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Precious Metals Fund (EKWAX) 

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All data as of 9-30-19 unless otherwise noted.

NAV as of 10-18-19 Daily change Daily change
$40.41 $0.12 0.30%

Morningstar RatingTM
Overall Rating This is a 4 star fund.

Based on risk-adjusted return through 09-30-19
Equity Precious Metals category (65 funds)

See Morningstar Details

6   Morningstar® Style Box

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.

Ticker EKWAX
CUSIP 94985D533
Fund number 654
YTD return as of 10-18-19 28.98%
Fund inception date 1-30-78
Share class inception date 1-20-98
Net fund assets as of 10-18-19 324290130

Fund highlights

    • Invests in companies involved in the exploration, development, mining, processing, or dealing of gold, precious metals, and minerals, which tend to have a relatively high correlation to underlying commodity prices and relatively low correlation to the prices of other stocks and bonds.
    • Takes a disciplined approach to risk management through top-down analysis and bottom-up stock selection, while diversifying across market capitalizations, production profiles, and geographies.
    • Focuses on a longer-term investment horizon, looking for companies that have lower-than-average cost structures, are well managed, and are likely to improve their relative value over time.
    • Diversity among gold-related stocks: The team primarily invests in gold-related stocks, diversifying across exploration, development, and production companies. This approach allows for greater upside opportunities and allocates risk more broadly across business segments, setting it apart from many of the funds within its peer group.
    • Holdings often have notable upside potential as gold prices rise: Precious metals-related stocks have often provided greater return potential relative to direct investments in their underlying commodities during periods when precious metals prices are strongly rising.
    • Fundamental analysis seeks to minimize downside risk: The team focuses on stocks with their own attractive fundamentals that may provide a buffer to the downside relative to benchmark during periods of falling commodity prices.

    Management

    Michael Bradshaw, CFA
    24 years of investment experience

    Oleg Makhorine
    24 years of investment experience

    Total returns (%)

        3 month Year to date 1 year 3 year 5 year 10 year Since inception
    Precious Metals Fund NAV 4.26 28.79 44.31 -1.28 3.84 -2.99 7.58
    POP -1.73 21.39 36.00 -3.22 2.62 -3.56 7.42
    S&P 500 Index 1.70 20.55 4.25 13.39 10.84 13.24 11.87
    FTSE Gold Mines Index 4.69 31.15 52.26 1.72 7.23 -4.01

    Three-month and year-to-date returns are not annualized.

    Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.

    Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower.

    For Class A, the maximum front-end sales charge is 5.75%. Performance including sales charge assumes the sales charge for the corresponding time period.

    Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for short time periods, should not be the sole factor in making your investment decision.

    Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

    Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Funds that concentrate their investments in limited sectors, such as gold-related investments, are more vulnerable to adverse market, economic, regulatory, political, or other developments affecting those sectors. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk, geographic, nondiversification risk, smaller-company securities risk, and subsidiary risk. Consult the fund’s prospectus for additional information on these and other risks.

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