Investment Objective

The Fund will invest its assets in equity and equity-related securities of companies principally involved in the mining, fabrication, processing, marketing, or distribution of precious metals including gold, silver, platinum group, palladium and diamonds.

The Fund looks to identify established companies with robust growth profiles, production history, and dependable cash flows. Senior mining companies have proven reserves that are more strongly influenced by the price of gold. Although the Fund focuses its investments on senior mining companies, the Fund may invest in junior and intermediate mining companies. Junior mining companies typically have small market capitalization and no source of steady cash flow, and their growth generally comes from a major mining discovery.

The Management Team

Euro Pacific Advisors Ltd. manages all Mutual Funds through a sub-advisory management agreement with a 150-year-old, European financial services company that provides investment and advisory services to institutional and corporate clients internationally.

The company advising Euro Pacific Advisors directly manages ‎£2.5bn+ in client assets, led by three investment managers with over 60 years’ combined industry experience and specialisms in risk-management, technical analysis, and global funds.

Day-to-day investment decisions are delegated to Euro Pacific Advisors, thus relieving you of the burden of reacting to fast moving-markets, changing economic circumstances, and time-consuming administration. Simply track all of your trades online and watch your portfolio grow in real-time.

Investment Process

Core vs. Tactical Component

Euro Pacific Advisors employs an innovative investment approach whereby typically 80% of your portfolio – the Core component – will be invested primarily in exchange-traded funds (ETFs) to provide you with exposure to a number of different asset classes including equities, fixed income, commodities, and cash globally.

The Tactical component composed of the remaining 20% will be invested to enhance returns by exploiting shorter-term opportunities and special situations, including Initial Public Offerings and takeover scenarios. This element of the portfolio may also be used to hedge equity exposure through equity indices or sectors.

Investment decisions are made by the professional managers and guided by a variety of internal and external information sources. Investments are governed by parameters to reduce risk and monitored accordingly.

Maximum Diversification

After meticulous selections of exchange-traded funds (ETFs) and direct stock investments, our strategies can maintain upwards of 800 underlying securities spanning different countries and sectors, achieving both the high level of diversification and the lower volatility that is desired when building a global, long term portfolio, all while minimizing brokerage commissions.

Security Information

Portfolio Characteristics

Sales Load

0%1

Annual Expense Ratio

2.00%2

Fees as stated in the prospectus.

1A sales load is a sales charge or commission charged to an investor when buying or redeeming shares in a mutual fund. We do not charge a sales load for buying and selling mutual funds.
2Also known as a “management fee”.

Historical Statistics

Monthly Performance

For Investors who are:

1. Speculative and long term
2. Looking for protection against inflation

Variability of Returns

The annual returns on your portfolio will vary. The purpose of this section is to provide a forecast of the extent of this variation. The average risk (defined by annual volatility) of world equity markets since October 2003 has been 16%*. The portfolio has a target risk level relative to world equity markets of 200%. If it continues averaging this level, the target volatility for your portfolio will approximate 32%, meaning annual returns may be more volatile than those from some global portfolios consisting solely of equities. Typically, an investor exposing a portfolio to this level of volatility might target an average annual return of 8%. For this profile of expected return and risk, the potential distribution of annual returns over a 40 year period is shown diagrammatically to the right. Returns would be expected to fall in the range of -24% to +40% in around 26 years out of 40. An annual decline in portfolio value greater than 56% would be expected once in forty years.

This table details the expected distribution of annual returns produced by a portfolio generating a long term annualized return of 8% with annualized volatility of 32%. The y axis is the number of years during a 40 year period which the return would be expected to fall within the specified ranges. There is no guarantee that the long term average return of your portfolio will be as high as 8% or that volatility will not exceed 32%. Actual monthly performance figures give a further indication of the type of short term variability you might expect.

*Source: Bloomberg

Special Risk Factors

Industry Concentration Risk

The Fund concentrates its investments in gold and other precious metals. The Fund may be subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. The Fund invests in securities that typically respond to changes in the price of gold and other precious metals, which can be influenced by a variety of global economic, financial, and political factors; increased environmental and labor costs in mining; and changes in laws relating to mining or gold production or sales; and the price may fluctuate substantially over short periods of time. Therefore, the Fund may be more volatile than other types of investments.

Special Risk of Investing in Junior and Intermediate Mining Companies

The securities of junior and intermediate exploration gold companies, which are often more speculative in nature, tend to be less liquid and more volatile in price than securities of larger companies.

Non-Diversification Risk

The Fund is non-diversified and may invest a significant portion of its total assets in a small number of companies. This may cause the performance of the Fund to be dependent upon the performance of one or more selected companies, which may increase the volatility of the Fund.

Foreign Securities

The Fund invests primarily in foreign securities, which are generally riskier than U.S. securities. As a result, the Fund is subject to foreign risk, meaning that political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters occurring in a country where the Fund invests could cause the Fund’s investments in that country to experience gains or losses.

Currency Risk

Because the Fund generally invests in securities denominated in foreign currencies, the Fund is subject to currency risk, meaning that the Fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S.

Top 15 Largest Holdings

Asset Classes

Equity Regional Exposure

Equity Country Exposure

Equity Sectors

Equity Capitalization

Data as of 01/31/2021.