-38.93 /
-1.87%
2086.37
NAV on 2020/07/31
| NAV on 2020/07/30 |
2125.3 |
| 52 week high on 2020/07/28 |
2173.7 |
| 52 week low on 2020/03/16 |
826.35 |
| Total Expense Ratio on 2020/06/30 |
1.77 |
| Total Expense Ratio (performance fee) on 2020/06/30 |
0 |
| Basic Materials |
391.43 |
73.52% |
| Liquid Assets |
-11.28 |
-2.12% |
| Offshore |
152.26 |
28.60% |
|
ANGGOLD
|
224.41 |
42.15% |
|
GFIELDS
|
131.12 |
24.63% |
|
NEWMONTMING |
43.89 |
8.24% |
|
BARRICKGOLD |
42.41 |
7.97% |
|
HARMONY
|
35.87 |
6.74% |
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd. |
Formation date:
1990/02/05 |
ISIN code:
ZAE000097457 |
Short name:
U-OMGOLD |
Risk:
Unknown |
Sector:
Worldwide--Equity--Unclassified |
Benchmark:
70% FTSE/JSE Gold Mining Index and 30% FTSE Gold Mines Index Series |
Meryl Pick
Meryl joined Old Mutual Investment Group in February 2012 and is responsible for coverage of gold, packaging manufacturers, heavy equipment distributors and logistics companies. She is also the portfolio manager of the Old Mutual Gold Fund.Prior to joining, she was a Business Efficiency Manager at ABSA for two years. Prior to this she held various positions within Unilever, including Process Engineering Manager. Meryl has four years of work experience in the asset management industry.
Old Mutual Gold comment - Dec 19
2020/02/24 00:00:00
2019 was characterised by global angst over the intensifying trade war between the US and China. An attack on Saudi crude production facilities, protracted Brexit negotiations and growing antagonism between the US and Iran have created an environment of amplified geopolitical uncertainty. It is no surprise that gold climbed 19% over the year, closing the fourth quarter at US$1 520 per ounce as investors sought safety. Given the recent strength of investment demand, a shortterm correction in the gold price is more likely.
The Old Mutual Gold Fund has a composite benchmark weighted 70% to the FTSE/JSE Gold Mining Index and 30% to the FTSE Gold Mines Index, which is comprised of global gold stocks. The FTSE/JSE Gold Mining Index gained 108% over the year while the FTSE Gold Mines Index rose 37% in rand terms.
The most marginal producers, Harmony Gold and Sibanye Stillwater, were the strongest performers on the local front this year, rising 103% and 258%, respectively. The fund has held relatively small positions in these stocks given concerns about the diversification of their portfolios. On the international front, the relative outperformer was Eldorado Gold.
AngloGold Ashanti remains the fund’s largest holding. The merger between Randgold and Barrick has left a void for a mid-sized gold company with a strong balance sheet and a strict capital allocation framework. AngloGold is on its way to filling this void. In the event of a gold price correction, the gold ETF will outperform stocks. Given the risk that the gold price has run too hard too fast, some funds have been allocated to the gold ETF.
The fund aims to offer superior returns over the medium to longer term through investment in the shares of companies involved in gold and other precious metals.
This fund is suited to investors seeking capital growth over the long term, who have a particular view of gold and other precious metals and who can tolerate stock market and sector volatility.
It invests in gold and other precious metals showing above average prospects for growth. No SA and offshore exposure limits will apply. Derivatives may be used for efficient portfolio management purposes.
The fund aims to achieve long-term inflation-beating growth, and may hold a higher exposure to equities and offshore assets and a greater exposure to a single equity than what is allowed in terms of Regulation 28 of the Pension Funds Act. This fund is therefore not Regulation 28 compliant.
