Sprott Gold Equity Fund

Fund Overview

As of 9/29/2023
NAV Change
$-0.10 (-0.27%)
Fund Objective & Strategy

Sprott Gold Equity Fund’s* investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in gold and other precious metals and securities of companies located throughout the world that are engaged in mining or processing gold. The Fund follows a value approach to investing and the Portfolio Manager will identify companies that are undervalued based on his judgment of relative value and growth potential.

*Effective January 17, 2020, Sprott Gold Equity Fund (SGDLX and SGDIX) represented the reorganization of both classes of the Tocqueville Gold Fund (TGLDX and TGLIX). The new Fund began trading officially on Tuesday, January 21, 2020, at 9:30 a.m. ET.  

Visit Information for Fund Shareholders to Learn More

Latest Commentary

Gold vs. Gold Stocks, An Unresolved Incongruity

Gold vs. Gold Stocks, An Unresolved Incongruity

John Hathaway: "Gold mining stocks are inextricably connected to the price behavior of gold bullion."

Sprott Gold Monitor Q2 2023

A quarterly report of chart analysis on gold's macroeconomic landscape.

Webcast Replay - Gold: A Safe Haven without Parallel?

Fund Details As of 6/30/2023
Investor Class
CUSIP 85208P105
Inception Date 6/29/1998
Total Fund Assets $566.1 Million
Minimum Investment $1,000 ($250 IRA)
Total Annual Fund Operating Expenses 1.45%*

*See Fees & Expenses below for full details.

Institutional Class
CUSIP 85208P204
Inception Date 4/8/2019
Total Fund Assets $258.6 Million
Minimum Investment $1 Million
Total Annual Fund Operating Expenses 1.16%*
Investor & Institutional Classes
Manager Tenure John Hathaway 23 Years, Doug Groh 17 Years
Dividend Policy (Distributions History) Annual
Redemption Fee 2.00% first 90 days*
Sales Charge None
Transfer Agent U.S. Bank Global Fund Services
*The Fund’s performance does not reflect the redemption fee. If deducted, the fee would reduce the performance quoted.


Month-End Performance
Average Annual Total Returns (%) As of 8/31/2023
Fund 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR 15 YR 20 YR SI3
Sprott Gold Equity Fund (SGDLX) -4.80 -7.02 -2.00 15.80 -11.33 6.73 -0.20 0.94 4.06 7.99
Sprott Gold Equity Fund (SGDIX) -4.78 -6.96 -1.80 16.15 -11.08 - - - - 5.62
PHLX Gold/Silver Sector Total Return Index (XXAU)1 -7.04 -3.37 -1.26 22.66 -6.89 13.83 2.50 -0.36 2.51 3.33
S&P 500 Total Return Index2 -1.59 8.28 18.73 15.94 10.52 11.12 12.81 10.95 9.93 7.62

*Returns for periods less than one year are not annualized.

Quarter-End Performance
Average Annual Total Returns (%) As of 6/30/2023
Fund 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR 15 YR 20 YR SI3
Sprott Gold Equity Fund (SGDLX) -4.66 -9.36 0.48 6.65 -6.07 4.26 1.84 -0.40 5.18 8.16
Sprott Gold Equity Fund (SGDIX) -4.65 -9.29 0.64 6.98 -5.80 - - - - 6.47
PHLX Gold/Silver Sector Total Return Index (XXAU)1 -1.86 -8.32 0.28 10.35 -0.68 9.54 4.12 -2.02 3.36 3.42
S&P 500 Total Return Index2 6.61 8.74 16.89 19.59 14.60 12.31 12.86 10.88 10.04 7.61

*Returns for periods less than one year are not annualized.

Performance data quoted represents past performance and does not guarantee future results. The 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. The performance assumes reinvestment of capital gains and dividends. Returns for periods less than one year are not annualized. The Fund’s performance does not reflect the redemption fee of 2.00% for the first 90 days. If deducted, the fee would reduce the performance quoted. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 888.622.1813. 

1 The Philadelphia (PHLX) Stock Exchange Gold and Silver Sector Total Return Index (XXAU) is an indicator of the performance of the common stock of companies in the gold and silver mining industry and reflects the reinvestment of any dividends. The Index performance quoted reflects the following indices and dates: XAU from Oct. 31, 2010 - Oct. 31, 2011, and XXAU onwards. This Index does not incur fees and expenses. You cannot invest directly in an index
2 The S&P 500 Total Return Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. You cannot invest directly in an index.
3 Since Inception (SI) date for Investor Class is 6/29/1998; Since Inception (SI) date for Institutional Class is 4/8/2019.
Growth of $10,000 Since Inception
Click and drag to zoom in.
For the period 6/30/2023. This graph represents the growth of a hypothetical investment of $10,000 invested in Investor Class shares. It assumes reinvestment of dividends and capital gains, and does not reflect redemption fees or the effects of taxes on any capital gains and/or distributions. Based on Investor Class shares.
Calendar Year Total Returns (%)
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
Sprott Gold Equity Fund (SGDLX) -13.22 -11.79 31.75 35.24 -16.37 8.91 40.42 -24.89 -2.67 -48.26 -8.72 -15.85 53.34 86.59 -34.93 12.41 39.24 30.03 -5.83 53.65 82.88 21.90 -10.70 21.72
PHLX Gold/Silver Sector Total Return Index (XXAU) -6.86 -6.46 36.04 52.57 -16.42 8.91 74.93 -33.45 -17.28 -48.19 -6.70 -19.16 35.92 36.63 -27.74 22.91 12.50 30.56 -7.70 43.96 43.36 7.55 -22.54 6.52
S&P 500 Total Return Index -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91 10.88 28.68 -22.10 -11.89 -9.10 21.04
Fees and Expenses
SGDLX Investor Class
Management Fee 0.88%
Distribution and Service (12b-1) Fee 0.25% 
Other Expenses 0.32%
Gross Annual Fund Operating Expenses  1.45%

Expenses are per the Fund’s most recent prospectus dated July 3, 2023.

SGDIX Institutional Class
Management Fee 0.88%
Distribution and Service (12b-1) Fee NA 
Other Expenses 0.28%
Gross Annual Fund Operating Expenses 1.16%

Expenses are per the Fund’s most recent prospectus dated July 3, 2023.


Portfolio Analytics
As of 6/30/2023

Top 10 Positions (% of net assets)
Gold Bullion 14.81
i-80 Gold Corp. 5.04
Osisko Mining Inc 4.83
Agnico Eagle Mines Limited 4.70
Alamos Gold Inc. 4.61
Osisko Gold Royalties Ltd 4.23
Torex Gold Resources Inc. 3.70
Endeavour Mining Corp. 3.48
Equinox Gold Corp.Corporation 3.41
Gold Fields Ltd. 3.33
Top 10 Total 52.13
Holdings may vary, and this list is not a recommendation to buy or sell any security.
Asset Allocation (% of net assets)
Country Weightings* (%)
Portfolio Diagnostics
Total Number of Equity Holdings 53
Turnover Ratio 12.69%
Weighted Median Market Capitalization $1.4 Billion
Weighted Avg. Market Capitalization $4.1 Billion
Industry Allocation* (%)
Gold Equities 63.39
Gold Bullion 14.81
Precious Metals & Minerals 12.93
Silver Equities 5.93
Other 2.71
Base Metals Equities 0.22
Platinum Equities 0.01
Total 100.00
Stage of Development* (%)
Senior Producers (>$8 Billion) 13.15
Mid-Tier Producers/Advanced Developers ($2-$8 Billion) 22.47
Small Producers/Developers ($0.5-$2 Billion) 37.65
Early Developers/Exploration (<$0.5 Billion) 8.28
Other 18.45
Total 100.00
5-Year Risk Measures & Statistics
Volatility (Standard Deviation) 32.24
Sharpe Ratio 0.08
Alpha vs. PHLX Gold/Silver Sector Index (XAU) -0.33
Beta vs. PHLX Gold/Silver Sector Index (XAU) 0.85

Source: FactSet.

*Allocations exclude cash and cash equivalents and are subject to change.

Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index.

Investment Team


John  Hathaway
John Hathaway
Senior Portfolio Manager
53 Years of Experience
Doug Groh
Douglas Groh
Senior Portfolio Manager
38 Years of Experience
Maria Smirnova
Maria Smirnova
Portfolio Manager
24 Years of Experience
Shree Kargutkar
Shree Kargutkar
Portfolio Manager
14 Years of Experience

John Hathaway, Doug Groh, Maria Smirnova and Shree Kargutkar are members of the Sprott Investment Team which offers world-class expertise in the active management of precious metals equities.

Unparalleled in scope and breadth, the Team includes portfolio managers, geologists, analysts and traders who together boast more than 400 years of combined precious metals investment experience. Learn more about the Sprott Investment Team.



Sprott Gold Report: Is My Money Safe?
Sprott Gold Report: Is My Money Safe?

Let it be said here that the financial media at best pays only lip service to the thought: there is likely no safer asset than physical gold. The yellow metal has no counterparty risk (unlike all other financial instruments including bank deposits and government bonds), is highly liquid and has an unbroken record of retaining value in absolute terms and relative to financial assets.

Podcast: Everything Everywhere All At Once
Podcast: Everything Everywhere All At Once

John Hathaway, CFA, shares his bullish outlook on gold and gold mining stocks, in the wake of recent bank failures and the Fed’s interest rate tightrope walk. “For open-minded investors, the good news is the train has yet to leave the station, and it’s not a high-risk decision to allocate to gold.”

Podcast: Kabuki Dance of the Black Swans
Podcast: Kabuki Dance of the Black Swans

John Hathaway: "To me, that's where I think the rubber could hit the road in terms of a Fed pivot and then basically throwing in the towel on the anti-inflation war path that the Fed has been on. Basically, I think we're off to the races with gold."

Sprott Gold Report: Connecting a Few Dots
Sprott Gold Report: Connecting a Few Dots

Gold was an effective hedge in 2022, returning -0.28% for the bear market year. The yellow metal outperformed the S&P 500 Index, which declined 18.11%. Gold mining equities also outpaced the S&P 500. Looking ahead, we believe investors willing to seize the opportunity presented by inexpensive, unloved gold mining equities, will have the potential to reap substantial benefits from breaking the ranks of groupthink.

The Dollar, Safe Haven or Leaky Lifeboat?
The Dollar, Safe Haven or Leaky Lifeboat?

The parabolic rise in the dollar contains the seeds of its own demise. The kiss of death, as for all overcrowded trades, is that it has become front page news. Dollar strength is a mirage, the reverse image of the flaw inherent in all paper currencies. The fatal flaw is that they are the ever increasing issuance of fiscal decay. The façade of dollar strength foretells a comeuppance for all currencies in the form of a steep devaluation in terms of gold.

Inflation, No Quick Fix
Inflation, No Quick Fix

If the Fed is to abandon the practice of inflating financial assets, which would represent a secular shift in direction, substantial deflation lies ahead from which the purchasing power of gold is expected increase in real terms. If there is a return to business as usual, i.e., papering over policy mistakes, we believe that the gold price has the potential to rise to all-time highs in nominal terms.

John Hathaway & Ted Oakley: Gold Outlook, Inflation & Bullion vs. Miners
John Hathaway & Ted Oakley: Gold Outlook, Inflation & Bullion vs. Miners

Ted Oakley of Oxbow Advisors interviews Sprott's John Hathaway on the gold bullion and gold equities markets. Oakley and Hathaway discuss why investors should consider adding gold to their investment portfolios and explore how gold affects portfolio diversification.

Putin’s Gambit
Putin’s Gambit

The price of gold has been treading water for 10 years while the investment fundamentals have improved dramatically. That is why, in our opinion, significant upside lies ahead for gold and related equities. Putin’s war introduces yet an additional reason to stoke investment demand for the yellow metal. It is not only war in the kinetic sense, but the reserve currency and cyber aspects that have far-reaching implications for gold. 

Gold: A True Store of Value
Gold: A True Store of Value

Throughout history, gold has played a prominent role in the advancement of human civilization. Seen as a representation of the sun, of the gods and of true value, gold is a form of real money without counterparty risks. Symbol Au, atomic number 79, gold has been used to adorn the tombs of the great pharaohs and to help power spacecrafts that extend the horizons of humanity’s domain. Learn about gold’s culture, uses and history.

Podcast: Super Terrific Happy Hour with John Hathaway
Podcast: Super Terrific Happy Hour with John Hathaway

Stephanie Pomboy and Grant Williams, hosts of the popular podcast Super Terrific Happy Hour, interview a true legend of the precious metals industry, John Hathaway. The three discuss the Fed, inflation, the financial markets and the outlook for gold bullion and gold stocks. 

Waiting for the Pivot
Waiting for the Pivot

With Fed policy taking a more hawkish turn, the fire hose of liquidity that has fueled market mania is being turned off. At this moment, it appears that confidence in the Fed and attraction to gold are binary. Our view is that a position in gold offers a very favorable asymmetric risk-reward proposition on the possibility that confidence will not survive 2022.

It's Show Time for the Fed
It's Show Time for the Fed

Overconfidence, complacency, recklessness and intoxication appear to characterize today's financial market zeitgeist. An unraveling of the market's speculative euphoria would constitute a near perfect environment for gold bullion and gold mining shares given that the fundamentals have rarely appeared more solid.

You Gotta Have Faith
You Gotta Have Faith

June's gold selling was almost entirely a knee-jerk synthetic affair driven by algorithmic, headline scanning robotic macro funds. We believe the smackdown was a temporary reaction to the perceived change in the Fed's posture towards possible balance sheet reduction. In our opinion, gold and gold mining stocks are compelling buys and the investment rationale for precious metals exposure remains unscathed.

The Gold Investment Thesis Revisited
The Gold Investment Thesis Revisited

Defensive investment strategies are few and far between. Fixed income, debased by artificially low rates, no longer passes muster. Selling volatility to generate income seems like a form of insanity. Gold is the obvious answer. Whether in physical form or precious metals mining shares sporting good dividend yields and trading at depressed valuations, this unwanted investment strategy will prove seaworthy for all conditions.

One of the Greatest Bubbles in History
One of the Greatest Bubbles in History

The fate of the stock market and the outlook for gold are more intertwined than most realize. Gold has been performing well, but its outperformance is a well-kept secret. If a general bear market sets in, more investors will embrace gold and gold mining stocks. In the meantime, macroeconomic and valuation factors continue to build in gold's favor.

Gold, The Simple Math
Gold, The Simple Math

The current pullback in the precious metals sector is a buying opportunity. It is possible that gold and gold mining shares could continue to chop sideways-to-lower until the U.S. presidential election results are known and even into yearend as the implications are sorted out. We believe that now is the time to start layering in gold exposure, not when the rest of the world tries to do so.

A Very Fat Pitch
A Very Fat Pitch

We believe that the macro forces for gold and gold mining stocks have coalesced into what may be one of the 'fattest investment pitches' of our time. A fat pitch is a momentary event, akin to catching a major trend change in the financial markets. Such opportunities do not come around often. They deserve serious consideration and expeditious response.

Secular Gold Bull Resumes with Force
Secular Gold Bull Resumes with Force

Gold is on the cusp of breaking out to all-time highs in U.S. dollars and has already done so in virtually every other currency. Gold mining stocks continue to lag the metal and, in our opinion, represent a compelling investment opportunity.

Why Gold
Why Gold

John Hathaway explores why investing in gold makes sense for most investors and how it helps protect portfolios.

Why Gold Equities
Why Gold Equities

Doug Groh looks at how gold mining equities have been revitalized by improved managements and M&A.

Gold vs. Gold Stocks, An Unresolved Incongruity

July 12, 2023

Sprott Gold Report: Gold vs. Gold Stocks, An Unresolved Incongruity

John Hathaway: "Gold mining stocks are inextricably connected to the price behavior of gold bullion. Yet their recent response to the gold bull market has been disappointing. If gold should rise above the psychological $2,000 threshold, this will likely provide a strong catalyst for stocks, which are severely undervalued on a relative and absolute basis and provide attractive investment opportunities. "

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Insights from Sprott

How To Invest

You may purchase shares of Sprott Gold Equity Fund through:

  • Authorized financial intermediaries including securities dealers
  • The Fund’s distributor, Sprott Global Resource Investments
  • The Fund’s transfer agent, U.S. Bank Global Fund Services, by mailing in account applications; please telephone 844.940.GOLD (4653) for assistance. All applications should be mailed to:
    Sprott Gold Equity Fund
    c/o U.S. Bank Global Fund Services
    615 E. Michigan St., FL3
    Milwaukee, WI 53202-5207

Shares of the Fund have not been registered for sale outside of the United States, Puerto Rico, Guam and the U.S. Virgin Islands. The Fund generally does not sell shares to investors residing outside the United States, Puerto Rico, Guam and the U.S. Virgin Islands, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

The prospectus includes more detailed information regarding how to purchase, redeem or exchange Fund shares. Please read the appropriate prospectus carefully before investing. If you have questions or would like more information please  contact us at 888.622.1813 or email, or speak to your Financial Advisor.  

Who may want to invest in the Sprott Gold Equity Fund?

  • Long-term investors seeking to add an actively-managed mutual fund of gold mining equities and physical gold bullion to a diversified investment portfolio
  • Investors seeking potential growth over time
  • Investors who can tolerate short-term fluctuations in net asset value (“NAV”) per share
  • Investors seeking long-term preservation of capital (sufficient growth to outpace inflation over an extended period of
    time) and growth of capital
SGDLX – Investor Class
CUSIP: 85208P105
SGDIX – Institutional Class
CUSIP: 85208P204


Distributions to Shareholders History

Fiscal Year* Dividends from Net Investment Income Distributions from Net Realized Gains Total Distributions
2022 $1,941,503 None $1,941,503
2021 None None None
2020 None None None
2019 None None None
2018 None None None
2017 None None None
2016 None None None
2015 None None None
2014 None None None

2022 Year End Income and Capital Gains Distribution
*Starting from 2020, the Fund’s fiscal year changed from October 31 to December 31.

To learn more about Sprott Gold Equity Fund, please telephone a Sprott representative at 888.622.1813 or email


Important Disclosure

Portfolio facts and statistics are shown for Investor Class shares only unless otherwise noted; other classes may have different characteristics.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus which should be considered carefully before investing. Click here to obtain the prospectus or call 888.622.1813.

Past performance is not a guarantee of future results. All data is in U.S. dollars unless otherwise noted. The Fund invests in gold and other precious metals, which involves additional and special risks, such as the possibility for substantial price fluctuations over a short period of time; the market for gold/precious metals is relatively limited; the sources of gold/precious metals are concentrated in countries that have the potential for instability; and the market for gold/precious metals is unregulated. The Fund may also invest in foreign securities, which are subject to special risks including: differences in accounting methods; the value of foreign currencies may decline relative to the US dollar; a foreign government may expropriate the Fund’s assets; and political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund’s investments to decline. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

Sector weightings are determined using the Bloomberg Industry Classification Standard (“BICS”).


Past Performance is not indicative of future results.

Sprott Asset Management USA, Inc. is the investment adviser to the Fund. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Sprott Global Resource Investments Ltd. is the Fund’s distributor.

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