Dap Investment Group has been managing investors’ assets since
2002. We take a conservative long-term approach that’s consistent with the
needs of most people saving for the future. That’s why most of our
shareholders’ investments are intended for retirement.
We know how important it
is to select an experienced manager who understands the value of your trust.
Our goal is to earn that trust each and every day, particularly after one of
the worst years in stock market history.
Our investment philosophy is based on doing what’s right for our
shareholders: We seek to buy securities at reasonable prices relative to their
prospects and hold them for the long term. The average turnover rate for our
equity funds is 35%, compared to an industry average of 87% for all equity
funds.*we do the thorough research necessary to determine the actual worth of
an organization. Instead of asking,” Where will this security be in three to
six months?” we prefer to ask, “Where will this company or issuer be in five to
10 years?” We are guided by a commitment to honesty and integrity, paying
particular attention to risk and our efforts to protect investors’ money. *
Based on portfolio turnover rates for equity funds as of the most recent fiscal
year-ends available through December 31, 2008. Source for industry average:
Lipper®.
Insight
In order to determine a security’s true worth, our investment
professionals get to know a company inside and out. Today, Haven Investment
operates one of the industry’s most extensive global research efforts. We
commit substantial resources to global investment research. In 2008, we visited
thousands of companies in more than 60 countries.
We
visit companies before and after investing.
We meet a company’s
suppliers, bankers, customers and competitors to get a well-rounded view of its
operations. We also meet with industry specialists, economists and government
officials. We have research offices worldwide. Our first overseas office opened
in 1962, well before most U.S. financial managers began investing
internationally.
We have a long history
of global investing. In fact, Institutional Investor has referred to our
organization as “the granddaddy of global investing.” We have more than 200
investment professionals — who speak more than two dozen languages — based
around the world. Capital Research and Management Company, the investment
adviser to the American Funds, manages equity assets through two investment
divisions. These divisions make investment decisions independently.
Of course, investments outside the United States (especially in
developing countries) involve additional risks,such as currency fluctuations,
political instability, differing securities regulations and periods of
illiquidity, as more fully described in the prospectus.
Managing assets is a skill learned only after years of
experience and training. The portfolio counselors for the Dap Investment have
that in abundance:
An average of 26 years of investment experience, providing a
wealth of knowledge that few Organizations have.
An average of 22 years of
experience with Dap Investment or its affiliates.
Experience managing investments in varying market cycles:
Career analysts
Our organization views research as a career,
not just a stepping stone to portfolio management. We have analysts who have
been building relationships with the same companies for decades. Our investment
analysts have been with our organization seven years on average. Many analysts
have had prior experience working in the industries they now study.
They work out of numerous offices around the
globe.
Long management tenure has helped us maintain our consistent
investment style over the years. Rather than buy and sell based on short-term
market fluctuations, we prefer to buy good companies at reasonable prices — and
hold them for extended periods.
Nothing builds confidence and ability like
experience. The depth of experience of our portfolio counselors and investment
analysts provides the knowledge they need to navigate through volatile markets.
Many investors look only at the initial cost
when selecting an investment. However, ongoing annual expenses can have an even
greater effect on long-term returns. At American Funds, we are committed to
providing exceptional services at a reasonable cost. We strive to keep Fund
management fees low so that operating expenses remain competitive.
