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Gold Fund Holdings Update – July 2022 and Attribution Analysis

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Toronto, Ontario–(Newsfile Corp. – July 20, 2022) – This report details the most recent portfolio holdings for Precious Metal Managed Funds and summarizes changes in portfolio holdings in July 2022.

A Copy of the Full Report is Available to Read by Following the Link Below: 
https://mineralfunds/portfolio-holdings-update-july-2022

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

 

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 Portfolio  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 and 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

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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. (TSXV: 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. (TSXV: BNCH), Goldsource Mines Inc. (TSXV: GXS), Nighthawk Gold Corp. (TSXV: NHK), O3 Mining Inc. (TSXV: OIII), Osisko Mining Inc. (TSX: OSK) and Pure Gold Mining Inc. (TSXV: PGM).

Franklin Gold and 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).

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VanEck VIP Global Gold Fund

The VIP Fund also took up a new position in G2 Goldfields Inc. (TSXV: 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 World Gold Fund

28.Feb.2022 $5,275 M 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 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 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.

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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 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.

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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. (TSXV: 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.

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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:
https://mineralfunds.com/gold-funds/

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

For further information please contact:
(416) 525 – 6869
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131412

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Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)

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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.

Chime’s Quiet Step Toward Public Markets

Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.

With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.

Source: Bloomberg

ZBD’s Pioneering Achievement: EU MiCA License Approval

ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.

MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.

Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.

Source: Coindesk, PR Newswire

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The Fintech-Credit Union Synergy: A Blueprint for Innovation

The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.

This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.

Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.

Source: PYMNTS

Tackling Student Loan Debt: A Fintech’s Mission

Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.

The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.

As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.

Source: RBJ

Industry Implications and Takeaways

Today’s updates underscore several key themes shaping the fintech landscape:

  1. Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
  2. Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
  3. Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
  4. Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.

 

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SPAYZ.io prepares for iFX EXPO Dubai 2025

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Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.

SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.

Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.

“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”

Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.

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Airtm Enhances Its Board of Directors with Two Strategic Appointments

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Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.

“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”

Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.

Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.

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