Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in equity securities of U.S. and foreign companies of any size engaged in all sectors of the gold mining and precious metals industries. It focuses on senior, intermediate/mid-tier and junior gold producers, and gold exploration and development companies. The adviser considers the price of gold and uses a bottom-up approach emphasizing company-specific factors such as sales and earnings growth, ore holdings, operational efficiency, melting and refinery costs, and capital adequacy, and may sell holdings if fundamentals may deteriorate or appreciation potential is limited.