The fund status is closed to all investors (see prospectus). Only div reinvestments are permitted.
This fund was formerly a State Street Research fund (not to be confused with SSgA). FWIW, there is a sibling fund, formerly SRLAX, now MDFGX. It was created and managed in the late 90s by STSEX's manager at the time, Pete Woodworth.
https://www.marketwatch.com/story/big-cap-stocks-state-street-manager-looks-for-return-on-capital-1-25-99
The two funds appear to have continued using the same managers, as M* reports nearly identical teams (including changes) over the past decade. Until 2017 MDFGX's performance was virtually identical to STSEX's. Since then, STSEX has gone on wild rides (both up and down) but otherwise followed a similar trajectory. I'd guess that its huge (excessive?) bets on single stocks accounts for that.
Both funds are extremely concentrated. However, while 1/3 of STSEX is invested in Microsoft, "only" 10.37% of MDFGX is. The latter fund is not quite as concentrated, and actually turns over stocks once in awhile (21% turnover ratio).
If what you're looking for is a large cap 0% turnover fund, there's LEXCX. It's even more concentrated than STSEX, and like that fund, has BRK.B as its second largest holding (15.68%).

I also checked ultra-ST FCNVX prospectus & it's still exempt from frequent trading.
As is FMNDX.
The frequent trading rule quoted applies just to Fidelity funds. Other NTF funds purchased at Fidelity are subject to a completely different short term trading rule.
Note also that any trades of $10K (not $1K) or less are ignored. This was changed in 2020 even though it isn't reflected in the cited text.
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/2020-08-31-Excessive-Trading-Policy-Web-Post.pdf
The wording that Fidelity used in the quoted part of its Excessive Trading Policy is, um, unfortunate. A round trip (a buy and sale w/i 30 days) is not a round trip violation; it's simply a round trip transaction. Fidelity corrected its wording in that 2020 update.
A violation occurs if you make a second round trip within 90 days:
Shareholders that place a second roundtrip transaction in the same fund within a 90-day period will be blocked from making additional purchases and exchange purchases into that fund for 85 days.
Now that's a violation.
While yogi's interpretation of the 2 round trip violation is consistent with Fidelity's wording, I don't think that's Fidelity's intent.
Round trip 1 = Buy shares on 1st of month, sell some on 2nd of month
Round trip 2 = Buy shares on 1st of month, sell some other shares on 3rd of month.
The underlying idea is that you don't rapidly (frequently) trade in and out of a fund. That's not what you're doing here. Somewhat the opposite. Instead of buying $10K worth of shares and then dumping them all the next day (putting stress on the fund), you're spreading the sale over several days, thus reducing the stress on the fund.
But now consider this 2 round trip violation:
Day 1 = buy $30K
Day 2 = sell $15K (round trip 1)
Day 3 = sell $15K (round trip 1A)
Day 87 = buy $11K
Day 93 = sell $11K (round trip 2)
That second round trip is not within 90 days of round trip 1, but it is within 90 days of round trip 1A. So there appears to be a violation - two round trips within 90 days.
Pardon the obvious suggestion here: try asking Fidelity.

I can’t ever recall owning a Fidelity fund. Here’s what they say about “round rip” violations:
Roundtrip Transactions
We monitor the number of roundtrip transactions in shareholder accounts. A roundtrip is a mutual fund purchase or exchange purchase followed by a sell or exchange sell within 30 calendar days in the same fund and account. For example, if you purchased a fund on May 1, selling the fund prior to May 31 would incur a roundtrip violation. It is important to remember that share aging FIFO (First In First Out) is not considered when buy and sell transactions are evaluated for roundtrips.
Certain transactions are exempt from roundtrip violations. These include:
Trades for $1,000 or less. (Please note that if more than one buy order or sell order for a given fund is executed on the same day in the same account, the $1,000 threshold is based on the total dollar value of all orders for that fund.)
Any transactions in Fidelity Money Market Funds
Dividend and capital gains reinvestments that are sold within 30 days
Orders placed via Fidelity Automatic Investments or Automatic Withdrawals features
From: Fidelity's Excessive Trading Policy
As I read the above, you could invest $10,000 in a new Fidelity fund on the first day of the month (just a randomly chosen date) and then proceed to transfer out $1,000 a day over the next 10 consecutive days without incurring a violation. Am I right or wrong in that reading?
Thanks.

As I mentioned in the most recent thread on this topic, we'll be taking out RMDS when we have to. Our goal is to avoid withdrawals from our taxable investments. I suppose the next step after that would be to realize capital gain and dividend distributions.

I did not realize that you are supposed to invest 100% of your retirement accounts with equities. I never have. In fact equity %age in my retirement accounts is far lower than in my taxable accounts - not saying that is the right strategy, just stating facts. I could be completely wrong in my approach but my favoring taxable accounts for equity allocation has to do with expected lower tax rates on cap gains vs ordinary income and mutual fund distributions vs ETF distributions. I never had any equity or allocation mutual funds in my taxable accounts. It will be good to start a thread asking forum to share their %age equity in retirement vs taxable accounts.

NOTE:

My intention, at this time; is to present the data for the select bond sectors, as listed; through the end of the year (2024). This 'end date' will take us through the U.S. elections period, pending actions/legislation dependent upon the election results, pending Federal Reserve actions and market movers trying to 'guess' future directions of the U.S. economy. As important during this period, are any number of global circumstances that may take a path that is not expected; and/or 'new' circumstances. In the 'cooking pot' we currently have the big ingredients of the middle east and also, how much damage Ukraine may inflict upon Russia and the response.

W/E September 6, 2024..... Weak equity = +++ returns for quality bonds
--- With downward pressures, this week, in most equity sectors, quality bonds performed as would be expected, with very good price gains.
Bond NAV's had very good positive pricing through the 4 day week, with slight pull backs on Friday only. *** I'm going to attempt to discover going forward, if there becomes any selling more directed towards the end of the week(s). A few numbers for your viewing pleasure.
FIRST:
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference. NOTE: take a peek at the right side of this graph to find the yield swings of the past week, and for the current yields for the last business day.
For the WEEK/YTD, NAV price changes, September 2 - September 6, 2024
***** This week (Friday), FZDXX, MMKT yield continues to move with Fed funds/repo/SOFR rates; and ended the week at 5.15% yield. MMKT's yields remain basically unchanged for the past weeks. Fidelity's MMKT's continue to maintain decent yields, as is presumed with other vendors similar MMKT's. Yields were down a few 100's of a percentage.

--- AGG = +1.25% / +4.47% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.09% / +4.13% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = +.54% / +3.76% (UST 1-3 yr bills)
--- IEI = +1.06% / +4.29% (UST 3-7 yr notes/bonds)
--- IEF = +1.63% / +4.41% (UST 7-10 yr bonds)
--- TIP = +.60% / +3.92% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = +.27% / +4.06% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = +.33% / +4.05% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = +1.55% / +3.62% (UST, long duration TIPs bonds, PIMCO)
--- TLT = +3.51% / +3.36% (I Shares 20+ Yr UST Bond
--- EDV = +4.86% / +2.73% (UST Vanguard extended duration bonds)
--- ZROZ = +4.77% / +1.08% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = -6.36% / -1.07% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = +10.38% / -3.66% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 2x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = +1.31% / +4.69% Baird Aggregate Bond Fund (active managed, plain vanilla, high quality bond fund)
--- LQD = +1.38% / +4.54% (I Shares IG, corp. bonds)
--- BKLN = -.28% / +4.93% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = +.23% / +6.53% (High Yield bonds, proxy ETF)
--- HYD = +.78%/+4.87% (VanEck HY Muni)
--- MUB = +.70% /+1.75% (I Shares, National Muni Bond)
--- EMB = +.21%/+6.73% (I Shares, USD, Emerging Markets Bond)
--- CWB = +.20% / +4.00% (SPDR Bloomberg Convertible Securities)
--- PFF = +.48% / +8.09% (I Shares, Preferred & Income Securities)
--- FZDXX = 5.15% yield (7 day), Fidelity Premium MMKT fund
*** FZDXX yield was .11%, April,2022. (For reference to current date)
Comments and corrections, please.
Remain curious,
Catch

Nothing against Duke as a company - I'd rather buy a note from them than a Wall Street company.
Senior unsecured Duke notes are rated Baa2 (Moody's) and BBB (S&P); current Goldman Sachs new issues (Fidelity listing) are rated A2 (Moody's) and BBB+ (S&P).
Hometown bias?

Long-standing anti-bank bias. (and I'm in DC/NoVA)
Besides, folks need electricity more than they need capital market dealmaking....

https://www.sec.gov/Archives/edgar/data/1950357/000121390024076311/ea0213708-01_497.htm
97 1 ea0213708-01_497.htm 497
BCM FOCUS FUNDS
As to its Separate Series
BCM FOCUS SMALL/MICRO-CAP FUND
Supplement dated September 6, 2024
to the Prospectus and Statement of Additional Information dated February 27, 2024
This Supplement to the Prospectus and Statement of Additional Information for the BCM Focus Small/Micro-Cap Fund, a series of the BCM Focus Funds (the “Trust”), updates the Prospectus for the BCM Focus Small/Micro-Cap Fund, and the Statement of Additional Information for the Trust dated February 27, 2024, to amend certain information as described below.
NOTICEOF LIQUIDATION
OF THE BCM FOCUS SMALL/MICRO-CAP FOCUS FUND
At a meeting of the Board of Trustees held on August 23, 2024, upon the recommendation of Bares Capital Management, Inc., the Fund’s Investment Advisor, the Board of Trustees (the “Board”), including all the independent trustees of the BCM Focus Funds (the “Trust”), as such is defined under the Investment Company Act of 1940, unanimously approved a proposal to liquidate the BCM Focus Small/Micro-Cap Fund (the “Fund”) pursuant to a “Plan of Liquidation”. After careful consideration of several factors which they deemed relevant to their making the decision whether to liquidate the Fund, the Board concluded that it is in the best interest of the Fund and its shareholders to liquidate the Fund. The Board, therefore, approved that the Fund is to be liquidated on or about October 11, 2024 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Suspension of Sales. Shares of the Fund will close to new purchases as of the close of the market on the date of this Supplement and the Fund will begin an orderly dissolution. To the extent there are any dividend or distribution payments made prior to the Liquidation Date, they will continue to be paid either in cash or in additional shares of the Fund, depending on each shareholder’s current election, as disclosed in the Prospectus. The Fund reserves the right to change this policy at any time.
Liquidation of Assets. The Fund may depart from its stated investment objective and policies as it prepares to liquidate and distribute its assets to its shareholders. It is anticipated that beginning at the close of the market on the date of this supplement the Fund’s portfolio will be positioned into cash, cash equivalents or other liquid assets. Shareholders who remain in the Fund until the Liquidation Date will automatically receive, promptly following the Liquidation Date, a liquidation distribution equal to the net asset value of the shares of the Fund that such shareholder then holds plus, accrued and unpaid earnings of the Fund at the time of liquidation. The liquidation of the Fund’s portfolio is likely to result in increased transaction costs, which may be borne by the Fund and its shareholders and may result in higher capital gains for taxable shareholders. Shareholders should contact their tax advisers concerning the tax consequences of the liquidation.
The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax. The redemption of shares prior to the Liquidation Date will generally cause a redeeming shareholder to realize a capital gain or loss depending on the shareholder’s tax basis in the shares. Similarly, liquidation proceeds paid to a shareholder as of (or prior to) the Liquidation Date will generally give rise to capital gains or capital losses depending on the shareholder’s tax basis in the shares. In addition, on or prior to the Liquidation Date, the Fund may declare taxable distributions attributable to its net investment income and net short- and/or long-term capital gain (including capital gains, if any, from the liquidation of the Fund’s assets) in advance of the Fund’s regular distribution schedule. All or a portion of any such distributions may be taxable as ordinary income.
Shareholders should consult a personal tax adviser with respect to the effects of the liquidation and of any associated distributions.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP), (IRA), you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
Shareholders who hold their shares through an IRA should consult their tax advisers concerning the tax implications of a distribution, their eligibility to roll over a distribution and the procedures applicable to such rollovers. Caution: If you hold shares through an IRA and do not reinvest liquidation or redemption proceeds through your IRA (i.e., if you cash a check representing those proceeds or deposit or reinvest them in a different account), such proceeds may be subject to a 10% penalty and taxed as ordinary income in the year of receipt.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO OCTOBER 11, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD.
**********************
Shareholders should read this Supplement in conjunction with the BCM Focus Small/Micro-Cap Fund’s Prospectus and the Statement of Additional Information, each as supplemented from time to time. This document provides information that you should know before investing and should be retained for future reference. This document is available upon request and without charge by calling UMB Fund Services, Inc. at (888)885-8859.
Investors should retain this supplement for future reference.

Any fresh thoughts re investing a few bucks here?
A number of companies package up variable rate demand notes into bank account-like accounts. Features may vary slightly (e.g. min required, check writing ability, min transaction amount) but the underlying investments are similar as are the way these accounts work.
Companies that offer these accounts seem to be rated BBB or A and are using these accounts as a relatively cheap way to get cash. Some BBBs: Duke, Dominion, GM, and Ford. Some As: Toyota, Mercedes-Benz (only accredited investors), and Caterpillar
A couple of webpages from 2021 on these types of investments:
MyMoneyBlog: https://www.mymoneyblog.com/big-list-of-car-demand-notes-non-fdic.html
Bogleheads thread: https://www.bogleheads.org/forum/viewtopic.php?t=340088
And a 2021 WSJ article cited in the Bogleheads thread (subscription or library card required):
https://www.wsj.com/articles/car-maker-notes-attract-investors-seeking-short-term-yield-11605781801

Called "variable denomination floating rate demand notes," the securities are basically unsecured bonds, paid by the company's cash from operations. There is no public market and investors can typically withdraw their money at will. Rates can be changed at any time by the company, which can call the securities at its discretion.

What's the risk?
For my money (pun intended), I'd rather go with a Treasury MMF yielding around 5.1%; since it's state tax exempt that's not much different from 5.5% fully taxable and a whole lot safer.
https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf
If I had to go with a single issuer, I'd look at the A rated companies.
A nuclear accident that bankrupts the company?
Not likely.

[The] Price-Anderson [Act has since 1957 freed] nuclear plant operators and all firms involved in nuclear construction and maintenance of any liability for offsite accident damage. The only chance for additional compensation lies in the act’s declaration that if accident damages exceed the legal limit “Congress will thoroughly review the particular incident” and will “take whatever action is determined to be necessary” to provide full compensation to the public. In short, a Fukushima-level accident would toss the costs of compensation and cleanup unto the lap of Congress.

https://thebulletin.org/2020/02/the-us-government-insurance-scheme-for-nuclear-power-plant-accidents-no-longer-makes-sense/
This was recently extended (for another 40 years) and expanded with little publicity. It's a sizeable and relatively unknown industry subsidy.
What was publicized were billions of dollars allocated in the Inflation Reduction Act for maintaining existing nuclear plants and building new ones.
https://www.energy.gov/ne/articles/inflation-reduction-act-keeps-momentum-building-nuclear-power

From a report in The Guardian:

Stock plunge wipes out Trump Media’s extraordinary market gains

Shares in Trump Media & Technology Group (TMTG ), owner of Truth Social, closed below $17 on Wednesday, reversing all their gains since the company’s rapid rise took hold in January.
The former president has been prohibited by a lock-up agreement from starting to sell shares in the firm until late September. While his majority stake in the firm is still worth some $2bn on paper, its value has fallen dramatically from $4.9bn in March.
As a business, TMTG is not growing rapidly. It generated sales of just $4.13m in 2023, according to regulatory filings, and lost $58.2m.
Nor is Truth Social growing rapidly as a platform. While TMTG has not disclosed the size of its user base, the research firm Similarweb estimated that in March it had 7.7m visits – while X, formerly Twitter, had 6.1bn. That same month, however, TMTG was valued at almost $10bn on the stock market.

Comment: Knowing Trump, I'm sure he's using this paper loss to offset actual income somehow, somewhere.

@ybb. Don't know enough to assess point 1. But point 2, yes, seems fair.
March 2020 unsettled even The Great One. He's in good company. He moved quickly enough to dump all the airline holdings though.
The Fed and Congress really did respond quickly, fortunately for us. Like going to war, but instead of paying people to build airplanes and bombs, they paid them to stay home ... and, likely, not topple the government. Actually, many governments did same thing.
Those images of stacked coffins rocked our world.
The value investing environment you describe sounds right too.
People only invest if they perceive there is a future. Even value investors! In March 2020, for a few short moments, it felt like an asteroid was inbound.
So, likely took a while for WB and company to recover.
Those who did not hesitate and jumped into BRKA (and other funds) during that time have been rewarded handsomely.
They still believed!

DJT closed at $16.98 per share, down another 6% today, Wednesday Sept 4. It's obvious that Biden and the Democrats HAVE RIGGED THE STOCK MARKET TOO !!!!!

It's still $15.98 overpriced though....
(I'll give $1 of value in their share price to reflect their IT equipment and other capital expenses lol)

2 things happened:
1. BRK has huge operational businesses now and lots of related economic risks.
2. WB has gotten trigger-shy. He didn't act during 2020 or 2022. He may be waiting for a market that isn't there.
BTW, many value investors (WB, Howard Marks, Sam Zell, etc) complained that the Fed and the Congress intervened too early in 2020 (remember pandemic, elections), so the value investors missed their "feasts" or "on the grave dances". I think that the government saw earlier than the most what was evolving in 2020 based on tax receipts (payrolls, FICA, sales, customs).

It is our goal to leave taxable investments to our heirs.

According to Section 1014 of the Internal Revenue Code, if a person holds property at death, it will receive a new basis equal to the fair market value of the property at the person's date of death. In the case of appreciated assets, the rule allows people to inherit the assets, such as stocks or real estate, without inheriting the tax burden that's triggered by capital gains. This is known as a step-up in basis. In states that recognize community property laws, married couples stand to benefit greatly.

https://fidelity.com/learning-center/personal-finance/what-is-step-up-in-basis

Nice feature ain't it? The kids can rearrange the deck chairs to suit themselves.

It is our goal to leave taxable investments to our heirs.

According to Section 1014 of the Internal Revenue Code, if a person holds property at death, it will receive a new basis equal to the fair market value of the property at the person's date of death. In the case of appreciated assets, the rule allows people to inherit the assets, such as stocks or real estate, without inheriting the tax burden that's triggered by capital gains. This is known as a step-up in basis. In states that recognize community property laws, married couples stand to benefit greatly.

https://fidelity.com/learning-center/personal-finance/what-is-step-up-in-basis

Hi@Tarwheel
A good and fair question.
The inclination to use the etf's, in the list, for bond fund performance, is the sector types represented, as well as their duration.
Surely not a 'perfect' list, but allows for those viewing to perhaps have some ideas about bond(s) performance in the sectors relative to one another. Several of the listings are from requests. BUT, I have to keep the list to a manageable size.
Even the NAV aspect is flawed when considering 'monthly distributions' and the affect upon a NAV price towards a 'month ending' number.
And the fact that some of of etf's are active managed and/or have some 'special sauce' within the management style.
I obtain and input all of the data manually, so my time allotment every week is limited, too.
From a personal note, our portfolio is currently 60% income/cash. BAGIX is 33% of this, with the remainder being MMKT's. And though BAGIX is an intermediate duration fund, I can't really compare this to the etf, IEF; which is 7-10 year duration, but is a Treasury fund. BAGIX has only 27% in UST's.
However, I try to have a view and perhaps find a 'trend' over a time period and a 'why?'.
The inputs that affect the pricing comes from so many directions: flight to safety, a change in yields (for whatever reason), sovereign wealth funds and hedge funds using etf's. There are a lot of moving parts, eh?
NOTE: We do not chase funds for high yields (2008 exception); but do watch for opportunity in a falling yields environment to obtain the gains from pricing.
I made a one year chart (below). Not much value for the most part, as the two funds are bond indexes and one ETF all to the 'long duration' aspect.
You mentioned your having bond funds vs etf's. I'll be glad to build a chart, as I'm curious as to outcomes for active managed bond funds vs a similar category etf; although sometimes a difficult match. You're welcome to provide some tickers.
Well, I've not likely really answered your question; and in the end; I'm just a curious person about 'stuff'.
NOW, I must travel outside and alter the height of the grass in the lawn.
CHART 1 year FNBGX vs VBLAX vs EDV

@Sven is asking what price is received when a purchase is made automatically, as opposed to being entered by the investor. It's a good question.
Most automatic investments are via DRIP plans. "True" DRIPs are set up with the companies themselves. In these plans, investors often receive shares from a company based on its closing price on the day of reinvestment, frequently at a discount. For example:

common stockholders may now receive a number of shares based on 95% of the market price per share of common stock at the close of regular trading on The Nasdaq Capital Market on the valuation date fixed by the Board for such distribution

https://ir.ofscreditcompany.com/shareholder-services/dividend-reinvestment-plan
However, for "synthetic" DRIPs, where the brokerage is reinvesting the divs, it's not clear what price the investor is paying for the additional shares. Likewise, when the brokerage is automatically purchasing shares (with investor cash, not divs) on scheduled dates, what price is paid for those shares?
What Fidelity does when reinvesting divs (I don't know about scheduled investments):

Note ... that the stock price at which your reinvestment occurs is not necessarily the same as the price that is in effect on the dividend payable date. This is because we generally buy the shares of domestic companies two business days before the dividend payable date [likely now one day before with T+1], at the market price(s) in effect at the time, in order to help ensure that we have shares on hand to place in your account on the dividend payable date.

https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/customer-service/brokerage-retirement-cust-agree-and-commission-sched.pdf
Related: what price does M* use for purchases in calculating total return including reinvested dividends?

Reinvestments are made using the actual reinvestment price,

https://admainnew.morningstar.com/directhelp/Glossary/Performance/Total_Return.htm

Most indexers pick everything. The ranking above may be just that of indexers by their market shares.
Is Fido missing from the list? NO.
Most Fido index funds are sub-advised by Geode Capital Management, #4 on the list. Geode Capital started out at Fido but was later spun off. Fido & Geode remain quite close.
https://en.wikipedia.org/wiki/Geode_Capital_Management

Breakdown
67.83% % of Shares Held by All Insider
6.57% % of Shares Held by Institutions
20.43% % of Float Held by Institutions
306 Number of Institutions Holding Shares
Top Institutional Holders
Holder Shares Date Reported % Out Value
Vanguard Group Inc 2.88M Jun 30, 2024 1.44% 56,157,660
Blackrock Inc. 2.18M Jun 30, 2024 1.09% 42,590,983
Susquehanna Intl 1.06M Jun 30, 2024 0.53% 20,579,208
Geode Capital Management, LLC 941.82k Jun 30, 2024 0.47% 18,365,490
Citadel Advisors Llc 556.05k Jun 30, 2024 0.28% 10,843,053
State Street Corporation 440.16k Jun 30, 2024 0.22% 8,583,198
Greenwich Wealth Management Llc 353.5k Jun 30, 2024 0.18% 6,893,250
Group One Trading, L.P. 340.04k Jun 30, 2024 0.17% 6,630,838
Charles Schwab Investment 265.87k Jun 30, 2024 0.13% 5,184,484
Jane Street Group, LLC 264.25k Jun 30, 2024 0.13%

Ratio of GDX:GLD shows how depressed the miners are relative to gold-bullion. The ratio peaked at 0.586 in 2006, bottomed at 0.1089 in 2015 and at 0.1081 again in 2020 (pandemic low). Now it's only 0.167; the recent range is 0.136-0.173. It doesn't have to reach 0.586 to make money in miners.
Of course, the miners were to blame in the past because they focused on exploration and production, not profitability. It is said that they are now different and more aware of shareholders' interests. Some even pay variable-dividends. But it would take more to lure back former investors who got burned repeatedly in the past.
In the 1-yr chart of the ratio GDX:GLD, change the dates as needed.
https://stockcharts.com/h-sc/ui?s=GDX:GLD&p=D&yr=1&mn=0&dy=0&id=p72470038519