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By Yale Bock The Concentrated GARP portfolio underperformed the S&P 500 Index (SPX) in May losing 1.7% versus the 2.1% gain of the index. The summer is usually characterized by lower volumes and higher volatility in the market, and I suspect this year will be the same. As always, there will be the unexpected geopolitical events which can affect the market. Merger and acquisition activity has been strong and I would expect this will continue as well. We should see continued activity from our holdings, which always keeps things interesting, and July will start the next earnings season. Here's an update on the portfolio's holdings: Gigamedia (GIGM) reported preliminary earnings in March 2014 and, like always, the company keeps promising results will get better in the future. Don’t tell me, show me. DigitalGlobe (DGI) is a satellite provider of commercial earth imagery and information services. The company reported improving results on May 1, 2014. Corelogic (CLGX) is an information provider which specializes in data about real estate related industries. A large part of their data centers on property and mortgage information services. In addition, they provide credit information in a variety of industries as well. The company reported earnings on April 28, 2014. Cass Information Systems (CASS) provides information, invoice, and payment processing services to a wide variety of enterprises in the United States. Cass also has a small banking division as well. Cass reported results on April 24, 2014. Dolby Laboratories (DLB) provides audio and video products for the entertainment industry on a global scale. Much of their revenues come from licensing their technologies on personal computers, laptops, tablets, and smart phones. In addition, they make sound systems for a wide variety of customers, from movie studios, theatres, and network and satellite television providers. Dolby reported results on April 29, 2014. Jamba Juice (JMBA) is a health food and beverage retailer with a presence in 26 states domestically, as well as operations in Canada, the Philippines, and South Korea. Cash America (CSH) is the largest operator of pawn shops in the United States. The company reported earnings on April 24, 2014. Build-A-Bear Workshop (BBW) is a provider of build-your-own teddy bears for small children. The company continues to become more efficient by closing down non performing stores and having better results with their remaining locations. Telefonica Brazil (VIV) is the second largest provider of cable tv and wireless phone services in Brazil. The company reported earnings on February 26, 2013 which were solid. DISCLAIMER: The investments discussed are held in client accounts as of May 31, 2013. These investments may or may not be currently held in client accounts. The reader should not assume that any investments identified were or will be profitable or that any investment recommendations or investment decisions we make in the future will be profitable. Past performance is no guarantee of future results.