• Seeks to maximize returns consistent with investing primarily in a portfolio of gold-related equity securities. When making portfolio investments, the portfolio emphasizes the potential for growth of the investment.



• Seeks to achieve its objective by focusing on stocks that are undervalued but have favorable prospects for growth. The Portfolio will concentrates its investments in gold-related industries.



• Invests in companies including leading miners and producers of gold, silver and platinum-group metals.


Seeks to maximize returns by investing in well-managed companies through successful exploration and development; seeking out low-cost, low debt producers with outstanding assets and reviewing all investment decisions systematically. The portfolio advisor attempts to reduce risk by diversifying by country, sector and by individual securities.

Investment Strategy

• Strong Diversifier - Hard assets, like gold, react differently to changes in the economy than traditional financial securities (stocks and bonds). In times of rising inflation or in bear markets, when stocks and bonds may be negatively impacted, gold often outperforms.



• Less Volatility than the Average Gold - Concentrating investments in a single sector adds to the risks of any portfolio as events affecting that sector will likely impact all securities. With 10-30% of the portfolio diversified in other minerals (i.e., silver, platinum), will invest primarily in securities of companies engaged in mining, processing, dealing in or holding gold or other precious metals such as silver, platinum and palladium.



• Diversification from financial assets, a hedge against inflation and total return potential through investment in the gold and minerals sector.



• Value oriented - The Portfolio seeks to invest in companies that have good long-term business fundamentals but are temporarily out of favor with investors, and hence have a market value lower than their intrinsic value. The fundamental research based value orientation, companies which have good businesses, enable the portfolio manager to buy them at what the portfolio manager believes to be attractive prices.

Value oriented means that the portfolio manager seeks to invest in companies that are selling at a discount to their intrinsic value and where business fundamentals are improving or expected to improve. In assessing intrinsic value, the portfolio manager's judgments will be based on a comparison of a company's stock market value with various financial parameters, including historical and projected cash flow, book earnings, and net asset value. In general, the portfolio manager seeks companies that are characterized by strong management, business franchise, competitive position and financial structure, a clear strategy, free cash flow, large insider ownership, and shareholder oriented policies, among other things.

Gold is the perfect investment to protect a foundational portion of your portfolio from an inherently unpredictable future. Owning gold in your investment portfolio is like a small but crucial insurance position on your financial future. Gold is the insurance part of an investment portfolio because gold itself will always maintain at least some value.

The addition of gold to a portfolio brings significant benefits in risk/reward terms. This is because returns on gold tend to be negatively correlated to other financial assets. It therefore provides investors with a powerful risk management tool. Including gold in portfolios is likely to enhance the consistency of performance by reducing overall portfolio volatility, particularly during periods of stress in the financial markets.

Under normal market conditions, the majority of the portfolio's total assets will be invested in equity securities that mine gold and other precious metals or are involved in making gold bullion and coins. The portfolio strategy is to focus on major producers in an effort to manage potential volatility.