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

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This report details the most recent portfolio holdings for Gold & 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 Mar, 2023
USA Franklin Gold & Precious Metals Fund (USA) Summary Apr, 2023
Luxembourg Franklin Gold & Precious Metals Fund (Lux) Summary Apr, 2023
USA VanEck International Investors Gold Fund Summary Apr, 2023
USA VanEck VIP Global Gold Fund Summary Apr, 2023
Funds Reporting Quarterly
USA Allspring Precious Metals Fund Summary Mar, 2023
USA American Century Global Gold Fund Summary Dec, 2022
USA Euro Pacific Gold Fund Summary Jan, 2023
USA Gabelli Gold Fund Summary Dec, 2022
USA GAMCO Global Gold, Natural Resources & Income Trust Summary Dec, 2022
USA GAMCO Natural Resources, Gold & Income Trust Summary Dec, 2022
USA Invesco Gold & Special Minerals Fund (USA) Summary Jan, 2023
USA Midas Series Trust Summary Dec, 2022
USA OCM Gold Fund Summary Feb, 2023
USA Precious Metals UltraSector Profund Summary Jan, 2023
USA Rydex Precious Metals Fund Summary Dec, 2022
USA Sprott Gold Equity Fund Summary Dec, 2022
USA US Global Investors Gold and Precious Metals Summary Dec, 2022
USA US Global Investors World Precious Minerals Summary Dec, 2022
USA Victory Precious Metals Fund Summary Dec, 2022
Funds Reporting Annually / Semi Annually
Canada BMO Precious Metals Fund Summary Sep, 2022
Canada CI Gold Corporate Class Summary Sep, 2022
Canada CI Precious Metals Fund Summary Sep, 2022
Canada CI Precious Metals Private Trust Summary Sep, 2022
Canada CIBC Precious Metals Fund Summary Dec, 2022
Canada Dynamic Precious Metals Fund Summary Dec, 2022
Canada Dynamic Strategic Gold Class Summary Dec, 2022
Canada IG Mackenzie Global Precious Metals Class Summary Sep, 2022
Canada Mackenzie Precious Metals Fund Summary Sep, 2022
Canada NBI Precious Metals Fund Summary Dec, 2022
Canada Ninepoint Gold & Precious Minerals Fund Summary Dec, 2022
Canada RBC Global Precious Metals Fund Summary Dec, 2022
Canada TD Precious Metals Fund Summary Dec, 2022
Luxembourg BAKERSTEEL Precious Metals Fund Summary Dec, 2022
Luxembourg BlackRock Global Funds World Gold Fund Summary Feb, 2023
Luxembourg Claresco Or et Metaux Precieux Summary Dec, 2022
Luxembourg CPR Invest – Global Gold Mines Summary Jan, 2023
Luxembourg Crossinvest Metals and Mining Equity Fund Summary Dec, 2022
Luxembourg Deutsche Invest I Gold & Precious Metals Summary Dec, 2022
Luxembourg DJE Gold & Ressourcen Summary Dec, 2022
Luxembourg Konwave Gold Equity Fund Summary Dec, 2022
Luxembourg Konwave Sustainable Gold Equity Fund Summary Dec, 2022
Luxembourg Landolt Investment (Lux) SICAV – Gold Summary Dec, 2022
Luxembourg Lombard Odier Funds – World Gold Expertise Summary Sep, 2022
Luxembourg NESTOR Gold Funds Summary Dec, 2022
Luxembourg NinetyOne Global Gold Fund (Lux) Summary Dec, 2022
Luxembourg Plutos Gold Plus Summary Sep, 2022
Luxembourg Schroder ISF Global Gold Summary Dec, 2022
Luxembourg Sprott-Alpina Gold Equity UCITS Fund Summary Dec, 2022
UK DMS Charteris Gold & Precious Metals Fund Summary Aug, 2022
UK ES Baker Steel Gold and Precious Metals Summary Feb, 2023
UK LF Ruffer Gold Fund Summary Mar, 2023
UK NinetyOne Global Gold Fund (UK) Summary Aug, 2022
UK QUILTER Investors Precious Metals Equity Summary Dec, 2022
France Amundi Actions Or Summary Jan, 2023
France Edmond de Rothschild Goldsphere Summary Sep, 2022
France Strategie Indice Or Summary Jun, 2022
France Tocqueville Gold Fund Summary Sep, 2022
Austria C-Quadrat Gold & Resources Fund Summary Aug, 2022
Bermuda ASA Gold & Precious Metals Limited Summary Feb, 2023
Germany Earth Gold Fund UI Summary Dec, 2022
Germany GR Noah Summary Jan, 2023
Germany Value Intelligence Gold Company Fonds (AMI) Summary Dec, 2022
Ireland Jupiter Gold & Silver Fund Summary Dec, 2022
Liechtenstein AIPM Junior Mining & Exploration Fund Summary Dec, 2022
Liechtenstein Craton Capital Precious Metal Fund Summary Dec, 2022
Liechtenstein Incrementum Crypto Gold Fund Summary Dec, 2022
Liechtenstein Marmite Exploration & Mining Invest Fund Summary Dec, 2022
Liechtenstein SafePort Gold & Silver Mining Fund Summary Dec, 2022
Liechtenstein Precious Metals Champion Fund Summary Dec, 2022
Liechtenstein Premium Gold & Metal Open Fund Summary Dec, 2022
Singapore DWS Noor Precious Metals Securities Fund Summary Dec, 2022
Sweden AuAg Precious Green Summary Dec, 2022
Switzerland AMG Gold, Minen und Metalle Summary Dec, 2022
Switzerland Precious Capital Global Mining and Metals Fund Summary Dec, 2022

 


ATTRIBUTION ANALYSIS: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’.

FUNDS REPORTING MONTHLY

Fidelity Select Gold

31.Mar.2023 $1,810 M USD
New Company Holdings Companies Divested
Atex Resources, Inc. BeMetals Corp.
Guanajuato Silver Co. Ltd. Pure Gold Mining, Inc.
Largest Position:
Agnico Eagle M. Ltd. (TSX: AEM)  8.4%

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

30.Apr.2023 $1,010 M USD 30.Apr.2023 $445 M USD
New Company Holdings Companies Divested New Company Holdings Companies Divested
Montage Gold Corp. None Montage Gold Corp. None
Largest Position: Largest Position:
Endeavor Mining (TSX: EDV) 5.2% Endeavor Mining (TSX: EDV) 5.2%

VanEck International Investors Gold Fund                                 VanEck VIP Global Gold Fund

30.Apr.2023 $791 M USD 30.Apr.2023 $60.5 M USD
New Company Holdings Companies Divested New Company Holdings Companies Divested
West Red Lake Gold Mines Sabina Gold & Silver Corp. West Red Lake Gold Mines Sabina Gold & Silver Corp.
Largest Position: Largest Position:
Agnico Eagle M. Ltd. (TSX: AEM) 6.7% Agnico Eagle M. Ltd. (TSX: AEM) 6.8%

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 Red Lake Gold Mines 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 Red Lake Gold Mines Ltd. (TSX-V: WRLG)

West Red Lake Gold Mines 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 Red Lake Gold Mines 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 31st, 2022 / February 28th, 2023

28.Feb.2023 $3,823 B USD
New Company Holdings Companies Divested
Pan American Silver Corp. Castile Resources Ltd.
Rupert Resources Ltd.
Largest Position:
Endeavor Mining (TSX: EDV)  7.4%

Invesco Gold & Special Minerals Fund (USA)

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

31.Jan.2023 $2,065 B USD
New Company Holdings Companies Divested
Teck Resources Ltd. Lake Resources
Alcoa Corp. Westgold Resources Ltd.
Piedmont Lithium Inc. Equinox Gold Corp.
Maverix Metals, Inc.
Minera Alamos, Inc.
New Gold Inc.
Novagold Resources Inc.
Jervois Global Ltd.
AngloGold Ashanti Ltd.
Largest Position:
Barrick Gold Corp. (TSX: ABX)  7.4%

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 31st, 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 12th, 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:


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

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