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Beginner's Guide to Preferred Stock Mutual Funds

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TGLDX Tocqueville Gold

  • Fund
  • TGLDX
  • Price as of: Apr 25, 2017
  • $36.19
  • - $1.03
  • - 2.77%
  • Category
  • Precious Metals

TGLDX - Profile

Vitals

  • YTD Return 7.2%
  • 3 Yr Annualized Return -2.8%
  • 5 Yr Annualized Return -11.5%
  • Net Assets $1.25 B
  • Holdings in Top 10 47.7%

52 WEEK LOW AND HIGH

$36.19
$30.79
$47.92

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.39%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 15.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

STANDARD (TAXABLE)

$1,000

IRA

$250

Investment Themes

CATEGORY

Precious Metals
  • Fund Type Open End Mutual Fund
  • Investment Style Equity Precious Metals

Distributions

  • YTD Total Return 7.2%
  • 3 Yr Annualized Total Return -2.8%
  • 5 Yr Annualized Total Return -11.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.91%
DIVIDENDS
  • Dividend Yield N/A
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Tocqueville Gold Fund
  • Fund Family Name Tocqueville
  • Inception Date Jun 29, 1998
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Douglas B. Groh

Fund Description

The Tocqueville Gold Fund (TGLDX) is an actively managed fund that bets on the precious metals sector. It uses various value metrics to determine which companies in the gold and precious metal space are trading at discounts to their intrinsic worth. TGLDX can own stocks domiciled in any nation across any market-cap size. The fund can and does hold physical gold either through bullion, coins or shares in gold ETFs.

Given that fees for the fund run on the expensive side and its narrow focus, TGLDX should be used as a side position in a diversified portfolio. The fund is internally managed by Tocqueville Asset Management.

TGLDX - Performance

Return Ranking - Trailing

Period TGLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 7.2% -2.0% 22.7% 50.00% 3
1 Yr 1.5% -34.6% 38.0% 41.94% 3
3 Yr -2.8% * -29.5% 5.8% 54.10% 3
5 Yr -11.5% * -23.7% -7.8% 29.31% 2
10 Yr -4.0% * -14.3% 0.1% 42.86% 3

* Annualized


Return Ranking - Calendar

Period TGLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 40.4% -27.4% 74.8% 64.52% 4
2015 -24.9% -31.7% 0.0% 68.85% 4
2014 -2.7% -28.3% 0.0% 13.11% 1
2013 -48.3% -51.9% 0.0% 43.10% 3
2012 -11.0% -100.0% 0.0% 63.79% 4

Total Return Ranking - Trailing

Period TGLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 7.2% -2.0% 22.7% 50.00% 3
1 Yr 1.5% -37.2% 38.4% 41.94% 3
3 Yr -2.8% * -30.2% 5.8% 55.74% 3
5 Yr -11.1% * -24.0% -7.8% 31.03% 2
10 Yr -0.9% * -11.7% 3.4% 28.57% 2

* Annualized


Total Return Ranking - Calendar

Period TGLDX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 40.4% -27.4% 74.8% 64.52% 4
2015 -24.9% -31.4% 0.0% 68.85% 4
2014 -2.7% -28.3% 0.0% 13.11% 1
2013 -48.3% -53.0% 0.0% 31.03% 2
2012 -9.0% -100.0% 0.0% 56.90% 3

NAV & Total Return History

TGLDX - Holdings

Filings data as of: Dec 31, 2016

Concentration Analysis

TGLDX Category Low Category High TGLDX % Rank Quintile
Net Assets 1.25 B 20.1 M 2.55 B 6.45% 1
Number of Holdings 82 33 136 11.29% 2
Net Assets in Top 10 539 M 11.8 M 968 M 8.06% 1
Weighting of Top 10 47.7% 35.2% 63.8% 22.58% 3

Top 10 Holdings

  1. Gold Bar 12.18%
  2. Franco-Nevada Corp 4.86%
  3. Agnico Eagle Mines Ltd 4.85%
  4. Detour Gold Corp 4.77%
  5. Alamos Gold Inc 3.71%
  6. Pan American Silver Corp 4.33%
  7. Goldcorp Inc 3.12%
  8. Newmont Mining Corp 3.83%
  9. OceanaGold Corp 3.04%
  10. Fresnillo PLC 2.96%

Asset Allocation

Weighting Category Low Category High TGLDX % Rank Quintile
Stocks
83.16% 0.00% 99.90% 30.65% 5
Other
16.84% -0.06% 22.87% 3.23% 1
Preferred Stocks
0.00% 0.00% 0.09% 3.23% 1
Convertible Bonds
0.00% 0.00% 3.77% 6.45% 1
Cash
0.00% -0.57% 31.02% 29.03% 5
Bonds
0.00% 0.00% 57.14% 4.84% 1

Stock Sector Breakdown

Weighting Category Low Category High TGLDX % Rank Quintile
Basic Materials
79.79% 0.00% 99.90% 29.03% 5
Utilities
0.00% 0.00% 0.00% 1.61% 1
Technology
0.00% 0.00% 0.00% 1.61% 1
Real Estate
0.00% 0.00% 0.00% 1.61% 1
Industrials
0.00% 0.00% 0.00% 1.61% 1
Healthcare
0.00% 0.00% 0.00% 1.61% 1
Financial Services
0.00% 0.00% 0.00% 1.61% 1
Energy
0.00% 0.00% 0.52% 6.45% 2
Communication Services
0.00% 0.00% 0.00% 1.61% 1
Consumer Defense
0.00% 0.00% 2.03% 4.84% 1
Consumer Cyclical
0.00% 0.00% 0.00% 1.61% 1

Stock Geographic Breakdown

Weighting Category Low Category High TGLDX % Rank Quintile
Non US
75.79% 0.00% 91.06% 30.65% 5
US
7.37% 0.00% 19.89% 25.81% 4

TGLDX - Expenses

Operational Fees

TGLDX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.39% 0.35% 3.39% 48.39% 3
Management Fee 0.83% 0.32% 1.00% 9.68% 4
12b-1 Fee 0.25% 0.00% 1.00% 13.04% 1
Administrative Fee 0.15% 0.05% 1.00% 11.76% 3

Sales Fees

TGLDX Fees (% of AUM) Category Low Category High TGLDX Rank Quintile
Front Load N/A 3.50% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

TGLDX Fees (% of AUM) Category Low Category High TGLDX Rank Quintile
Max Redemption Fee 2.00% 0.05% 2.00% 3.33% 3

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TGLDX Fees (% of AUM) Category Low Category High TGLDX Rank Quintile
Turnover 15.00% 2.00% 797.00% 25.81% 2

TGLDX - Distributions

Dividend Yield Analysis

TGLDX Category Low Category High TGLDX % Rank Quintile
Dividend Yield N/A 0.00% 2.19% N/A N/A

Dividend Distribution Analysis

TGLDX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Quarterly Annually

Dividend Payout History


Net Income Ratio Analysis

TGLDX Category Low Category High TGLDX % Rank Quintile
Net Income Ratio -0.91% -2.49% 2.22% 53.23% 4

Capital Gain Distribution Analysis

TGLDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

TGLDX - Managers

Douglas B. Groh

Manager

Start Date

Jan 01, 2012

Tenure

5.25

Tenure Rank

17.5%

Mr. Groh also serves as a Portfolio Manager and Senior Research Analyst at Tocqueville Asset Management, L.P. and is a member of the gold investment team. Prior to joining the firm in 2003, Mr. Groh was Director of Investment Research at Grove Capital from 2001 to 2003, and from 1990-2001, held investment research and banking positions at J.P. Morgan, Merrill Lynch and ING Bank. Mr. Groh began his career as a mining and precious metals analyst in 1985 at U.S. Global Investors. Mr. Groh earned a BS in Geology and Geophysics from the University of Wisconsin – Madison and an M.A. from the University of Texas at Austin, where he focused on mineral economics.


John C. Hathaway

Manager

Start Date

Jun 29, 1998

Tenure

18.77

Tenure Rank

5.2%

John Hathaway, CFA, is a Senior Portfolio Manager at Tocqueville Asset Management L.P. Mr. Hathaway joined Tocqueville in 1997 where he is a co‐portfolio manager of the Tocqueville Gold Fund as well as other investment vehicles in the Gold Equity strategy. He is also the portfolio manager of private funds. Prior to joining Tocqueville, Mr. Hathaway co‐founded and managed Hudson Capital Advisors followed by seven years with Oak Hall Advisors as the Chief Investment Officer in 1986. In 1976, he joined the investment advisory firm David J. Greene and Company, where he became a Partner. Mr. Hathaway began his career in 1970 as an Equity Analyst with Spencer Trask & Co. Mr. Hathaway earned a B.A. from Harvard College and an M.B.A. from the University of Virginia. Mr. Hathaway is also the Chairman of Tocqueville Management Corporation, the General Partner of Tocqueville. He also holds the CFA designation.


Ryan McIntyre

Manager

Start Date

Jan 01, 2017

Tenure

0.24

Tenure Rank

29.9%

Mr. McIntyre is a portfolio manager for the gold investment team at Tocqueville Asset Management L.P. Mr. McIntyre joined Tocqueville in 2008 as a research Analyst and focused on generating ideas and monitoring investments related to precious metals. Prior to joining Tocqueville, Mr. McIntyre was an associate focused on mergers and acquisitions in the metals mining sector with Macquarie Bank. Mr. McIntyre earned a B.A. in Commerce with Distinction (majoring in finance) from Dalhousie University and an M.B.A. from the Yale School of Management. Mr. McIntyre achieved his Chartered Financial Analyst designation in 2005.


Tenure Analysis

Category Low

0.2

Category High

29.2

Category Average

9.48

Category Mode

2.3