9 Largest Gold Fund Holdings Update - January 2022
and Attribution Analysis

This report details the most recent portfolio holdings for the 9 largest Precious Metal Managed Funds (as released in annual and/or semi-annual reports) and summarizes changes in portfolio holdings. Only the 9 largest funds (of 115 Gold & Precious Metal Funds) have been reviewed here.

Gold & Precious Metal Funds included in this report:

 

Domicile	Fund Name	Report
Luxembourg	BlackRock Global Funds World Gold Fund	Aug, 2021
USA	First Eagle Gold Fund	Oct, 2021
USA	Invesco Oppenheimer Gold & Special Minerals Fund	Oct, 2021
USA	Fidelity Select Gold	Nov, 2021
USA	Franklin Gold & Precious Metals Fund	Nov, 2021
USA	Sprott Gold Equity Fund	Sep, 2021
UK	LF Ruffer Gold Fund	Sep, 2020
UK	BlackRock Gold & General Fund	Aug, 2021
Ireland	Jupiter Gold & Silver Fund	Jun, 2021

---

Attribution Summary:
 

BlackRock Global Funds World Gold Fund – Based in Luxembourg, this is the world’s largest gold fund by AUM. The fund managed $5,287,967,838 USD in net assets as of Aug 2021. This is a slight decrease in AUM from the $5,784,521,819 USD reported in Feb 2021.

First Eagle Gold Fund – Between the period Apr-Oct 2021 the fund had a decrease in net assets of $102,726,745 USD.

Invesco Oppenheimer Gold & Special Minerals Fund – In a span of 4 months, Jul-Oct 2021, the fund added 11 new positions and disposed of 6 companies from the portfolio.

Fidelity Select Gold – During Oct-Nov 2021 the fund increased its holdings in US domestic equities by 0.6% and decreased its holdings in the emerging markets by 1.3%. The fund increased its holdings in developed markets by 1.1%.

 

---

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.
 

BlackRock Global Funds World Gold Fund (Aug, 2021)			Invesco Gold & Special Minerals Fund (Oct, 2021)
ADDED	DROPPED		ADDED	DROPPED
Challenger Exploration Ltd	Evolution Mining Ltd		IGO Ltd.	Legend Mining Ltd.
Endeavour Mining Plc	Centamin Plc		Adriatique Metals Plc	Nickel Mines Ltd.
Fresnillo Plc	Vysochajshiy OAO		Wheaton Precious Metals Corp.	Adventus Mining Corp.
			Hudbay Minerals Inc.	Fury Gold Mines Ltd.
Fidelity Select Gold Fund (Nov, 2021)			Prime Mining Corp.	Wheaton Precious Metals Corp
ADDED	DROPPED		Gran Colombia Gold Corp	Zhaojin Mining Industry Co. Ltd.,
Novagold Resources, Inc.	Victoria Gold Corp.		Nickle Mines Ltd.
Pretium Resources, Inc.			Meridian Mining UK Societas
Endeavour Mining PLC			Century Aluminium Co.
			Cleveland-Cliffs, Inc.
Franklin Gold & Precious Metals Fund (Nov, 2021)			Steel Dynamics Inc.
ADDED	DROPPED
Aurion Resources Ltd.	Shandong Gold Mining Co Ltd		Sprott Gold Equity Fund (Sep, 2021)
Millenial Precious Metals Corp.			ADDED	DROPPED
Mineros SA			Franco Nevada Corp.	NuLegacy Gold Corp.
			West African Resources
Jupiter Gold & Silver Fund (Jun, 2021)
ADDED	DROPPED		BlackRock Gold & General Fund (Sep, 2021)
Eloro Resources Ltd	Fresnillo Plc		ADDED	DROPPED
KGHM Polska Miedz SA	Saracen Mineral Holdings Ltd		Challenger Exploration	Evolution Mining
O3 Mining Inc			Wiluna Mining
Ramelius Resources Ltd			Banro Newco

 

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

---

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