FORTUNE — The global economy is as distorted as Charles de Vaulx can ever remember. Good thing, then, that the veteran value-oriented investor has the flexibility to purchase almost any type of asset for his $10 billion, New York City–based IVA Worldwide Fund (IVWAX), co-managed with Chuck de Lardemelle. Since its lunch nearly three years ago, the fund has had an annualized return of 16%, vs. a 7% rise in its benchmark MSCI All-Country World Stock index. A French citizen who spent much of his youth living in Africa, de Vaulx, 49, has a long track record of success in world markets. He previously spent seven years managing the top-performing First Eagle Global Fund (SGENX) before departing in 2007 to help launch International Value Advisers. De Vaulx spoke with Fortune about how to play the declining dollar, his bets on beaten-down tech giants, and why he owns so much gold.
A Value Investor Bets on Gold