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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.
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| Period | TGLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.1% | -7.8% | 6.2% | 84.91% |
| 1 Yr | -15.0% | -40.5% | -2.4% | 77.36% |
| 3 Yr | -7.2%* | -28.3% | -4.5% | 50.94% |
| 5 Yr | -5.2%* | -17.1% | 0.2% | 64.15% |
| 10 Yr | -3.5%* | -14.5% | -2.2% | 2.78% |
* Annualized
| Period | TGLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2018 | -16.4% | -42.5% | -5.3% | 60.38% |
| 2017 | 8.9% | -26.2% | 13.8% | 33.96% |
| 2016 | 40.4% | 4.6% | 74.8% | 64.15% |
| 2015 | -24.9% | -31.7% | -5.2% | 75.47% |
| 2014 | -2.7% | -28.3% | -1.0% | 13.21% |
| Period | TGLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.1% | -7.8% | 6.2% | 84.91% |
| 1 Yr | -15.0% | -40.5% | -2.4% | 77.36% |
| 3 Yr | -7.2%* | -28.3% | -0.9% | 67.92% |
| 5 Yr | -5.2%* | -17.1% | 0.4% | 73.58% |
| 10 Yr | -3.5%* | -14.5% | -2.2% | 5.56% |
* Annualized
| Period | TGLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2018 | -16.4% | -42.5% | -5.3% | 60.38% |
| 2017 | 8.9% | -26.2% | 17.6% | 49.06% |
| 2016 | 40.4% | 4.6% | 74.8% | 86.79% |
| 2015 | -24.9% | -31.7% | -5.2% | 75.47% |
| 2014 | -2.7% | -28.3% | -1.0% | 13.21% |
| TGLDX | Category Low | Category High | TGLDX % Rank | |
|---|---|---|---|---|
| Net Assets | 837 M | 14.4 M | 1.37 B | 26.42% |
| Number of Holdings | 62 | 29 | 155 | 37.74% |
| Net Assets in Top 10 | 433 M | 10.7 M | 844 M | 26.42% |
| Weighting of Top 10 | 48.13% | 28.5% | 68.5% | 69.81% |
| Weighting | Return Low | Return High | TGLDX % Rank | |
|---|---|---|---|---|
| Stocks | 83.05% | 1.85% | 100.09% | 92.45% |
| Other | 14.06% | -5.94% | 21.61% | 7.55% |
| Cash | 2.85% | 0.09% | 30.96% | 28.30% |
| Bonds | 0.04% | 0.00% | 67.07% | 11.32% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 35.85% |
| Convertible Bonds | 0.00% | 0.00% | 0.28% | 41.51% |
| Weighting | Return Low | Return High | TGLDX % Rank | |
|---|---|---|---|---|
| Basic Materials | 78.64% | 0.00% | 100.09% | 90.57% |
| Utilities | 0.00% | 0.00% | 7.74% | 37.74% |
| Technology | 0.00% | 0.00% | 3.04% | 39.62% |
| Real Estate | 0.00% | 0.00% | 4.01% | 37.74% |
| Industrials | 0.00% | 0.00% | 9.40% | 41.51% |
| Healthcare | 0.00% | 0.00% | 3.77% | 37.74% |
| Financial Services | 0.00% | 0.00% | 13.02% | 39.62% |
| Energy | 0.00% | 0.00% | 5.53% | 43.40% |
| Communication Services | 0.00% | 0.00% | 5.46% | 37.74% |
| Consumer Defense | 0.00% | 0.00% | 3.00% | 39.62% |
| Consumer Cyclical | 0.00% | 0.00% | 3.05% | 37.74% |
| Weighting | Return Low | Return High | TGLDX % Rank | |
|---|---|---|---|---|
| Non US | 76.99% | 0.00% | 95.96% | 90.57% |
| US | 6.06% | 1.85% | 24.99% | 90.57% |
| Weighting | Return Low | Return High | TGLDX % Rank | |
|---|---|---|---|---|
| Corporate | 2.27% | 0.00% | 33.11% | 3.77% |
| Cash & Equivalents | 0.62% | 0.01% | 63.10% | 71.70% |
| Derivative | 0.00% | -0.02% | 0.00% | 35.85% |
| Securitized | 0.00% | 0.00% | 1.06% | 37.74% |
| Municipal | 0.00% | 0.00% | 0.01% | 37.74% |
| Government | 0.00% | 0.00% | 0.76% | 37.74% |
| Weighting | Return Low | Return High | TGLDX % Rank | |
|---|---|---|---|---|
| US | 0.04% | 0.00% | 56.14% | 9.43% |
| Non US | 0.00% | 0.00% | 10.93% | 37.74% |
| TGLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.42% | 0.33% | 4.28% | 50.94% |
| Management Fee | 0.87% | 0.34% | 1.01% | 83.02% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 35.90% |
| Administrative Fee | 0.15% | 0.04% | 1.00% | 57.14% |
| TGLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
| TGLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 0.05% | 2.00% | 12.50% |
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 Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 9.00% | 6.00% | 508.00% | 18.87% |
| TGLDX | Category Low | Category High | TGLDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 0.20% | 58.49% |
| TGLDX | Category Low | Category High | Category Mode | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
| Date | Amount |
|---|---|
| Dec 16, 2008 | $0.885 |
| Dec 11, 2007 | $0.459 |
| Dec 15, 2006 | $0.217 |
| Dec 18, 2003 | $0.031 |
| Dec 12, 2000 | $0.013 |
| Oct 29, 1999 | $0.001 |
| TGLDX | Category Low | Category High | TGLDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.88% | -2.84% | 1.38% | 73.58% |
| TGLDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Manager
Start Date
Tenure
Tenure Rank
Jun 29, 1998
20.85
20.9%
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.
Manager
Start Date
Tenure
Tenure Rank
Jan 01, 2012
7.33
7.3%
Douglas B. Groh is a Portfolio Manager at Tocqueville Asset Management L.P. He joined Tocqueville in 2003. Prior to joining Tocqueville, Mr. Groh was Director of Investment Research at Grove Capital from 2001 to 2003 and from 1990 to 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 B.S. 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.
Manager
Start Date
Tenure
Tenure Rank
Jan 01, 2017
2.33
2.3%
Mr. McIntyre has been the co-portfolio manager of The Gold Fund since 2017. Mr. McIntyre is also a portfolio manager for the gold investment team at the Advisor. 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
0.58
Category High
31.25
Category Average
11.31
Category Mode
2.95
MUTUAL FUND EDUCATION
MUTUAL FUND EDUCATION
