월간 투자자 보고서 - 2024년 XNUMX월
골든 프로스펙트 귀금속 제한
월간 투자자 보고서 - 2024년 XNUMX월
전체 월간 자료표는 이제 회사 웹사이트에서 확인할 수 있으며 요약은 아래에서 확인할 수 있습니다.
NCIM - Golden Prospect Precious Metals Ltd - Fund Page
문의 :
투자운용사
CQS(영국) LLP
크레이그 클리랜드
+ 0207 201 5368
회사 비서 및 관리자
Apex Administration (Guernsey) Limited
제임스 테일러
+ 0203 530 3600
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기금 설명
The objective of the Golden Prospect Precious Metals Fund is to provide investors with capital growth from a group of companies in the precious metals sector.
포트폴리오 관리자
키스 왓슨과 로버트 크레이포드.
투자자를 위한 주요 이점
· Access to under-researched mid and smaller companies in the precious metals sector
· Potential inflation protection from precious metals assets
· 주요 자산군과의 낮은 상관관계
주요 펀드 현황1
Total Gross Assets: | £ 34.50m |
Reference Currency: | GBP |
보통주: | 85,503,021 |
순 자산 가치: | 36.08p |
Mid-Market Price: | 31.00p |
순 기어링: | 11.6% |
할인: | (14.08의 %) |
보통주 및 NAV 실적2
| 한달 | 삼 개월 | 한 해 | 삼 년 | 오년 |
| (%) | (%) | (%) | (%) | (%) |
NAV | 16.12 | (1.50) | (4.65) | (30.93) | 31.53 |
주가 | 28.63 | 5.08 | (6.06) | (31.03) | 51.96 |
해설3
Having lagged the move in gold and silver prices thus far in 2024, sentiment to miners showed a marked improvement with the Fund NAV rising over 16%. The Fund performance compared to a 21% sterling return registered by the Gold Bugs Index and the GDXJ equity ETF. However, we anticipate that the lag in performance of the smaller equities held in the Fund will catch-up with larger peers given their relatively attractive valuations.
Gold was one of the stronger commodities with the price rising over 9% during March to new all-time highs. Silver is latterly starting to catch-up, registering a 10% price increase over the month. Prices held despite a more hawkish move in US FED rate expectations after FOMC minutes indicated broader US labour markets were stubbornly resilient despite relatively tepid economic growth. Increasingly there appears to be a focus on ever growing government debt levels which have shown little sign of reversing, as evidence by the latest US congression Budget Office projections.
Recent physical gold buying has been led by China, with a pick-up in retail demand showing in import data. This has been potentially driven by broader concerns on the economy, particularly the weak regional property sector. Alongside this is the healthy net central bank demand: People's Bank of China (PBoC) data showed China's gold reserves continued to rise with the addition of 0.39 Moz in February taking official reserves to 72.6Moz (+10% year-on-year). Physical gold ETF's showed a pick-up in buying but aggregate holdings nevertheless ended 246k ounces lower over the month. We believe gold hitting all-time highs despite steady ETF selling is a positive, as would also be the case should ETF's turn steady buyers, further tightening the market.
West African Resources and Fortuna Gold and Silver were strong contributors to performance. This was closely followed by Australian gold producer Karora which received bid interest from ASX-listed Ramelius, as well as reports of a further interested party also in discussion with the company. While we do not focus our stock selection specifically on M&A targets, we believe quality undervalued assets should result in a higher probability of them becoming targets. The sector remains short of growth projects, and so we would anticipate a pick-up in M&A activity going forward. This should help close the discounts of junior miners to the larger. Calidus was the primary detractor to performance with the group undertaking an equity funding, in which the Fund participated, as part of a broader restructuring of its debt and gold hedging.
| 총 레버리지5 (%) | 약속 활용6 (%) |
골든 프로스펙트 귀금속 제한 | 111 | 111 |
CQS(영국) LLP
4층, 원 스트랜드, 런던 WC2N 5HR, 영국
전화: +44 (0) 20 7201 6900 | 전화: +44 (0) 20 7201 1200
CQS (미국), LLC
152 웨스트 57번가, 40층, 뉴욕, NY 10019, US
전화: +1 212 259 2900 | 여: +1 212 259 2699
타비스톡 커뮤니케이션즈
18 세인트 스위딘스 레인, 런던 EC4N 8AD
전화: +44 20 7920 3150 | [이메일 보호]
출처 : 1,2 CQS as at the last business day of the month indicated at the top of this report. Performance is net of fees and expenses. New City Investment Managers took over the investment management function on 15 September 2008. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the Important Information section at the end of this document. 3 All market data is sourced from Bloomberg unless otherwise stated. The Fund may since have exited some / all the positions detailed in the commentary. 5 For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. 6 For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013.
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