AMG Gold – Mines & Metals

Performance YTD 20.4% (as of 19.04.2024)
Fund size CHF 127.0m

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

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

Publications

INVESTMENT INSIGHTS | GOLD

INVESTMENT INSIGHTS | GOLD

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TWO PAGER | PRECIOUS METALS

TWO PAGER | PRECIOUS METALS

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Facts & Figures
Portfolio allocations

Breakdown by sectors

Breakdown by currencies

Top 10
Monthly comment

Comment March 2024

The price of gold broke through the USD 2,075 resistance level in March and has remained above the USD 2,100 mark ever since. This has triggered a strong recovery in precious metal stocks. Nevertheless, we cannot yet speak of great optimism for gold miners. Although sentiment is no longer quite as negative as before, the inflow of money into the sector remains modest. The AMG Gold – Mines & Metals Fund performed very well in the month under review. Normally, the large companies in this sector start to rise first, while a rotation in the mid and smaller segments takes place as the movement progresses. In the current upward movement, however, the large companies have made less progress than the smaller ones. There has been a lack of buying by the generalists, who usually invest in shares with a high market capitalization. Compared to the beginning of the year, the Vaneck Gold Miners ETF (GDX) is still unchanged in USD terms, while the gold price is up. An anomaly. We had a meeting with the management of Kinross Gold Corp. (KGC). With an EV/EBITDA of 5x, the company is cheaply valued compared to similar competitors. To maintain the current gold production of around 2 million ounces over the next 10 years, Kinross will also need to invest in new projects. After deducting the investments, a gold price of USD 2,000 leaves around USD 500 million in free cash flow (FCF) per year. This will be used for dividends (2% dividend yield), debt reduction, and possible share buybacks. Kinross has sufficient new projects and will only participate in potential takeovers to a limited extent. Calibre Mining Corp. (CXB) was added to the GDX ETF on the third Friday of the month. This led to considerable buying in the run-up. It is not entirely understandable that the company announced a few days later that it would carry out a CAD 100 million capital increase to buy back advance financing. Another important factor for the gold mining sector is the price of copper. The largest copper producer in the world, Freeport-McNoRan Inc. (FCX), has the largest weight in our benchmark but is not represented in the GDX ETF. This makes the decision to keep a position in this company not always easy. We therefore held a position during the month but reduced it before the end of the month.

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 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

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 31.12.2023; TER, before profit sharing) Tranche A: 1.74%
Tranche C: 1.24%
Tranche H (FX-hedged): 1.24%
Performance overview and key figures
Duration Fund XAU
1 month 10.3% 8.1%
3 months 31.7% 27.0%
12 months 4.7% 3.7%
3 years p.a. -5.0% -1.6%
5 years p.a. 9.3% 11.3%
since inception p.a. -0.7% -2.6%
Year
2024 20.4% 16.9%
2023 -7.0% -5.4%
2022 -13.5% -7.3%
2021 -13.8% -5.3%
2020 31.6% 23.1%
since inception -11.9% -37.3%

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.

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.

Risk ratios (rolling over the last 3 years)

Volatility (p.a.) 31.6%
Sharpe ratio (0.42% Risk free rate) n/a
Beta (vs. XAU) 1.02
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).