David Fleer
Bristlecone Value Partners, LLC
12301 Wilshire Blvd., Suite 320
Los Angeles, CA 90025 USA
Work 1-877-806-4141

Quarterly Commentary – Second Quarter 2012

July 18th, 2012

Dear Fellow Investors,

Continuing a pattern from the past couple of years, the U.S. market followed a strong start to the year with a modest pullback in the late spring and early summer.  For the quarter ending June 29, the S&P 500 index lost 2.8% (including reinvested dividends), bringing the year-to-date return to 9.5%.  Looking at the broader market, most “risk” assets also fared poorly in Q2.  The Russell 2000 Index, which tracks domestic small-cap stocks, was down 3.5% for the quarter.  The MSCI EAFE Index (international developed-market stocks) declined 6.9%, and the MSCI Emerging Markets Index dropped 10%.  One comparatively bright spot was global real estate, particularly U.S. REITs, which were up nearly 3% (…)

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