Fund Evaluator:
Midas Special Opportunities (MISEX)
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Best Performing in Large Blend Over the Last Year
| 49.8% | PRIMECAP Odyssey Growth (POGRX) |
| 48.6% | Vanguard PRIMECAP Core Inv (VPCCX) |
| 45.8% | Vanguard PRIMECAP Adm (VPMAX) |
| 45.7% | Vanguard PRIMECAP Inv (VPMCX) |
| 42.3% | Midas Special Opportunities (MISEX) |
Fund Details
Midas Special Opportunities Overview
Midas Special Opportunities (MISEX) is an actively managed U.S. Equity Large Blend fund. Midas launched the fund in 1986.
The investment seeks capital appreciation. In pursuit of its investment objective, the fund may invest in any security type (e.g., common and preferred stocks, bonds, convertible securities, etc.) and in any industry or sector, in domestic or foreign companies, and in companies of any size. Generally, the investment manager seeks to invest in what it believes to be quality companies with unique combinations of strength in operations, products, and finances with either growth or value characteristics. It is non-diversified.
About Midas Special Opportunities (MISEX)
There are 1 members of the management team with an average tenure of 10.26 years: Thomas Winmill (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Midas Special Opportunities has 14 securities in its portfolio. The top 10 holdings constitute 96.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Midas Special Opportunities is part of the Equity global asset class and is within the U.S. Equity fund group. Midas Special Opportunities has 3.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.1%. There is 3.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Midas Special Opportunities has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $29 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MISEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Midas Special Opportunities expense ratio is high compared to funds in the Large Blend category. Midas Special Opportunities has an expense ratio of 3.44%, which is 324% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Midas Special Opportunities has a portfolio turnover rate of 5%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of July 2026, Midas Special Opportunities returned -1.7%, which earned it a grade of F, as the Large Blend category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Midas Special Opportunities has a trailing yield of 0.00%, which is below the 0.56% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Midas Special Opportunities Grades
Year to date, the fund has returned 15.6%, 6.3 percentage points better than the category, which translates into a grade of A. The fund has returned 42.3% over the past year (grade of A), 27.4% over the past three years (grade of A) and 15.6% per year over the past five years (grade of A) and 16.3% per year over the past 10 years (grade of A).
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MISEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MISEX Return (NAV) | -1.7% | 6.1% | 42.3% | 27.4% | 15.6% | 16.3% |
| MISEX Grade | F | A | A | A | A | A |
| +/- Category | -2.1% | 2.0% | 24.8% | 10.0% | 4.5% | 2.6% |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| MISEX Tax Cost Ratio | na | na | 1.9% | 1.0% | 1.2% | 1.4% |
MISEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MISEX Return (NAV) | 15.6% | 29.9% | 26.6% | 32.7% | -23.4% | 38.3% | 13.7% | 33.5% | -11.4% | 17.9% | 13.4% |
| MISEX Grade | A | A | A | A | F | A | D | A | F | F | A |
| +/- Category | 6.3% | 14.0% | 4.5% | 9.0% | -6.1% | 11.7% | -3.9% | 3.7% | -5.5% | -3.4% | 3.3% |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 18.0% |
| Total Risk Index: | 1.47 - High |
| Category Risk Index: | 1.36 - High |
| Category Risk Grade: | F (101% Rank) |
| Beta: | 1.14 |
| R-Squared: | 69% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $29 Mil |
| Fund Total Assets: | $ 29 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 5% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Winmill Thomas (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 14 |
| % in Top 10 Holdings: | 96.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.9% |
Portfolio Allocation |
|
| Domestic Stock: | 96.1% |
| Foreign Stock: | 3.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Midas |
| Phone Number: | 800-400-6432 |
| Website: | www.midasfunds.com. |
| Status: | Open |
| Inception Date: | March 20, 1986 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 3.44% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Midas Special Opportunities |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
