AMG Gold – Mines & Metals
Fund size CHF 127.1 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 - fritz.eggimann[at]serafin-am.com
- +41 (41) 726 71 75
- Bernhard Graf
- Investment Manager
Precious Metals Equities - bernhard.graf[at]serafin-am.com
- +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
TWO PAGER | PRECIOUS METALS
Breakdown by sectors
Breakdown by currencies
Comment April 2024
During the first two weeks of April, gold prices continued to show strong gains. Since then, it has been consolidating around the USD 2,300 mark. Silver also received a major boost to the upside. Investors attribute the rise in the gold price to increasing geopolitical tensions and purchases by the Chinese central bank (PBOC). Even rising USD interest rates at the long end can no longer hold back the gold price. For years we have argued that the main driver of the gold price will be the “loss of confidence in governments”. In our opinion, the political behavior of governments is the main reason for the rise in the gold price. Gold as a “neutral investment” reflects nothing other than the devaluation of fiat currencies. Accordingly, precious metal shares have also increased in value. It seems illogical to us that the price of gold has risen more strongly than the Vaneck Gold Miners ETF (GDX) since the beginning of the year. Since March, both these ETFs and the most active funds in this sector have recorded returns. The majority of investors seem to believe that the gold price must fall in the future. The next quarterly results will be decisive for the AMG Gold – Mines & Metals Fund. In the first quarter, gold producers achieved an average selling price of USD 2,071, which is expected to be even higher in the second quarter. The net margin will practically double for some companies. Some changes were made to the fund in April. Minor gains were realized on shares with strong price gains. In addition, the allocation in West Africa was reviewed again, where headlines from Mali had a negative impact. Although higher taxes to the state have been priced in, some investors even consider an expropriation of the mines possible. B2Gold (BTO) is one of the most profitable companies in the portfolio but we do not like the Malian government's confrontation with the active companies. Barrick Gold (GOLD) was also affected by the negative headlines. The portfolio share in West Africa was reduced by 3%. Equinox Gold (EQX) was able to acquire the remaining 40% of the “Greenstone Project” from Orion Finance. The money was secured through a capital increase and a bank loan. “Greenstone” is in the final stages of construction and will go into production in 2024. We have increased the Equinox position. We also bought Pan American Silver (PAAS) and Wheaton Precious Metals (WPM).
| 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% |
| Duration | Fund | XAU |
|---|---|---|
| 1 month | 6.8% | 7.0% |
| 3 months | 45.3% | 41.1% |
| 12 months | 17.8% | 17.0% |
| 3 years p.a. | -7.5% | -3.9% |
| 5 years p.a. | 10.0% | 13.3% |
| since inception p.a. | -0.4% | -2.2% |
| Year | ||
| 2024 | 26.3% | 23.7% |
| 2023 | -7.0% | -5.4% |
| 2022 | -13.5% | -7.3% |
| 2021 | -13.8% | -5.3% |
| 2020 | 31.6% | 23.1% |
| since inception | -7.6% | -33.6% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 31.9% |
|---|---|
| Sharpe ratio (0.47% Risk free rate) | n/a |
| Beta (vs. XAU) | 1.02 |
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.