Ninety One Global Gold I Acc GBP

Specialist

New for 2020. An affordable way to access gold-mining businesses    

Investec Global Gold joins our Rated Funds for 2020 on the grounds that it is a better actively managed option than LF Ruffer Gold, which we rated in 2018 and 2019 but has upped its initial charge for new investors to 5%. The Investec fund has no initial charge and ongoing charges of 0.84%. It has done incredibly well over the past year amid a strong run for the gold price and has produced reasonable returns over longer timeframes too.

Manager George Cheveley invests primarily in the shares of companies involved in gold mining worldwide. He can also invest a third of assets in companies involved in the mining of other metals and minerals. At the end of 2019, the fund had 83% of its assets in gold and 13% in silver.

The gold price started to rally last June, supported by an escalation in the US/China trade war, re-appraisal of the global growth outlook and the cutting of US interest rates, which sent gold-related equities sharply higher. Any indication of recovering economic growth or a resolution to the US/China trade dispute would exert downward pressure on the gold price, but a slowdown in economic growth or an interest rate cut beyond what the market is expecting would be positive.

Overall, Cheveley believes the downside for gold is limited, as global growth continues to slow and equity market volatility remains high. Gold equities should continue to perform well, generating strong free cash flows at current prices. Given the fact that balance sheets are robust after several years of restructuring, he expects to be able to deliver increasing returns to investors.

Narrative and ratings content all as of January 2020.

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Name
Ninety One Global Gold I Acc GBP
Manager
Ninety One Fund Managers UK Limited
Type
Open Ended Investment Company
ISIN
GB00B1XFGM25
Sector
Specialist
Launched
01/06/2007
OCF
0.84 %
Risk Rating
3
3 Year Sharpe
0.69
3 Year Alpha
2.08
Yield
0 %
Benchmark
NYSE Arca Gold Miners TR USD
The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe involved in gold mining and in derivatives the underlying assets of which are equities issued by companies around the globe involved in gold mining.
Holding %
Newmont Corp 9.70 %
Kirkland Lake Gold Ltd 8.35 %
Agnico Eagle Mines Ltd 7.37 %
Anglogold Ashanti Ltd 7.15 %
Barrick Gold Corp 5.06 %
Saracen Mineral Holdings Ltd 4.74 %
Wheaton Precious Metals Corp 4.74 %
Evolution Mining Ltd 4.54 %
Endeavour Mining Corp 4.47 %
Gold Fields Ltd 4.33 %
Region %
Canada 45.07 %
Africa 18.89 %
Australasia 18.23 %
United States 9.99 %
Europe - Emerging 7.34 %
Sector %
Basic materials 100.00 %
Name
Ninety One Fund Managers UK Limited
Address
EC2V 5HA, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

George Cheveley
Joined 04/01/2015

George is a portfolio manager and metals and mining specialist in the Natural Resources team at Ninety One having joined the firm in 2007. He covers all aspects of metals and mining supply and demand including, most recently, the impact of renewable energy and electric vehicles on metals demand. Prior to this, he was a market analyst for three years at BHP Billiton, working in The Hague and Singapore. He was recruited to BHP Billiton in 2004 from CRU (Commodities Research Unit), an independent metals/chemicals related research company based in London. At CRU, he spent three years in the Carbon Steel team and five years as a Research Manager – Copper, providing in-depth research and forecasts to the industry, banks and hedge funds. George began his career in 1990 in operations at British Steel Strip Products, working for three years in the Tinplate division. George graduated from the University of Oxford in 1989 with an honours degree in Classics and in 1995 was awarded an MBA from Warwick University.

Data provided by Morningstar.

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