October 2, 1995
Dear Fellow Shareholders:
We are pleased to provide current information about your Fund for the first nine
months of the year:
The price of the Fund's shares rose from its February, 1995 low of $3.25 to
$4.31 per share as of this writing--a 33% increase.
As of this writing, the net asset value (NAV) of the Fund increased from
$4.70 to $5.15 per share since the beginning of this year--a 10% increase.
The investment performance of the Fund has been achieved by applying a
risk-averse investment style--at no point this year have we had more than
50% of our portfolio in equities.
The market discount of the Fund has narrowed from a high of 30% in February
to a current level of 18%--a 40% improvement.
We are continuing our efforts to maximize shareholder value including the
continuation of the share buyback program. To date our share buyback
program has enabled us to repurchase 500,000 share of the Fund.
1995 continues to be a good year for the Fund. Based on our performance
versus our benchmark indices, we are accomplishing our investment goals. As
of 8/31/95 (the most recent available figures), the Morgan Stanley Capital
International (MSCI) EAFE Index (an unmanaged index of foreign stocks) was
up 4.8%, while the MSCI World Index was up 12.0%. For the same time period,
the Fund NAV was up 10.7%. It is interesting to note that these indices are
100% equity indices, while our Fund was never weighted more than 50% in
equities during that period. By globally diversifying across different
countries and different asset classes this year, we have been able to
compete with the returns of our benchmark indices, while maintaining our
risk-averse investment style.
Our investment outlook as stated in our Semi-Annual Report has not changed
significantly. As of this writing, approximately 46% of the portfolio is in
equities, and 44% is in fixed income. The fixed income allocation remains the
same, having short maturity bonds to maintain our level of safety and keep our
risk exposure low. We continue to remain cautious about the U.S. market. The
only change of note is that we have increased our exposure of Japanese equities
to 11% of the portfolio.
In our ongoing campaign to improve the Fund, we have made small
refinements to benefit the shareholders. The Directors of the Fund have approved
the share buyback program for up to an additional 250,000 shares in the fourth
quarter of this year. Based on the results of the buyback program to date, the
Fund's officers have advised the Board that they will recommend continuation of
the share buyback program on these same terms during the following quarter. We
will strive to maintain solid investment returns with a keen eye on risk, while
continuing to monitor and refine the Fund in our efforts to maximize shareholder
value.
The holidays will soon be upon us, so we will take this time to wish you and
your families all the best this Holiday Season, and we thank you for your
continued support.
With kind and personal regards,
Diego Veitia
Chairman & Chief Investment Officer
P.S. In the next few weeks you will be receiving your annual proxy statement.
Be sure to watch for it in the mail.
ASSET ALLOCATION TOP FIVE EQUITY POSITIONS
SEPTEMBER 30, 1995 SEPTEMBER 30, 1995
US$ BONDS 44% EQUITIES 46% NEC Corporation
Euro Nevada Mining
Barnett Banks
Graph HSBC Holdings
Cash & Cash Mitsubishi Heavy Industry
Equivalents 10%
<PAGE>
Equity Portfolio Highlight
NEC CORPORATION
Founded in 1899, NEC is a leading international supplier of electronic
products that comprise primarily communications systems and equipment, computer
and industrial electronic systems, and electron devices.
All of NEC's activities are based on its synergistic business concept
of "C&C", the integration of computers and communications.
In Japan, NEC maintains a network of 89 consolidated subsidiaries, 61
plants, and approximately 420 sales offices. Overseas, NEC's 93 subsidiaries and
affiliates in 30 nations operate 40 plants in 18 countries as well as marketing,
service, and research and development facilties in 29 countries.*
NEC could experience strong earnings growth this year for three
reasons--semiconductors, PC's, and their new strategic alliance. Due to the
worldwide shortage of semiconductors, NEC is poised to benefit through its
position as the world's second largest supplier of semiconductors. NEC is the
largest PC-maker in Japan, and Japanese domestic PC shipments are expected to
expand from 3.5 million last year to 13-15 million in the year 2000. Its new
strategic alliance with Packard Bell will allow them to cut costs through
economies of scale and help penetrate the U.S. computer market.
While the shares of the major electronics companies in the U.S have
surged so far through 1995, shares of NEC have not nearly had the rise of their
American counterparts. Due to the company's increasing global production, NEC's
earnings are less immune to exchange rate fluctuations. Based on the potential
for strong earnings growth, and the corresponding slow rise to date in the stock
price, we believe that the shares of NEC are undervalued and represent an an
attractive growth investment.
*from the 1994 NEC Annual Report
SALES BY PRODUCT GROUP
Semiconductors 21% Computers 47%
Graph
Communications 27% Other 5%
<PAGE>
ALL SEASONS GLOBAL FUND, INC.
THIRD QUARTER REPORT
SEPTEMBER 30, 1995
<PAGE>
DIEGO J. VEITIA
Chairman of the Board and Chief
Investment Officer
ROBERT A. MILLER, PH.D.
Chairman of the Audit
Committee
ADRIAN DAY
Chairman of the
External Review Committee
JEROME F. MICELI
Treasurer
STEPHEN A. SAKER
Secretary
DIRECTORS AND OFFICERS
The Directors of the corporation are fiduciaries for the shareholders and are
governed by the law of the State of Maryland in this regard. They establish and
appoint the officers who conduct the daily business of the corporation.
ALL SEASONS GLOBAL FUND, INC.
250 Park Avenue South, Suite 200
Winter Park, Florida 32789
Investment Advisor:
VEITIA AND ASSOCIATES, INC.
Shareholder Inquiries to:
Fund/Plan Services, Inc.
P.O. Box 874
2 Elm Street
Conshohocken, PA 19428
1 (800) 441-6580
