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Investment Strategies in Gold and Mining: Insights from Portfolio Management

In March 2014, portfolio manager Bernhard Graf discusses various approaches to making investment decisions in the gold, mines, and metals sectors. Key points include the importance of stock selection based on technical and fundamental analysis, risk considerations, and understanding management teams. Effective portfolio management necessitates evaluating management consistency, business plans, and their ability to deliver on forecasts. Investors are encouraged to conduct thorough management meetings to enhance stock selection and improve share price performance.

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Investment Strategies in Gold and Mining: Insights from Portfolio Management

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  1. «Managements» Bernhard Graf Portfoliomanager AMG Gold – Mines & Metals Fund March 2014

  2. Variouswaystomakeinvestmentdecisions

  3. Portfolio management – stocksselection • Technicals: Charts, Momentum, Relative Strength, Trends • Fundamentals: muchmorecomplexcriterias!- Large- orsmall-cap / market liquidity- Valuations: P/NAV, costs, balancesheet, grades- Risk: technical, financial, permitting, sovereign, personnel- Managements: consistency, trackrecordstrategy & execution, business plan, costcontrol Values continuadelivering on forecastsfailureexperiencewhathavetheylearned?

  4. Portfolio management – stocksselection Knowing the Managements, for the stocksselection, isveryimportanttomakethe rightinvestmentdecision

  5. Basic Challengesfor Managements Stock Price !!! Shareholders Executives (CEO/CFO) Board Market/Business Environment Regulatory/Environmental standards Employees Recruiting

  6. Large versus Small Caps – significantdifferenceforshareholders • Shareholder influence • Diversification / Structure • Flexibility / adoptingchanges • Costefficiency / costsynergies

  7. Values Continua Trustworthy Loving Courageous Dignifying Honest Fair Untrustworthy Unloving Cowardly Disrespectful Dishonest Unfair <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> Source: Denver Gold Forum 2013, Zurich

  8. Goldcorp (G CN) relative to XAU-Index (last 3 years) Company was withstanding shareholder demandstoleveragetheir cash in 2011 March 2014, Source: Reuters / AMG

  9. Randgold Resources (GOLD US) relative to XAU-Index (3 years) Onlybuildsprojectswith an IRR >20% with a goldpricecalculation at USD 1’000 March 2014, Source: Reuters / AMG

  10. Franco Nevada (FNV US) relative to XAU-Index (3 years) A businessmodel, whichobviouslyworksverywell March 2014, Source: Reuters / AMG

  11. Argonaut (AR CN) relative to XAU-Index (4 years) Perfectlyruncompanywithlow grades in Mexico March 2014, Source: Reuters / AMG

  12. Pilot Gold (PLG CN) relative to XAU-Index (3 years) Management trackrecordFronteer Gold March 2014, Source: Reuters / AMG

  13. Pilot Gold – PLG CN • Turkey TV Tower, Halilaga; Nevada  Mount Kinsley«Sienceofdiscovery» meansgenerallyhigher grades • Experience in Turkey with «Agi Dagi» & «Kirazli» (Alamos Gold)Nevada with «Long Canyon» (Newmont Mining) • Identical Management Team aswithFronteer Gold (Track record) • Market Cap: CAD 145mln

  14. Key message • Becritical but fair withmanagements • Sending a lotofcompanieshomewithoutmoneyshould not leaveyouwithbadfeelings • Management meetings will helpyouwith a betterstocksselection • Investing in goodmanagementsgetsrewardedwithgoodsharepriceperformances

  15. Wewishyougoodluckwithyourinvestments

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