Gold Fund Holdings Update – April 2022 and Attribution Analysis

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Gold Fund Holdings Update – April 2022
and Attribution Analysis

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

Gold & Precious Metal Funds included in this report:

Domicile Fund Name Fund Fees Holdings Report
Funds Reporting Monthly
USA Fidelity Select Gold Summary Feb, 2022
USA Franklin Gold & Precious Metals Fund Summary Mar, 2022
USA VanEck International Investors Gold Fund Summary Mar, 2022
USA VanEck VIP Global Gold Fund  Summary Mar, 2022
USA USAA Precious Metals and Minerals Fund Summary Mar, 2022
Funds Reporting Annually / Semi Annually
USA First Eagle Gold Fund  Summary Dec, 2021
USA Invesco Gold & Special Minerals Fund  Summary Dec, 2021
USA EuroPacific Gold Fund Summary Oct, 2021
USA Precious Metals UltraSector ProFund  Summary Dec, 2021
Canada RBC Global Precious Metals Fund Summary Dec, 2021
Canada CI Precious Metals Fund  Summary Dec, 2021
Canada CI Gold Corporate Class  Summary Dec, 2021
Canada CI Precious Metals Private Trust  Summary Dec, 2021
Canada NBI Precious Metals Fund  Summary Dec, 2021
Canada CIBC Precious Metals Fund  Summary Dec, 2021
Canada TD Precious Metals Fund  Summary Dec, 2021
Luxembourg Claresco Or et Métaux Précieux Summary Dec, 2021
UK LF Ruffer Gold Fund Summary Sep, 2021
Bermuda ASA Gold & Precious Metals Limited  Summary Feb, 2022
Austria AMUNDI Gold Stock  Summary Oct, 2021

 

 


ATTRIBUTION ANALYSIS:

A portfolio holding ‘attribution analysis’ is undertaken on the portfolios of every gold fund that reports full asset allocations monthly, and on any fund that reports with assets in excess of USD $1billion. The analysis includes a list of any companies which are new to a portfolio, and also a list of companies which have been completely sold from or ‘dropped’ from a portfolio.

The summary below outlines which companies have been added, and are new, to a given portfolio and which companies have been sold from, and are no longer held by, a given portfolio.

ATTRIBUTION FOR FUNDS REPORTING MONTHLY AND FUNDS WITH ASSETS > $1BILLION USD

 

  First Eagle Gold (Jan 2022)     Invesco Gold & Special Minerals Fund (Jan 2022)  
Added Dropped Added Dropped
No new names Kirkland Lake Gold Ltd.(acquired) Capricorn Metals  IGO Ltd
Anglogold Ashanti Falcon Metals  Canada Silver Cobalt Works Inc
Firefinch Ltd  Great Bear Resources Inc.(acquired)
  Fidelity Select Gold (Feb 2022)   Pilbara Minerals  New Found Gold Corp
Added Dropped Lithium America Corp.  Pretium Resources Inc
Freeport-McMoRan Inc Kirkland Lake Gold Ltd.(acquired) Pretium Resources Inc Gran Colombia Gold Corp
Osisko Development Corporate Endeavour Mining PLC Cameco Corp  Somberero Resources 
Tronox Holdings plc  Tier One Silver 
  Franklin Gold & Precious Metals Fund (Mar 2022)    Anaconda Mining 
Added Dropped Canterra Gold 
Bonterra Resources Inc Pretium Resources Inc Coppernico Metals 
Gangfeng Lithium Co Ltd
PORTFOLIO ATTRIBUTION COMMENTS:
Fidelity Select Gold Fund has taken a new position in Osisko Development Corp. (TSX-V: ODV). Osisko Development Corp. has recently completed a 3:1 consolidation and has a new emphasis on dilution control and cash flow development with several near-term production projects in the pipeline. The company has also recently completed acquisition of the high-grade gold producing Trixie Mine property in the Tintic Mining District of Utah, which will advance its profitable production profile.

Invesco Gold & Special Minerals Fund has again had significant portfolio turnover. The Fund has increased its holding of Mineral Alamos, Inc. (TSX-V: MAI) having recently acquired an additional 1,900,00 shares. Minera Alamos continues to report on development and optimization of it’s Santana Gold Mine. The Fund has sold, or relocated, all of its holding in New Found Gold Corp. (TSX-V: NFG) which at October 31st, 2021 stood at 870,000 shares valued at $6,769,635 USD (January 31st,2022 – $0). The Fund sold its position in Ganfeng Lithium Co. Ltd. (SHE: GFL), which is listed in Shanghai and headquartered in China, and acquired a new holding in Lithium Americas Corp. (NYSE: LAC). This may be evidence of the growing trend towards resource nationalism.

Most gold fund portfolios have minimal exposure to Russian sanctions. Russian gold refineries have been suspended from London’s gold market, the world’s largest, suggesting that the supply of gold may become more constrained as demand is increasing.
A complete list of Precious Metal Managed Funds and their respective portfolio holdings can be found at:

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

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