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 AMG Gold - Mines & Metals Report as of September 30, 2017

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AMG Gold - Mines & Metals Report as of September 30, 2017 Empty
PostSubject: AMG Gold - Mines & Metals Report as of September 30, 2017   AMG Gold - Mines & Metals Report as of September 30, 2017 I_icon_minitimeFri Oct 04, 2019 4:32 pm

AMG Gold - Mines & Metals Report as of September 30, 2017 Review September Key Figures Net Asset Value (Tranche A): Number of Shares Issued: Net Asset Value (Tranche B): Number of Shares Issued: Net Asset Value (Tranche C): Number of Shares Issued: Total Net Asset Value: Performance - Tranche A, since inception 18.4.2006 Fund XAU XAU = The Philadelphia Stock Exchange Gold & Silver Index Fund XAU Please find the detailed performance overview under www.amg.ch Risk Ratios (rolling over the last 3 Years) Volatility (p.a.): Sharpe Ratio (-0.55% Risk Free Rate) Beta (vs. XAU) Facts Breakdown by Sectors Engagement Domicile of the Fund: Switzerland Seniors Long Position: Fund Management Company: LB(Swiss) Investment AG, Zürich Intermediates Custodian Bank: Bank J. Safra Sarasin Ltd., Basel Juniors Investment Manager: AMG Fondsverwaltung AG, Zug Silver Stocks Fritz Eggimann, Bernhard Graf Explorers Launch date: Royalties Gold Bullion Tranche A (ISIN, Swiss Sec. No.): CH0024686773, 2468677 Silver metal account Distributions: Dividend & Capital Gain distributing Cash Cash: Tranche B (ISIN, Swiss Sec. No.): CH0048476706, 4847670 Distributions: Dividend distributing only Tranche C (ISIN, Swiss Sec. No.): CH0197484386, 19748438 Largest Positions Distributions: Dividend & Capital Gain distributing Subscription / Redemption: Daily / no fees Performance Fee: 8% over 5% Hurdle, with High Water Mark High Water Mark and Hurdle: CHF 226.74 - Tranchen A / B / C Management Fee: 1.50% - Tranchen A + B; 1.0% - Tranche C TER (Total Expense Ratio) as of 30.06.2017: 1.74% - Tranchen A + B; 1.24% - Tranche C Breakdown by Currencies CHF USD GBP Silver AUD Gold CAD Palladium / Platin Distributions Until now none 36.20% *p.a. 1.9% -14.5% -7.4% 2.4% -14.5% -2.9% since 3 Years* 5 Years* inception* CHF 87.38 1'346'929 2017 2016 2015 2014 2013 -5.2% 67.0% -24.5% -0.7% -54.4% 2.2% 76.8% -33.7% -8.7% since inception -28.9% -50.6% -58.5% 57.8% CHF 166.0 mn CHF 85.37 289'450 CHF 85.36 275'111 22.6% n/a 0.89 34.9% 98.6% 25.5% 2.4% AMG Fondsverwaltung AG • www.amg.ch • +41 41 726 71 71 0.0% 0.0% 11.5% 1.7% 0.0% 0.0% 1.3% 40.7% 0.0% 0.0% 1.4% 1.4% 0.2% 18.04.2006 Tranchen A + B 10.01.2013 Tranche C -5.4% 5.9% -10.1% -6.2% -3.4% -19.1% 1 Mt 3 Mt 12 Mt Disclaimer: While AMG Fondsverwaltung AG has made every effort to ensure that the information on this document is correct at the time of publication, AMG can make no representation or warranty (including liability to third parties) either expressly or by implication as to the accuracy, reliability or completeness of the said information. The future performance of an investment cannot be deduced from previous market value, i.e. the value of an investment may fall as well as rise. Performance was calculated without commissions and fees for subscription or redemption. 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Newmont Mining Randgold Resources Iamgold Pan American Silver Agnico-Eagle Oceanagold Coeur Mining Kinross Gold Goldcorp Lundin Gold The precious metal sector is still not moving into gear. Although the gold price reached new yearly highs at the start of September, there were no upward spurts in gold and silver mining stocks to confirm this trend. Precious metal stocks are still consolidating the exceptionally strong gains of 2016. Every bit of news is dissected and there is clearly a lack of impulses that could bring fresh momentum to the sector. The negative correlation with the stock market (as measured by the MSCI World Equity Index) continues. Important interest rate signals by the ECB and the FED were pending in September. The ECB remained faithful to its loose monetary policy while the FED, as expected, stuck to its more restrictive approach. Although on balance, this is a zero-sum game, gold & silver prices suffered a temporary setback. After performing poorly against the benchmark for two months, the AMG Gold – Mines & Metals fund did stabilize in September, even though the portfolio changed little. A few low-achievers made a substantial recovery. Adjustments of positions were marginal. Not much is new on the corporate side. We had a meeting with Sean Boyd, the CEO of Agnico-Eagle (AEM). The company is set to raise production from currently 1.6m ounces a year to 2m ounces by 2020. To achieve this expansion, investments (CAPEX) will be cranked up over the next two years and cash flows will be almost entirely reinvested. The construction of the ‘Meliadine’ mine, which is currently done in north-east Canada, will make a big contribution. In addition, 2018 will see the commencement of the building work on the ‘Amaruq’ mine. The latter is to replace the ‘Meadowbank’ mine which will run out of gold in 2019. Thanks to good grades, this growth strategy will be accompanied by a steady decline in costs. However, due to its solid business development, AEM’s valuation is expensive. We are currently not fully invested in this stock. We also held a conference call with Scott Caldwell, CEO of Guyana Goldfields (GUY), after the company performed poorly in Q2. However, in July and August, the company had already returned to its specified average annual rates – both in terms of production and costs. In Q3, production will be back up to around 40k ounces of gold (compared to 30k in Q2), and in Q4 just under 50k will be produced thanks to higher grades. A certain amount of investments will be necessary to allow Guyana to lift production over the 200k ounces-a-year mark from 2020 onwards. Owing to its extensive land holdings in Guyana, the company has significant exploration potential. Alamos Gold (AGI), in which we hold a small position, has taken over its competitor Richmont Mines (RIC) in return for a 20% premium. The company paid in shares and its price promptly lost 15% upon the announcement. The transaction may make sense in the long run; however, we do not really see any synergies in the short term. The takeover still requires the approval of both companies’ shareholders. At this year’s annual Gold Forum in Denver, the mood was slightly positive, although few companies are actually bullish. The focus has returned to growth, especially in terms of reserves. Balance sheets are very solid in general, further cost-cutting potential is limited. Currently, the foreign exchange risk is unhedged. 
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