Midas Fund has re-balanced its portfolio towards the highest quality senior and intermediate precious metals producers. As gold and silver prices increase, well managed producing mining companies are expected to show dramatic earnings and cash flow growth, adding further potential boost to their stock prices. Midas Fund particularly benefited from high acquisition bids for two portfolio holdings in the quarter. A junior company's lackluster gold production in the recent quarter detracted from Fund performance. Midas Fund is currently aggressively leveraged in a global portfolio of primarily 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 may seek to further leverage its holding in global mining companies with production of gold, silver, and other metals, including copper, deemed to have both reasonable valuations and compelling quality and growth.
Midas Special Fund – aggressively seeking capital appreciation through quality investing
Midas Special Fund has further concentrated the number of quality blue chip and other well known companies in its portfolio, including the stocks of some of the strongest global companies in insurance, business services, and information retrieval, using aggressive leverage. This reflects the Fund's strategy of focusing on quality companies with unique combinations of strength in operations, products, and finances, offering growth and value. As economic and financial news continue to suggest investment potential, 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 certain asset categories – gold, silver, Swiss franc assets, hard asset securities, large capitalization growth stocks, and dollar assets -- as it seeks 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. Silver appears to have outperformed, thus causing the Fund to reduce its exposure to that asset, and reinvest in another category whose prices do not currently reflect the same degree of market euphoria.
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