Winmill & Co

What Winmill & Co does

Winmill & Co. Incorporated is a US-based, publicly traded (OTC Pink: WNMLA) investment management holding company founded in 1974 (originally as Bull & Bear Group, Inc., rebranded in 1999) that operates through wholly-owned subsidiaries to provide investment management and fund distribution services. The company employs 1-10 people and is headquartered with a mailing address in Walpole, New Hampshire, while shareholder services are outsourced to Securities Transfer Corporation in Plano, Texas. Ownership is concentrated within the Winmill family, with four family members serving on the Board and Thomas Winmill serving as CEO, President, and Chief Legal Officer.

The company's business is the management and distribution of a small, focused fund family comprising three products: Midas Discovery (MIDSX), an open-end mutual fund investing primarily in natural resources and precious metals equities; Midas Special Opportunities (MISEX), an open-end mutual fund pursuing capital appreciation through a flexible multi-asset strategy; and Foxby Corp. (FXBY), a non-diversified closed-end management investment company seeking total return. Investment management is performed by Midas Management Corporation, and distribution is handled by Midas Securities Group, Inc., a wholly-owned FINRA-member broker/dealer with SIPC protection.

Winmill & Co. generates revenue entirely from fees on these three funds: investment management fees calculated as a percentage of assets under management, 12b-1 distribution fees earned by the broker/dealer subsidiary, and service fees within those 12b-1 plans for shareholder servicing. The company distributes only to US investors, communicates with shareholders primarily through press releases, financial reports, and prospectus distribution, and pursues the stated objective of growing book value per share over time under its "Performance Driven" philosophy.

Name

Winmill & Co

Legal name

Winmill & Co. Incorporated

Website

https://winmillco.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

1–10 employees

Short description

Winmill & Co. Incorporated is a US investment management holding company that, through wholly-owned subsidiaries, manages and distributes three niche funds — Midas Discovery, Midas Special Opportunities, and closed-end Foxby Corp. — earning management and 12b-1 fees from assets under management.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Fund of Funds & Multi-Manager Mutual Funds (FSAAAEAL)

Keywords

• Investment management
• Mutual fund management
• Closed-end fund
• Fund distribution services
• Broker-dealer services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Management Fees: Management fees earned through subsidiaries that provide investment management services for Midas Funds and Foxby Corp. Fees are typically calculated as a percentage of assets under management.
2. Distribution Fees (12b-1): Midas Securities Group, Inc., the wholly-owned registered broker/dealer subsidiary, receives compensation pursuant to Rule 12b-1 plans, calculated as a percentage of Funds' average daily net assets for distribution and service activities.
3. Service Fees: Service fee portion of 12b-1 fees intended to cover services provided to shareholders in the Funds and maintenance of shareholder accounts.

Distribution channels1 record

Marketing channels3 records

Core offering

Winmill & Co. Incorporated is an investment management holding company that, through its wholly-owned subsidiaries, provides investment management and distribution services for the Midas Funds family (two open-end mutual funds: Midas Discovery and Midas Special Opportunities) and investment management for the Foxby Corp. closed-end fund. Its subsidiaries include Midas Management Corporation (investment manager), Midas Securities Group, Inc. (FINRA-member broker/dealer distributor), and Performance Driven Properties, Inc. (trademark holder).

Product overview

Winmill & Co. Incorporated operates as an investment management and distribution company offering three distinct fund products: two open-end mutual funds within the Midas Funds family (Midas Discovery and Midas Special Opportunities) and one closed-end fund (Foxby Corp.). Through its subsidiaries, the company provides investment management and distribution services for these funds, operating under the Performance Driven investment philosophy established since 1974.

Differentiator

Problem solved

Functional benefit

Products and services

• Midas Discovery Fund (MIDSX) Open-end mutual fund seeking primarily capital appreciation and protection against inflation, and secondarily current income. Invests principally in securities of companies involved in mining, processing, fabricating, distributing or dealing in natural resources and precious metals (gold, silver, platinum), as well as bullion and coins. Concentrates at least 25% of total assets in Natural Resources Companies. Targeted at U.S. individual investors.
• Midas Special Opportunities Fund (MISEX) Open-end mutual fund seeking capital appreciation with a flexible strategy not limited by issuer location, size, or market capitalization. Invests in equity and fixed income securities of U.S. and foreign issuers, including convertible securities, debt securities, futures, options, derivatives, and may employ short selling and leveraging techniques. Targeted at U.S. individual investors.
• Foxby Corp. (FXBY) Non-diversified, closed-end management investment company seeking total return through growth of capital and income. Invests flexibly across equity and fixed income securities of U.S. and foreign issuers, including convertible securities, debt securities, futures, options, derivatives, and may employ short selling and leveraging techniques. Targeted at U.S. individual investors.

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Securities Transfer CorporationsupportOthersTransfer agent providing shareholder services for Winmill & Co. Located at 2901 N. Dallas Parkway, Suite 380, Plano, Texas 75093. Phone: 469-633-0101. Handles shareholder account maintenance and inquiries.

Scale indicators1 record

Recent moves7 records

Expansion highlights3 records

Emerging players

• Sprott Inc. Specialized alternative asset manager with leading precious-metals and clean-energy fund offerings (Sprott Gold, physical metal trusts). Highly relevant comparable for Winmill's natural-resource and gold-focused fund mandate.

Direct peers

• Tocqueville Asset Management: Boutique fund sponsor running multiple no-load mutual funds (including gold/precious-metals strategies) distributed through a captive broker/dealer — closely mirrors Winmill's vertically integrated mutual fund + broker/dealer model.
• CornerCap Investment Counsel: Small, multi-fund boutique manager with active equity and fixed-income mutual funds. Comparable to Winmill as a similarly sized, multi-fund active asset manager focused on long-term value.
• Gramercy Funds Trust: Boutique sponsor offering flexible-strategy mutual funds targeting total return. Comparable to Midas Special Opportunities in offering flexible mandates across equities and fixed income.
• US Global Investors: Small, publicly traded investment manager specializing in natural resources, gold, and precious metals mutual funds — a direct competitor to Midas Discovery in the resource/inflation-hedge mutual fund niche.

Broad incumbents

• Gabelli Funds (GAMCO Investors): Long-established, family-controlled multi-fund manager (Mutual of Omaha no - GAMCO) with a broad closed-end and mutual fund family. Comparable as a small-cap, family-led, multi-fund platform with similar vintage and product breadth.
• First Trust Advisors: Larger multi-fund sponsor with active and thematic mutual funds. Relevant as a scaled comparable for the multi-fund family distribution model that Winmill operates at a much smaller scale.

Others

• Hecla Mining (as a benchmark investee): Not a fund manager but a representative holding for the precious-metals/mining sector that Midas Discovery concentrates in, useful as a benchmark for the asset-class exposure the fund embeds.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Winmill & Co