David J. Winters : Wintergreen 2006 Annual Report.

David J. Winters's Wintergreen Fund is intended to be the antithesis of an index fund. Winters embrace the flexibility of his investment mandate and search globally for compelling assets which can be acquired at meaningful discounts. This approach gives him the ability to be agnostic with respect to geography, market capitalization, sector, and security type. Wintergreen fund does not have narrow index-related investment restrictions that are common with many mutual funds ; however, Winters does measure the risk of his investments in several ways.

David J. Winters approaches each investment decision much like insurance underwriters view their decisions on what risks to take. He likes solid long-term upside potential with minimal downside risk. He anticipates ‘quotation risk’ which is simply an acknowledgement that the market will have swings in security trading prices that do not reflect any change in the underlying investment. These often inexplicable market movements are frequently good news for Wintergreen fund, for they create the opportunity for the Fund to acquire additional securities at attractive prices.

Read the 2006 Wintergreen Annual report.