AMG Gold – Mines & Metals
Fund size CHF 107 Mio.
Past performance is not a reliable indicator of future performance. Please note that the aforementioned performance is shown in the fund currency CHF (Swiss franc) and not Euro and therefore currency influences in investment currencies other than the fund currency are not taken into account in the performance shown.
The equity fund invests mainly in gold mining companies, with a selection of silver mining companies supplementing the fund composition. The equity fund is actively managed along the market cycles in gold and silver. The basis for this is the own fundamental and technical analysis. The top-down approach results in a concentrated portfolio of qualitatively convincing mining companies.
Portfolio Management
- Fritz Eggimann
-
Investment Manager, Partner
Precious Metals Equities - +41 (41) 726 71 75
- Bernhard Graf
-
Investment Manager
Precious Metals Equities - +41 (41) 726 71 74
Portfolio Management
- Fritz Eggimann
-
Investment Manager, Partner
Precious Metals Equities
- Bernhard Graf
-
Investment Manager
Precious Metals Equities
Brief profile:
AMG Gold - Mines & Metals
Tap into the potential of gold and silver mining companies. Secure real assets in the ground!
Publications
INVESTMENT INSIGHTS | GOLD
Breakdown by sectors
Breakdown by currencies
Comment November 2024
A correction in gold prices had been anticipated for some time. However, we view the recent weakness in gold prices as temporary. Gold is one of the few "Trump trades" that did not respond positively to the U.S. election results. The correction in silver prices in November was even more pronounced. We believe the declines in precious metal stocks are exaggerated, as current levels are comparable to those in August when gold prices were significantly lower. Increased volatility in this sector has had a significant impact on the portfolio. Every message, whether positive or negative, had a major effect on the stock prices, which can be attributed to a lack of market liquidity. Currently, no clear trends are emerging, so we have made only minor adjustments to the portfolio.
The third-quarter reporting season was completed in November. Barrick Gold’s net income for Q3 came in slightly below analysts’ expectations. Its EBITDA of $1.77 billion fell short of forecasts, while free cash flow of $444 million exceeded projections. Although costs remained stable, the company has yet to indicate that all challenges have been resolved. It is expected that optimization measures will begin to bear fruit only during 2025.
For smaller companies, quarterly results were generally positive. This was also true for several positions in our portfolio, although their performance was partially offset by the negative market environment.
Some investors may wonder how the sector will perform in 2025. Whether Trump will act as a "peace apostle" remains to be seen. From a macroeconomic perspective, global sovereign debt will likely continue to rise sharply in the coming years, effectively leading to a devaluation of paper currencies. Gold is expected to benefit from this trend. Moreover, Trump’s proposed trade tariffs are inflationary and are certainly not to be classified as peaceful measures.
The sector will gain importance as its relative performance compared to other industries becomes more evident. We continue to believe that a stagflationary environment would be highly favorable for precious metals and precious metal stocks.
| Domicile of fund | Switzerland |
|---|---|
| Legal form | Contractual investment fund |
| Investment universe | Precious metal shares global |
| Investment manager | Serafin Asset Management Ltd, Zug |
| Management company | LLB Swiss Investment Ltd, Zurich |
| Custodian bank | Bank J. Safra Sarasin Ltd, Basel |
| Launch date | 18.04.2006 |
| Recommended investment horizon | 5 years |
| Reference currency | CHF |
| ISIN / Bloomberg-Ticker (respective share class) | A: CH0024686773 / AMGGMMF SW C: CH0197484386 / AMGGMMC SW H (FX-hedged): CH0420487941 / AMGGMMH SW |
| Distributions | distributing (Dividend & Capital Gain ) |
| Subscription and redemption | daily (cut-off 13.00 CET) |
| Performance Fee | 8% over 5% Hurdle, with High Water Mark |
| High Water Mark and Hurdle | CHF 226.74 |
| Tax transparency | CH, AT |
| Tax status Germany | Equity fund pursuant to InvStG with partial exemption |
| Registered for public distribution | CH, DE |
Fee structure
| Subscription and redemption fee | none |
|---|---|
| Management fee p.a. | Tranche A: 1.50% Tranche C: 1.00% Tranche H (FX-hedged): 1.00% |
| Total expense ratio p.a. (per 30.06.2024; TER, before profit sharing) | Tranche A: 1.76% Tranche C: 1.26% Tranche H (FX-hedged): 1.26% |
| Duration | Fund | XAU |
|---|---|---|
| 1 month | 1.2% | 1.8% |
| 3 months | 0.8% | 0.8% |
| 12 months | 34.3% | 27.6% |
| 3 years p.a. | 2.7% | 3.9% |
| 5 years p.a. | 4.2% | 5.5% |
| since inception p.a. | -0.1% | -2.0% |
| Year | ||
| 2024 | 34.3% | 27.6% |
| 2023 | -7.0% | -5.4% |
| 2022 | -13.5% | -7.3% |
| 2021 | -13.8% | -5.3% |
| 2020 | 31.6% | 23.1% |
| since inception | -1.8% | -31.6% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 32.6% |
|---|---|
| Sharpe ratio (0.82% Risk free rate) | 0.03 |
| Beta (vs. XAU) | 1.01 |
The gross performance takes into account the costs incurred at fund level (e.g. management fee) without including the costs incurred at investor level (e.g. front-end load and custody fees). The net performance also takes into account an initial sales charge of 0.00% in the first period under review.