Gold Fund Holdings Update – August 2022 and Attribution Analysis

Toronto, Ontario–(Newsfile Corp. – August 23, 2022) – This report details the most recent portfolio holdings for Precious Metal Managed Funds and summarizes changes in portfolio holdings in August 2022.

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

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FUNDS REPORTING MONTHLY ATTRIBUTION ANALYSIS

Fidelity Select Gold Fund

The Fund’s largest holding, Newmont Corp. (NYSE: NEM), increased in size in relative terms again this month from 14.6% to 15.0% of the portfolio, despite a decrease in holding size from $237.5 M USD to $208.8 M USD (-$18.7 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 holdings in a declining gold market over the month of June 2022.

During June 2022, Fidelity Select Gold Fund took a new position in Ivanhoe Electric, Inc. (NYSE: IE). The position was valued at $8.7 M USD representing 0.63% of the portfolio at month end. Ivanhoe Electric, Inc. is a newly listed company (listed June 2022) Chaired by mining financier Robert Friedland and is focused on the discovery of electric metals such as copper, gold, silver and nickel primarily in the USA.

The Fund also initiated a position in New Pacific Metals Corp. (TSX: NUAG). At month end the position was valued at $4.3 M USD representing 0.3% of the portfolio. New Pacific Metals holds three advanced stage, high quality silver projects in Bolivia including the Silver Sand project which was one of the earliest mineral discoveries in Bolivia.

Finally, the Fund also took on a new position in Foran Mining Corp. (TSXV: FOM) which is developing the McIlvenna Bay Project in Saskatchewan, Canada. The McIlvenna Bay Project is billed as ‘Developing a significant and scalable resource into the world’s first carbon neutral copper mine.” At month end the new position was valued at $1.4 M USD, representing 0.1% of the total portfolio.

During the month of June 2022, the Fund liquidated its holding of Alexco Resource Corp. (TSX: AXU) contributing to a selloff resulting from the announcement of a proposed transaction with Hecla Mining Company (NYSE: HL).

Franklin Gold & Precious Metals Fund (USA)

At month end July 2022, the Fund’s largest holding was Endeavour Mining PLC (TSX: EDV). This holding was valued at $51.8 M USD representing 5.3% of the portfolio. The second largest holding was Barrick Gold Corp (TSX: ABX) valued at $47.2 M USD and representing 4.8% of the total portfolio.

During July 2022, Franklin Gold & Precious Metals Fund (USA) took a new position in recently listed company (listed July 2022) Bravo Mining Corp. (TSXV: BRVO). Bravo Mining is developing the 100% owned Luanga PGM +Ni + Cu +Au Project in Carajás Mineral Province, Brazil. The company’s market cap is ~$160M CAD. At month end the Fund’s position was valued at $3.7M USD representing 0.38% of the total portfolio.

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The Fund has also initiated a new position in Australian junior gold producer Genesis Minerals Ltd. (ASX: GMD). Genesis Minerals has a market cap of ~$460 M AUD and at month end the holding was valued at $3.2 M USD representing 0.35% of the portfolio. Genesis Minerals is focused on merging with Dacian Gold, developing the 2M oz. Leonora Gold Project and consolidating regional gold potential in and around Leonora, West Australia.

During July 2022, the Fund also took a new position in Reunion Gold Corp. (CVD: RGD). Reunion Gold has a market cap ~$260M CAD and at month end the position was valued at $2.5M USD representing 0.25% of the portfolio. Reunion Gold is focused on discovery and development of gold deposits in the Guiana Shield and has gold exploration and development projects in Guyana, Suriname and French Guiana.

During the month of July 2022, the Fund liquidated positions in Australian listed Los Cerros Ltd. (ASX: LCL) and South African listed Royal Bafokeng Platinum Ltd. (JSE: RBP).

Franklin Gold and Precious Metals Fund (Lux)

Franklin Gold and Precious Metals Fund (Luxembourg) mirrors Franklin Gold and Precious Metals Fund (USA).

VanEck International Investors Gold Fund

Franco-Nevada Corp. (TSX: FNV) remained the Fund’s largest position valued at $81.2 M USD and representing 9.3% of the portfolio. The Fund did not acquire any new company names and did not fully liquidate any holdings during the month of July.

The Fund increased holdings in: B2Gold Corp. (TSX: BTO) and Predictive Discovery Limited (ASX: PDI).

The Fund reduced holdings in: Nighthawk Gold Corp. (TSX: NHK), Wallbridge Mining Co. Ltd. (TSX: WM), Rio2 Limited (CVE: RIO) and Perpetua Resources Corp. (TSX: PPTA).

VanEck VIP Global Gold Fund

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VanEck VIP Global Gold Fund mirrors VanEck International Investors Fund.

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
manager@mineralprices.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134612