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Gold Fund Holdings Update - April 2022
and Attribution Analysis


This report details the most recent portfolio holdings for Precious Metal Managed Funds and summarizes changes in portfolio holdings.

Gold & Precious Metal Funds included in this report:

 
Domicile   Fund Name   Fund Fees Holdings Report
    Funds Reporting Monthly      
         
USA   Fidelity Select Gold   Summary Feb, 2022
USA   Franklin Gold & Precious Metals Fund   Summary Mar, 2022
USA   VanEck International Investors Gold Fund   Summary Mar, 2022
USA   VanEck VIP Global Gold Fund    Summary Mar, 2022
USA   USAA Precious Metals and Minerals Fund   Summary Mar, 2022
           
    Funds Reporting Annually / Semi Annually      
         
USA   First Eagle Gold Fund    Summary Dec, 2021
USA   Invesco Gold & Special Minerals Fund    Summary Dec, 2021
USA   EuroPacific Gold Fund   Summary Oct, 2021
USA
 
  Precious Metals UltraSector ProFund 
 
  Summary
 
Dec, 2021
 
         
Canada   RBC Global Precious Metals Fund   Summary Dec, 2021
Canada   CI Precious Metals Fund    Summary Dec, 2021
Canada   CI Gold Corporate Class    Summary Dec, 2021
Canada   CI Precious Metals Private Trust    Summary Dec, 2021
Canada   NBI Precious Metals Fund    Summary Dec, 2021
Canada   CIBC Precious Metals Fund    Summary Dec, 2021
Canada
 
  TD Precious Metals Fund 
 
  Summary
 
Dec, 2021
 
         
Luxembourg
 
  Claresco Or et Métaux Précieux
 
  Summary
 
Dec, 2021
 
         
UK
 
  LF Ruffer Gold Fund
 
  Summary
 
Sep, 2021
 
         
Bermuda
 
  ASA Gold & Precious Metals Limited 
 
  Summary
 
Feb, 2022
 
         
Austria   AMUNDI Gold Stock    Summary Oct, 2021

 
 

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.

ATTRIBUTION FOR FUNDS REPORTING MONTHLY AND FUNDS WITH ASSETS > $1BILLION USD
 
  First Eagle Gold (Jan 2022)       Invesco Gold & Special Minerals Fund (Jan 2022)  
Added Dropped   Added Dropped
No new names Kirkland Lake Gold Ltd.(acquired)   Capricorn Metals  IGO Ltd
  Anglogold Ashanti   Falcon Metals  Canada Silver Cobalt Works Inc
      Firefinch Ltd  Great Bear Resources Inc.(acquired)
  Fidelity Select Gold (Feb 2022)     Pilbara Minerals  New Found Gold Corp
Added Dropped   Lithium America Corp.  Pretium Resources Inc
Freeport-McMoRan Inc Kirkland Lake Gold Ltd.(acquired)   Pretium Resources Inc Gran Colombia Gold Corp
Osisko Development Corporate Endeavour Mining PLC   Cameco Corp  Somberero Resources 
      Tronox Holdings plc  Tier One Silver 
  Franklin Gold & Precious Metals Fund (Mar 2022)        Anaconda Mining 
Added Dropped     Canterra Gold 
Bonterra Resources Inc Pretium Resources Inc     Coppernico Metals 
        Gangfeng Lithium Co Ltd

 
PORTFOLIO ATTRIBUTION COMMENTS:
 
Fidelity Select Gold Fund has taken a new position in Osisko Development Corp. (TSX-V: ODV). Osisko Development Corp. has recently completed a 3:1 consolidation and has a new emphasis on dilution control and cash flow development with several near-term production projects in the pipeline. The company has also recently completed acquisition of the high-grade gold producing Trixie Mine property in the Tintic Mining District of Utah, which will advance its profitable production profile.
 
Invesco Gold & Special Minerals Fund has again had significant portfolio turnover. The Fund has increased its holding of Mineral Alamos, Inc. (TSX-V: MAI) having recently acquired an additional 1,900,00 shares. Minera Alamos continues to report on development and optimization of it’s Santana Gold Mine. The Fund has sold, or relocated, all of its holding in New Found Gold Corp. (TSX-V: NFG) which at October 31st, 2021 stood at 870,000 shares valued at $6,769,635 USD (January 31st,2022 - $0). The Fund sold its position in Ganfeng Lithium Co. Ltd. (SHE: GFL), which is listed in Shanghai and headquartered in China, and acquired a new holding in Lithium Americas Corp. (NYSE: LAC). This may be evidence of the growing trend towards resource nationalism.

 
Most gold fund portfolios have minimal exposure to Russian sanctions. Russian gold refineries have been suspended from London’s gold market, the world’s largest, suggesting that the supply of gold may become more constrained as demand is increasing.

A complete list of Precious Metal Managed Funds and their respective portfolio holdings can be found at:

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