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A Detailed Holding Analysis of TGLDX

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Feb. 8 2016, Updated 8:18 p.m. ET

TGLDX’s investment structure

The Tocqueville Gold Fund (TGLDX) invests at least 80% of its net assets—plus borrowings for investment purposes—in the gold and other precious metals and securities of companies engaged in mining, processing, and distribution around the world. The fund aims to generate capital appreciation for its investors and was managing total assets worth $880 million as of the end of December 2016. The asset allocation breakdown of TGLDX is given in the graph below.

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Portfolio breakdown of TGLDX

More than 15% of the fund’s AUM (assets under management) is invested in physical gold. However, no more than 20% of the fund’s total assets may be invested directly in gold and other precious metals. The other top equity holdings of the fund include Franco-Nevada (FNV), Agnico-Eagle Mines (AEM), Goldcorp (GG), and Eldorado Gold (EGO) among others. The top ten holdings of the fund, including physical gold, make up 56.1% of the fund’s total AUM.

As of the end of December, the fund’s assets were spread across 87 holdings. More than 70% of the fund’s holdings are from foreign equity issuers, whereas only 6% of the fund’s portfolio was from US equity (VFINX) issuers. The fund had negligible positions in fixed-income bonds and government securities as of the end of December 2016.

Continue to the next part for an analysis of the investment methodology of TGLDX.

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