The fund seeks long-term capital appreciation through an actively managed portfolio of stocks issued by companies directly or indirectly engaged in the exploration, discovery, development, and production of gold globally. The portfolio primarily holds domestic and foreign gold companies selected using a fundamental, bottom-up investment process. The adviser conducts technical and quantitative analysis, management interviews, and on-site due diligence to assess the growth and value potential of each eligible company. The resulting narrow portfolio generally consists of 20 to 50 stocks, with individual issuer weights capped at 10%. The fund may invest up to 20% of its net assets in physical gold, permitted gold certificates, and gold ETFs and up to 10% in cash and cash equivalents. Portfolio allocation may change over time based on the portfolio advisers economic and market outlook.