Investment Philosophy

First Eagle Gold Fund is a non-diversified fund whose investment objective is to seek to provide exposure to the investment characteristics of gold and, to a limited extent, other precious metals. In seeking to achieve its objective, the Fund invests primarily in gold, gold-related securities, and issuers principally engaged in the gold industry.
  • Access to Investment Expertise

    Potential Hedge

    Serves as a potential hedge against the consequences of catastrophic unforeseen events.

  • 08 flexible

    Seek Cheapest Ounces

    Our goal is to purchase what we believe are the cheapest gold ounces whether below (miners) or above (bullion) ground. 

  • Market

    Do Not Forecast the Price of Gold

    We do not attempt to predict the future price of gold.

How We Invest

  • 01

    Investable Universe

    The Fund invests primarily in gold, gold-related securities and issuers principally engaged in the gold industry.

  • 02

    Research Using Proprietary Model

    The team determines between investing in gold and investing in gold mining equities using a proprietary model.

    • This model provides a detailed framework for assessing a mining company’s assets and is dependent on the company’s proven and probable reserves
    • The team typically invests more heavily in companies already in production

    The team tends to discount other base metals that gold companies may mine because they view gold as a potential hedge.

    The team allocates capital to mining companies when they can find what they believe is a “margin of safety” that takes into account the risks surrounding mining, including

    • Operational risk
    • Capital risk
    • Geopolitical risk
       

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Dec 31, 2022.

  1. This chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.

  1. Disclosures

  2. Gold Fund Inception dates: A Shares 08/31/1993, C Shares 05/15/2003, I Shares 05/15/2003, R3 Shares 05/01/2018, R4 Shares 07/29/2019, R5 Shares 07/29/2019, R6 Shares 03/01/2017.

  3. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.

  4. Returns for periods less than one year are not annualized.

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  6. The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

  7. Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.

  8. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  9. Class R Shares are offered without sales charge.

  10. The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.

  1. Definitions

  2. The FTSE Gold Mines Index Series is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, is available with dividends reinvested and is not available for purchase.

  3. MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.

  4. Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

  5. Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.

  6. First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.

  7. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

  8. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

Growth of $10K

Select Benchmarks

Source: FactSet; data as of Dec 31, 2022.

  1. This chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.

25 Year Risk vs. Return

SGGDXFTSE Gold Mines IndexMSCI EAFE IndexMSCI World IndexS&P 500 Index
Annualized Return (%)   -1.64   -4.69    4.67    8.85   12.56
Annualized Standard Deviation (%)   28.59   36.79   14.78   14.46   14.71
R-Square (%)   96.91  100.00    5.15    4.53    3.15
Beta    0.77    1.00    0.09    0.08    0.07
Alpha (annualized)    0.97    0.00    5.65    9.83   13.64
Information Ratio (annualized)    0.31     NA     0.26    0.37    0.46

Source: FactSet; data as of Dec 31, 2022.

Calendar Year Returns

YearClass A (SGGDX)FTSE Gold Mines Index
2022 -1.56 -15.47
2021 -7.76 -12.72
2020 29.58 23.22
2019 38.51 41.21
2018 -15.90 -11.31
2017 8.12 9.11
2016 36.92 59.59
2015 -19.28 -21.42
2014 -2.41 -15.20
2013 -46.99 -53.17
2012 -5.15 -15.43
2011 -11.13 -15.88
2010 34.64 29.03
2009 39.18 29.63
2008 -14.27 -19.87
2007 23.48 21.04
2006 21.32 12.58
2005 26.25 27.82
2004 -5.11 -6.92
2003 39.43 42.81
2002 106.97 52.34
2001 37.31 22.69
2000 -17.91 -26.36
1999 8.09 -0.67
1998 -18.44 -11.68
1997 -29.79 -41.96
1996 0.89 -4.70
1995 1.28 -3.16
1993 -0.84 -11.21

Source: FactSet; data as of Dec 31, 2022.

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
SGGDX A w/out load  -1.56%   1.93%  18.01%  -1.56%   5.57%   6.51%  -1.64%   5.49%   1.22% --
SGGDX A w/load  -6.48%  -3.16%  12.12%  -6.48%   3.77%   5.42%  -2.15%   5.31%   1.22% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
SGGDX A w/out load  -1.56%   1.93%  18.01%  -1.56%   5.57%   6.51%  -1.64%   5.49%   1.22% --
SGGDX A w/load  -6.48%  -3.16%  12.12%  -6.48%   3.77%   5.42%  -2.15%   5.31%   1.22% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FEGOX C  -3.30%   0.88%  16.75%  -3.30%   4.79%   5.70%  -2.40%   4.93%   1.95% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FEGOX C  -3.30%   0.88%  16.75%  -3.30%   4.79%   5.70%  -2.40%   4.93%   1.95% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FEGIX I  -1.31%   2.00%  18.09%  -1.31%   5.85%   6.81%  -1.37%   6.01%   0.96% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FEGIX I  -1.31%   2.00%  18.09%  -1.31%   5.85%   6.81%  -1.37%   6.01%   0.96% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
EAURX R3  -1.82%   1.97%  17.96%  -1.82%   5.42%      -      -   8.31%   1.34% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
EAURX R3  -1.82%   1.97%  17.96%  -1.82%   5.42%      -      -   8.31%   1.34% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FIURX R4  -1.51%   1.96%  18.02%  -1.51%   5.70%      -      -   7.89%   1.11% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FIURX R4  -1.51%   1.96%  18.02%  -1.51%   5.70%      -      -   7.89%   1.11% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FERUX R5  -1.39%   2.00%  18.09%  -1.39%   5.72%      -      -   7.93%   1.03% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FERUX R5  -1.39%   2.00%  18.09%  -1.39%   5.72%      -      -   7.93%   1.03% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FEURX R6  -1.26%   2.00%  18.11%  -1.26%   5.94%   6.88%      -   5.62%   0.85% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%
FEURX R6  -1.26%   2.00%  18.11%  -1.26%   5.94%   6.88%      -   5.62%   0.85% --
FTSE Gold Mines Index (since inception based on A Shares) -15.47%   2.97%  20.20% -15.47%  -3.13%   2.63%  -4.69%  -0.25%
MSCI World Index (since inception based on A Shares) -18.14%  -4.25%   9.77% -18.14%   4.94%   6.14%   8.85%   6.96%

Source: FactSet; data as of Dec 31, 2022.

Source: FactSet; data as of Dec 31, 2022.

  1. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

  1. Disclosures

  2. Gold Fund Inception dates: A Shares 08/31/1993, C Shares 05/15/2003, I Shares 05/15/2003, R3 Shares 05/01/2018, R4 Shares 07/29/2019, R5 Shares 07/29/2019, R6 Shares 03/01/2017.

  3. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.

  4. Returns for periods less than one year are not annualized.

  5. The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

  6. The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

  7. Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.

  8. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

  9. Class R Shares are offered without sales charge.

  10. The annual expense ratio is based on expenses incurred by The Fund, as stated in the most recent prospectus.

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  1. Definitions

  2. The FTSE Gold Mines Index Series is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, is available with dividends reinvested and is not available for purchase.

  3. MSCI World: The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.

  4. Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

  5. Beta is a measure of the fund's volatility (risk) relative to the overall market. The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.

  6. First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. An investment made with a margin of safety is no guarantee against loss.

  7. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

  8. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

Show More Show Less

Top Ten Holdings (%)

As of Dec 31, 2022

Gold Bullion 13.65
Wheaton Precious Metals Corp. CAN 11.85
Newmont Corp. US 10.61
Barrick Gold Corp. CAN 7.46
Alamos Gold Inc. CAN 5.34
Silver Bullion 5.26
Novagold Resources Inc. CAN 5.16
Newcrest Mining Ltd. AUS 5.02
Royal Gold, Inc. US 4.92
Agnico Eagle Mines Ltd. CAN 4.82
Top Ten Holdings as a Percentage of Total Net Assets 74.08

Top Ten Holdings (%)

As of Nov 30, 2022

Gold Bullion 14.34
Wheaton Precious Metals Corp. CAN 12.12
Newmont Corp. US 10.93
Barrick Gold Corp. CAN 7.26
Alamos Gold Inc. CAN 5.20
Novagold Resources Inc. CAN 5.10
Royal Gold, Inc. US 5.02
Silver Bullion 4.99
Franco-Nevada Corp. CAN 4.98
Newcrest Mining Ltd. AUS 4.95
Top Ten Holdings as a Percentage of Total Net Assets 74.89

Top Ten Holdings (%)

As of Oct 31, 2022

Gold Bullion 16.49
Wheaton Precious Metals Corp. CAN 11.07
Newmont Corp. US 9.82
Barrick Gold Corp. CAN 7.66
Agnico Eagle Mines Ltd. CAN 5.04
Alamos Gold Inc. CAN 5.00
Royal Gold, Inc. US 4.90
Franco-Nevada Corp. CAN 4.90
Newcrest Mining Ltd. AUS 4.86
Novagold Resources Inc CAN 4.68
Top Ten Holdings as a Percentage of Total Net Assets 74.41

Top Ten Holdings (%)

As of Sep 30, 2022

Gold Bullion 17.98
Wheaton Precious Metals Corp. CAN 10.85
Newmont Corp. US 9.23
Barrick Gold Corp. CAN 7.88
Agnico Eagle Mines Ltd. CAN 4.93
Novagold Resources Inc. CAN 4.92
Royal Gold, Inc. US 4.84
Alamos Gold Inc. CAN 4.83
Franco-Nevada Corp. CAN 4.76
Newcrest Mining Ltd. AUS 4.63
Top Ten Holdings as a Percentage of Total Net Assets 74.85

Top Ten Holdings (%)

As of Aug 31, 2022

Gold Bullion 22.25
Wheaton Precious Metals Corp. CAN 8.92
Newmont Corp. US 7.55
Barrick Gold Corp. CAN 6.54
Agnico Eagle Mines Ltd. CAN 4.78
Alamos Gold Inc. CAN 4.66
Franco-Nevada Corp. CAN 4.44
B2Gold Corp. CAN 4.35
Newcrest Mining Ltd. AUS 4.33
Royal Gold, Inc. US 4.30
Top Ten Holdings as a Percentage of Total Net Assets 72.12

Top Ten Holdings (%)

As of Jul 31, 2022

Gold Bullion 22.05
Wheaton Precious Metals Corp. CAN 8.99
Newmont Corp. US 7.36
Barrick Gold Corp. CAN 5.62
Alamos Gold Inc. CAN 4.75
Agnico Eagle Mines Ltd. CAN 4.63
B2Gold Corp. CAN 4.60
Royal Gold, Inc. US 4.57
Newcrest Mining Ltd. AUS 4.51
Franco-Nevada Corporation CAN 4.39
Top Ten Holdings as a Percentage of Total Net Assets 71.46

Top Ten Holdings (%)

As of Jun 30, 2022

Gold Bullion 23.68
Newmont Corp. US 9.29
Wheaton Precious Metals Corp. CAN 6.99
Barrick Gold Corp. CAN 6.05
Royal Gold, Inc. US 4.46
Franco-Nevada Corp. CAN 4.31
Agnico Eagle Mines Ltd. CAN 4.20
B2Gold Corp. CAN 4.05
Alamos Gold Inc. CAN 4.03
Newcrest Mining Ltd. AUS 4.03
Top Ten Holdings as a Percentage of Total Net Assets 71.07

Top Ten Holdings (%)

As of May 31, 2022

Gold Bullion 22.21
Newmont Corp. US 9.75
Wheaton Precious Metals Corp. CAN 7.39
Barrick Gold Corp. CAN 6.46
Newcrest Mining Ltd. AUS 4.59
Agnico Eagle Mines Ltd. CAN 4.50
B2Gold Corp. CAN 4.39
Royal Gold, Inc. US 4.36
Franco-Nevada Corp. CAN 4.29
Alamos Gold Inc. CAN 3.96
Top Ten Holdings as a Percentage of Total Net Assets 71.90

Top Ten Holdings (%)

As of Apr 30, 2022

Gold Bullion 22.25
Newmont Corp. US 10.15
Wheaton Precious Metals Corp. CAN 7.79
Barrick Gold Corp. CAN 6.83
Agnico Eagle Mines Ltd. CAN 5.60
Royal Gold, Inc. US 4.93
Newcrest Mining Ltd. AUS 4.59
B2Gold Corp. CAN 4.58
Franco-Nevada Corporation CAN 4.14
Alamos Gold Inc. CAN 3.81
Top Ten Holdings as a Percentage of Total Net Assets 74.67

Top Ten Holdings (%)

As of Mar 31, 2022

Gold Bullion 20.70
Newmont Corp. US 10.26
Agnico Eagle Mines Ltd. CAN 7.82
Wheaton Precious Metals Corp. CAN 7.65
Barrick Gold Corp. CAN 6.95
Royal Gold, Inc. US 5.53
B2Gold Corp. CAN 4.57
Newcrest Mining Ltd. AUS 4.57
Novagold Resources Inc. CAN 4.37
Alamos Gold Inc. CAN 3.79
Top Ten Holdings as a Percentage of Total Net Assets 76.21

Top Ten Holdings (%)

As of Feb 28, 2022

Gold Bullion 20.51
Newmont Corp. US 9.39
Wheaton Precious Metals Corp. CAN 7.74
Agnico Eagle Mines Ltd. CAN 7.08
Barrick Gold Corp. CAN 7.03
Royal Gold, Inc. US 5.22
Newcrest Mining Ltd. AUS 4.58
B2Gold Corp. CAN 4.41
Novagold Resources Inc CAN 3.82
Alamos Gold Inc. CAN 3.65
Top Ten Holdings as a Percentage of Total Net Assets 73.43

Top Ten Holdings (%)

As of Jan 31, 2022

Gold Bullion 21.08
Newmont Corp. US 9.47
Wheaton Precious Metals Corp. CAN 7.78
Barrick Gold Corp. CAN 6.51
Royal Gold, Inc. US 4.77
Kirkland Lake Gold Ltd. CAN 4.75
B2Gold Corp. CAN 4.29
Newcrest Mining Ltd. AUS 4.17
Novagold Resources Inc. CAN 3.95
Dundee Precious Metals Inc. CAN 3.90
Top Ten Holdings as a Percentage of Total Net Assets 70.67

Allocation By Asset Class (%)

Gold Mining Stocks: 79.94%
Gold Bullion: 13.65%
Silver Bullion: 5.26%
Short-Term, Cash & Cash Equivalents: 1.15%
Source: FactSet; data as of Dec 31, 2022.
Gold Mining Stocks 79.94%
Gold Bullion 13.65%
Silver Bullion 5.26%
Short-Term, Cash & Cash Equivalents 1.15%
Gold Mining Stocks 73.42%
Gold Bullion 17.98%
Short-Term, Cash & Cash Equivalents 4.86%
Silver Bullion 3.73%
Gold Mining Stocks 61.29%
Gold Bullion 23.68%
Short-Term, Cash & Cash Equivalents 12.23%
Silver Bullion 2.80%
Gold Mining Stocks 69.11%
Gold Bullion 20.70%
Short-Term, Cash & Cash Equivalents 7.35%
Silver Bullion 2.84%
Gold Mining Stocks 67.43%
Gold Bullion 22.70%
Cash & Cash Equivalents 6.83%
Silver Bullion 3.04%

Allocation By Region (%)

Canada: 53.12%
United States: 15.53%
Gold Bullion: 13.65%
Australia: 5.75%
Silver Bullion: 5.26%
Mexico: 3.05%
South Africa: 2.49%
Short-Term, Cash & Cash Equivalents: 1.15%
Source: FactSet; data as of Dec 31, 2022.
Canada 53.12%
United States 15.53%
Gold Bullion 13.65%
Australia 5.75%
Silver Bullion 5.26%
Mexico 3.05%
South Africa 2.49%
Short-Term, Cash & Cash Equivalents 1.15%
Canada 51.91%
Gold Bullion 17.98%
United States 14.07%
Short-Term, Cash & Cash Equivalents 4.86%
Australia 4.63%
Silver Bullion 3.73%
Mexico 2.81%
Canada 40.89%
Gold Bullion 23.68%
United States 13.75%
Short-Term, Cash & Cash Equivalents 12.23%
Australia 4.03%
Silver Bullion 2.80%
Mexico 2.63%
Canada 46.33%
Gold Bullion 20.70%
United States 15.79%
Short-Term, Cash & Cash Equivalents 7.35%
Australia 4.57%
Silver Bullion 2.84%
Mexico 2.42%
Canada 43.89%
Gold Bullion 22.70%
United States 14.44%
Cash & Cash Equivalents 6.83%
Australia 4.60%
Mexico 3.21%
Silver Bullion 3.04%
South Africa 1.27%
  1. Short-Term, Cash & Cash Equivalents include short-term investments; e.g., short-term commercial paper (0.7% of net assets) that settles in 90 days or less, longer-term commercial paper (0.0% of net assets) that settles in 91 days or more, with the balance in US T-bills or money market funds.

  2. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

  3. Percentages may not sum to 100% due to rounding.

  1. Disclosures

  2. The Fund may invest in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold Bullion and commodities include the Fund’s investment in the Subsidiary.

  3. Investment in gold and gold-related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals like changes in U.S. or foreign tax, currency or mining laws, increased environmental costs, international monetary and political policies, economic conditions within an individual country, trade imbalances and trade or currency restrictions between countries. The price of gold, in turn, is likely to affect the market prices of securities of companies mining or processing gold, and accordingly, the value of investments in such securities may also be affected. Gold related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets. Investment in gold and gold related investments may be speculative and may be subject to greater price volatility than investments in other assets and types of companies.

  4. Strategies whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.