- Minimum
- $250kAdditions from $50,000
- Term
- Open-endedNo fixed end date
- Manager is paid
- 1.5%A year, plus 18% above 8%
- Reports
- QuarterlyWithin 45 days of quarter end
A long-term portfolio of gold and precious-metals assets, listed and private, for verified accredited investors who are also qualified clients. It does not track the gold price or any index.
Six places gold creates value. The series may hold all of them.
Earlier stages can grow more and fail more. Later stages are steadier and easier to sell. Gold Series I may hold positions at every stage.
- 01
Exploration
Finding gold
Small listed and private explorers
- Risk
- Time to sell
- 02
Development
Building the mine
Private stakes and loans to mine builders
- Risk
- Time to sell
- 03
Production
Running the mine
Listed miners
- Risk
- Time to sell
- 04
Royalties
A share of output
Royalty and streaming companies, mineral rights
- Risk
- Time to sell
- 05
Refining
Making it pure
Listed refiners and processors
- Risk
- Time to sell
- 06
The vault
Gold itself
Physical gold held with custodians, and physically backed gold ETPs
- Risk
- Time to sell
Risk and time-to-sell marks are the Manager’s general description of each kind of asset, not a rating of any holding. More marks mean higher risk and a longer time to sell. No futures, options or swaps.
Why private capital
Many mining companies and asset owners are financed privately, deal by deal. A manager who can assess an asset technically, structure the deal and hold it for several years can negotiate terms that are not available in listed markets.
Listed shares, physical gold and gold ETPs sit alongside the private positions, so part of the portfolio can be sold more easily. This is the Manager’s view, not a forecast.
How the Manager is paid, in dollars
A worked example with round numbers.
It shows the arithmetic only. It is not a forecast of what the series will earn. Simplified: one year, fee on the opening value, no earlier losses. The hurdle is hard, with no catch-up: the Manager never shares in the first 8%.
| Your investment | $250,000 | |
|---|---|---|
| Gain in the year, before fees (example) | $30,000 | 12% |
| Management fee, 1.5% | − $3,750 | |
| Gain after the fee | $26,250 | 10.5% |
| Part above the 8% hurdle ($20,000) | $6,250 | |
| Manager’s share of that part, 18% | − $1,125 | |
| What you keep | $25,125 | 10.05% |
Summary of terms
Gold Series I
- Minimum investment
- $250,000; additions from $50,000
- Who may invest
- Verified accredited investors who are also qualified clients
- Term
- Open-ended, with no fixed end date
- Admission
- First business day of January, April, July and October
- Management fee
- 1.5% a year
- Profit share
- 18% of yearly realized profit above an 8% hurdle, with no catch-up. Nothing is paid until earlier losses are recovered
- Withdrawals
- Once a year on 31 December, from the second 31 December after admission, with 90 days’ notice. Up to 25% of the series on any one date
- Distributions
- Each year’s realized profit after fees, within 90 days of 31 December, in cash or reinvested
- Reporting
- Quarterly statements within 45 days; annual statements and a Schedule K-1. Statements are unaudited
- Permitted investments
- Listed and private mining companies, royalties and streams, loans to mining companies, mineral land, physical gold
- Maximum size
- $50 million
A summary only. The private placement memorandum and the Series Agreement are the contract, and they prevail over this page.
Before you decide
Private holdings are hard to sell and are valued by the Manager. Everything is in one industry. The Manager has not run a pooled fund before. Your money may be committed for two years or more, and you can lose money. Important information
Contact Econody Fund
Request the offering documents, or book a call with the Manager.
Verified accredited investors only · Rule 506(c) · No money is accepted through this website