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Merk Hard Currency Fund ® (MERKX)
Merk Hard Currency Fund

The Merk Hard Currency Fund (MERKX) seeks to profit from a rise in hard currencies versus the U.S. dollar.

The Merk Hard Currency Fund typically invests in a basket of hard currencies. Hard currencies are currencies backed by sound monetary policy; sound monetary policy focuses on price stability.

Fund Documents

 Fact Sheet (PDF)

 Prospectus / SAI (PDF)

 Semi/Annual Reports (PDF)

 XBRL, supplement (ZIP) *

  Ticker MERKX   Fund Inception May 10th, 2005
  Expense Ratio 1.30%   Load No-Load Fund
  Assets1 $285.50 million (as of 7/25/14)   Portfolio Manager Axel Merk, supported by the investment management team
  Dividends Click here for dividend summary   Institutional Shares Available
  Duration 0.30 years   The Fund is firmly committed to the short end of the yield curve
The Merk Hard Currency Fund (MERKX)

Month End

Currency Allocation Security Holdings Sectors

Minimum Investment

The Fund publishes its currency exposure on a monthly basis. Below is the Fund's exposure to hard currencies as of June 30, 2014, along with the composition of the U.S. Dollar Index (USDX):

Region Currency
MERKX
USDX
Europe Euro
31.0%
57.6%
Danish Krone 0.0% -
Norwegian Krone
4.4%
-
Swiss Franc
0.1%
3.6%
British Pound
18.8%
11.9%
Swedish Krona
4.4%
4.2%
Australasia ex Japan Australian Dollar
12.5%
-
New Zealand Dollar
3.9%
-
Singapore Dollar
3.9%
-
Japan2 Japanese Yen
-9.7%
13.6%
North America3 Canadian Dollar
5.9%
9.1%
Gold4 Gold
15.2%
-
 

The Fund publishes its security holdings on a monthly basis:

Holding2 Currency Maturity
Percent of Portfolio
Merk Gold Trust GOLD  
14.1%
European Investment Bank 4.25% EUR 10/15/14
4.9%
Alberta Capital Finance Floating rate based on 3-month CDOR +0.39% CAD 07/02/14
5.1%
Netherlands Government 3.75% EUR 07/15/14
4.9%
New Zealand Government 6.00% NZD 04/15/15
2.1%
European Stability Mechnanism Treasury Bill EUR 09/18/14
4.5%
German Treasury Bill EUR 09/24/14
4.7%
Belgium Treasury Bill EUR 02/12/15
4.8%
Singapore Government 3.625% SGD 07/01/14
3.8%
Republic of Austria 4.30% EUR 07/15/14
2.8%
U.K. Treasury 5.00% GBP 09/07/14
14.5%
Finnish Government 3.125% EUR 09/15/14
3.3%
Australian Government SER 125 6.25% AUD 10/21/14
4.5%
Norwegian Treasury Bill NOK 09/17/14
4.4%
Queensland Treasury 5.75% AUD 11/21/14
4.5%
Swedish Treasury Bill SEK 09/17/14
4.4%
Western Australian Treasury 7.00% AUD 04/15/15

3.5%

The Fund publishes its sector exposure on a monthly basis:

Sector Percent
Gold 14.1%
Supranational - Europe 9.5%
Non-U.S. Government - Germany 4.7%
Non-U.S. Government - Sweden 4.4%
Non-U.S. Cash 7.9%
Regional Authority - Canada 5.1%
Non-U.S. Government - Netherlands 4.9%
Non-U.S. Government - New Zealand 2.1%
Non-U.S. Government - Belgium 4.8%
Non-U.S. Government - Singapore 3.8%
Non-U.S. Government - Austria 2.8%
Non-U.S. Government - Finland 3.3%
Non-U.S. Government - United Kingdom 14.5%
Non-U.S. Government - Norway 4.4%
Non-U.S. Government - Australia 8.9%
Regional Agency - Australia 3.5%
U.S. Cash Equivalent 0.4%
Other Net Assets 1.0%

The Fund accepts investments in the following minimum amounts:

  Minimum Initial Investment Minimum Additional Investment
Standard Accounts $2,500 $100
Traditional and
Roth IRA Accounts
$1,000 $100

Currency symbols: AUD Australian dollar; CAD Canadian dollar; CHF Swiss Franc; EUR euro; GBP British pound; JPY Japanese yen; NOK Norwegian krone; NZD New Zealand dollar; SGD Singapore dollar; SEK Swedish krona; USD U.S. dollar

Fund holdings are subject to change without notice.

Currency exposure includes unsettled trades, market or accrued cost value of debt securities held, money market deposit account, capital shares sold, accrued income, as well as effective exposure through currency forward contracts, if applicable. US Dollar, net, includes net other assets and liabilities. All percentages are of total net assets. Top holdings currency exposure is before settlements, if any. Sector allocation adheres to balance sheet classifications and makes no adjustment for gold futures exposure. Please also consult with the latest annual or semi-annual report for complete information on assets, liabilities and applicable notes as of the publication date for the respective reports.

*These zipped files are in the Extensible Business Reporting Language format and can only be viewed using an XBRL viewer. If you do not have access to an XBRL reader, please visit the SEC website.

Click here to download the Adobe® Reader® to view and print the PDF version of the Fund Fact Sheet.

1Assets reflect investor and institutional shares combined.

2The short Japanese yen exposure is achieved through the use of forward currency contracts.

3 U.S dollar cash is 0.9%. Net U.S dollar exposure is decreased by 1.1%, reflecting exposure to gold futures; net U.S dollar exposure is increased by 9.7% reflecting short Japanese yen exposure.

4 Gold exposure is achieved through the use of gold ETFs and futures; U.S. dollar, net is reduced by 1.1%, reflecting exposure to gold futures. Conversely, 1.1% of the gold exposure is due to futures. Currency exposure includes unsettled trades, market or accrued cost value of debt securities held, money market deposit account, capital shares sold, accrued income, as well as effective exposure through currency forward contracts, if applicable. US Dollar, net, includes net other assets and liabilities. All percentages are of total net assets. Top holdings currency exposure is before settlements, if any. A component of U.S. Dollar Cash, net is 1.05% Citigroup Dollars on Deposit Custody Account. Sector allocation adheres to balance sheet classifications and makes no adjustment for gold futures exposure. Please also consult with the latest annual or semi-annual report for complete information on assets, liabilities and applicable notes as of the publication date for the respective reports.

As with any mutual fund product, there is no guarantee that the fund will achieve its goals. Investment return and principal value will vary and shares may be worth more or less at redemption than at original purchase; the Fund is not a substitute for a money market fund. Investors should consider the investment objectives, risks and charges and expenses of the Merk Hard Currency Fund carefully before investing. The prospectus contains this and other information about the Merk Hard Currency Fund. To obtain a prospectus, please download it now or call (866) MERK FUND. The prospectus should be read carefully before investing.

Since the Fund primarily invests in foreign currencies, changes in currency exchange rates will affect the value of what the Fund owns and the price of the Fund’s shares. Investing in foreign instruments bears a greater risk than investing in domestic instruments for reasons such as volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. The Fund is subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of increases in market interest rates. As a non-diversified fund, the Fund will be subject to more investment risk and potential for volatility than a diversified fund because its portfolio may, at times, focus on a limited number of issuers. The Fund may also invest in derivative securities which can be volatile and involve various types and degrees of risk. For a more complete discussion of these and other Fund risks please refer to the Fund’s prospectus.