Fund Description

The fund invests at least 80% of net assets in securities of companies principally engaged in gold-related activities, instruments that derive their value from gold, and gold coins and bullion, and it concentrates in the gold-mining industry (25% or more of total assets). It is non-diversified and may invest a larger portion of assets in a single issuer. It invests globally, including the U.S., may include emerging markets, and may hold non-U.S. dollar denominated securities and companies of any size. The portfolio manager seeks value and/or growth potential using macro-economic and fundamental analysis; ESG factors are a component of the overall investment process and can affect the Adviser's fundamental assessment of a company or country. It may invest up to 25% in certain coins, bullion, related ETFs and derivatives, and up to 25% of total assets via a wholly owned subsidiary investing primarily in gold bullion and futures. It may use derivatives and invest up to 20% in other investment companies, including ETFs, and may invest in money market funds.