An all-cap equity fund investing in precious metals for long-term growth.
Is this fund right for you?
- You want your money to grow over a longer term.
- You want to invest in precious metals and equity or other securities of companies engaged in the precious metals business.
- You're comfortable with a high level of risk.
Risk Rating
How is the fund invested?
(as of December 31, 2024)
Asset allocation (%)
|
Name |
Percent |
|
Canadian Equity |
61.7 |
|
International Equity |
32.0 |
|
US Equity |
1.6 |
|
Domestic Bonds |
0.4 |
|
Other |
4.3 |
Geographic allocation (%)
|
Name |
Percent |
|
Canada |
62.1 |
|
Australia |
20.2 |
|
South Africa |
9.2 |
|
United Kingdom |
2.4 |
|
Multi-National |
2.3 |
|
United States |
1.6 |
|
Belgium |
0.2 |
|
Other |
2.0 |
Sector allocation (%)
|
Name |
Percent |
|
Basic Materials |
90.8 |
|
Exchange Traded Fund |
2.3 |
|
Fixed Income |
0.5 |
|
Other |
6.4 |
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
(as of December 31, 2024)
| Top holdings |
% |
| Agnico Eagle Mines Ltd |
11.7 |
| Barrick Gold Corp |
5.8 |
| Lundin Gold Inc |
4.4 |
| AngloGold Ashanti Ltd |
4.0 |
| Northern Star Resources Ltd |
3.7 |
| Iamgold Corp |
3.3 |
| Harmony Gold Mining Co Ltd - ADR |
3.3 |
| G Mining Ventures Corp |
2.9 |
| Silvercrest Metals Inc |
2.8 |
| Westgold Resources Ltd |
2.7 |
| Total allocation in top holdings |
44.6 |
| Portfolio characteristics |
|
| Standard deviation |
32.0% |
| Dividend yield |
1.0% |
| Average market cap (million) |
$14,428.1 |
Understanding returns
Annual compound returns (%)
| 3 YR |
5 YR |
10 YR |
INCEPTION |
| - | - | - | - |
Calendar year returns (%)
Range of returns over five years
(September 1, 2013 - February 28, 2025)
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
31.6% |
July 2020 |
1.6% |
Aug. 2018 |
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
13.7% |
100.0% |
79 |
0 |
Q4 2024 Fund Commentary
Market commentary
Gold bullion prices were supported by physical purchases in Asia, lower global interest rates and geopolitical tensions. The performance of precious metals equities diverged widely. This divergence was driven by returns on capital, mergers-and-acquisitions activity that often reduced value, and operational discipline. Other factors impacting precious metals equities included local currency exposure, which supported Australian and Canadian operations, and country exposure given political issues in West Africa.
Performance
The Fund’s lack of exposure to Newmont Corp. had a positive impact on performance. Relative exposure to Aya Gold & Silver Inc. had a negative impact on performance.
Shares of Newmont Corp. declined because of misguided mergers-and-acquisitions activity, an inconsistent dividend policy and poor operational controls. Aya Gold & Silver Inc.’s silver grades at its expanded mining operations disappointed investors.
The Fund is primarily invested in gold equities, with some exposure to silver equities and gold and silver bullion.
The sub-advisor added Endeavour Silver Corp. and Equinox Gold Corp. to the Fund. A holding in AngloGold Ashanti Ltd. was increased. The sub-advisor decreased Aya Gold & Silver Inc. and Pan American Silver Corp.
Outlook
After the confiscation of Russia’s foreign reserves, many central banks increased gold bullion purchases. China’s central bank resumed buying in November, and local Chinese investors invested in gold as local housing and stock markets appeared less attractive. Interest in gold remains muted, however.
Inflation appears to have reached a low point, in the sub-advisor’s view, although it is still elevated. Additionally, U.S. economic activity remains strong. The sub-advisor believes this environment could push real interest rates (nominal interest rates minus inflation expectations) lower and the price of gold higher.
Gold prices are typically inversely related to U.S. dollar strength when financial conditions are stable, but positively correlated during times of global economic stress. The sub-advisor believes this is why the price of gold is rising alongside the U.S. dollar.