Gold Fund Holdings Update – July 2022 and Attribution Analysis

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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 Fund Summary May, 2022
USA VanEck International Investors Gold Fund Summary Jun, 2022
USA Franklin Gold & Precious Metals Fund Summary Jun, 2022
USA VanEck VIP Global Gold Fund Summary Jun, 2022
Funds Reporting Quarterly
USA First Eagle Gold Fund Summary Jun, 2022
USA Invesco Gold & Special Minerals Fund Summary Apr, 2022
USA American Century Global Gold Fund Summary Mar, 2022
USA Precious Metals UltraSector ProFund Summary Apr, 2022
USA Midas Fund Inc. Summary Mar, 2022
Luxembourg Invesco Gold and Special Metals Fund (Lux) Summary Feb, 2022
Funds Reporting Annually / Semi Annually
Canada Mackenzie Precious Metals Class Summary Mar, 2022
Canada CI Precious Metals Fund Summary Mar, 2022
Canada IG Mackenzie Global Precious Metals Class Summary Mar, 2022
Canada BMO Precious Metals Fund Summary Mar, 2022
Canada CI Gold Corporate Class Summary Mar, 2022
Canada CI Precious Metals Private Trust Summary Mar, 2022
Luxembourg BlackRock Global Funds World Gold Fund Summary Feb, 2022
UK LF Ruffer Gold Fund Summary Mar, 2022
UK DMS Charteris Gold and Precious Metals Fund Summary Feb, 2022
France R-Co. Thematic Gold Mines Summary Dec, 2021
France Edmond de Rothschild Goldsphere Summary Mar, 2022
BVI Power Capital Ltd. – Gold Edge Fund Summary May, 2022

 


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.

FUNDS REPORTING MONTHLY

Fidelity Select Gold Fund VanEck International Investors Gold Fund
31.May.2022 $1,631 M USD 30.Jun.2022 $905 M USD
Added Dropped Added Dropped
Dakota Gold Corp. Yamana Gold Inc. G2 Goldfields Inc.
Nomad Royalty Co. Ltd.
Largest Position: Largest Position:
Newmont Corp. (NYSE: NEM) 14.6% Franco-Nevada Crp. (TSX: FNV) 9.3%
Franklin Gold & Precious Metals Fund (USA) VanEck VIP Global Gold Fund
30.Jun.2022 $986 M USD 30.Jun.2022 $60 M USD
Added  Dropped  Added Dropped 
Goulamina Holdings Pty. Ltd. Osisko Gold Royalties Ltd. G2 Goldfields Inc.
Ivanhoe Electric Inc.
Largest Position: Largest Position:
Barrick Gold Corp. (TSX: ABX) 5.1% Franco-Nevada Crp. (TSX: FNV) 9.3%

FUNDS REPORTING MONTHLY     ATTRIBUTION ANALYSIS
      

Fidelity Select Gold Fund
The Fund’s largest holding, Newmont Corp. (
NYSE: NEM), increased in size in relative terms from 14.0% to 14.6% of the portfolio, despite a decrease in holding size from $255.0 M USD to $237.5 M USD (-$17.5 M USD). The Newmont holding became a larger relative holding because the world’s largest listed gold company decreased in value by a lesser amount than smaller company names in a declining gold market over the month of May 2022.

During May, Fidelity Select Gold Fund took a new position in Dakota Gold Corp. (NYSE: DC).  The new position is relatively small at $6.5 M USD representing 0.4% of the portfolio. Dakota Gold Corp. has a market cap (~$250 M USD) and holds 40,000 acres of prospective exploration tenements surrounding the old Homestake Mine in South Dakota, USA.

The Fund sold its holding of Yamana Gold Inc. (TSX: YRI) which had been valued at $5.5 M USD at end April 2022 and reduced its holding of Gold Fields Ltd. (JSE: GFI). Both company’s shares had run up in anticipation of the May 31 acquisition announcement of Yamana Gold Inc. by Gold Fields Ltd. The combined positions represented 4.0% of the portfolio at end April and this was reduced to a holding of Gold Fields Ltd. only representing 2.6% of the portfolio at the end of May.

VanEck International Investors Gold Fund
Franco-Nevada Corp. (TSX: FNV) replaced Agnico Eagle Mines Ltd. (TSX: AEM) as the Fund’s largest position. Agnico Eagle remained the second largest position.

The Fund took up a new position in G2 Goldfields Inc. (TSX-V: GTWO). The Chairman of G2 Goldfields Inc. is Patrick Sheridan MSc. who was the founder of Guyana Goldfields Ltd. which was acquired by Zijin Mining Inc. in 2020. G2 Goldfields Inc. has a market capitalisation of (~$70 M CAD) and holds a combined land position of 50,000 prospective acres in the Oko-Aremu and Punni districts in Guyana. The Company reports a maiden resource on the Oko Discovery of 974K inferred gold ounces grading 9.25 g/t Au and holds district scale exploration potential.

VanEck International Investors Gold Fund holds warrants from financing participation in the following companies:
Banchmark Metals Inc. (TSX-V: BNCH), Goldsource Mines Inc. (YSX-V: GXS), Nighthawk Gold Corp. (TSX-V: NHK), O3 Mining Inc. (TSX-V: OIII), Osisko Mining Inc. (TSX: OSK) and Pure Gold Mining Inc. (TSX-V: PGM).

Franklin Gold & Precious Metals Fund (USA)
The Fund took new positions in Goulamina Holdings Pty. Ltd. (ASX: FFX) which is a lithium developer and Ivanhoe Electric Inc. (TSX: IE) which is also an electric metals developer. The Fund sold its holding of Osisko Gold Royalties Inc. (TSX: OR).

VanEck VIP Global Gold Fund
The VIP Fund also took up a new position in G2 Goldfields Inc. (TSX-V: GTWO) and had Franco-Nevada Corp. (TSX: FNV) replace Agnico Eagle Mines Ltd. (TSX: AEM) as the Fund’s largest holding.

FUNDS AUM > 1B USD

BlackRock Global Funds World Gold Fund

28.Feb.2022                                            $5,275 USD

Added Dropped
Marathon Gold Corp. Sibanye-Stillwater
Emerald Resources NL Equinox Gold Corp.
Pan American Silver Corp.
Largest Position:
Newmont Corp. (NYSE: NEM) 7.3%

ATTRIBUTION ANALYSIS
 
BlackRock Global Funds World Gold Fund
With Fund assets of $ 5,275 M USD the BlackRock World Gold Fund is the world’s largest gold fund.

During the 6-month period from 31 Aug. 2021 to 28 Feb. 2022, BlackRock Global Funds World Gold Fund dropped entirely positions that had been held in: Sibanye-Stillwater (JSE: SSW) ($79.7 M USD), Equinox Gold Corp (TSX: EQX) ($51.6 M USD) and Pan American Silver Corp. (TSX: PAAS) ($28.2 M USD).

The Fund acquired a new position (valued at $33.9 M USD) in Marathon Gold Corp (TSX: MOZ) (market cap ~ $287 M USD). Marathon Gold is developing the Valentine Gold Project in Newfoundland, Canada. The Fund also acquired a new position (valued at $5.5 M USD) in Cambodian gold developer-explorer Emerald Resources NL (ASX: EMR) (market cap ~ $364 M USD). Emerald Resources is commissioning the advanced Okvau Gold Mine in Cambodia.

The BlackRock World Gold Fund also substantially increased its holding of B2Gold Corp. (TSX: BTO) from $100.8 M USD to $214.1 M USD representing 4.06% of the total portfolio on 28 Feb. 2022, up from 1.9% on 31 Aug. 2021.
 
 Russia Exposure for:    BlackRock Global Funds World Gold Fund

The Fund reduced its Russia exposure over the six-month period from 31 August 2021 to 28 February 2022, shrinking Russia exposure from a combined 4.4% of the portfolio to 3.3%.

On 28 Feb. 2022 the Fund held $149.3 M USD of PJSC Polyus PJSC GDR, Russia’s biggest gold mining company, (MCX: PLZL) representing 2.83% of the portfolio. This position was held as a GDR (Global Depository Receipt) and was retained on the books at a full market valuation despite trading limitations.

Over the 6-month period to 28 Feb. 2022 the Fund reduced exposure to both Russian gold equities held: Polyus PJSC GDR (NYSE: OPYGY) (3.23% to 2.83%) and GV Gold Vysochaishy PJSC (0.91% to 0.43%).  The 28th of February 2022 was 4 days after the February 24 invasion of Ukraine, and the portfolio continued to value holdings of Russian equities at full valuations. Polyus PJSC GDR has not traded in New York since early March 2022. 

First Eagle Gold Fund

30.Jun.2022 $2,010 M USD
Added    Dropped
   
   
Largest Position:  
Gold Bullion 23.7%
Newmont Corp. (NYSE: NEM) 9.3%

 

ATTRIBUTION ANALYSIS                  

First Eagle Gold Fund
First Eagle Gold Fund has assets of $ 2,010 M USD and reports full asset allocations quarterly. The largest holdings remain Gold Bullion (23.7%) and Newmont Corp. (NYSE: NEM) (9.3%).  There were no ‘Added’ or ‘Dropped’ names during the quarter.

During the quarter from 31 Mar. 2022 to 30 Jun. 2022, First Eagle Gold Fund reduced it’s holding in Agnico Eagle Mines Ltd. (TSX: AEM) from $ 189M USD (7.9% of the portfolio) to $ 84M USD (4.2% of the portfolio). This was partially offset by an increase in the holding size of Franco-Nevada Corp. (TSX: FNV) from $68M USD (2.8% of the portfolio) to $87M USD (4.3% of the portfolio).

 Russia Exposure for:    First Eagle Gold Fund

The Fund had no Russian company exposure in Mar. 2022 or Jun. 2022.

Invesco Gold & Special Minerals Fund

30.Apr.2022 $2,377 M USD
Added    Dropped
Allkem Ltd. Falcon Metals Ltd.
Calix Ltd. Musgrave Minerals Ltd.
Centaurus Metals Ltd. Freegold Ventures Ltd.
Tietto Minerals Ltd. Galway Metals Inc.
Foran Mining Corp. Integra Resources Corp.
i-80 Gold Corp. Novo Resources Corp.
Minera Alamos Inc. Turquoise Hill Resources Ltd.
  Harmony Gold Co. Ltd. ADR
  Steel Dynamics Inc.
   
Largest Position:  
Newmont Corp. (NYSE: NEM) 5.4%

 

ATTRIBUTION ANALYSIS          

Invesco Gold & Special Minerals Fund
Invesco Gold & Special Minerals Fund has assets of $ 2,377 M USD and reports full asset allocations quarterly. Attribution analysis is undertaken on the reporting period 31 Jan. 2022 to 30 Apr. 2022.

During the quarter from 31 Jan. 2022 to 30 Apr. 2022, Invesco Gold & Special Minerals Fund dropped entirely positions that had been held in: Falcon Metals Ltd., Musgrave Minerals Ltd., Freegold Ventures Ltd., Galway Metals Inc., Integra Resources Corp., Novo Resources Corp., Turquoise Hill Resources Ltd., Harmony Gold Co. Ltd. ADR and Steel Dynamics Inc.

The Fund acquired a new position (valued at $8.9 M USD, 18,008,743 shares) in Minera Alamos Inc. (TSX-V: MAI) (market cap ~ $287 M USD). Minera Alamos has a portfolio of high-quality Mexican assets, including the 100%-owned Santana open-pit, heap leach gold mine in Sonora which is currently ramping up toward commercial production. Invesco Gold & Special Minerals Fund acquired new positions in several other smaller companies including:  Allkem Ltd., Calix Ltd., Centaurus Metals Ltd., Tietto Minerals Ltd., Foran Mining Corp. and i-80 Gold Corp.

 Russia Exposure for:    Invesco Gold & Special Minerals Fund

The Fund had no Russian company exposure in Jan. 2022 or Apr. 2022.

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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