International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: C L who wrote (1574)	1/22/1997 12:04:00 PM
From: C L	of 35569

Here's an interesting piece I just received by E-mail form a CIS poster. This guy is a CPA and keeps track of the institutional holdings thru several data bases that he has access to: C L_________________________________________ The Midas Fund as a no-load gold fund has been the top performing gold fund over the last several years in the U.S. The fund has been in a class of its own. Morningstar has ranked Midas Fund as number one fund for 5-year performance. The portfolio manager, Kjeld Thygesen, views the fund as a "mining growth fund." Unlike the other 40+ gold mutual funds in the U.S. Kjeld invests a significant portion of the funds assets in speculative mining issues. His strategy involves splitting the fund assets between large and mid-sized producers (75%) coupled with small mining concerns that are just beginning to develop resources (25%). His big score was investing in Diamond Fields at $ 4 a share. Thygesen is managing director of London-based Lion Resource Management which was hired as advisor to the Midas Fund. Lion Resource specializes in consulting and arranging financing for gold mining and resource companies. The Midas Fund owned 200,000 shares of IPM at June 30, 1996. They owned no other desert players. Of interest is the fact that Kjeld was a former employee of Rothschild Asset Management and is listed as a director of same. As I recall Rothschild Asset Management is also a significant institutional shareholder of IPM. Interesting!!!! IMO Midas/Rothschild are going to be leading the parade of eventual institutional investors. I wonder what Midas/Rothschild have been doing since the December 19, 1996 news announcement? The December 31, 1996 summary of portfolio investments will be out in a month. Of more interest will be what Midas and Rothschild are doing in 1997 with regards to IPM. Have to keep an eye on Midas' holdings of IPM as it may become a good proxy for IPM. BTW James Turk is the "Strategic Advisor" to the Midas Fund. Stay Tuned!!

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