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Appleseed Fund 2019 Semi-Annual Letter – Appleseed Fund No Load (MUTF:APPLX)


At Appleseed Capital, we seek to generate market-beating returns by making prudent, disciplined, and sustainable investments in a range of asset classes from markets around the world. As the stewards of our shareholders’ capital, we focus on preservation of capital first and foremost.

In January 2019, the Federal Reserve did a stunning about-face and reversed its tightening stance. Quantitative tightening is scheduled to end soon, and further interest rate hikes appear to be out of consideration, at least for now.

This policy reversal helped to drive the U.S. equity markets to the best start to the year since 1998. The Federal Reserve’s reversal also sparked rising bond prices, and the corollary to higher bond prices is lower interest rates.

However, a particularly foreboding sign raised its ugly head in the debt markets for the first time since 2007 – the U.S. Treasury yield curve inverted in late March 2019.

During the first three months of 2019, Appleseed Fund Investor shares generated a 5.28% total return, behind the 12.48% return of the MSCI World Index.