Midas Fund - gold investing for capital appreciation
Midas Fund’s "quality with growth" approach in precious metals and natural resource investing drove returns in the quarter. The Fund increased its holdings of platinum mining companies and reduced or eliminated positions in certain gold and silver miners that also received substantial revenues from copper, lead, or zinc. Boosting returns in the quarter were intermediate resource mining companies with increasing reserves or other characteristics enhancing their appeal as potential takeover targets. The Fund’s short sales of certain companies whose valuations were stretched or whose operations appeared at risk of negative developments hindered returns in the quarter. Currently fully invested, Midas Fund recently has benefited from holdings of two companies receiving buyout offers at prices well over market and anticipates more activity in this area, particularly for those companies with operations offering increasing cash flow, expanding production profiles, promising exploration potential, and/or other special growth features.
Midas Special Fund - seeking capital appreciation in any sector
Midas Special Fund maintained a leveraged position during the quarter notwithstanding market fluctuations and the overall movement of equities, In anticipation of favorable earnings announcements, the Fund continued its strategy of holding blue chips and other well known companies, including the stocks of some of the largest and best known U.S. companies in insurance, business services, and information retrieval. Over the course of future market fluctuations, the Fund may seek opportunities to use its flexible investment strategy or seek a defensive investment position.
Midas Perpetual Portfolio - seeking to preserve and increase the purchasing power value of its shares over the long term
Midas Perpetual Portfolio seeks to preserve and increase the "purchasing power" value of its shares over the long term. The investment strategy of the Fund acknowledges a broad range of economic possibilities and seeks to incorporate investments appropriate for each of them. Investors who wish to invest all or a portion of their capital in a way that does not depend on any particular outcome for the economy should consider purchasing shares in the Fund.
In pursuit of its investment objective, the Fund invests a fixed "Target Percentage" of its total assets in each of the following categories: gold; silver; Swiss franc assets; hard asset securities; large capitalization growth stocks; and dollar assets. At each calendar quarter end, the Fund’s investment manager compares the Fund’s actual percentage of investments in a given category with the Target Percentage for that category. Should the actual percentage at that time vary from the Target Percentage (due to market fluctuations or other factors) by more than one-tenth of the Target Percentage for that category, within the subsequent quarter the investment manager will normally adjust the Fund’s investments as needed to more closely align the actual percentage to the Target Percentage (unless it is substantially re-aligned at any time during the subsequent quarter by further market fluctuations or other factors). In the quarter the Fund added to its holdings of Swiss bonds to balance the overall portfolio with Swiss franc assets.
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