Zacks Mutual Fund Rank #1 with Low Fees & Quantum AMC Launches New Gold Mutual Fund
Investing in mutual funds is a great way to diversify your portfolio and achieve long-term growth. One of the most popular types of mutual funds is gold mutual funds, which invest in gold-related assets. In this article, we will discuss the importance of investing in mutual funds for retirement and the Zacks Mutual Fund Rank as a tool for identifying the best funds. We will also provide three examples of mutual funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees: Fidelity Equity Dividend Income K (FETKX), First Eagle Gold Fund I (FEGIX), and State Street Institutional US Equity Services (SUSSX).
The Importance of Mutual Funds for Retirement
Mutual funds are a great way to invest for retirement because they provide diversification and can help you achieve long-term growth. By investing in a variety of assets, such as stocks, bonds, and gold, you can reduce your risk and potentially increase your returns. Additionally, mutual funds are managed by professionals who have expertise in investing, which can help you achieve better results than if you were to invest on your own.
The Zacks Mutual Fund Rank as a Tool for Identifying the Best Funds
The Zacks Mutual Fund Rank is a tool that can help you identify the best mutual funds for your portfolio. This ranking system evaluates mutual funds based on a variety of factors, including past performance, risk, and expenses. Mutual funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) are considered to be the best funds in their category and are a good choice for investors looking for long-term growth.
Three Examples of Gold Mutual Funds with the Zacks Mutual Fund Rank #1 and Low Fees
Here are three examples of gold mutual funds that have achieved the Zacks Mutual Fund Rank #1 and have low fees:
- Fidelity Equity Dividend Income K (FETKX) - This fund invests in a diversified portfolio of stocks and bonds, with a focus on companies that pay high dividends. It has achieved the Zacks Mutual Fund Rank #1 and has an expense ratio of 0.62%.
- First Eagle Gold Fund I (FEGIX) - This fund invests in gold and gold-related assets, such as gold exchange-traded funds (ETFs) and gold mining stocks. It has achieved the Zacks Mutual Fund Rank #1 and has an expense ratio of 0.85%.
- State Street Institutional US Equity Services (SUSSX) - This fund invests in a diversified portfolio of stocks and bonds, with an emphasis on large-cap stocks. It has achieved the Zacks Mutual Fund Rank #1 and has an expense ratio of 0.71%.
If your advisor has you in the good funds, you should be congratulated. However, if not, you may need to have a talk with your advisor. Additionally, you can download a free report from Zacks Investment Research that provides the latest recommendations for stocks for the next 30 days.
Largest Gold Reserves by Country
The United States has the largest gold reserves at 8,133 tonnes. Russia and China have been the largest gold buyers over the last two decades, with the People's Bank of China being the biggest buyer of gold last year, purchasing 225 tonnes. Seven of the top countries by gold reserves are also among the top 10 biggest economies.
Gold Prices and the U.S. Federal Reserve
Gold prices climbed to their highest level in more than a week on Tuesday as the dollar retreated, while the spotlight shifted to the release of the U.S. Federal Reserve's latest monetary policy meeting minutes for further interest rate cut cues. Spot gold was up 0.5% at $2,027.79 per ounce as of 11:27 a.m. ET (1627 GMT). U.S. gold futures rose 0.8% at $2,039.40 per ounce. The dollar index was down 0.3%, making greenback-priced bullion less expensive for overseas buyers. The minutes from the U.S. central bank's January policy meeting are due on Wednesday. "We continue to see the likelihood that the Fed will lower rates by mid 2024," which is going to be an underlying supportive factor for the gold market," said David Meger, director of metals trading at High Ridge Futures. But, the Fed minutes will reiterate that rate cuts are going to be pushed back until May or June, which is certainly not going to help the gold market, Meger said, adding there is fundamental support below the $2,000 level. Lower interest rates boost the appeal of non-yielding gold. Hotter-than-expected U.S. consumer prices and producer prices data last week reduced hopes for a rate cut in March. Markets are currently pricing a 78% chance of a cut in June, according to the CME Fed Watch Tool. "Strong physical market buying activity has kept (gold) prices from weakening," analysts at TD Securities wrote in a note. "At a certain price, silver will always make its way to market, but the outlook for physical demand suggests that higher prices will be necessary to satisfy the ongoing period of structural deficits." Spot silver was up 0.1% to $23.03 per ounce. Spot platinum gained 0.9% to $906.12 per ounce and palladium rose 0.4% at $959.97.
Quantum AMC Launches New Gold Mutual Fund
Quantum AMC launched a new fund offer (NFO) - Quantum Multi Asset Allocation Fund - on Monday (February 19, 2024). The fund started the subscription for its new scheme on February 19. The last date to subscribe Quantum Multi Asset Allocation Fund is March 1, 2024. It is an open-ended equity scheme that invests primarily in a diversified portfolio of equity and equity-related instruments, debt and money market instruments, and gold-related instruments. The fund will be managed by Chief Investment Officer Chirag Mehta and Fund Manager, Fixed Income, Pankaj Pathak of Quantum AMC. The objective of the scheme is to generate long-term capital appreciation and income by investing in a diversified portfolio of equity and equity-related instruments, debt and money market instruments, and gold-related instruments. The scheme will be benchmarked against NIFTY 50 TRI (40%)+CRISIL Short Term Bond Fund AII Index (45%) + Domestic Price of Gold (15%). The scheme will have direct and regular plans. Investors can make a lump sum investment or systematic investment through SIP (Systematic Investment Plan).
