Gold Fund Holdings Update - November 2022 and Attribution Analysis

Toronto, Ontario--(Newsfile Corp. - November 24, 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 at the Link Below:

https://mailchi.mp/mineralfunds/portfolio-holdings-update-november-2022

Gold & Precious Metal Funds included in this report:

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

Franklin Gold & Precious Metals Fund (USA) Franklin Gold & Precious Metals Fund (Lux)

VanEck International Investors Gold Fund VanEck VIP Global Gold Fund

FUNDS REPORTING MONTHLY ATTRIBUTION ANALYSIS

Fidelity Select Gold Fund

AUM for Fidelity Gold Fund decreased in September from $1,186 M USD to $1,179 M USD (-0.6%).

The Fund did not take on any new positions, nor fully divest from any positions during the month. The Fund's largest position remained Newmont Corp. (NYSE: NEM) with the weighting increasing very slightly on the month from 11.3% of the portfolio to 11.6% of the portfolio.

Franklin Gold & Precious Metals Fund (USA)

AUM for Franklin Gold and Precious Metals Fund (USA) decreased in October from $839 M USD to $831 M USD (-1.0%).

The Fund took up a new position in Australian listed De Grey Mining Ltd. (ASX: DEG). De Grey is expanding the Hemi discovery in Australia's Pilbara region. Hemi is an intrusion-related gold deposit type considered new to the Pilbara region and is showing gold mineralisation scale potential not previously encountered in the Mallina Basin.

During the month of October, the Fund divested of a holding in Australian listed Dacian Gold Inc. (ASX: DEG) after shares doubled in price pursuant to a takeover offer from Genesis Minerals Ltd. (ASX: GMD). The Fund also divested from its holding of Argonaut Gold Ltd. (TSX: AR).

Franklin Gold & Precious Metals Fund (Lux)

AUM for Franklin Gold and Precious Metals Fund (Lux) decreased in October from $334 M USD to $329 M USD (-1.5%).

VanEck International Investors Gold Fund

AUM for VanEck International Investors Gold Fund decreased in October from $611 M USD to $588 M USD (-3.8%).

During October the Fund divested fully from: Gold Fields Ltd. (JSE: GFI), Equinox Gold Corp. (TSX: EQX), Nighthawk Gold Corp. (TSX: NHK), Perpetua Resources Corp. (TSX: PPTA) and Pure Gold Mining Inc. (CVE: PGM.H).

After a difficult year for Pure Gold Mining Inc. (CVE: PGM.H) in which new senior management were recruited, and new credit facilities were secured and extended, on October 24^th the company announced suspension of operations and closure of the PureGold Mine. The Fund liquidated its position in Pure Gold Mining Inc. during the month of October.

VanEck VIP Global Gold Fund

AUM for VanEck VIP Gold Gold Fund decreased in October from $39 M USD to $37 M USD (-5.1%).

The Fund's largest holding remains Agnico Eagle Mines Ltd. (TSX: AEM), the world's third largest publicly listed gold producer, representing 9.7% of the portfolio.

FUNDS AUM > $1 BILLION USD

BlackRock Gold & General Fund

Fund Comparison: February 28^th, 2022 / August 31^st, 2022

FUNDS AUM > $1 BILLION USD ATTRIBUTION ANALYSIS

BlackRock Gold & General Fund

AUM for BlackRock Gold and General Fund decreased over the period from: £1,173.58 M GBP on 28^th February 2022 to £874.75 M GBP on 31^st August 2022 (-25.5%). On August 31^st the Fund's largest holding was Barrick Gold Corp. (TSX: ABX) representing 7.4% of the portfolio.

Two of the Fund's company investments were acquired during the period. Pretium Resources Inc. (TSX: PVG) was acquired by Newcrest Mining Ltd. (ASX: NCM) and Great Bear Resources Ltd. (TSX-V: GBR) was acquired by Kinross Gold Corp. (TSX: K).

During the period, the Fund took new positions in: Predictive Discovery Ltd. (ASX: PDI), Rupert Resources Ltd. (CVE: RUP) and Yamana Gold Inc. (TSX: YRI).

Predictive Discovery Ltd. (ASX: PDI) is focused on developing the Tier-1 Bankan Gold Discovery in Guinea, West Africa, and Rupert Resources Ltd. (CVE: RUP) is advancing the new Ikkari gold discovery in Lapland, Northern Finland. The Predictive Discovery Ltd. Bankan Gold Discovery is billed as the largest gold discovery in West Africa in the past decade.

Yamana Gold Inc. (TSX: YRI) is a Canadian company that owns and operates gold, silver and copper mines in Canada, Chile, Brazil and Argentina. Yamana Gold Inc. is currently the subject of a bidding competition between Agnico Eagle Mines Ltd. (TSX: AEM) and Pan American Silver Corp. (TSX: PAAS) on the one side and Gold Fields Ltd. (JSE: GFI) on the other.

'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.

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/145661

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