- Last Ratings Update:07/31/2014
- Price as of 07/31/2014 :$45.17
- Net Assets:$860.12 Million
- Peer Rank:16 of 42
- Investment Rating:D-
We rate Central Gold-Trust at D-. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Negative factors that influence this rating include a well below average total return. The fund may be considered for investors seeking a Sector - Precious Metals strategy.
POSITIVES AND RISKS
Total return ranks well below peers over the last three years. The Central Gold-Trust has returned an annual rate of 9.65% since inception. More recently, the fund has generated a total return of 3.93% in the last five years, -11.03% in the last three years, and -2.91% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 19% of them. It has also outpaced 8% of its competitors on a three year basis and 9% of them over the last year for the period ending 7/31/2014. On a year to date basis, GTU has returned 9.27%.
Downside risk has been above average. GTU has a draw down risk of -42.09%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 22.5%. This fund has experienced a high level of volatility in its monthly performance over the last 36 months. As of 7/31/2014, the fund was trading at a price of $45.17, which is 9.4% below its 52-week high of $49.85 and 0.2% above its 52-week low of $45.10.
Low expense ratio helps performance. On total assets of $860.12 million, GTU maintains a low expense ratio compared to its Sector - Precious Metals peers of just 0.35% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As GTU is a closed end fund, it has no front end or back end load.
Manager tenure is a net positive but performance record lags managerial peers. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Central Gold-Trust has been managed by a team for the last 11 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 40% of other fund managers.
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