The $50 million Dynamic Gold & Precious Metals Fund (DWGOX), launched in April 2009, is the top performer in Morningstar's "equity precious metals" category of funds, with a 66% return this year.

Its top two holdings, Kinross Gold and Osisko Mining, are both at 9.4% of the fund.

Rounding out its top five are: Sand Gold [SGR 3.97 -0.04 (-1%) ] , up 6.4% this year, Perseus Mining [PRU 58.71 0.19 (+0.32%) ] , up 88%, and Allied Nevada Gold [ANV 26.31 -0.02 (-0.08%) ] , up 71% this year.

Fund manager Robert Cohen is loading the fund with small gold-company stocks, and there is not one loser in his top 25 holdings. Some have spectacular returns, including Ampella Mining [AMX 57.34 0.58 (+1.02%) ] , now at 4.3% of the fund and up 389% this year, and Papillon Resources [PIR 10.5 -0.14 (-1.32%) ] , a new holding as of the third quarter. It's up 865% this year.