Sprott Gold Equity Fund

Fund Overview

As of 10/23/2020
NAV Change
$-0.35 (-0.62%)
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, Sprott Gold Equity Fund (SGDLX and SGDIX) represented the reorganization of both classes of the Tocqueville Gold Fund (TGLDX and TGLIX). The new Fund began trading officially on Tuesday, January 21, 2020, at 9:30 a.m. ET.  

Visit Information for Fund Shareholders to Learn More

Latest Commentary

Sprott Gold Equities Strategy Q3 2020 - Gold, The Simple Math

Sprott Gold Equities Strategies Q2 2020 - A Very Fat Pitch

Sprott Gold Monitor Q2 2020

A quarterly report of chart analysis on the macroeconomic landscape, gold bullion and gold mining equities.

Fund Details As of 6/30/2020
Investor Class A
CUSIP 85208P105
Inception Date 6/29/1998
Total Fund Assets $953.4 Million
Minimum Investment $1,000 ($250 IRA)
Total Annual Fund Operating Expenses 1.46%*

*See Fees & Expenses below for full details.

Institutional Class I
CUSIP 85208P204
Inception Date 4/8/2019
Total Fund Assets $250.1 Million
Minimum Investment $1 Million
Total Annual Fund Operating Expenses 1.20%*
Investor Class A &
Institutional Class I
Manager Tenure John Hathaway 23 Years, Doug Groh 17 Years
Dividend Policy (Distributions History) Annual
Redemption Fee 2.00% first 90 days*
Sales Charge None
Transfer Agent U.S. Bank Global Fund Services
*The Fund’s performance does not reflect the redemption fee. If deducted, the fee would reduce the performance quoted.


Month-End Performance
Average Annual Total Returns (%) As of 9/30/2020
Fund 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR 15 YR 20 YR SI3
Sprott Gold Equity Fund (SGDLX) -6.53 8.37 32.55 47.63 14.31 17.44 -2.83 5.36 11.26 10.54
Sprott Gold Equity Fund (SGDIX) -6.52 8.44 32.81 48.01 - - - - - 42.67
PHLX Gold/Silver Sector Index (XAU)1 -7.10 11.00 34.66 63.22 20.10 26.28 -2.01 2.70 6.66 4.45
S&P 500 Total Return Index2 -3.80 8.93 5.57 15.15 12.28 14.15 13.74 9.19 6.42 0.00

*Returns for periods less than one year are not annualized.

Quarter-End Performance
Average Annual Total Returns (%) As of 9/30/2020
Fund 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR 15 YR 20 YR SI3
Sprott Gold Equity Fund (SGDLX) -6.53 8.37 32.55 47.63 14.31 17.44 -2.83 5.36 11.26 10.54
Sprott Gold Equity Fund (SGDIX) -6.52 8.44 32.81 48.01 - - - - - 42.67
PHLX Gold/Silver Sector Index (XAU)1 -7.10 11.00 34.66 63.22 20.10 26.28 -2.01 2.70 6.66 4.45
S&P 500 Total Return Index2 -3.80 8.93 5.57 15.15 12.28 14.15 13.74 9.19 6.42 0.00

*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 (XAU) 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
Click and drag to zoom in.
For the period 6/30/2020. This graph represents the growth of a hypothetical investment of $10,000 invested in Investor Class A shares. It assumes reinvestment of dividends and capital gains, and does not reflect redemption fees or the effects of taxes on any capital gains and/or distributions. Based on Investor Class A shares.
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
Fees and Expenses
As of 4/30/2020
SGDLX Investor Class A
Management Fee 0.87%
Distribution and Service (12b-1) Fee 0.25% 
Other Expenses  0.34%
Total Annual Fund Operating Expenses  1.46%
SGDIX Institutional Class I
Management Fee 0.87%
Distribution and Service (12b-1) Fee N/A
Other Expenses 0.33%
Total Annual Fund Operating Expenses 1.20%

Expenses are per the Fund's most recent semi-annual report, annualized based on the six-month period ending 4/30/20.

Portfolio Analytics
As of 6/30/2020

Top 10 Positions (% of net assets)
Physical Gold 13.31
Corvus Gold Inc. 4.61
Pan American Silver Corp. 4.59
Newmont Corporation 4.01
International Tower Hill Mines Ltd. 3.96
Kirkland Lake Gold Ltd. 3.87
SilverCrest Metals Inc. 3.64
Franco-Nevada Corporation 3.64
B2Gold Corp. 3.62
MAG Silver Corp. 3.60
Top 10 Total 48.85
Holdings may vary, and this list is not a recommendation to buy or sell any security.
Asset Allocation (% of net assets)
Equities: Country Weightings* (%)
Portfolio Diagnostics
Total Number of Equity Holdings 54
Turnover Ratio 9%
Weighted Median Market Capitalization $3,670 Million
Weighted Avg. Market Capitalization $8.8 Billion
Equities: Industry Allocation* (%)
Gold Related 80.38
Silver Related 8.20
Precious Metals & Minerals 7.13
Other 2.92
Diversified Metals & Mining 1.37
Total 100.00
Equities: Stage of Development* (%)
Senior Producers (>$8 Billion) 24.60
Mid-Tier Producers/Advanced Developers ($2-$8 Billion) 20.56
Small Producers/Developers ($0.5-$2 Billion) 22.74
Early Developers/Exploration (<$0.5 Billion) 15.87
Other 16.24
Total 100.00
5-Year Risk Measures & Statistics
Volatility (Standard Deviation) 33.75
Sharpe Ratio 0.30
Alpha vs. PHLX Gold/Silver Sector Index (XAU) -0.17
Beta vs. PHLX Gold/Silver Sector Index (XAU) 0.77

Source: FactSet.

*Allocations exclude cash and cash equivalents and are subject to change.

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


John  Hathaway
John Hathaway
Senior Portfolio Manager
50 Years of Investment Experience
Douglas Groh
Douglas Groh
Senior Portfolio Manager
35 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


Gold, The Simple Math

The current pullback in the precious metals sector is a buying opportunity. It is possible that gold and gold mining shares could continue to chop sideways-to-lower until the U.S. presidential election results are known and even into yearend as the implications are sorted out. We believe that now is the time to start layering in gold exposure, not when the rest of the world tries to do so.

A Very Fat Pitch

We believe that the macro forces for gold and gold mining stocks have coalesced into what may be one of the 'fattest investment pitches' of our time. A fat pitch is a momentary event, akin to catching a major trend change in the financial markets. Such opportunities do not come around often. They deserve serious consideration and expeditious response.

Secular Gold Bull Resumes with Force

Gold is on the cusp of breaking out to all-time highs in U.S. dollars and has already done so in virtually every other currency. Gold mining stocks continue to lag the metal and, in our opinion, represent a compelling investment opportunity.

Why Gold

John Hathaway explores why investing in gold makes sense for most investors and how it helps protect portfolios.

View Video

Doug Groh looks at how gold mining equities have been revitalized by improved managements and M&A.

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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


Distributions to Shareholders History

Fiscal Year Ending October 31 Dividends from Net Investment Income Distributions from Net Realized Gains Total Distributions
2019 None None None
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. All data is in U.S. dollars unless otherwise noted. 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.

Morningstar Ratings are as of 6/30/2020. Ratings may reflect fee waivers in effect; in their absence, ratings may have been lower. Ratings for other share classes may vary. As of 6/30/2020, the Investor Class was rated against the Equity Precious Metals Funds category over the following time periods: 3 stars out of 49 funds over 3 years, 3 stars out of 48 funds over 5 years, and 4 stars out of 42 funds over 10 years. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year
rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three year period actually has the greatest impact because it is included in all three rating periods. ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

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.


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.

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