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#gold Fund Holdings Update – October 2022 and Attribution Analysis

Toronto, Ontario–(Newsfile Corp. – October 26, 2022) – This report details the most recent portfolio holdings for Precious Metal Managed Funds and summarizes…

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This report details the most recent portfolio holdings for #preciousmetals Managed Funds and summarizes changes in portfolio holdings.

A Copy of the Full Report is Available at the Link Below:
https://mailchi.mp/mineralfunds/portfolio-holdings-update-october-2022

Gold & Precious Metal Funds included in this report:

Domicile             Fund Name   Fund Fees Holdings Report
              Funds Reporting Monthly      
                     
USA             Fidelity Select Gold    Summary Aug, 2022
USA             Franklin Gold & Precious Metals Fund (USA)    Summary Sep, 2022
Luxembourg             Franklin Gold & Precious Metals Fund (Lux)    Summary Sep, 2022
USA             VanEck International Investors Gold Fund    Summary Sep, 2022
USA             VanEck VIP Global Gold Fund    Summary Sep, 2022
                     
              Funds Reporting Quarterly       
                     
USA             Invesco Gold and Special Minerals Fund (USA)    Summary Jul, 2022
USA             GAMCO Glbl. Gold, Nat. Resources & Income Trust    Summary Jun, 2022
USA             Gabelli Gold Fund    Summary Jun, 2022
USA             GAMCO Natural Resources, Gold & Income Trust    Summary Jun, 2022
                     
              Funds Reporting Annually / Semi Annually       
                     
Canada             Dynamic Precious Metals Fund    Summary Jun, 2022
Canada             Dynamic Strategic Gold Class    Summary Jun, 2022
Luxembourg             Deutsche Invest I Gold & Precious Metals Equities    Summary Jun, 2022
Luxembourg             Sprott-Alpina Gold Equity UCITS Fund    Summary Jun, 2022
UK             Quilter Investors Precious Metals Equity Fund    Summary Jun, 2022
UK             SVS Sanlam Global Gold & Resources Fund    Summary May, 2022
Liechtenstein             SafePort Gold & Silver Mining Fund    Summary Jun, 2022
Liechtenstein             AIPM Junior Mining & Exploration UCITS Fund    Summary Jun, 2022
Liechtenstein             Incrementum Crypto Gold Fund    Summary Jun, 2022
Liechtenstein             Precious Metals Champions Fund    Summary Jun, 2022
Singapore             UOB United Gold and General Fund    Summary Jun, 2022

 

A portfolio holding ‘attribution analysis‘ is undertaken on the portfolios of gold funds that report asset allocations monthly, and on any fund with assets in excess of $1 Billion USD reporting during the period.

The analysis includes a list of companies which are new to a portfolio in the period ‘New Company Holdings’, and companies which have been eliminated from a portfolio during the period ‘Companies Divested’. ‘Increasing Shareholding’ and ‘Decreasing Shareholding’ fields identify companies to which a fund is either increasing or, alternatively, decreasing exposure.

FUNDS REPORTING MONTHLY

Fidelity Select Gold Portfolio

31.Aug.2022 $1,186 M USD
   
New Company Holdings Companies Divested
Osisko Development Corp. Gold Standard Ventures Corp.
   
   
   
Largest Position:  
Newmont Corp. (NYSE: NEM) 11.3%
   

 

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

30.Sept.2022 $839 M USD 30.Sept.2022 $334 M USD
       
New Company Holdings Companies Divested New Company Holdings Companies Divested
Leo Lithium Ltd. Goulamina Holdings Pty. Ltd. Leo Lithium Ltd. Goulamina Holdings Pty. Ltd.
       
       
       
Largest Position:   Largest Position:  
Endeavor Mining (TSX: EDV) 5.5% Endeavor Mining (TSX: EDV) 5.7%
       
Increasing Shareholding Decreasing Shareholding Increasing Shareholding Decreasing Shareholding
Marathon Gold Corp. Argonaut Gold Inc. Anglo American Platinum Ltd. Barrick Gold Corp.
Pantoro Ltd. Barrick Gold Corp. Benchmark Metals Inc. Endeavour Mining Plc.
Skeena Resources Ltd. Eastern Platinum Ltd. Centamin Plc. Ivanhoe Mines Ltd.
  Endeavour Mining Plc. Impala Platinum Holdings Ltd.  
  Ivanhoe Mines Ltd. Lion One Metals Ltd.  
  St. Augustine Gold & Copper Ltd. Marathon Gold Corp.  
    Newmont Corp.  
    Pantoro Ltd.  
    Skeena Resources Ltd.  
    SSR Mining Inc.  

 

VanEck International Investors Gold Fund                                VanEck VIP Global Gold Fund

30.Sept.2022 $611 M USD 30.Sept.2022 $39 M USD
       
New Company Holdings Companies Divested New Company Holdings Companies Divested
None Wallbridge Mining Co. Ltd. None Wallbridge Mining Co. Ltd.
       
       
       
Largest Position:   Largest Position:  
Franco-Nevada Crp. (TSX: FNV) 9.5% Franco-Nevada Crp. (TSX: FNV) 9.2%
       
Increasing Shareholding Decreasing Shareholding Increasing Shareholding Decreasing Shareholding
Alamos Gold Inc. Franco-Nevada Corporation Alamos Gold Inc. Newmont Corp.
Marathon Gold Corp. Agnico Eagle Mines Limited Marathon Gold Corp. West African Resources Ltd.
Galway Metals, Inc. Endeavour Mining PLC   Galway Metals, Inc.
  Barrick Gold Corp.   Equinox Gold Corp.
  Newmont Corp.   Bonterra Resources, Inc.
  Kinross Gold Corp.   Bear Creek Mining Corp.
  Wheaton Precious Metals Corp.   Nighthawk Gold Corp.
  B2Gold Corp.   Perpetua Resources Corp.
  Yamana Gold Inc.    
  Northern Star Resources Ltd.    
  West African Resources Ltd.    
  SSR Mining Inc.    
  Royal Gold, Inc.    
  Osisko Gold Royalties Ltd.    
  Evolution Mining Ltd.    
  Gold Fields Ltd.    
  Eldorado Gold Corp.    
  Equinox Gold Corp.    
  Bonterra Resources, Inc.    
  Bear Creek Mining Corp.    
  Nighthawk Gold Corp.    
  Perpetua Resources Corp.    

 

FUNDS REPORTING MONTHLY        ATTRIBUTION ANALYSIS

AUM in all monthly reporting gold funds decreased through August and September respectively.

Fidelity Select Gold Portfolio
AUM for Fidelity Gold Fund decreased in August from $1,325 M USD to $1,186 M USD (-10.5%).

The Fund took on a new position in Osisko Development Corporation (TSXV: ODV). Osisko Development is a relatively new company, managed and developed by the Osisko Management Group, which is focusing on 3 principal development projects: The Cariboo Gold Project (high-grade gold in British Columbia, Canada), The Tintic Gold Project (high-grade gold in central Utah, USA) and The San Antonio Gold-Copper Project (gold and copper development in Sonora State, Mexico).

At current share prices, Osisko Development (TSXV: ODV) is trading at a market capitalisation of ~ $375M and at approximately ~25% of the October 2020 RTO (Reverse Takeover) share price. The company consolidated shares outstanding on a 3:1 basis in May of 2022. In October of 2020, the company raised more than $80 M CAD at an RTO (Reverse Takeover) price of approximately $22.50 per share (split-adjusted). During August of 2022, when Fidelity Select Gold Portfolio first initiated a new position, Osisko Development (TSXV: ODV) traded as low as $5.25 per share. This was the lowest share price for (TSXV: ODV) since the company began trading with a new precious metal development mandate in October 2022, and represents a ~75% discount to the company’s RTO price.     

Orla Mining Ltd. (TSX: OLA) completed acquisition of Gold Standard Ventures Corp. on August 12th resulting in the elimination of Gold Standard from the portfolio, and the continuation of a new position in Orla Mining Ltd. (TSX: OLA).

Franklin Gold & Precious Metals Fund (USA)
AUM for Franklin Gold and Precious Metals Fund (USA) decreased in September from $903 M USD to $839 M USD (-7.1%).

The Fund took up a new position in Australian listed Leo Lithium Ltd. (ASX: LLL) by conversion of Goulamina Holdings Pty. Ltd. Leo Lithium Ltd. (ASX: LLL) is developing the world class Goulamina Lithium Project in Mali, West Africa. This will be West Africa’s first spodumene producer and will come online in 2024 to supply the booming lithium-ion battery industry.

During the month of September, the Fund increased holdings in: Newfoundland developer Marathon Gold Corp. (TSX: MOZ) (pursuant to a financing), Australian listed gold developer Pantoro Ltd. (ASX: PNR) and BC developer Skeena Resources Ltd. (TSX: SKE) while reducing positioning in 6 out of 118 company holdings.

Franklin Gold & Precious Metals Fund (Lux) increased exposure to 10 of 122 companies held in the portfolio during September of 2022.

VanEck International Investors Gold Fund
AUM for VanEck International Investors Gold Fund remained unchanged in September at $687 M USD (0% change).

The Fund divested from Wallbridge Mining Company Ltd. (TSX: WM). On September 12th Wallbridge had announced the commissioning of an update to the 2021 mineral resource estimate for its flagship Fenelon Gold and Martiniere Project.

Pursuant to a private placement financing, the Fund increased its positioning in Marathon Gold Corp. (TSX: MOZ). As a result of open market purchases, the Fund increased its positioning in Alamos Gold Inc. (TSX: AGI) and Galway Metals Inc. (TSXV: GWM). The Fund reduced positioning in 21 of 51 holdings.

VanEck VIP Global Gold Fund
AUM for VanEck VIP Global Gold Fund remained unchanged in September at $39 M USD (0% change).

The Fund did not add any new positions but divested from Wallbridge Mining Company Ltd. (TSX: WM). The Fund participated in the financing for Marathon Gold Corp. (TSX: MOZ) and increased positioning in Alamos Gold Inc. (TSX: AGI).

FUND > $1 Billion USD

A portfolio holding ‘attribution analysis‘ is undertaken on the portfolios of gold funds that report asset allocations monthly, and on any fund with assets in excess of $1 Billion USD reporting during the period.

Invesco Gold and Special Minerals Fund (USA)                          Fund Reports Quarterly

Fund Comparison:        July 31st 2022 / April 30th 2022

31.Jul.2022 $1,771 M USD
   
New Company Holdings Companies Divested
Capricorn Metals Ltd. Lake Resources NL
Yamana Gold, Inc.  
Americas Gold & Silver Corp.  
Ascot Resources Ltd.  
Barrick Gold Corp.  
Canada Nickel Co., Inc.  
Foran Mining Corp.  
Prime Mining Corp.  
Wallbridge Mining Co. Ltd.  
Zhaojin Mining Industry Co. Ltd.  
Argonaut Gold, Inc.  
MP Materials Corp.  
   
   
Largest Position:  
Newmont Corp. (NYSE: NEM) 12.0%
   
Increasing Shareholding Decreasing Shareholding
Aeris Resources Ltd. Allkem Ltd.
Centaurus Metals Ltd. Evolution Mining Ltd.
Chalice Mining Ltd. Firefinch Ltd.
De Grey Mining Ltd. Gold Road Resources Ltd.
Predictive Discovery Ltd. Lynas Rare Earths Ltd.
Red 5 Ltd. Newcrest Mining Ltd.
Rumble Resources Ltd. Northern Star Resources Ltd.
Liberty Gold Corp. OceanaGold Corp.
Marathon Gold Corp. Pantoro Ltd.
Osino Resources Corp. Perseus Mining Ltd.
Pure Gold Mining, Inc. Pilbara Minerals Ltd.
Rupert Resources Ltd. Silver Lake Resources Ltd.
Sierra Metals, Inc. Tietto Minerals Ltd.
Skeena Resources Ltd. Wheaton Precious Metals Corp.
Solaris Resources, Inc. Agnico Eagle Mines Ltd.
Tudor Gold Corp. Alamos Gold, Inc.
Meridian Mining UK Societas Arizona Metals Corp.
Coeur Mining, Inc. Artemis Gold, Inc.
  Calibre Mining Corp.
  Centerra Gold, Inc.
  Filo Mining Corp.
  Franco-Nevada Corp.
  Hudbay Minerals, Inc.
  i-80 Gold Corp.
  Ivanhoe Mines Ltd.
  Karora Resources, Inc.
  Kinross Gold Corp.
  Lithium Americas Corp.
  MAG Silver Corp.
  Minera Alamos, Inc.
  New Gold, Inc.
  Orla Mining Ltd.
  Osisko Gold Royalties Ltd.
  SilverCrest Metals, Inc.
  Triple Flag Precious Metals Corp.
  Victoria Gold Corp.
  Ganfeng Lithium Co. Ltd.
  Zijin Mining Group Co. Ltd.
  GCM Mining Corp.
  Nickel Mines Ltd.
  Gold Fields Ltd.
  Sibanye Stillwater Ltd.
  Eldorado Gold Corp.
  Century Aluminum Co.
  Freeport-McMoRan, Inc.
  Gatos Silver, Inc.
  Newmont Corp.
  Piedmont Lithium, Inc.
  Royal Gold, Inc.
  Tronox Holdings PLC
  First Quantum Minerals Ltd.

 

Invesco Gold and Special Minerals Fund (USA)
AUM for Invesco Gold & Special Minerals Fund (USA) decreased over the quarter from: $2,377 M USD on 30th April 2022 to $1,771 M USD on 31st July 2022 (-25.5%).

The Fund’s largest holding remains Newmont Corp. (NYSE: NEM) at 12.0%.

The Fund acquired 12 new company names in a portfolio holding a total of 114 companies. New company names included juniors: Canada Nickel Corp. (TSXV: CNC) which is advancing the large-scale Crawford Nickel-Cobalt Sulphide Discovery in the Timmins Mining Camp, and Americas Gold and Silver Corporation (TSX: USA) which is operating three producing precious metals mines including the Relief Canyon Mine in Nevada.

The Fund decreased positioning in 51 of 114 holdings as market contraction and redemptions pressured the portfolio.

A complete list of Precious Metal Managed Funds and their respective portfolio holdings can be found at: https://mineralfunds.com/gold-funds/

Reported by: Khadijah Samnani, Analyst Supported By: Christopher Berlet BSc, CFA

For further information please contact:
(416) 525 – 6869
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142019

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