Fidelity Select Gold Fund 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 (
TSX-V: 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 (
TSX-V: 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 Fund first initiated a new position, Osisko Development (
TSX-V: ODV) traded as low as $5.25 per share. This was the lowest share price for (
TSX-V: 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 12
th 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. (TSX-V: 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. (TSX-V: 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: