Fund Evaluator:
OCM Gold Atlas (OCMAX)
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Best Performing in Equity Precious Metals Over the Last Year
| 69.9% | Midas Discovery (MIDSX) |
| 69.6% | Gabelli Gold I (GLDIX) |
| 68.3% | US Global Investors World Prec Mnral (UNWPX) |
| 67.6% | US Global Investors Gld & Prec Mtls (USERX) |
| 64.0% | Sprott Gold Equity Investor (SGDLX) |
Fund Details
OCM Gold Atlas Overview
OCM Gold Atlas (OCMAX) is an actively managed Sector Equity Equity Precious Metals fund. OCM launched the fund in 2010.
The investment seeks long-term growth of capital. The fund principally invests (normally at least 80% of its net assets, plus borrowings for investment purposes) in equity securities of domestic and foreign companies of any size engaged in all sectors of the gold mining and precious metals industries. A foreign company is one that is organized under the laws of a foreign country and has the principal trading market for its stock in a foreign country. The fund is non-diversified.
About OCM Gold Atlas (OCMAX)
There are 2 members of the management team with an average tenure of 19.64 years: Steven Orrell (2025), Gregory Orrell (1988). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and XAU index with a weighting of 100%. OCM Gold Atlas has 65 securities in its portfolio. The top 10 holdings constitute 47.9% 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.
OCM Gold Atlas is part of the Equity global asset class and is within the Sector Equity fund group. OCM Gold Atlas has 87.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.1%. There is 87.9% 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). OCM Gold Atlas has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $189 million in total assets, which is below the $547 million average for the Equity Precious Metals 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.
OCMAX 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 OCM Gold Atlas expense ratio is high compared to funds in the Equity Precious Metals category. OCM Gold Atlas has an expense ratio of 1.63%, which is 28% higher than its category average, making the fund expense ratio grade a D. 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. OCM Gold Atlas has a portfolio turnover rate of 1%, indicating that holds its assets around 1.0 years. By way of comparison, the average portfolio turnover is 58% for the Equity Precious Metals category.
Recently, in the month of August 2026, OCM Gold Atlas returned 31.9%, which earned it a grade of C, as the Equity Precious Metals category had an average return of 31.4%. 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.
OCM Gold Atlas has a trailing yield of 4.59%, which is above the 4.40% 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.
OCM Gold Atlas Grades
Year to date, the fund has returned 21.9%, 5.2 percentage points better than the category, which translates into a grade of A. The fund has returned 69.8% over the past year (grade of A), 63.3% over the past three years (grade of A) and 27.9% per year over the past five years (grade of A) and 18.9% per year over the past 10 years (grade of A).
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OCMAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OCMAX Return (NAV) | 31.9% | 10.4% | 69.8% | 63.3% | 27.9% | 18.9% |
| OCMAX Grade | C | C | A | A | A | A |
| +/- Category | 0.5% | 0.7% | 7.6% | 11.1% | 2.9% | 4.2% |
| Equity Precious Metals Avg | 31.4% | 9.7% | 62.2% | 52.2% | 25.0% | 14.7% |
| OCMAX Tax Cost Ratio | na | na | 2.2% | 1.1% | 0.7% | 1.6% |
OCMAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OCMAX Return (NAV) | 21.9% | 168.0% | 23.9% | 4.8% | -17.3% | -9.2% | 45.5% | 58.5% | -13.1% | 10.5% | 51.8% |
| OCMAX Grade | A | A | A | C | F | C | A | A | B | B | C |
| +/- Category | 5.2% | 14.4% | 9.8% | 0.2% | -3.8% | 0.3% | 13.5% | 16.5% | 1.2% | 1.4% | 0.4% |
| Equity Precious Metals Avg | 16.7% | 153.6% | 14.1% | 4.6% | -13.5% | -9.4% | 32.0% | 42.1% | -14.4% | 9.1% | 51.4% |
| Risk Measures | |
| Standard Deviation: | 38.9% |
| Total Risk Index: | 3.20 - High |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (60% Rank) |
| Beta: | 0.97 |
| R-Squared: | 9% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 4.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $223 Mil |
| Fund Total Assets: | $ 189 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 1% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 38.6 years | |||
| Average Tenure: 19.6 years | |||
| Managers (Year): Orrell Gregory (1988), Orrell Steven (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 65 |
| % in Top 10 Holdings: | 47.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 87.9% |
Portfolio Allocation |
|
| Domestic Stock: | 12.1% |
| Foreign Stock: | 87.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.3% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | OCM |
| Phone Number: | 800-628-9403 |
| Website: | www.ocmgoldfund.com |
| Status: | Open |
| Inception Date: | March 31, 2010 |
| 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: | 1.50% |
| 12b-1 Fee: | 0.15% |
Expenses and Fees | |
| Expense Ratio (%): | 1.63% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.28% |
| Share Class: | OCM Gold Investor |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
