the ability to communicate with company management when he sees occasion for suggestions on how to enhance shareholder value.  In the vast majority of instances of Wintergreen activism, the communication with management is forthright and well received. 

Winters remains optimistic.  "Even after the recent rally in stocks, there are strong businesses that are ignored by the Street, or are not part of an index, and that have large gaps between their stock price and their inherent value," he said. 

"Many emerging market countries are beginning to catch up to the U.S. and the rest of the western world in terms of buying power and products that they aspire to own," said Winters in explaining why he seeks companies like Nestle and Richemont (parent of Cartier).  He believes these are examples of companies with the operating leverage and management expertise to expand their respective businesses globally.  "Just like many of us in the U.S., people all around the world have a fondness for quality chocolate and fine jewelry, and are attracted to respected and highly recognized brands like Nestle and Cartier," he added.   


Wintergreen Advisers, the investment advisor to Wintergreen Fund, manages approximately $2 billion, including $1.4 billion in the Fund.  Winter's five-year investment performance at Wintergreen Fund has outperformed 95% of the funds in Morningstar's World Stock category (ranked 77 of 617).    

As of November 30, 2010, Wintergreen Fund's year to date performance was 15.21%, outperforming the S&P 500, which returned 7.86%.  The Fund's annualized return for the last 5 years is 6.67%, also outperforming the S&P 500, which returned 0.98%. Additionally, the Fund was up 38.91% since inception (cumulative), compared to 10.57% for the S&P 500. 

Performance data quoted represents past performance and is no guarantee of future results. For the quarter-end perspective, the Wintergreen Fund's 1-year and since inception (10/17/05) annual total returns for the period ended 9/30/10 were 17.97% and 6.44%, respectively and the S&P 500 Index 1-year and since inception total returns were 10.16% and 1.28%, respectively, for the same period.

Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For the period ending 9/30/13 the Wintergreen Fund was rated against the following numbers of U.S-domiciled World Stock funds over the following time periods: 764 funds in the last three years and 601 funds in the last five years. With respect to these World Stock funds, the Fund received a Morningstar Rating of 3 stars for the three-year, and 4 stars for the five-year periods, respectively. This Morningstar Rating is for the Investor Class shares only.

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The article excerpts and hyperlinks reference individual securities that may or may not currently be held by the Fund. Click here to view a recent listing of the Fund's top 10 holdings. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

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