AMG Gold – Mines & Metals

Performance YTD -14.7% (as of 27.09.2023)
Fund size CHF 107.9m

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.

Facts & Figures Current monthly report (PDF)Current monthly report (PDF)

Portfolio Management

Fritz Eggimann

Executive Board, Partner
Portfolio Management
fritz.eggimann[at]serafin-am.com
+41 (41) 726 71 75

Bernhard Graf

Portfolio Management
bernhard.graf[at]serafin-am.com
+41 (41) 726 71 74

Portfolio Management

Fritz Eggimann

Portfolio Management

Bernhard Graf

Portfolio Management

Learn more about the ESG fund classification

Sustainability / ESG

Brief profile:
AMG Gold - Mines & Metals Fund

Tap into the potential of gold and silver mining companies. Secure real assets in the ground!

Facts & Figures
Portfolio allocations

Breakdown by sectors

Breakdown by currencies

Top 10
Monthly comment

Comment August 2023

Gold held up well in August despite the rise in US long rates. In contrast, most precious metals stocks had a very poor month. In this regard, the shares of small capitalized companies tended to do better than those of large ones. Quarterly results for Q2 were disappointing for many companies, especially as costs surprisingly increased for some companies. The reason this time was not higher input costs; rather, operations were not running optimally at these companies. Lower "grades" resulted in fewer ounces produced and therefore higher costs. We understand that "grades" are different in different zones and quarters vary accordingly. What we don't fully understand, however, is the failure of company IR departments to alert analysts to temporarily lower quarterly results. In every other sector, most companies report "better than expected." Not so in the precious metals sector. In Q2, among the producers in our portfolio, 10 companies were better than expected and 18 were worse, with the remainder neutral. These 18 companies saw some massive price losses after the numbers, which negatively impacted our performance. During the month, we slightly reduced positions of companies with African exposure and instead built up royalties. Royalties were the big outperformers in August (they lost less than the market). With an 8% weighting of Franco Nevada in GDX as an example, we always hold too little in the portfolio accordingly. SSR Mining stood out. Q2 numbers were as expected, but the outlook for lower costs has improved. The company forecasts production of 700,000 ounces of gold this year in Turkey and the US. Costs have risen above average to $1,660 over the past two years as poorer "grades" have been processed and production in Turkey has been temporarily halted. In the current 2nd semester, production should increase strongly due to better "grades" (expectation +30% compared to H1) and costs should decrease by almost 300 USD. The company also has a solid balance sheet and buys back its own shares every quarter. In H1, USD 100 million was returned to shareholders. Sentiment in the precious metals sector fell sharply in August, which is countercyclical for precious metals stocks. However, we need falling interest rates for the gold price to break out to the upside.

Sustainability

ESG implementation:

We take ESG aspects into account in the financial analysis and investment decision-making process, applying a combination of exclusion criteria and ESG integration approach in the investment process. The abbreviation ESG stands for "Environmental - Social - Governance".

For the analysis within the sustainability approach, we rely on data from selected third-party providers and, if necessary, on our own analyses. The analysts and portfolio management teams are responsible for both the financial analysis and the ESG analysis. In this way, we ensure that the assessment and implementation are carried out on a recurring basis by the decision-makers in the respective fund as part of a comprehensive and integrated investment process.

In our investment process, we do not per se exclude investments in companies with weaker ESG ratings: Companies that address the issue of sustainability convincingly and consistently can be interesting portfolio companies.

Latest ESG reporting:

  • Classification with regard to U.N. Global Compact Ten Principles:
    All portfolio companies in the fund comply with the U.N. Global Compact Ten Principles.
  • Current portfolio structure using the ESG Risk Rating (by Sustainalytics):

The above fund is a financial product within the meaning of Article 8 of Regulation (EU) 2019/2088 (Disclosure Regulation).

For more information on the fulfillment of environmental and/or social characteristics, please refer to the fund prospectus.
 

Pre-contractual information on Article 8 Funds
Sustainability-related disclosures
Brief profile
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 Tranche) 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

Gebührenstruktur

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 31.12.2022; TER, before profit sharing) Tranche A: 1.73%
Tranche C: 1.22%
Tranche H (FX-hedged): 1.23%
Performance overview and key figures
Duration Fund XAU
1 month -5.4% -5.3%
3 months -9.6% -8.2%
12 months -5.6% -0.7%
3 years p.a. -14.5% -9.2%
5 years p.a. 5.2% 9.1%
since inception p.a. -2.3% -3.9%
Year
2023 -14.7% -11.8%
2022 -13.5% -7.3%
2021 -13.8% -5.3%
2020 31.6% 23.1%
2019 43.9% 48.7%
since inception -33.0% -50.0%

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 32.3%
Sharpe ratio (-0.03% Risk free rate) n/a
Beta (vs. XAU) 1.01
Rolling performance last 5 years

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.

The content of this website is directed at persons who are resident in Germany or Switzerland or who access this website from Germany or Switzerland.

This website and the information provided on this website shall not constitute an offer to sell or a solicitation to purchase or subscribe any shares or units in the funds mentioned on this website. The key investor information, the prospectus, the annual and semi-annual reports of the funds are published on this website to comply with statutory requirements.

Subscriptions will only be received and shares or units in the funds issued on the basis of the most recent key investor information and the contractual conditions set out in the prospectus in conjunction with the most recent annual and/or semi-annual report of the fund.

A financial investment is associated with risks. The value of a fund unit/share or investment, as well as the income derived from it, may be subject to fluctuations and are not guaranteed. The investor may not get back the full amount invested. Past performance is not indicative of future performance that may be expected.

The following information is general in nature and is not and may not be construed as constituting investment advice or any form of recommendation by Serafin Asset Management. Prior to any potential investment users should carefully consider the suitability of the investment for their individual circumstances and personal perspectives and should consult their tax, legal, financial, investment or other advisor.

For website visitors located in Germany: Please note the additional legal notices and the privacy policy.

For website visitors located in Switzerland: Please note legal information and the privacy policy as well as the information obligations (FINSA).

Any person who is a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act of 1933) is not eligible to invest in the investment funds indicated on this website. I hereby certify that I am neither a citizen nor a resident of the United States of America and that I do not have a place of business in the United States of America and, in particular, that I am not a U.S. person (as such term is defined in Regulation S under the Securities Act of 1933).

The content of this website is directed at persons who are resident in Germany or Switzerland or who access this website from Germany or Switzerland.

This website and the information provided on this website shall not constitute an offer to sell or a solicitation to purchase or subscribe any shares or units in the funds mentioned on this website. The key investor information, the prospectus, the annual and semi-annual reports of the funds are published on this website to comply with statutory requirements.

Subscriptions will only be received and shares or units in the funds issued on the basis of the most recent key investor information and the contractual conditions set out in the prospectus in conjunction with the most recent annual and/or semi-annual report of the fund.

A financial investment is associated with risks. The value of a fund unit/share or investment, as well as the income derived from it, may be subject to fluctuations and are not guaranteed. The investor may not get back the full amount invested. Past performance is not indicative of future performance that may be expected.

The following information is general in nature and is not and may not be construed as constituting investment advice or any form of recommendation by Serafin Asset Management. Prior to any potential investment users should carefully consider the suitability of the investment for their individual circumstances and personal perspectives and should consult their tax, legal, financial, investment or other advisor.

For website visitors located in Germany: Please note the additional legal notices and the privacy policy.

For website visitors located in Switzerland: Please note legal information and the privacy policy as well as the information obligations (FINSA).

Any person who is a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act of 1933) is not eligible to invest in the investment funds indicated on this website. I hereby certify that I am neither a citizen nor a resident of the United States of America and that I do not have a place of business in the United States of America and, in particular, that I am not a U.S. person (as such term is defined in Regulation S under the Securities Act of 1933).

The content of this website is directed at persons who are resident in Germany or Switzerland or who access this website from Germany or Switzerland.

This website and the information provided on this website shall not constitute an offer to sell or a solicitation to purchase or subscribe any shares or units in the funds mentioned on this website. The key investor information, the prospectus, the annual and semi-annual reports of the funds are published on this website to comply with statutory requirements.

Subscriptions will only be received and shares or units in the funds issued on the basis of the most recent key investor information and the contractual conditions set out in the prospectus in conjunction with the most recent annual and/or semi-annual report of the fund.

A financial investment is associated with risks. The value of a fund unit/share or investment, as well as the income derived from it, may be subject to fluctuations and are not guaranteed. The investor may not get back the full amount invested. Past performance is not indicative of future performance that may be expected.

The following information is general in nature and is not and may not be construed as constituting investment advice or any form of recommendation by Serafin Asset Management. Prior to any potential investment users should carefully consider the suitability of the investment for their individual circumstances and personal perspectives and should consult their tax, legal, financial, investment or other advisor.

For website visitors located in Germany: Please note the additional legal notices and the privacy policy.

For website visitors located in Switzerland: Please note legal information and the privacy policy as well as the information obligations (FINSA).

Any person who is a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act of 1933) is not eligible to invest in the investment funds indicated on this website. I hereby certify that I am neither a citizen nor a resident of the United States of America and that I do not have a place of business in the United States of America and, in particular, that I am not a U.S. person (as such term is defined in Regulation S under the Securities Act of 1933).