Fund Overview
Fund Objective & Strategy
Sprott Gold Equity Fund’s* investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in gold and other precious metals and securities of companies located throughout the world that are engaged in mining or processing gold. The Fund follows a value approach to investing and the Portfolio Manager will identify companies that are undervalued based on his judgment of relative value and growth potential.
*Effective January 17, 2020, both classes of the Tocqueville Gold Fund (TGLDX and TGLIX) have been successfully reorganized into classes of the Sprott Gold Equity Fund (SGDLX and SGDIX). The Fund began trading officially on Tuesday, January 21, 2020, at 9:30 a.m. ET.
Visit Information for Fund Shareholders to Learn More
Videos
Why Gold
John Hathaway explores why investing in gold makes sense for most investors and how it helps protect portfolios.
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Sprott Overview
Whitney George discusses the depth of resources at Sprott, a leader in precious metals investing.
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Fund Details As of 12/31/2019
| SGDLX Investor Class A |
|
| CUSIP | 85208P105 |
| Inception Date | 6/29/1998 |
| Total Fund Assets | $1.0 Billion |
| Minimum Investment | $1,000 ($250 IRA) |
| Total Annual Fund Operating Expenses | 1.47% |
Expenses are per the Fund's most recent prospectus, based on the fiscal year ending 10/31/19.
| SGDIX Institutional Class I |
|
| CUSIP | 85208P204 |
| Inception Date | 4/8/2019 |
| Total Fund Assets | $81.5 Million |
| Minimum Investment | $1 Million |
| Total Annual Fund Operating Expenses | 1.28% |
| Investor Class A & Institutional Class I |
|
| Manager Tenure | John Hathaway 22 Years, Doug Groh 9 Years |
| Dividend Policy (Distributions History) | Annual |
| Redemption Fee | 2.00% first 90 days* |
| Sales Charge | None |
| Transfer Agent | U.S. Bank Global Fund Services |
Performance
Month-End Performance
Average Annual Total Returns (%) As of 1/31/2020
| Fund | 1 MO* | 3 MO* | YTD* | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | SI3 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sprott Gold Equity Fund (SGDLX) | -1.85 | 5.37 | -1.85 | 23.80 | 1.70 | 2.92 | -1.86 | 4.62 | 9.24 | 9.34 |
| Sprott Gold Equity Fund (SGDIX) | -1.82 | 5.44 | - | - | - | - | - | - | - | 0.00 |
| PHLX Gold/Silver Sector Index (XAU)1 | -2.75 | 8.91 | -2.75 | 37.34 | 5.10 | 6.35 | 0.00 | 0.00 | 0.00 | 0.00 |
| S&P 500 Total Return Index2 | -0.04 | 6.72 | -0.04 | 21.68 | 14.54 | 12.37 | 13.97 | 9.18 | 6.33 | 0.00 |
*Returns for periods less than one year are not annualized.
Quarter-End Performance
Average Annual Total Returns (%) As of 12/31/2019
| Fund | 1 MO* | 3 MO* | YTD* | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | SI3 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sprott Gold Equity Fund (SGDLX) | 10.52 | 11.38 | 35.24 | 35.24 | 7.20 | 5.37 | -2.57 | 4.39 | 8.88 | 9.48 |
| Sprott Gold Equity Fund (SGDIX) | 10.52 | 11.44 | - | - | - | - | - | - | - | 0.00 |
| PHLX Gold/Silver Sector Index (XAU)1 | 11.93 | 21.11 | 52.76 | 52.76 | 11.58 | 10.10 | -3.33 | 1.61 | 3.57 | 3.17 |
| S&P 500 Total Return Index2 | 3.02 | 9.07 | 31.49 | 31.49 | 15.27 | 11.70 | 13.56 | 9.00 | 6.06 | 7.00 |
*Returns for periods less than one year are not annualized.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance assumes reinvestment of capital gains and dividends. Returns for periods less than one year are not annualized. The Fund’s performance does not reflect the redemption fee of 2.00% for the first 90 days. If deducted, the fee would reduce the performance quoted. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 888.622.1813.
| 1 | The Philadelphia Stock Exchange Gold/Silver Index is a good indicator of the performance of the common stock of companies in the gold and silver mining industry. It does not incur fees and expenses. You cannot invest directly in an index |
| 2 | The S&P 500 Total Return Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. You cannot invest directly in an index. |
| 3 | Since Inception (SI) date for Investor Class A is 6/29/1998; Since Inception (SI) date for Institutional Class I is 4/8/2019. |
Growth of $10,000 Since Inception
Calendar Year Total Returns (%)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
| Sprott Gold Equity Fund (SGDLX) | 21.72 | -10.70 | 21.90 | 82.88 | 53.65 | -5.83 | 30.03 | 39.24 | 12.41 | -34.93 | 86.59 | 53.34 | -15.85 | -8.72 | -48.26 | -2.67 | -24.89 | 40.42 | 8.91 | -16.37 | 35.25 |
| PHLX Gold/Silver Sector Index (XAU) | 6.52 | -22.54 | 7.55 | 43.36 | 43.96 | -7.70 | 30.56 | 12.50 | 22.91 | -27.74 | 36.63 | 35.92 | -19.16 | -6.72 | -48.01 | -17.29 | -33.42 | 74.93 | 8.78 | -16.41 | 52.76 |
| S&P 500 Total Return Index | 21.04 | -9.10 | -11.89 | -22.10 | 28.68 | 10.88 | 4.91 | 15.79 | 5.49 | -37.00 | 26.46 | 15.06 | 2.11 | 16.00 | 32.39 | 13.69 | 1.38 | 11.96 | 21.83 | -4.38 | 31.49 |
Fund Expense Ratios
| SGDLX Investor Class A | |
| Management Fee | 0.88% |
| Distribution and Service (12b-1) Fee | 0.25% |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 1.47% |
| SGDIX Institutional Class I | |
| Management Fee | 0.88% |
| Distribution and Service (12b-1) Fee | N/A |
| Other Expenses | 0.40% |
| Total Annual Fund Operating Expenses | 1.28% |
Expenses are per the Fund's most recent prospectus, based on the fiscal year ending 10/31/19.
Portfolio Analytics
As of 12/31/2019
Top 10 Positions (% of net assets)
| Physical Gold | 15.35 |
| Detour Gold Corp. | 7.97 |
| Pan American Silver Corp. | 5.17 |
| Franco-Nevada Corp. | 5.09 |
| MAG Silver Corp. | 4.77 |
| Wheaton Precious Metals Corp. | 3.93 |
| Torex Gold Resources Inc. | 3.58 |
| Corvus Gold Inc. | 3.36 |
| AngloGold Ashanti Limited | 3.18 |
| B2Gold Corp. | 3.09 |
| Top 10 Total | 55.49 |
Asset Allocation (% of net assets)
Equities: Country Weightings* (%)
Portfolio Diagnostics
| Total Number of Equity Holdings | 58 |
| Turnover Ratio | 9% |
| Weighted Median Market Capitalization | $1.0 Billion |
| Weighted Avg. Market Capitalization | $5.4 Billion |
Equities: Industry Allocation* (%)
| Gold Related | 76.23 |
| Silver Related | 13.87 |
| Other Precious Metals | 4.34 |
| Diversified Metals & Mining | 3.58 |
| Other | 1.97 |
| Total | 100.00 |
Equities: Stage of Development* (%)
| Senior Producers (>$8 Billion) | 19.28 |
| Mid-Tier Producers/Advanced Developers ($2-$8 Billion) | 29.22 |
| Small Producers/Developers ($0.5-$2 Billion) | 21.48 |
| Early Developers/Exploration (<$0.5 Billion) | 12.70 |
| Other | 17.32 |
| Total | 100.00 |
5-Year Risk Measures & Statistics
| Volatility (Standard Deviation) | 30.15 |
| Sharpe Ratio | 0.14 |
| Alpha vs. PHLX Gold/Silver Sector Index (XAU) | -0.25 |
| Beta vs. PHLX Gold/Silver Sector Index (XAU) | 0.75 |
Source: FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index.
Investment Team
Senior Portfolio Manager
50 Years of Investment Experience
Senior Portfolio Manager
34 Years of Investment Experience
John Hathaway and Doug Groh are members of the Sprott Gold Team which offers world-class expertise in the active management of precious metals equities.
Unparalleled in scope and breadth, the Team includes portfolio managers, geologists, analysts and traders who together boast more than 350 years of combined precious metals investment experience. Learn more about the Sprott Gold Team
Commentary
RealVision Interview with John Hathaway
In its Gold vs. Bitcoin video series, Real Vision features John Hathaway, Senior Portfolio Manager of Tocqueville Asset Management, being interviewed by Dan Tapiero of DTAP Capital.
Tocqueville Gold Strategy* Third Quarter 2019 Investor Letter
John Hathaway discusses current market conditions.
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Insights from Sprott
How To Invest
You may purchase shares of Sprott Gold Equity Fund through:
- Authorized financial intermediaries including securities dealers
- The Fund’s distributor, Sprott Global Resource Investments
- The Fund’s transfer agent, U.S. Bank Global Fund Services, by mailing in account applications; please telephone 844.940.GOLD (4653) for assistance. All applications should be mailed to:
Sprott Gold Equity Fund
c/o U.S. Bank Global Fund Services
615 E. Michigan St., FL3
Milwaukee, WI 53202-5207
Shares of the Fund have not been registered for sale outside of the United States, Puerto Rico, Guam and the U.S. Virgin Islands. The Fund generally does not sell shares to investors residing outside the United States, Puerto Rico, Guam and the U.S. Virgin Islands, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.
The prospectus includes more detailed information regarding how to purchase, redeem or exchange Fund shares. Please read the appropriate prospectus carefully before investing. If you have questions or would like more information please contact us at 888.622.1813 or email sprottgoldequityfund@sprott.com, or speak to your Financial Advisor.
Who may want to invest in the Sprott Gold Equity Fund?
- Long-term investors seeking to add an actively-managed mutual fund of gold mining equities and physical gold bullion to a diversified investment portfolio
- Investors seeking potential growth over time
- Investors who can tolerate short-term fluctuations in net asset value (“NAV”) per share
- Investors seeking long-term preservation of capital (sufficient growth to outpace inflation over an extended period of
time) and growth of capital
| SGDLX – Investor Class A CUSIP: 85208P105 |
| SGDIX – Institutional Class I CUSIP: 85208P204 |
Documents
Fund Literature
Prospectuses & Reports
SGDLX Investor Class A
- SGDLX Investor Class A - Statutory Prospectus
- SGDLX Investor Class A - Summary Prospectus
- SGDLX Investor Class A - Statement of Additional Information
SGDIX Institutional Class I
- SGDIX Institutional Class I - Statutory Prospectus
- SGDIX Institutional Class I - Summary Prospectus
- SGDIX Institutional Class I - Statement of Additional Information
Annual and Semi-Annual Reports
Distributions to Shareholders History
| Fiscal Year Ending October 31 | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions |
| 2018 | None | None | None |
| 2017 | None | None | None |
| 2016 | None | None | None |
| 2015 | None | None | None |
| 2014 | None | None | None |
To learn more about Sprott Gold Equity Fund, please telephone a Sprott representative at 888.622.1813 or email sprottgoldequityfund@sprott.com.
Important Disclosure
Portfolio facts and statistics are shown for Investor Class A shares only unless otherwise noted; other classes may have different characteristics.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus which should be considered carefully before investing. Click here to obtain the prospectus or call 888.622.1813.
Past performance is not a guarantee of future results. The Fund invests in gold and other precious metals, which involves additional and special risks, such as the possibility for substantial price fluctuations over a short period of time; the market for gold/precious metals is relatively limited; the sources of gold/precious metals are concentrated in countries that have the potential for instability; and the market for gold/precious metals is unregulated. The Fund may also invest in foreign securities, which are subject to special risks including: differences in accounting methods; the value of foreign currencies may decline relative to the US dollar; a foreign government may expropriate the Fund’s assets; and political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund’s investments to decline. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.
Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI.
NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED
Sprott Asset Management LP is the investment adviser to the Fund. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Sprott Global Resource Investments Ltd. is the Fund’s distributor.