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September 08, 2003 at 08:00 PM
Sept. 4, 2003 — The Gintel Fund (GINLX) is seeking to merge into the Tocqueville Fund (TOCQX), according to papers filed with the SEC on August 29.
In a letter to Gintel fund shareholders contained in the filing, Robert M. Gintel, the 75-year old portfolio manager of the Gintel fund and chairman of the fund’s investment adviser, Gintel Asset Management Inc., announced he would retire from money management.
Gintel pointed out that the Tocqueville fund “has the same investment objective as the Gintel fund” but differs in that “it is a diversified rather than a non-diversified investment company.” However, Gintel noted that “Tocqueville’s philosophy is otherwise similar to ours in that it relies heavily on fundamental investment research, including continued dialogue and visits with company management.”
Indeed, the Gintel fund’s concentrated approach hasn’t helped it outperform its peers either in the short term or over the long.
