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4/14/14: Slowing economic growth in China is working with constrained credit markets to dampen demand for gold in China. Joe Foster maintains that could change “if property values there drop sharply or if the financial system shows more signs of stress.” He adds that, “Chinese citizens have a limited range of investment options…and they have a cultural affinity toward gold.”View article »
3/21/14: Reuters consults gold fund managers on the decline in the price of gold and the outlook for mining companies. According to Joe Foster, “People aren’t worried about risk anymore. They see the economy getting back on track – no signs of inflation, no adverse consequences of [Federal Reserve] policies. If people aren’t worried about risk, there’s no need for gold.”View article »
1/14/14: The FT delves into some of the investor-driven changes taking place among gold mining companies, including a shift away from continual expansion. According to Joe Foster. “You just don’t find many mega deposits in mother nature, which is one reason why the supermajor model does not work for the gold industry.”View article »
12/07/13: Barron’s conducts a roundup of four gold experts’ views on the metal’s future. “I believe the prospects for gold are strong, especially from its current oversold levels,” says Joe Foster.View article »
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These are not recommendations to buy or sell any security. Sectors and holdings may vary.
*Price-to-Earnings (P/E) ratio is the
price of a stock divided by its earnings per share. Price-to-Book (P/B) ratio is
the ratio of a stock's price to its book value.
Market capitalization (cap) is the value of
a corporation as determined by the market price of its issued and outstanding
common stock. Market capitalization ranges listed above are specific to the
gold mining industry.
This table is for illustrative purposes only, and the Fund's portfolio construction process may change over time. This table shows the typical holding and allocation range for Van Eck International Investors Gold Fund. We employ a bottom-up process that searches for: 1) organic growth; 2) value; 3) acquisition targets; and 4) strong Management. In addition, we then employ our top-down macro process that: 1) adjusts weightings to match gold price outlook; 2) seeks to increase beta with positive outlook (unhedged producers, high-cost producers, juniors); and 3) seeks to decrease gold beta with negative outlook (hedged producers, large-cap stocks, gold vehicles including bullion, ETFs, structured notes)
Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics.
†NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase. No sales charge is imposed where Class A or Class C shares are issued to you pursuant to the automatic investment of income dividends or capital gains distributions. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class C, Class I and Class Y do not have an initial sales charge; however, Class C does charge a contingent deferred redemption charge. See the prospectus and summary prospectus for more information.
1Expenses are calculated for the 12-month period ending 12/31/13: Class A: Gross 1.29% and Net 1.29%; Class C: Gross 2.09% and Net 2.09%; Class I: Gross 0.96% and Net 0.96%; and Class Y: Gross 1.08% and Net 1.08%. Expenses are capped contractually through 05/01/14 at 1.45% for Class A; 2.20% for Class C; 1.00% for Class I; and 1.20% for Class Y. Caps exclude certain expenses, such as interest.
2The NYSE Arca Gold Miners Index (GDM) is a modified market capitalization-weighted index comprised of publicly traded companies involved primarily in mining for gold. The S&P® 500 Index, calculated with dividends reinvested, consists of 500 leading companies in leading industries of the U.S. economy. The U.S. Dollar Index (DXY) indicates the general international value of the U.S. dollar. The DXY does this by averaging the exchange rates between the U.S. dollar and six major world currencies. All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.
The views and opinions expressed are those of Van Eck Global. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.
You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to the risks associated with concentrating its assets in the gold industry, which can be significantly affected by international economic, monetary and political developments. The Fund’s overall portfolio may decline in value due to developments specific to the gold industry. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation or imposition of prohibitive taxation. The Fund is subject to risks associated with investments in debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, CMOs and small- or mid-cap companies. The Fund is also subject to inflation risk, short-sales risk, market risk, non-diversification risk and leverage risk. Please see the prospectus and summary prospectus for information on these as well as other risk considerations.
Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information. Please read them carefully before investing.
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