Portfolio Managers Commentary: Fourth Quarter 2014

Posted January 8, 2015

Performance Review We are pleased with fourth quarter performance for the Fund (see table below) ending a year that was defined by the further outperformance of U.S. stocks, as well as two events that almost no one—economists, companies, or investors—saw coming at the beginning of the year:  1) The price of oil dropped…  

Letter supporting the Design for the Environment Program

Posted January 6, 2015

The Environmental Protection Agency’s Design for the Environment (DfE) program is under threat of major alteration with a policy rider in the House of Representatives version of the Interior Appropriations bill. Portfolio 21 believes the DfE program should remain intact as it encourages businesses to develop safer products and chemicals.…  

Request to Ebay to end its affiliation with ALEC

Posted January 6, 2015

Portfolio 21 has maintained a position in Ebay since 2010. As a concerned investor we wrote the company to request that it end its affiliation with the American Legislative Exchange Council, also known as ALEC. Microsoft, Google, Facebook, and Yahoo! have ended their ALEC membership because of concerns about the…  

New Holding: Sempra Energy

Posted January 5, 2015

Sempra Energy is a holding company whose operating units develop energy infrastructure, operate utilities, and provide related services to their customers. The company serves over 30 million consumers through the operation of seven energy utilities, over 100,000 miles of natural gas pipeline, and 48,000 miles of electric transmission and distribution…  

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Diversification does not assure a profit nor protect against loss in a declining market.


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