Equity

Precious Metals Strategy

The strategy primarily pursues long-term capital growth and seeks to provide protection of purchasing power of capital, with current income as a secondary objective. The strategy places primary emphasis on precious metals companies.

Competitive advantages

Unique portfolio manager experience

The team includes a portfolio manager with mining experience who began his professional career as a geologist.

Physical gold exposure

In addition to precious metals stocks, the team has the ability to provide direct exposure to physical gold.

Flexible investment approach

Global strategy is deployed within the context of a disciplined process.

Access to comprehensive firm-wide expertise

The team benefits from access to broader domestic and international equity expertise within the firm.

Investment approach

Flexible, disciplined pursuit of long-term capital growth

Portfolios are diversified across market caps, countries, and production profiles.

Portfolios typically consist of 35 to 70 companies with diversification across exploration, development, and production companies.

The process begins with top-down macro analysis.

Top-down analysis consists of macroeconomic evaluation, comprehensive industry analysis, and assessment of political and regulatory environments.

Macro analysis is paired with bottom-up research and stock selection.

The team employs quantitative screening, fundamental stock analysis, and catalyst identification to identify and monitor holdings.

Portfolios are subject to consistent monitoring and risk management.

Fundamental developments and price movements are monitored along with active risk exposures at the stock, sector, and country levels.

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Composite performance

Average annual returns

Average annual returns

(as of 9/30/2024)
4/1/1995
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Gross)
3.13
20.28
33.23
52.59
14.84
11.07
7.90
7.24
Composite (Net)
3.05
19.99
32.27
51.14
13.75
10.01
6.87
5.87
Benchmark
2.27
21.97
30.52
58.49
12.58
9.27
8.25
2.08

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Calendar year

Calendar year

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Composite (Gross)
10.02
-6.69
-10.06
25.74
41.85
-11.92
10.87
46.98
-24.06
-6.34
Composite (Net)
8.98
-7.58
-10.92
24.57
40.54
-12.76
9.83
45.62
-24.80
-7.23
Benchmark
12.41
-12.84
-10.38
24.95
42.68
-10.04
10.23
60.72
-20.47
-14.18

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Our team
Meet the investment team

Pairing bottom-up analysis with top-down macro analysis, the team seeks to provide clients with long-term capital growth and protection of the purchasing power of capital.

View Team
Michael

Michael Bradshaw

Head of Precious Metals

Key risks

Market risk: Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments with different sectors of the market and different security types reacting differently to such developments.

Equity securities risk: Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer's products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic, and political conditions.

Small-cap securities risk: If a strategy invests in the securities of smaller-capitalization companies, these securities tend to be more volatile and less liquid than those of larger companies.

Foreign securities risk: If a strategy invests in the securities of non-U.S. issuers, these investments may be subject to lower liquidity, greater price volatility, and risks related to adverse political, regulatory, market, or economic developments and may be affected by changes in foreign currency exchange rates.

Investors should know that this strategy deployed may be subject to additional investment risks. For important information about the investment manager, please refer to Form ADV Part 2.

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We look forward to helping you with your investment needs

 

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