GBUG

GBUG aims for long-term capital appreciation by investing in shares of gold- and silver-focused companies. The fund identifies firms that (1) substantially earn revenues or dedicate assets to exploring, developing, or mining gold or silver and (2) royalties and streaming companies engaged in the financing of gold or silver. The actively managed fund follows a value-oriented strategy that targets undervalued companies believed to have good long-term business fundamentals and/or growth potential. The fund may invest no more than 20% in companies focused on other precious metals. Investments are intended to be held for for 3 to 5 years with position sizes ranging from 0.5% to 15%. In selecting stocks, the adviser incorporates valuation, performance shortfalls relative to internal benchmarks, or tactical trims based on position size for risk management. The fund may invest in non-US companies, including those from emerging markets. GBUG may also engage in securities lending.