Gold & Special Minerals Fund Holdings Monthly Update – May 2023 and Attribution Analysis

FUNDS REPORTING MONTHLY

Fidelity Select Gold

Franklin Gold & Precious Metals Fund (USA)                            Franklin Gold & Precious Metals Fund (Lux)

VanEck International Investors Gold Fund                                 VanEck VIP Global Gold Fund

ATTRIBUTION ANALYSIS FOR FUNDS REPORTING MONTHLY

Fidelity Select Gold Fund

AUM for Fidelity Select Gold Fund have increased since the time of our last update (Sep.2022) from $1,179 M USD to $1,810 M USD (Mar.2023) (+53.5%).

The Fund reported 2 new positions in Mar.2023: ATEX Resources Inc. (CVE: ATX) and Guanajuato Silver Co. Ltd. (TSX-V: GSVR).

ATEX Resources Inc. is a Latin America-focused (principally Chile) exploration company headed up by experienced mining entrepreneur Raymond Jannas who is leading a team of professionals with the goal of discovering economically viable mineral deposits through a disciplined approach to exploration.

On August 4, 2022, Guanajuato Silver Co. Ltd. acquired all the Mexican assets of Great Panther Mining. This transaction expanded Guanajuato Silver’s operations to a total of five mines and three production facilities.

During the most recent reporting period (Mar.2023), Fidelity Select Gold Fund divested from BeMetals Corp. (TSX-V: BMET) which is advancing gold exploration targets in Kyushu, Japan. The Fund’s holding of Pure Gold Mining Inc. (NEX: PGM.H) was liquidated with West [nxtlink id="268485"]Red Lake Gold Mines[/nxtlink] Ltd. (TSX-V: WRLG) acquiring the historic Madsen Gold Mine.

Franklin Gold & Precious Metals Fund (USA)
AUM for Franklin Gold & Precious Metals Fund (USA) have increased since the time of our last update (Oct.2022) from $831 M USD to $1,010 M USD (Apr.2023)  (+21.5%).

The Fund reported a new position in: Montage Gold Corp. (CVE: MAU).

Montage Gold Corp. is headed up by Richard P. Clark, formerly CEO of Red Back Mining Inc. which sold to Kinross for $7.1 B USD, and is supported by a team recognized for discovering, building, operating, and growing major gold deposits in West Africa.

Franklin Gold & Precious Metals Fund (Lux) 
AUM for Franklin Gold & Precious Metals Fund (USA) have increased since the time of our last update (Oct.2022) from $329 M USD to $445 M USD (Apr.2023)  (+35.2%).

VanEck International Investors Gold Fund
AUM for VanEck International Investors Gold Fund have increased since the time of our last update (Oct.2022) from $588 M USD to $791 M USD (Apr.2023)  (+34.5%).

The Fund reported a new position in: West [nxtlink id="268485"]Red Lake Gold Mines[/nxtlink] Ltd. (TSX-V: WRLG)

West [nxtlink id="268485"]Red Lake Gold Mines[/nxtlink] Ltd. recently acquired the historic Madsen Gold Mine from Pure Gold Mining Inc.

The Fund’s position in Sabina Gold & Silver Corp. was acquired by B2Gold Corporation (TSE: BTO).

VanEck VIP Global Gold Fund
AUM for VanEck VIP Global Gold Fund have increased since the time of our last update (Oct.2022) from $37 M USD to $60.5 M USD (Apr.2023)  (+63.5%).

The Fund reported a new position in West [nxtlink id="268485"]Red Lake Gold Mines[/nxtlink] Ltd. (TSX-V: WRLG) which acquired the historic Madsen Gold Mine from Pure Gold Mining Inc. in receivership. The Fund’s position in Sabina Gold & Silver Corp. was acquired in full by B2Gold Corporation (TSE: BTO).

FUNDS WITH AUM > $1 Billion USD

BlackRock Global Funds World Gold Fund  

Fund Comparison:       August 31^st, 2022 / February 28^th, 2023

Invesco Gold & Special Minerals Fund (USA)

Fund Comparison:       October 31^st, 2022 / January 31^st, 2023

ATTRIBUTION ANALYSIS FOR FUNDS WITH ASSETS > $1B USD

BlackRock Global Funds World Gold Fund 
AUM for the world’s largest gold equities fund, BlackRock Global Funds World Gold Fund (BGF World Gold Fund), increased over the reporting period from (Aug.2022) to (Feb.2023) from $3,351 M USD to $3,823 M USD (+14.1%).

The Fund reported 2 new positions: Pan American Silver Corp. (TSX: PAAS)  and Rupert Resources Ltd. (TSX: RUP).

On March 31, 2023, Pan American Silver Corp. acquired the Latin American mines and properties of Yamana Gold Inc. In the 6 months to Feb.2023 BGF World Gold Fund took up a new position in Pan American Silver Corp.

Rupert Resources Ltd. is advancing the Ikkari Discovery in the Central Lapland Greenstone Belt in the Tier 1 mining jurisdiction of Finland. In the 6 months to Feb.2023 BGF World Gold Fund took up a new position in Rupert Resources Ltd.

In the 6 months to Feb.2023, the Fund divested from Australian listed Castile Resources Ltd. (ASX: CST). Castile’s flagship asset is the Rover 1 IOCG Project located in the Rover Mineral Field in the Northern Territory. Castile has supported a public listing since January 2020 and released a pre-feasibility report for Rover 1 on January 31^st, 2023.

Invesco Gold & Special Minerals Fund (USA)
AUM for Invesco Gold & Special Minerals Fund (USA) increased over the reporting period from (Oct.2022) to (Jan.2023) from $1,533 M USD to $2,066 M USD (+34.7%).

In the most recent reporting quarter (Oct.2022-Jan.2023), Invesco Gold & Special Minerals Fund has taken on 3 new positions: Teck Resources Ltd. (TSX: TECK.B), Alcoa Corp. (NASDAQ: AA)  and Piedmont Lithium Inc. (NASDAQ: PLL).

Teck Resources Ltd. is in public takeover discussions with Glencore plc (LON: GLEN). Piedmont Lithium Inc. is an Australian mining company in the process of proving economic mineral recovery of lithium in Gaston County, North Carolina.

During the reporting period (Oct.2022-Jan.2023), the Fund divested from several public company holdings including: Lake Resources Co. (ASX: LKE), Westgold Resources Ltd. (ASX: WGX), Equinox Gold Co. (TSX: EQX), Maverix Metals Inc. (TSX: MMX), Minera Alamos Inc. (CVE: MAI), New Gold Inc. (TSX: NGD), NovaGold Resources Mining Co. (TSX: NG), Jervois Mining Ltd. (CVE: JRV) and AngloGold Ashanti Ltd. (JSE: ANG).

Maverix Metals Inc. (TSX: MMX) was taken over by Triple Flag Precious Metals Corp. on January 12^th, 2023. The remaining companies were portfolio divestitures during the quarter.

‘Increasing Shareholding’ and ‘Decreasing Shareholding’ fields identify companies to which a fund is either increasing or, alternatively, decreasing exposure. This portfolio analysis information is available to Substack subscribers only.

A complete list of Precious Metal Managed Funds and their respective portfolio holdings can be found at: