Investment objective & strategy
As of April 30, 2025 · prospectusObjective. The Fund seeks to provide investors with long term capital appreciation.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of foreign and domestic issuers principally engaged in gold related activities and gold bullion (the 80% Investment Policy). In selecting investments for the Fund, Gabelli Funds, LLC (the Adviser), focuses on stocks that are undervalued, but which appear to have favorable prospects for growth. Factors considered in this determination include capitalization per ounce of gold production, capitalization per ounce of recoverable reserves, quality of management, and the issuers ability to create shareholder wealth. Because most of the worlds gold production is outside of the United States, the Fund expects that a significant portion of its assets may be invested … Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of foreign and domestic issuers principally engaged in gold related activities and gold bullion (the 80% Investment Policy). In selecting investments for the Fund, Gabelli Funds, LLC (the Adviser), focuses on stocks that are undervalued, but which appear to have favorable prospects for growth. Factors considered in this determination include capitalization per ounce of gold production, capitalization per ounce of recoverable reserves, quality of management, and the issuers ability to create shareholder wealth. Because most of the worlds gold production is outside of the United States, the Fund expects that a significant portion of its assets may be invested in securities of foreign issuers, including those located in emerging markets. An important function of the Advisers investment process is to, among other things, establish through the Advisers research, a value at which a particular stock may be sold, provided there are no other fundamental changes in the business. The Adviser constantly monitors the Funds holdings to determine if such holdings continue to act in accordance with the factors described above and the Funds investment objective. The Adviser may sell a holding if its fundamentals deteriorate or change in a way, as determined by the Adviser, that the investment case for the holding is no longer appropriate for the Fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NEWMONT CORP | — | $67.52M | 8.52% |
| AGNICO EAGLE MINES LTD | — | $47.88M | 6.04% |
| ENDEAVOUR MINING | — | $35.01M | 4.42% |
| KINROSS GOLD CORP | — | $34.64M | 4.37% |
| ALAMOS GOLD INC A | — | $34.49M | 4.35% |
| NORTHERN STAR RE | — | $33.81M | 4.27% |
| ANGLOGOLD ASHANTI PLC | — | $26.01M | 3.28% |
| G MINING VENTURES CORP | — | $25.55M | 3.23% |
| IAMGOLD CORP | — | $23.52M | 2.97% |
| ARTEMIS GOLD INC COMMON STOCK | ARTG CN | $23.07M | 2.91% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Allspring Precious Metals Fund · EKWAX, EKWCX, EKWYX, EKWDX | 65% | 0.79% |
| VanEck Gold Miners ETF · GDX | 56% | 0.51% |
| VanEck VIP Global Gold Fund | 55% | 1.20% |
Advisers
| Firm | Role |
|---|---|
| Gabelli Funds, LLC | Adviser |
Footnotes
- Expense ratio as of April 30, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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