Midas Fund – gold investing for capital appreciation
Midas Fund increased its investment leverage and added quality junior gold producing and project development companies to its portfolio, reducing its exposure to platinum and base metals mining companies. The Fund’s large holding of a South American explorer boosted returns when the company received a high takeover offer. Fund performance was hindered by the failure of another junior gold producing company to meet its own production and cost guidance. Midas Fund’s focus is currently on larger miners offering attractive valuations and smaller companies with promising exploration potential, expanding production profiles, increasing cash flow, and/or other special growth features. During the seasonally supportive period for gold, the Fund will seek to continue to increase its allocation primarily to gold and silver mining companies judged to have the most compelling aspects of quality, growth, and reasonable valuation.
Midas Special Fund – aggressively seeking capital appreciation through quality investing
Midas Special Fund has maintained a steady course, notwithstanding recent market fluctuations. Generally, the Fund's portfolio holds with leverage a concentrated number of quality companies with unique combinations of strength in operations, products, and finances, offering growth and value. This reflects the Fund's strategy of focusing on quality blue chips and other well known companies, including the stocks of some of the strongest global companies in insurance, business services, and information retrieval. As economic and financial news continue to create investment opportunities, the Fund may seek to employ its flexible investment strategy to enhance returns 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
In pursuit of its investment objective, Midas Perpetual Portfolio has invested 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. The Fund continues to seek to preserve and increase the "purchasing power" value of its shares over the long term. This 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. Interestingly, designed to provide growth at lower risk, the Fund’s all weather approach makes it an attractive vehicle for a program of steady monthly investing.
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