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Fund size
$167.5M
OCT 2026
Total cost ratio
0.57%
per year
Distributions
Semi-Annually
Since inception
10.3 yrs
JUL 2016
The Fund will seek to achieve the investment objective by adopting a “full replication” strategy.
US equity 24.19%Non-US equity 75.81%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 100.00 | 100.00 | — |
| Bond | 0.00 | 0.00 | — |
| Cash | 0.00 | 0.00 | — |
| Other | 0.00 | 0.00 | — |
Cyclical 99.41%Sensitive 0.59%Defensive 0.00%
Developed markets 82.28%Emerging markets 17.72%
Size score
200
Value-growth score
213
Economic moat
None 100%Wide 0%Narrow 0%
Giant 12%Large 41%Mid 40%Small 6%Micro 1%
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| Newmont Corp NEM | 8.30 | AUG 2016 | 21.1M | USD | 127,202 | Basic Materials | United States | |
| Barrick Mining Corp ABX | 8.23 | AUG 2016 | 20.9M | CAD | 357,616 | Basic Materials | Canada | |
| Agnico Eagle Mines Ltd AEM | 8.20 | AUG 2016 | 20.8M | CAD | 79,044 | Basic Materials | Canada | |
| Wheaton Precious Metals Corp WPM | 8.05 | AUG 2016 | 20.5M | CAD | 106,417 | Basic Materials | Canada | |
| Anglogold Ashanti PLC AU | 6.27 | SEP 2023 | 15.9M | USD | 118,309 | Basic Materials | United States | |
| Franco-Nevada Corp FNV | 4.11 | AUG 2016 | 10.5M | CAD | 30,486 | Basic Materials | Canada | |
| Zijin Mining Group Co Ltd Class H 02899 | 3.99 | AUG 2016 | 10.1M | HKD | 1.7M | Basic Materials | China | |
| Gold Fields Ltd GFI | 3.59 | AUG 2016 | 9.1M | ZAR | 174,653 | Basic Materials | South Africa | |
| Kinross Gold Corp K | 3.57 | AUG 2016 | 9.1M | CAD | 261,892 | Basic Materials | Canada | |
| Pan American Silver Corp PAAS | 3.03 | AUG 2016 | 7.7M | CAD | 117,541 | Basic Materials | Canada |
Fund (NAV) Market price
1M
-12.7
3M
16.1
6M
-3.2
YTD
6.5
1Y
21.5
3Y
53.4
5Y
24.0
10Y
13.0
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -12.70 | -11.11 | -12.66 | 78 / 21 |
| 3 months | 16.07 | 18.89 | 16.24 | 6 / 20 |
| 6 months | -3.22 | 2.56 | -2.94 | 36 / 17 |
| Year to date | 6.54 | 6.76 | 7.00 | 36 / 15 |
| 1 year | 21.50 | 21.12 | 22.19 | 36 / 15 |
| 3 years p.a. | 53.43 | 54.28 | 54.31 | 1 / 13 |
| 5 years p.a. | 23.96 | 24.64 | 24.68 | 15 / 8 |
| 10 years p.a. | 13.04 | 13.13 | 13.73 | 17 / 7 |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Total Capital
2017
0.1
2018
-6.4
2019
49.3
2020
27.7
2021
-7.1
2022
-9.2
2023
2.5
2024
17.6
2025
151.1
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 151.10 | 148.45 | 1 / 19 |
| 2024 | 17.55 | 16.10 | 13 / 21 |
| 2023 | 2.54 | -1.43 | 77 / 19 |
| 2022 | -9.24 | -8.72 | 86 / 10 |
| 2021 | -7.09 | -10.12 | 100 / 9 |
| 2020 | 27.65 | 24.03 | 1 / 9 |
| 2019 | 49.33 | 50.98 | 1 / 9 |
| 2018 | -6.43 | -7.00 | 25 / 8 |
| 2017 | 0.06 | 1.17 | 100 / 9 |
FY18
-3.5
FY19
16.1
FY20
58.9
FY21
-5.2
FY22
-17.7
FY23
7.1
FY24
13.2
FY25
58.1
FY26
48.1
| Financial year | Total % |
|---|---|
| Financial year to date | 15.59 |
| Year to 30 JUN 2026 | 48.12 |
| Year to 30 JUN 2025 | 58.06 |
| Year to 30 JUN 2024 | 13.20 |
| Year to 30 JUN 2023 | 7.08 |
| Year to 30 JUN 2022 | -17.67 |
| Year to 30 JUN 2021 | -5.24 |
| Year to 30 JUN 2020 | 58.94 |
| Year to 30 JUN 2019 | 16.14 |
| Year to 30 JUN 2018 | -3.48 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | -18.83 | 30.90 | 14.77 | 10.27 |
| Beta | 2.40 | 1.88 | 1.13 | 0.68 |
| R-squared | 45.75 | 36.66 | 20.15 | 8.53 |
| Standard deviation | 58.76 | 42.99 | 40.27 | 37.96 |
| Sharpe ratio | 0.49 | 1.18 | 0.76 | 0.53 |
| Sortino ratio | 0.40 | 2.39 | 1.14 | 0.67 |
| Tracking error | 43.59 | 32.44 | 31.14 | 31.56 |
| Information ratio | -0.18 | 1.21 | 0.38 | 0.07 |
| Upside capture % | 136.22 | 256.34 | 139.50 | 74.26 |
| Downside capture % | 243.47 | 135.55 | 97.06 | 38.09 |
| Maximum drawdown % | -34.81 | -34.81 | -34.81 | -39.73 |
Measured against S&P Global Natural Resources TR USD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
117.5
Morningstar Portfolio Risk Score at 30 SEP 2026.
2024
0.0
2023
0.1
2022
0.1
2021
0.1
2020
0.2
2019
0.2
2016
0.0
| Year | Per unit ($) |
|---|---|
| 2024 | 0.0240 |
| 2023 | 0.1089 |
| 2022 | 0.0527 |
| 2021 | 0.0576 |
| 2020 | 0.1932 |
| 2019 | 0.1555 |
| 2016 | 0.0166 |
| Ex Date | Per unit ($) |
|---|---|
| 1 JUL 2026 | 1.1276 |
| 2 JAN 2026 | 0.0309 |
| 2 JAN 2025 | 0.0240 |
| 1 JUL 2024 | 0.0802 |
| 2 JAN 2024 | 0.0287 |
| 3 JAN 2023 | 0.0527 |
| 4 JAN 2022 | 0.0576 |
| 1 JUL 2021 | 0.1759 |
| 4 JAN 2021 | 0.0172 |
| 1 JUL 2020 | 0.1555 |
| 3 JUL 2017 | 0.0166 |
Above Average
ESG risk score
23.97
Category average 27.75
14.93% of assets are in companies with high or severe controversies.
Carbon risk score
9.50
Category average 18.53
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Gold and silver both popped over +4% overnight, their best day since February, taking precious metals miners along for the ride Barrick (+7.4%) and Newmont (+6.7%). The catalysts for the move was a soft private payrolls report and easing energy cost’s reducing fears of multiple Fed rate hikes into Christmas - note credit markets are still pricing in at least one hike in the remainder of 2026.
The US NYSE traded Gold BUGS Index is often referred to by traders when they assess the strength of the Gold Sector, and at this stage, the picture is clear with the index falling towards fresh 12-month lows, significantly underperforming the gold price. Significant technical support is ~13% lower, and at this stage, we see no reason to catch this particular falling knife and increase our local or international gold exposure.
Gold has been a standout performer through the current banking crisis testing its multi-decade high in the process – while the $US2,000 offers some clear technical resistance we believe it’s a matter of time until we see an explosive breakout on the upside.
This ASX traded currency hedged ETF looks to track the performance of gold stocks that aren’t listed in Australia such as Barrick Gold Corp (GOLD US), Wheaton Precious Metals (WPM US), Agnico Eagle Mines (AEM US) and Newmont Corp (NEM US). In line with our bullish call on the $US we anticipate a correction, period of consolidation, by this ETF but we re investing here for the long haul.
This ETF has been the star pick for this portfolio rallying +16.7% over recent weeks, we believe it’s got further to go although as we’ve been writing a bit of late the easy money is behind us.
In line with our outlook that financial markets are poised to reverse many of the established trends through 2022 and specifically at least some consolidation by bond yields and the $US we like precious metals into Christmas.
The MNRS is a locally traded gold miners ETF that holds over 8% exposure to Wheaton Precious Metals, Barrick Gold, Agnico Eagle Mines and Newmont Corp which provides some healthy diversification to the Australian miners – the positions are FX hedged negating any currency risks although that’s been a shame over recent months. Gold looks...
The MM Global Macro ETF Portfolio slipped -0.3% last week with gains by the Invesco DB Agricultural Fund (DBA US) +3% and Global X Copper ETF (COPX US) +1.8% offset by falls in the BetaShares Global Gold Miners ETF (MNRS US) -4.3% and BetaShares Strong Australian Dollar ETF (AUDS US) -5.3% - more volatility is likely on Friday after Jackson Hole.
The MM Global Macro ETF Portfolio gained +2.47% last week with both of the battery & lithium ETF (ACDC) and the BetaShares Global Gold Miners ETF (MNRS) positions advancing over 6%, unfortunately, the BetaShares Asian Technology Tigers ETF (ASIA) dragged on the portfolio falling just under 6% courtesy of weakness in Tencent and Alibaba.
The MM Global Macro ETF Portfolio rallied +0.98% last week aided by strong moves in our Uranium Trust (U-U CN) +8.8% and the $A (AUDS) +3.7% while the standout drag across the portfolio came from our gold ETF (MNRS) -3.7%.
MM is neutral towards the HUI Index
MM remains long and bullish on the MNRS ETF
MM remains long and bullish on the MNRS ETF medium/long term
MM remains bullish the MNRS ETF into Christmas
MM is high conviction on MNRS
MM is very keen on the MNRS ETF around the $4.50 area
MM is long and bullish the MNRS ETF
MM remains bullish gold stocks over the coming few months
MM is looking to establish a position in the MNRS at current levels
MM are buying MNRS in the Global ETF Portfolio, allocating 10% around $6.50
BetaShares Global Gold Miners Currency Hedged ETF (MNRS) is an ETF incorporated in Australia that aims to provide an investment return that tracks the performance of the Nasdaq Global ex-Australia Gold Miners Hedged AUD Index (the "Index"), before taking into account fees and expenses.
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