The US Value Fund was up for the month of July but lagged the S&P 500 index. The Fund’s top performers for the month included AMC Networks, Verizon and Caterpillar. Laggards for the month included Interpublic Group, CA and Delta Airlines. With the S&P 500 up 6 of the past 7 months we are becoming concerned that overall valuation multiples are becoming too rich. Having said that we continue to believe in a disciplined value investing approach especially when equity markets continue making new highs, market leadership continues to narrow and overall volatility remains low.