"We certainly remain very bullish on the long-term outlook for gold," says Ani Markova in an interview with Citywire. The co-manager (pictured) of the Smith & Williamson Global Gold & Resources fund believes gold is in a secular bull market macro-economic and geopolitical factors will see the metal appreciate over the next few years.
The fund, which is 80% invested in Canada and America, aims for long-term capital growth through investment in firms that mine gold and other precious metals, as well as in the metals themselves. Of the fund, 63% is invested in gold miners. Launched in 2004, fund managers Robert Lyon, Ani Markova, Bob Farquharson and Charles Oliver, oversee a £68.6m portfolio. The fund has returned 115.7% over the past three years, or 94.9% on a five-year view.
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Global Gold & Resources Fund top ten holdings
| Central Fund of Canada | 7.3 |
| Goldcorp | 5.0 |
| Eldorado Gold | 3.6 |
| Franco Nevada | 2.8 |
| Barrick Gold | 2.8 |
| Alacer Gold | 2.7 |
| Semafo | 2.6 |
| Fresnillo | 2.6 |
| Tahoe Resources | 2.5 |
| B2Gold | 2.5 |
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