Investment objective & strategy
As of March 27, 2026 · prospectusObjective. The Fund seeks long-term growth of capital.
Strategy. The Fund principally invests (normally at least 80% of its net assets, plus borrowings for investment purposes) in equity securities of domestic and foreign companies of any size engaged in all sectors of the gold mining and precious metals industries. A foreign company is one that is organized under the laws of a foreign country and has the principal trading market for its stock in a foreign country. At times, a majority of the Funds assets may be invested in companies of one or more foreign countries; currently the Fund is primarily invested in Canadian mining companies. Under normal market conditions, the Fund will invest primarily in: ? Senior gold producers, intermediate/mid-tier gold producers and junior gold producers; and ? … The Fund principally invests (normally at least 80% of its net assets, plus borrowings for investment purposes) in equity securities of domestic and foreign companies of any size engaged in all sectors of the gold mining and precious metals industries. A foreign company is one that is organized under the laws of a foreign country and has the principal trading market for its stock in a foreign country. At times, a majority of the Funds assets may be invested in companies of one or more foreign countries; currently the Fund is primarily invested in Canadian mining companies. Under normal market conditions, the Fund will invest primarily in: ? Senior gold producers, intermediate/mid-tier gold producers and junior gold producers; and ? Gold mining exploration and development companies. When investing the Funds assets, the Funds investment adviser first considers the price of gold and whether it expects the price of gold to increase or decrease. The Funds investment adviser is a bottom up investor. This means it makes investment decisions on company specific factors. Among the company specific factors the Funds investment adviser considers are: ? sales and earnings growth; ? the extent of ore holdings; ? efficiency of mining operations; ? melting and refinery costs; and ? capital adequacy to maintain and expand operations. Since the price of gold is a key factor affecting the revenues of gold producers, the Funds investment adviser must also consider the price of gold in its bottom up analysis. The Fund will sell a security if its investment adviser believes a companys fundamentals will deteriorate or if it believes a companys stock has little potential for further appreciation.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| UMB Money Market Special II | SMMFIDU | $21.10M | 7.69% |
| AGNICO EAGLE MINES LTD | — | $16.35M | 5.96% |
| ALAMOS GOLD INC A | — | $15.72M | 5.73% |
| Anglogold Ashanti Plc | — | $13.42M | 4.89% |
| WHEATON PRECIOUS METALS CORP | — | $13.04M | 4.75% |
| LUNDIN GOLD INC | — | $12.25M | 4.47% |
| JAGUAR MINING INC COMMON STOCK | JAG CN | $11.54M | 4.21% |
| BARRICK MINING CORP | — | $11.42M | 4.16% |
| NEWMONT CORP | — | $11.05M | 4.03% |
| DPM METALS INC | — | $10.82M | 3.95% |
Portfolio moves
Nov 30, 2025 → Feb 28, 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. |
|---|---|---|
| Sprott Gold Miners ETF | 40% | 0.50% |
| Allspring Precious Metals Fund · EKWAX, EKWCX, EKWYX, EKWDX | 39% | 0.79% |
| VanEck VIP Global Gold Fund | 39% | 1.20% |
Advisers
| Firm | Role |
|---|---|
| ORRELL CAPITAL MANAGEMENT, INC. | Adviser |
Footnotes
- Expense ratio as of March 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 28, 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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