Portfolio Managers
Bill's investment discipline is value oriented with a mix of contrarian spirit. He looks for companies that, in his opinion, have strong fundamentals and a potentially positive future that are surrounded by negative news. Bill uses John Templeton's phrase "maximum point of pessimism" to illustrate when this negative news may have reached its peak. He believes that is when the investment opportunity is the best. Bill and his wife live in Shoreline, WA and have five children. His passion for investing is based on his mission to serve others. William is an avid sports fan, voracious reader and works with local charity organizations.
Tony and his wife live in Seattle, WA and have three children. Tony’s interests include skiing, boating, guitar, and reading. He is an active volunteer in his church, and serves as a Board Member of VIVA North America. He is a member of the CFA Institute, and the Seattle Society of Financial Analysts.
Mutual fund investing involves risk. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. |
 Fund Fact Sheet
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William W. Smead is the manager of the Smead Value Fund and is primarily responsible for the investment decisions in the Fund's holdings. Bill founded Smead Capital Management, Inc., who is the Adviser to the fund, in July 2007, and serves as Chief Investment Officer and Chief Executive Officer of the firm. Before founding Smead Capital Management, Bill served as Portfolio Manager and Director of Investments for Smead Investment Group of Wachovia Securities from September 2001 through June 2007. Prior to that, Bill served as a financial advisor and portfolio manager with Smith Barney from February 1993 to September 2001. Bill has over 20 years of experience in the investment industry. 
Tony A. Scherrer, CFA is a Co-Portfolio Manager for the Fund and is jointly responsible for the day-to-day management of the Fund’s portfolio. Mr. Scherrer joined Smead Capital Management in January 2008, and serves as Senior Vice President and Portfolio Manager. Prior to joining Smead Capital Management, Mr. Scherrer served as Vice President and Senior Portfolio Manager for U.S. Trust Company from April 2005 through November 2007, where he managed the investment portfolios of high-net-worth clients, not-for-profit organizations and corporations. Previously, he served at Smith Barney Asset Management, where he was responsible for managing and recommending securities, with a focus on consumer, financial, technology and health care sectors. Tony has more than 14 years of experience in the investment industry, and holds the Chartered Financial Analyst® designation. Mr. Scherrer is a graduate of Seattle Pacific University.