The fund seeks long-term capital appreciation through an actively managed portfolio of stocks issued by companies directly or indirectly engaged in the exploration, development, and production of diversified metals and minerals, including but not limited to precious, industrial, and rare earth metals, as well as critical minerals. The portfolio primarily consists of equity securities selected using a fundamental, bottom-up investment process. The adviser conducts technical and quantitative analysis, management interviews, and on-site due diligence on the potential of the physical assets owned by each eligible company. The narrow portfolio generally consists of 20 to 50 stocks, with individual issuer weights capped at 10%. The fund may invest up to 20% of its net assets in physical commodities and up to 10% in cash and cash equivalents. Portfolio allocation may change over time based on the portfolio advisers economic and market outlook.