Midas Fund – gold investing for capital appreciation
Midas Fund has eliminated its investment leverage and reduced the size of or sold several individual positions in the portfolio. Since July 27, 2010, gold has jumped over $200 an ounce, from $1,161 an ounce to $1,361 an ounce, and silver has rocketed $5.84, from $17.68 an ounce to a 30 year high of $23.52 an ounce, causing the prices of many gold and silver mining, project development, and exploration stocks to rise beyond prudent valuations. Fund holdings of quality junior gold producing and project development companies greatly contributed to gains in its portfolio in the recent period. Disappointment with another junior company’s gold production detracted from Fund performance. Midas Fund is currently more broadly invested in a global portfolio of large and medium sized gold, silver, and platinum miners offering attractive valuations and smaller companies with promising exploration potential, expanding production profiles, increasing cash flow, and/or other special growth features. The Fund will be seeking to reinvest its cash on hand in gold and silver mining companies judged to have both reasonable valuations and compelling quality and growth.
Midas Special Fund – aggressively seeking capital appreciation through quality investing
Midas Special Fund has kept its portfolio leveraged in 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. The Fund’s outlook currently suggests a steady course, notwithstanding recent market fluctuations, seeking both growth and value opportunities as they may arise.
Midas Perpetual Portfolio – seeking to preserve and increase the purchasing power value of its shares over the long term
Midas Perpetual Portfolio, in pursuit of its investment objective, 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. Currently, the Fund’s investment manager expects to be comparing the Fund’s actual percentage of investments in a given category with the Target Percentage for that category. Should the actual percentage at calendar quarter end 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 may 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).
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