Gold & Special Minerals Fund Holdings Monthly Update - June 2023
and Attribution Analysis
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 |
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Fund Name |
|
Fund Fees |
Holdings Report |
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Funds Reporting Monthly |
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| USA |
|
Fidelity Select Gold Fund |
|
Summary |
Apr, 2023 |
| USA |
|
Franklin Gold & Precious Metals Fund (USA) |
|
Summary |
May, 2023 |
| Luxembourg |
|
Franklin Gold & Precious Metals Fund (Lux) |
|
Summary |
May, 2023 |
| USA |
|
VanEck International Investors Gold Fund |
|
Summary |
May, 2023 |
| USA |
|
VanEck VIP Global Gold Fund |
|
Summary |
May, 2023 |
| |
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| |
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Funds Reporting Quarterly |
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 |
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| USA |
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First Eagle Gold Fund |
|
Summary |
Jan, 2023 |
| USA |
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Sprott Gold Equity Fund |
|
Summary |
Mar, 2023 |
| USA |
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GAMCO Glbl. Gold, Nat. Resources & Income Trust |
|
Summary |
Mar, 2023 |
| USA |
|
American Century Global Gold Fund |
|
Summary |
Mar, 2023 |
| USA |
|
USAA Precious Metals and Minerals Fund |
|
Summary |
Feb, 2023 |
| USA |
|
Gabelli Gold Fund |
|
Summary |
Mar, 2023 |
| USA |
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GAMCO Natural Resources, Gold & Income Trust |
|
Summary |
Mar, 2023 |
| USA |
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U.S. Global Investors Gold and Precious Metals Fund |
|
Summary |
Mar, 2023 |
| USA |
|
Rydex Precious Metals Fund |
|
Summary |
Mar, 2023 |
| USA |
|
U.S. Global Investors World Precious Minerals Fund |
|
Summary |
Mar, 2023 |
| USA |
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Midas Series Trust |
|
Summary |
Mar, 2023 |
| |
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Funds Reporting Annually / Semi Annually |
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| Canada |
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BMO Precious Metals Fund |
|
Summary |
Mar, 2023 |
| |
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| Luxembourg |
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Plutos Gold Plus |
|
Summary |
Mar, 2023 |
| |
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| UK |
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BlackRock Gold & General Fund |
|
Summary |
Feb, 2023 |
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| France |
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Edmond de Rothschild Goldsphere |
|
Summary |
Mar, 2023 |
| |
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Stratégie Indice Or |
|
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 Fund
| 30.Apr.2023 |
$1,884 M USD |
| |
|
| New Company Holdings |
Companies Divested |
| Aya Gold & Silver, Inc. |
Sabina Gold & Silver Corp. |
| Dundee Precious Metals, Inc. |
|
| Solaris Resources, Inc. |
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| |
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| Largest Position: |
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| Agnico Eagle M. Ltd. (TSX: AEM) |
9.7% |
Franklin Gold & Precious Metals Fund (USA) Franklin Gold & Precious Metals Fund (Lux)
| 31.May.2023 |
$1,006 B USD |
31.May.2023 |
$410 M USD |
| |
|
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|
| New Company Holdings |
Companies Divested |
New Company Holdings |
Companies Divested |
| Ramelius Resources Ltd. |
Breaker Resources NL |
Ramelius Resources Ltd. |
Breaker Resources NL |
| |
Eastern Platinum Ltd. |
|
Eastern Platinum Ltd. |
| |
Euro Sun Mining Inc. |
|
Euro Sun Mining Inc. |
| |
Gatos Silver Inc. |
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Gatos Silver Inc. |
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Millennial Precious Metals Corp. |
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Millennial Precious Metals Corp. |
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| Largest Position: |
|
Largest Position: |
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| Endeavor Mining (TSX: EDV) |
5.4% |
Endeavor Mining (TSX: EDV) |
5.4% |
VanEck International Investors Gold Fund VanEck VIP Global Gold Fund
| 31.May.2023 |
$738 M USD |
31.May.2023 |
$56 M USD |
| |
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|
|
| New Company Holdings |
Companies Divested |
New Company Holdings |
Companies Divested |
| None |
None |
None |
None |
| |
|
|
|
| Largest Position: |
|
Largest Position: |
|
| Endeavor Mining (TSX: EDV) |
7.3% |
Endeavor Mining (TSX: EDV) |
7.3% |
AUM for Fidelity Select Gold Fund increased over the month from $1,810 M USD (Mar.2023) to $1,882 M USD (Apr.2023) (+4.0%).
The Fund reported 3 new positions: Aya Gold & Silver, Inc. (TSX:AYA), Dundee Precious Metals, Inc. (TSX:DPM) and Solaris Resources, Inc. (TSX:SLS). On April 19th B2Gold Corp. (TSX:BTO) completed the acquisition of Sabina Gold & Silver Corp.
Aya Gold & Silver Corp. is a TSX-listed pure play silver producer with assets in Morocco. The company is expanding the Zgounder Mine to a production capacity of +7M oz. per annum by 2024 and holds an extensive portfolio of exploration assets in country. Morocco has an extensive mining history dating back to Roman times. Aya’s chairman and founder, Benoit La Salle, is a successful mining entrepreneur and formerly founded SEMAFO Inc. which under his watch became a +250,000 oz. West African gold producer.
Dundee Precious Metals, Inc. is a TSX-listed mining development company with operations in Namibia and Bulgaria, and exploration projects in Bulgaria and Serbia. The company has generated free cash flow from production of 68,581 oz. Au and 7.2 M lbs. Cu in the first quarter of 2023 and has demonstrated a commitment to dividend growth and rigorous ESG standards.
Solaris Resources, Inc. is exploring the world class Warintza copper-gold porphyry project in Southeastern Ecuador. In April 2023 the company began reporting on a new copper-gold porphyry discovery found Southwest of the main Warintza deposit. The Warintza Project is shaping up into a cluster of world class copper-gold porphyry deposits.
Franklin Gold & Precious Metals Fund (USA)
AUM for Franklin Gold & Precious Metals Fund (USA) decreased slightly over the month from $1,010 M USD (Apr.2023) to $1,006 M USD (May.2023) (-0.4%).
The Fund reported a new position in Ramelius Resources Limited (ASX:RMS).
Ramelius Resources owns and operates the Mt. Magnet, Edna May, Vivien, Marda, Tampia and Penny gold mines in West Australia and recently acquired the Rebecca Gold Project also located in West Australia. In May the company completed acquisition of Breaker Resources NL (ASX:BRB).
During the month, the Fund divested from: Breaker Resources NL (ASX:BRB) (Acquired by Ramelius), Eastern Platinum Ltd. (JSE:EPS), Euro Sun Mining, Inc. (TSX:ESM), Gatos Silver, Inc. (TSX:GATO) and Millenial Precious Metals Corp. (TSX-V:MPM) (Acquired by Integra Resources Corp.).
Franklin Gold & Precious Metals Fund (Lux)
AUM for Franklin Gold & Precious Metals Fund (Lux) decreased over the month from $445 M USD (Apr.2023) to $410 M USD (May.2023) (-7.9%).
VanEck International Investors Gold Fund
AUM for VanEck International Investors Gold Fund decreased over the month from $791 M USD (Apr.2023) to $738 M USD (May.2023) (-6.7%).
There were no new names or divestitures of portfolio holdings during the month.
VanEck VIP Global Gold Fund
AUM for VanEck VIP Global Gold Fund decreased over the month from $60.5 M USD (Apr.2023) to $56 M USD (May.2023) (-7.4%).
There were no new names or divestitures of portfolio holdings during the month.
FUNDS WITH AUM > $1 Billion USD
First Eagle Gold Fund
Fund Comparison: January 31st, 2023 / October 31st, 2022
| 31.Jan.2023 |
$2,310 B USD |
| |
|
| New Company Holdings |
Companies Divested |
| Northern Star Resources Ltd. |
None |
| |
|
| Largest Position: |
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| Wheaton Precious Metals Corp. (TSX: WPM) |
12.5% |
BlackRock Gold & General Fund
Fund Comparison: February 28th, 2023 / August 31st, 2022
| 28.Feb.2023 |
$1,074 B USD |
| |
|
| New Company Holdings |
Companies Divested |
| Pan American Silver |
Castile Resources |
| |
Oklo Resources |
| |
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| Largest Position: |
|
| Wheaton Precious Metals Corp. (TSX: WPM) |
12.5% |
ATTRIBUTION ANALYSIS FOR FUNDS WITH ASSETS > $1B USD
First Eagle Gold Fund
AUM for First Eagle Gold Fund increased over the quarter from $1,782 M USD (Oct.2022) to $2,311 M USD (Jan.2023) (+29.6%).
The Fund reported a new position in Northern Star Resources Ltd. (ASX:NST).
Northern Star Resources Ltd. is a global-scale Australian gold producer with world class projects located in the highly prospective and low sovereign risk regions of Australia and North America.
BlackRock Gold & General Fund
AUM for BlackRock Gold & General Fund increased over the reporting period from £874.7 M GBP (Aug.2022) to £918.0 M GBP (Feb.2023) (+4.9%).
The Fund reported a new position in Pan American Silver Corp. (TSX:PAAS).
The Pan American Silver vision is to provide investors with the best public mining company vehicle to gain exposure to the silver price.
During the reporting period, the Fund divested from: Castile Resources Ltd. (ASX:CST) and Oklo Resources Ltd. (ASX:OKU) (Acquired by B2Gold Corp.).
‘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.
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