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Fund size
$1.02B
NOV 2026
Total cost ratio
0.53%
per year
Distributions
Annually
Since inception
11.4 yrs
JUN 2015
The Fund gives investors access to a portfolio of publicly traded companies from around the world that are primarily involved in mining for gold and silver.
US equity 22.74%Non-US equity 76.84%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 99.57 | 99.57 | — |
| Bond | 0.00 | 0.00 | — |
| Cash | 0.43 | 0.43 | — |
| Other | 0.00 | 0.00 | — |
Cyclical 100.00%Sensitive 0.00%Defensive 0.00%
Developed markets 90.53%Emerging markets 9.47%
Size score
196
Value-growth score
178
Economic moat
None 100%Wide 0%Narrow 0%
Giant 13%Large 43%Mid 35%Small 9%
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| Newmont Corp NEM | 11.60 | NOV 2015 | 448.8M | USD | 4.2M | Basic Materials | United States | |
| Agnico Eagle Mines Ltd AEM | 11.24 | OCT 2015 | 435.0M | CAD | 2.6M | Basic Materials | Canada | |
| Barrick Mining Corp ABX | 8.17 | NOV 2015 | 316.1M | CAD | 8.5M | Basic Materials | Canada | |
| Wheaton Precious Metals Corp WPM | 5.47 | NOV 2015 | 211.5M | CAD | 1.8M | Basic Materials | Canada | |
| Franco-Nevada Corp FNV | 5.44 | NOV 2015 | 210.6M | CAD | 936,375 | Basic Materials | Canada | |
| Anglogold Ashanti PLC AU | 4.72 | SEP 2023 | 182.7M | USD | 2.3M | Basic Materials | United States | |
| Gold Fields Ltd ADR GFI | 3.92 | NOV 2015 | 151.6M | USD | 4.6M | Basic Materials | South Africa | |
| Kinross Gold Corp K | 3.64 | OCT 2015 | 140.9M | CAD | 7.0M | Basic Materials | Canada | |
| Northern Star Resources Ltd NST | 3.41 | NOV 2015 | 132.1M | AUD | 7.4M | Basic Materials | Australia | |
| Pan American Silver Corp PAAS | 2.55 | NOV 2015 | 98.7M | CAD | 2.6M | Basic Materials | Canada |
Fund (NAV) Market price
1M
-11.9
3M
4.1
6M
-12.1
YTD
-8.6
1Y
10.9
3Y
42.9
5Y
21.6
10Y
13.4
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -11.91 | -8.99 | -11.87 | 62 / 21 |
| 3 months | 4.11 | 6.17 | 4.25 | 1 / 20 |
| 6 months | -12.06 | -7.39 | -11.83 | 29 / 17 |
| Year to date | -8.63 | -5.79 | -8.22 | 79 / 15 |
| 1 year | 10.86 | 14.68 | 11.45 | 86 / 15 |
| 3 years p.a. | 42.87 | 44.04 | 43.63 | 9 / 13 |
| 5 years p.a. | 21.61 | 22.19 | 22.25 | 1 / 8 |
| 10 years p.a. | 13.45 | 14.16 | 14.04 | 1 / 7 |
Returns to 31 OCT 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
2016
56.5
2017
2.1
2018
1.9
2019
38.7
2020
12.9
2021
-4.1
2022
-3.9
2023
12.9
2024
20.9
2025
140.8
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 140.85 | 137.54 | 7 / 19 |
| 2024 | 20.90 | 19.90 | 7 / 21 |
| 2023 | 12.87 | 7.42 | 24 / 19 |
| 2022 | -3.95 | -2.37 | 72 / 10 |
| 2021 | -4.12 | -5.59 | 80 / 9 |
| 2020 | 12.85 | 11.72 | 25 / 9 |
| 2019 | 38.69 | 39.44 | 20 / 9 |
| 2018 | 1.88 | 0.71 | 1 / 8 |
| 2017 | 2.13 | 2.91 | 60 / 9 |
| 2016 | 56.51 | 53.27 | 1 / 7 |
FY17
-22.5
FY18
5.7
FY19
21.9
FY20
46.4
FY21
-14.6
FY22
-10.2
FY23
14.4
FY24
15.1
FY25
57.2
FY26
40.6
| Financial year | Total % |
|---|---|
| Financial year to date | 1.58 |
| Year to 30 JUN 2026 | 40.58 |
| Year to 30 JUN 2025 | 57.25 |
| Year to 30 JUN 2024 | 15.13 |
| Year to 30 JUN 2023 | 14.38 |
| Year to 30 JUN 2022 | -10.19 |
| Year to 30 JUN 2021 | -14.64 |
| Year to 30 JUN 2020 | 46.40 |
| Year to 30 JUN 2019 | 21.86 |
| Year to 30 JUN 2018 | 5.69 |
| Year to 30 JUN 2017 | -22.54 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | -29.73 | 19.41 | 13.40 | 10.46 |
| Beta | 2.24 | 1.85 | 1.04 | 0.57 |
| R-squared | 43.59 | 36.61 | 18.28 | 6.92 |
| Standard deviation | 55.11 | 40.60 | 37.96 | 34.73 |
| Sharpe ratio | 0.24 | 0.97 | 0.71 | 0.53 |
| Sortino ratio | -0.04 | 1.81 | 1.09 | 0.71 |
| Tracking error | 41.63 | 31.27 | 30.49 | 30.21 |
| Information ratio | -0.52 | 0.83 | 0.33 | 0.08 |
| Upside capture % | 94.83 | 215.89 | 120.72 | 66.70 |
| Downside capture % | 230.79 | 150.10 | 71.88 | 22.63 |
| Maximum drawdown % | -33.89 | -33.89 | -33.89 | -40.12 |
Measured against S&P Global Natural Resources TR USD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 31 OCT 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
164.5
Morningstar Portfolio Risk Score at 30 SEP 2026.
2024
0.6
2023
0.7
2022
0.9
2020
0.6
2019
0.2
2018
0.2
2017
0.2
2016
0.2
2015
0.1
| Year | Per unit ($) |
|---|---|
| 2024 | 0.6300 |
| 2023 | 0.7400 |
| 2022 | 0.9200 |
| 2020 | 0.6378 |
| 2019 | 0.2125 |
| 2018 | 0.2340 |
| 2017 | 0.1659 |
| 2016 | 0.2293 |
| 2015 | 0.0758 |
| Ex Date | Per unit ($) |
|---|---|
| 1 JUL 2026 | 17.9900 |
| 1 JUL 2025 | 0.6300 |
| 1 JUL 2024 | 0.7400 |
| 3 JUL 2023 | 0.9200 |
| 20 DEC 2021 | 0.6378 |
| 22 DEC 2020 | 0.2125 |
| 24 DEC 2019 | 0.2340 |
| 20 DEC 2018 | 0.1659 |
| 18 DEC 2017 | 0.2293 |
| 19 DEC 2016 | 0.0758 |
| 21 DEC 2015 | 0.1614 |
Average
ESG risk score
25.27
11.04% of assets are in companies with high or severe controversies.
Carbon risk score
9.78
Category average 18.53
Announcements
No announcements stored for this company yet.
Precious metals surged higher overnight as the $US Dollar and bond yields fell, with gold recovering from an initial sell-off during our day session to close up +3.4%. The reaction was even more profound at the stock level, with the VanEck Gold Miners ETF (GDX US) surging more than +9%.
The VanEck Gold Miners ETF (GDX) surged +9.4% on Wednesday night after the US Treasury unexpectedly stepped up its purchases of long-dated bonds, announcing buybacks of at least US$4bn per operation. The surprise intervention sent 30-year Treasury yields ~10bp lower and weakened the US dollar, providing an immediate boost to gold, which jumped more than 4% to its highest since early June. Gold miners magnified the move through their operating leverage, with Newmont (+7.8%), Barrick (+6.7%), Agnico Eagle (+11.2%) and Kinross (+8.1%) all surging higher.
The correlation between the main ASX-traded gold and copper ETFs illustrates the speculative nature of the buying and their correlation in early 2026. However, while we remain bullish towards copper due to the global electrification tailwind, gold is harder until we see sustained central bank buying re-enter the market. Central banks have continued buying gold since the US-Iran war, but the World Gold Council (WGC) revising 1Q26 central bank purchases sharply down to just 57 metric tons, the lowest first-quarter level in over a decade, from an initially reported 244 tons, tells the tale.
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.
Gold and its respective miners are enduring a year to forget after promising so much in January when the precious metal spiked above US$5,500, and cab drivers were talking about the likes of gold like they did stocks back in the 1980’s - just before the crash! The US-Iran War has been bad news for precious metals, supporting the $US and yields, reducing the appeal of Gold. We believe this negative influence will easy, a gold will ultimately resume its uptrend, but there are no clear signs yet.
Golds experiencing a tough few months with bond yields now weighing on the non-yielding precious metal. Previously the higher oil price was also causing some selling of the precious metal by emerging countries struggling with the elevated prices - Turkey have been one of the largest net sellers in 2026 after accumulating through 2025.
This morning we’ve revisited the US gold ETF as it reached our target levels late last week and is set to pop higher again this morning although to what degree is a hard call. If our roadmap is on point the GDX is approaching a meaningful high with another ~30% pullback on the horizon.
This morning we’ve again used the US gold ETF as it saw and reacted to the court’s decision to block Trumps tariffs on Friday night. The advance by the precious metals and GDX ETF fits our current roadmap but we reiterate MM would not be chasing a breakout to new highs.
The GDX ETF holds global miners, including Australian names. Its largest holding is Newmont, which tumbled to fresh 4-week lows overnight as forced liquidation gathered momentum, albeit without the steroids controlling silver and Bitcoin. We can see the GDX ETF testing the nerves of investors, seeing no reason to be a hero in the short term, with selling gathering, as opposed to losing momentum.
Unlike copper stocks, gold names haven’t run ahead of the underlying precious metal. In 2026, the GFDX ETF has advanced +28%, dancing almost in sync with the precious metal. The parabolic advance by precious metals feels dangerous, and at MM, we take one important read-through from the current price action in the metal sector.
MM is bullish towards the GDX ETF around $104
MM remains bullish towards gold through 2026 around US$4,100
MM is bullish towards gold around $US4,300
MM is bullish towards the GDX ETF around $146
MM is cautiously bullish towards the GDX ETF around $137
MM is cautiously bullish towards the GDX ETF around $127
MM is neutral towards the GDX ETF around $US104.
MM is neutral towards gold around $US5,300.
MM is now neutral towards the GDX ETF, around $US116
MM is neutral towards the GDX around $140
VanEck Vectors Gold Miners ETF (GDX) aims to provide investment returns before fees and other costs which track the performance of the NYSE Arca Gold Miners Index (AUD). Its largest allocation is in North American companies, principally those domiciled in Canada. The ETF weights the holdings using a market capitalisation methodology.
Weekly Video Update – Peter O’Connor & James Gerrish on GOLD
Released Wednesday 10th March
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