ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Now, your top 10 holdings, it's a very eclectic group of names. 3D Systems, BE Aerospace, Visa, Flowers Foods, Conn's, that's just a few of them. All of those companies have outperformed. What are you looking for? What's your basic nugget that you're going for when you're picking a stock?

GEORGE YOUNG, FUND MANAGER, VILLERE BALANCED FUND, (ENGLISH) SAYING:

Well, eclectic's the right adjective. You're being kind and that's good. What we like to do is we like to find companies that have a particular franchise, maybe have a patent. They have some method, they have something that they do that's different than their peers and sets them apart. And that's really the common theme. Often you'll see people or companies that have duopolies for instance. Sotheby's is a good example. Sotheby's and Christie's are the two big names in the art market. We talked a little while ago about 3D Systems. 3D Systems and Stratasys are the two companies who are involved in 3D printing nowadays. So that's really the common theme. We obviously like good management. We also like to shy away from companies that have too much debt. Those are very important criteria for us.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

A couple of other stocks in the top 10 holdings, they are up but they are not as up as much as the S&P 500. I want to focus in on those because I want to find out what it is that you like about them. One is Mondelez. Look, it was easier when it was Kraft Foods in terms of the name but why do you like it? Because it was back in Q3 last year, it had a big hit on the earnings run. The stock really hasn't recovered as much from that. What's the story here that makes you hold it?

GEORGE YOUNG, FUND MANAGER, VILLERE BALANCED FUND, (ENGLISH) SAYING:

Well, they're in the food business first of all and that's important. Most people can understand why people want to invest in food because of long-term consumers. It's more internationally focused and one of the problems for the companies, that is, an international company, some consumers or some investors would be worried that they're not going to grow as much as they were expected to in the past. But also, you always have a problem when companies are split up. There is some concern about analyst coverage, that people that aren't covering the stock is off and so you want to be able to get a grasp on information. So I think it's a misunderstood stock but they're in a lousy opportunity. Remember, companies are always attractive at a given price. What that given price is what we have to determine.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

ION Geophysical is another one you hold, a seismic technology company. Now, its stock performance is choppier than some of the others. Is that just the nature of its business? Is it a long-term growth story or is it one of these things that may be a buy on a dips and a hold and then release?

GEORGE YOUNG, FUND MANAGER, VILLERE BALANCED FUND, (ENGLISH) SAYING:

I think it's a company that you can buy on the dips. We've held it for a long time and yes, it hasn't done as well as we expected. However, one thing is important. We bought some of their bonds recently. They had to issue bonds and unfortunately, a price of $8.08, it's a yield of $8.08, a little bit more than we'd like to see them pay but on the other hand, it's an opportunity for we, who are opportunistic investors. So we bought their bonds recently and we love the stock. So, that's one of those ones where you can play it both ways which is fantastic.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Now, your fund since inception is up 200%. So again, that's more than double the overall market. Every so often, you probably have a stock you don't really like. Carnival Cruise that used to be in your top 10 holdings, I don't know if you hold it at all or if you just unloaded it completely. But what was it that made you finally decide, 'Okay, you know what, it's not a top 10 holding for me anymore,'? Obviously it had a lot of headline risk this year but what was the turning point for you?

GEORGE YOUNG, FUND MANAGER, VILLERE BALANCED FUND, (ENGLISH) SAYING:

Well, that's an interesting question because it's not one that we made a decision to sell. It's one that we had a lot of money come into our funds. It was in diluted position so we didn't buy more of it as we have with a lot of other positions to keep it as a pronounced position in the fund. We still like it. I think it makes a lot of sense. Well, they've had some unfortunate circumstances as you well know, starting with the Concordia Costa disaster about a year and a half ago. But otherwise, the cruise business is a great business. People that go on cruises, continue to go on cruises. It's a cheap alternative. It's usually a good experience. We've had some problems outside of Mobil and the Gulf of Mexico but Carnival Cruise and its peers run a good show. But for these couple of recent circumstances, but great business to invest in. Long-term, we love it. We're five-year holders of the company.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

Wow, okay.