Performance and characteristics of AFAM portfolios and the securities within are subject to risks and uncertainties. The stocks selected for discussion were based on proprietary analytical work performed by AFAM, and not based on performance, meaning that they are chosen irrespective of profits or losses. The securities presented do not represent all of the securities bought, sold or recommended.

Nothing presented herein is, or is intended to constitute, investment advice, nor sales material, and no investment decision should be made based on any information provided herein. Information provided reflects AFAM Capital, Inc.’s (AFAM’s) views as of a particular time. Such views are subject to change at any point and AFAM shall not be obligated to provide notice of any change. Any securities information regarding holdings, allocations and other characteristics are presented to illustrate examples of the types of investments or allocations that that AFAM may have bought or pursued as of a particular date. It may not be representative of any current or future investments or allocations and nothing should be construed as a recommendation to purchase or sell a particular security or follow any investment strategy or allocation. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. While AFAM has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability or completeness of third party information presented herein.

See our Previously Recommended Stocks PDF for a list of all past specific investment recommendations.

No guarantee of investment performance is being provided and no inference to the contrary should be made. There is a risk of loss from an investment in securities. Past performance is not a guarantee of future performance.

John Buckingham is the Chief Investment Officer of Al Frank Asset Management, a division of AFAM Capital, Inc. AFAM is an Investment Adviser, registered with the SEC, is notice filed in Texas, California and various other states. AFAM is editor of The Prudent Speculator (TPS) newsletter, weekly commentaries and any attendant publications and is the investment advisor to individually managed client accounts and certain mutual funds. Registration of an investment adviser does not imply any certain level of skill or training.

Please see footer for most recent Hulbert ranking information. A newsletter’s average Hulbert Financial Digest ranking is based on the average of its several portfolios, in the event it recommends more than one, and includes portfolios that the newsletters have discontinued. Ranking is not indicative of future performance and may not be representative of any one client’s experience. Please visit and for additional information.

TPS Portfolio is the Al Frank Credit Trust’s actual investment portfolio. Buckingham Portfolio is John Buckingham’s actual investment portfolio. Though not presently leveraged, it has been so in the past. It is not based on actual client returns. Millennium Portfolio is unleveraged and hypothetical. It is not based on actual client returns. PruFolio is unleveraged and hypothetical. It is not based on actual client returns.

AFAM calculates newsletter portfolio returns on a total return basis and reflects the reinvestment of dividends, if any, margin leverage and margin interest charges, trading costs and subscription costs. There are inherent limitations with any hypothetical or model portfolio results as the securities are not actually purchased or sold. They may not reflect the impact, if any, of material market conditions which could have has an impact on AFAM’s decision making if the hypothetical portfolios were real. Hypothetical performance is shown for illustrative purposes only and should not be interpreted as an indication of performance of any AFAM portfolio. The use of leverage magnifies gains and losses and increases risk to a portfolio.

Hulbert Ratings calculates newsletter portfolio returns on a total return basis. Hypothetical execution of recommended trades is calculated at the prices prevailing when an anonymous subscriber would have first been able to act on the recommendation. Calculations do not take taxes into account. However, dividends, splits, corporate actions and fund distributions are credited on the day the security goes ex-dividend. There are inherent limitations with hypothetical or model performance results as the securities are not actually purchased or sold. Please see for additional information.

Please note that the neither the newsletter performance as calculated by Hulbert, nor the performance of any newsletter portfolios, either individually or in concert, is or is intended to be representative of any individual product available through AFAM Capital, Inc.