Gold Fund Holdings Update - May 2022 and Attribution Analysis

May 26, 2022 2:16 PM EDT

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Toronto, Ontario--(Newsfile Corp. - May 26, 2022) - This report details the most recent portfolio holdings for Precious Metal Managed Funds and summarizes changes in portfolio holdings.

A Copy of the Full Report is Available to Read by Following the Link Below:
https://MineralFunds.com/portfolio-holdings-update-may-2022

Gold & Precious Metal Funds included in this report:

Domicile Fund Name Fund Fees
Funds Reporting Monthly
USA Fidelity Select Gold Fund Summary
USA Sprott Gold Equity Fund Summary
USA VanEck International Investors Gold Fund Summary
USA USAA Precious Metals and Minerals Fund Summary
USA Franklin Gold & Precious Metals Fund Summary
USA VanEck VIP Global Gold Fund Summary
Funds Reporting Annually / Semi Annually
USA Allspring Precious Metals Fund Summary
Luxembourg BAKERSTEEL Precious Metals Fund Summary
Luxembourg Konwave Gold Equity Fund Summary
Luxembourg CPR Invest - Global Gold Mines Summary
Luxembourg Franklin Gold and Precious Metals Fund (Lux) Summary
Luxembourg Deutsche Invest I Gold & Precious Metals Equities Summary
Luxembourg Schroder International Selection Fund Global Gold Summary
Luxembourg STABILITAS Pacific Gold+Metals Summary
Luxembourg DJE Gold & Ressourcen Summary
Luxembourg iW Precious Metal Mining Equities Summary
Luxembourg Landolt Investment (Lux) SICAV - Gold Summary
Luxembourg STABILITAS Gold+Ressourcen Special Situations Summary
Luxembourg NESTOR Gold Fund Summary
Luxembourg Crossinvest Metals and Mining Equity Summary
Luxembourg Konwave Sustainable Gold Equity Fund Summary
UK ES Baker Steel Gold and Precious Metals Fund Summary
UK Junior Gold and Silver Miners Fund Summary
France Tocqueville Gold Fund Summary

ATTRIBUTION ANALYSIS:

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

31.Mar.2022
Sprott Gold Equity Fund

31.Mar.2022
Added Dropped Added Dropped
Freeport-McMoran Inc. Evolution Mining Corvus Gold Inc.
Kinross Gold Corp. Victoria Gold Corp. Hochschild Mining
WestGold Resources Pretium Resources Inc. (Acquired)
Largest Position: Largest Position:
Newmont Corp. (NYSE: NEM) 15.86% Gold Bullion 11.18%
VanEck International Investors Gold Fund

30. Apr.2022
USAA Precious Metals and Minerals Fund

31.Mar.2022
Added Dropped Added Dropped
Shandong Gold Mining Co Novagold Resources Inc.
Newcrest Mining Ltd. Golden Star Resources Ltd.
Kirkland Lake Gold
Largest Position: Largest Position:
Agnico Eagle Mines Ltd. (TSX: AEM) 9.41% Newmont Corp. (NYSE: NEM) 14.59%
Franklin Gold & Precious Metals Fund (USA)

30. Apr.2022
VanEck VIP Global Gold Fund

30. Apr.2022
Added Dropped Added Dropped
Aston Minerals Ltd.
Monarch Mining Corp.
Solstice Minerals Ltd.
TDG Gold Corp.
Largest Position: Largest Position:
Endeavour Mining PLC (TSX: EDVM) 5.10% Agnico Eagle Mines Ltd. (TSX: AEM) 9.31%

ATTRIBUTION ANALYSIS FUNDS REPORTING MONTHLY

Fidelity Select Gold Fund largest holding, Newmont Corp. (NYSE: NEM), increased significantly over the month from $264.8 M USD to 317.8M USD (an increase of $53.4M USD) representing 15.8% of the Fund's total holdings on 31 March 2022 up from 15.1% on 28 February 2022. This is perceived to be defensive positioning in advance of medium-term gold mining share capital market contractions.

During the same month, the Fidelity Select Gold Fund completely sold its position in Kinross Gold Corp. (TSX: K), a holding which on 28 February 2022 had been valued at $24.9M USD. The Fund liquidated its entire Kinross holding before the April-May selloff took shares from above $8.00 in early April 2022 to below $5.25 in early May 2022.

During the month of March 2022, the Fidelity Select Gold Fund increased the relative size of its holdings in: Lundin Gold, Inc. (TSX: LUG) from $24.2M USD (1.38%) to $33.4M USD (1.67%), Skeena Resources Ltd. (TSX: SKE) from $20.8M USD (1.19%) to $27.8M USD (1.39%) and i-80 Gold Corp. (TSX: IAU) from $21.7M USD (1.24%) to $27.5M USD (1.38%). The Fund also purchased an entirely new position in Artemis Gold, Inc. (TSXV: ARTG) valued at $19.9M USD and representing (.99%) of the total portfolio at month end on 31 March 2022. Artemis Gold, Inc. is beginning pre-construction work on the 'Blackwater' project in Central British Columbia and is expected to receive the BC Mines Act Permit by early Fall of 2022.

VanEck International Investors Gold Fund reduced holdings for 14 of 43 positions in the portfolio to address portfolio redemptions and a reduction in Fund size. 28 of 43 portfolio holdings remained unchanged and only one portfolio holding increased in size over the month. On 31 March 2022, the portfolio held 9,185,099 shares of Benchmark Metals, Inc. (TSXV: BNCH) representing 0.8% of the portfolio. On 30 April 2022, this position had increased to 10,463,099 shares representing 0.86% of the portfolio. This position increase did not come from warrant exercise as the portfolio continues to hold unexercised warrants. Benchmark Metals Inc. (TSXV: BNCH) has completed 18,000 meters of drilling and is expecting to release a new PEA study for the company's 'Lawyer's Gold & Silver Project' by July of this year.

USAA Precious Metals and Minerals Fund largest holding, Newmont Corp. (NYSE: NEM), remained unchanged at 1,267,934 shares valued at $100,737,356 USD representing 14.6% of the portfolio on 31 March 2022. The Fund significantly increased its holding of Agnico Eagle Mines Ltd. (TSX: AEM) from 431,673 shares to 915,857 shares valued at $56,050,448 USD and representing 8.1% of the portfolio on 31 March 2022. The Fund's shares of Pretium Resources Inc. (TSX: PVG) valued at $7,867,504 USD on 31 Dec 2021 were converted to Newcrest Mining Ltd (TSX: NCM) pursuant to acquisition and the position size was reduced to 3,786,833 USD representing 0.55% of the portfolio on 31 March 2022.

Russia Exposure for: USAA Precious Metals and Minerals Fund

On 24 February 2022 (date of Russia's invasion of Ukraine) USAA Precious Metals and Minerals Fund held 62,088 shares of PJSC Polyus (MCX: PLZL), Russia's biggest gold mining company, a position which had been valued at $10,832,283 USD on 31 December 2021. On 31 March 2022 the Fund continued to hold 62,088 shares of PJSC Polyus which had been revalued down to $350,332 USD (a write down of $10.48M USD for the quarter).

On 31 December 2021 USAA Precious Metals and Minerals Fund held 613,760 shares of Polymetal International PLC (LON: POLY)(MCX: POLY) valued at $10,893,403 USD. Polymetal International PLC is listed in London and Moscow and holds a portfolio of gold and silver mines in Russia, Kazakhstan and Russian controlled Armenia. During Q.1 of 2022 the Fund increased its holdings of Polymetal International PLC (LON: POLY)(MCX: POLY) to 757,840 shares, but this position had a decrease in value to $3,058,712 USD on 31 March 2022 (a write down of $7,834,691 USD for the quarter).

USAA Precious Metals and Minerals Fund wrote down a combined $18.3M USD (~3% of portfolio NAV) on two Russian gold mining company investments in Q.1 of 2022.

FUNDS REPORTING WITH AUM > 1B USD

BAKERSTEEL Precious Metals Fund
31.Dec.2021
Added Dropped
Northern Star Resources Ltd. First Majestic Silver Corp.
Pretium Resources Inc. (Acquired)
Largest Position:
Kinross Gold Corp. (TSX: K) 5.07%

ATTRIBUTION ANALYSIS FUNDS REPORTING WITH AUM > $1B USD

BAKERSTEEL Precious Metals Fundassets exceeded $1B USD for the first time as reported on 31 December 2021 and so the Fund is now included inAttribution Analysis Funds Reporting with AUM > $1B USD.

Between June and December 2021, a substantial portfolio sector re-allocation was directed towards Australia. Assets invested in Australia increased from 13.5% of the Fund on 30 June 2021 to 21% on 31 December 2021. Increases were made to all Australian holdings with a substantial new position valued at 34.02 M EUR (3.95% of the portfolio) initiated in Northern Star Resources Ltd. (ASX: NST) which has operations in West Australia and Alaska. The Fund's largest holding on 31 December 2021 was Kinross Gold Corporation (TSX: K) a position which was valued at ¬43.7 M EUR (5.07% of the portfolio). On 30 Jun 2021 the Fund's largest position had been Kirkland Lake Gold Inc. (TSX: KL) which subsequently completed a merger with Agnico Eagle Mines Ltd. (TSX: AEM). During the period the Fund reduced exposure to silver mining selling out completely from its holding of First Majestic Silver Corp. (TSX: FR) which supported a position valued at ¬8.79 M EUR on 31 June 2021 and reducing its holding of Mag Silver Corp. (TSX: MAG) from 566,000 shares (valued at ¬9.6 M EUR) to 283,000 shares (valued at ¬3.8 M EUR).

Russia Exposure for: BAKERSTEEL Precious Metals Fund

On 30 June 2021 the Fund held 213,700 shares of PJSC Polyus (MCX: PLZL), Russias biggest gold mining company, a position valued at ¬17.2 M EUR. On 31 December 2021 the Fund continued to hold 213,700 shares valued at ¬16.3 M EUR.

On 30 June 2021 the Fund held 1,431,000 shares of Polymetal International PLC (LON: POLY) (MCX: POLY) valued at ¬26.0 M EUR. On 31 December 2021 the Fund had significantly reduced this holding to 693,000 shares valued at ¬10.6 M EUR

The Fund had a combined exposure of ¬26.9 M EUR (~3% of portfolio NAV) to two Russian gold mining company investments on 31 December 2021.

A complete list of Precious Metal Managed Funds and their respective portfolio holdings can be found at:
https://mineralfunds.com/gold-funds/

About MineralFunds.com

MineralFunds.com provides prices, performance and trade information for all the world's metal ETFs including Precious Metals, Battery Metals, Platinum Group Metals and Base Metals and comprehensive fund information, including asset allocations, for Gold & Precious Metals Managed Funds from all international investment jurisdictions.

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/125446



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