Fund Description

The fund invests at least 80% of net assets in investments related to precious metals, principally focusing on precious metals companies across all market capitalizations. It may invest in foreign and U.S. securities, including ADRs and similar investments, with up to 40% of total assets in emerging market equities. Up to 25% of total assets at purchase may be in precious-metals-linked debt and in stocks of subsidiaries, including a wholly owned Cayman Islands subsidiary that may invest directly in precious metals or minerals. The fund may concentrate in a limited number of countries, concentrates in the precious metals sector, and is non-diversified. Its process combines top-down macro analysis and bottom-up stock selection.