The fund's assets are invested in around 100 core positions, all individual listed commodity companies. The 50 largest positions account for 75% of total invested assets. We also have a good number of relatively minor positions, the 'toes in the water', to closely follow the development of an exploration programme.
Looking at the breakdown by metal, half of the investments are precious metals-related. These are companies active in finding (exploration) or producing (exploitation) gold and silver, as well as platinum and palladium. There is also a large allocation to so-called "battery metals", such as copper, lithium and nickel. These metals are essential for producing electric cars and solar panels, among others. Furthermore, around 3% of the portfolio consists of uranium positions.
Geographically, there is a strong focus on relatively safe countries such as Canada, the United States and Australia. But we also have substantial investments in South America and Africa, as many new discoveries occur in these countries.
Almost half of the portfolio consists of investments in the exploration sector, over 30% in 'developers' and 8% in producers. The rest is invested in pre-discoveries, ETFs, and so-called royalty and streaming companies. Through the latter companies, in exchange for co-financing a new mine, we are entitled to a share of the proceeds. ETFs are used to take positions in sectors with few (good) listed companies or to make the most of trends due to high liquidity.
Many of the investments are made in so-called Private Placements. This involves buying larger packages of shares at favourable terms. An additional advantage of this is that free warrants are also obtained. These are a type of option that gives the right to buy or sell shares at a later date at a predetermined price. Most retail investors can't participate in this type of investment. By participating in our fund, this market is indirectly accessible anyway.
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