Fact sheet: Investec Global Gold

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
SPECIALIST
Sector
UT Specialist
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Investec Global Gold

Rated Fund 2013-2014, 2016-2017. Can outperform if gold price rises

For those investors who like the idea of gold as a safe haven/insurance policy but do not want to hold physical gold, investing in the shares of gold-mining companies is the next best thing. This fund invests predominantly in the shares of these companies around the world, but can also invest up to one-third of its portfolio in other mining companies.

At the end of 2016, it was over 90 per cent invested in gold producers, followed by silver and platinum. Its top country exposures are to Canada and Australia. It is managed by George Cheveley and Hanré Rossouw.

In 2016 gold started the year at $1,060 per ounce and climbed rapidly due to global uncertainties; then the price rose further following the Brexit vote, reaching $1,375 in August. However by the end of the year it was back to $1,145, which means it has still not regained its 2012 peak of $1,772 per ounce.

Prospects of dollar strength and further US interest rate rises could be negative for the gold price in 2017. However, uncertainty over President Trump's policies and the various elections coming up in Europe could make investors look towards safe-haven investments again.

Since its inception in 1990, the fund has generally outperformed gold when prices are rising, as companies provide greater leverage. If last year's uptick in the gold price does represent the start of a longer cyclical recovery and the end of a five-year bear market, the fund could do well over the medium term.

3 Year Performance
Fund Performance30.7%
Average of Rated Funds Group47.9%
Sector Performance20.9%
Fund information
Fund name
Investec Global Gold I Acc GBP
Fund manager company
Investec Fund Managers (UK)
Fund type
OEIC
Fund managers
  • Hanre Rossouwsince 31/03/2015
  • George Cheveleysince 31/03/2015
Accolades
Fund objective
The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe involved in gold mining and in derivatives the underlying assets of which are equities issued by companies around the globe involved in gold mining.
Benchmark
  • Euromoney Global Gold
Investment style
None
Investment method
Shares
Quick stats
1 Year return
-16.7%
1 Year rank in sector
99/105
Sector
UT Specialist
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.89%
Fund size
£93m (£94m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
268
Mid price
119.44
Top in this sector
Fund name1 Year
Baring German Gth20.4%
VT Halo Gbl Asn Consumer20.1%
Fidelity EmEur Md Et Af16.8%
Baring Korea Trust15.9%
Jupiter Financial Opps15.2%
...more in UT Specialist

Performance snapshot

Holdings snapshot

  • Canada53.8%
    Australia15%
    USA11%
    South Africa10.3%
    UK9.6%
  • Gold92.1%
    Precious Metals & Stones7.6%
    Money Market0.3%
  • Commodity & Energy99.7%
    Money Market0.3%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-6.5%-1.3%-4.2%-16.7%30.7%-21%
Sector-3.9%-0.3%0.4%1.7%20.9%24.1%
Rank within sector91 / 11168 / 11198 / 11199 / 10538 / 10180 / 88
Quartile4th3rd4th4th2nd4th
Calendar performance
 YTD - 20182017201620152014
Fund-4.6%0%84.1%-18.7%-2.7%
Sector-2.3%8.2%22.7%-4.5%1.2%
Rank within sector84 / 11192 / 1055 / 10484 / 10071 / 95
Quartile4th4th1st4th3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-5.22
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
2.35
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.13
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
39.16
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
33.86
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.33
Price movement
52 week high143.77
52 week low112.05
Current bid price-
Current offer price-
Current mid price119.44
Region
1Canada53.8%
2Australia15%
3USA11%
4South Africa10.3%
5UK9.6%
6Money Market0.3%
Industry sector
1Gold92.1%
2Precious Metals & Stones7.6%
3Money Market0.3%
Asset type
1Commodity & Energy99.7%
2Money Market0.3%
Individual holdings
1RANDGOLD RESOURCES9.4%
2NEWMONT MINING CORP9%
3GOLDCORP INC8.8%
4AGNICO EAGLE MINES4.5%
5B2GOLD CORP4.5%
6ENDEAVOUR MINING CORP4.5%
7EVOLUTION MINING LTD4.4%
8KIRKLAND LAKE GOLD INC4.4%
9SIBANYE-STILLWATER LTD4.4%
Management
Fund manager group
Investec
Fund manager company
Investec Fund Managers (UK)
Fund type
OEIC
Fund objective
The Fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe involved in gold mining and in derivatives the underlying assets of which are equities issued by companies around the globe involved in gold mining.
Benchmark
  • Euromoney Global Gold
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Hanre Rossouw31/03/2015Hanré is a portfolio manager within the Commodities & Resources team covering precious metals and frontier and emerging market resources. Prior to joining the firm in 2013, he was the Chief Financial Officer of Xstrata Alloys overseeing Xstrata plc’s chrome and platinum interests in South Africa. He joined Xstrata in 2004, and also held other senior roles in Strategy, M&A and Investor Relations in London as part of the core team that built Xstrata into a global diversified mining company, subsequently acquired by Glencore for $30bn in 2013. His mining career started as graduate engineer at Anglo American plc (with experience at AngloGold and AngloCoal) and later also worked for De Beers and Accenture. Hanré graduated from Oxford University with a Master’s degree in Business Administration. He has also holds a Bachelor of Engineering degree in Chemical Engineering and a Bachelor of Commerce (Hons.) degree in Economics.
George Cheveley31/03/2015George is a portfolio manager and metals and mining specialist in the Commodities & Resources team at Investec Asset Management having joined the firm in 2007. Prior to this, he was a market analyst for three years at BHP Billiton, working in The Hague and Singapore. He was recruited to BHP Billiton in 2004 from CRU (Commodities Research Unit), an independent metals/chemicals related research company based in London. At CRU, he spent three years in the Carbon Steel team and five years as a Research Manager – Copper, providing in-depth research and forecasts to the industry, banks and hedge funds. George began his career in 1990 in operations at British Steel Strip Products, working for three years in the Tinplate division. George graduated from the University of Oxford in 1989 with an honours degree in Classics and in 1995 was awarded an MBA from Warwick University.
Compliance
Transparent for German Tax, IA Recognised, Reporting Fund Status, UCITS IV Compliant, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Switzerland, Germany, United Kingdom, Luxembourg, Netherlands, Singapore
Investec Global Gold A Acc GBP
Initial charge-
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.64%
Total expense ratio (TER)1.62%
Bid price-
Offer price-
Mid price122.72
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeI008
Investec Global Gold A Acc USD
Initial charge-
Annual charge1.5%
Min single investment£100,000
Min regular saving£10,000
Available in ISAYes
Ongoing charge (OCF)1.64%
Total expense ratio (TER)1.62%
Bid price-
Offer price-
Mid price172.24
CurrencyUSX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeI012
Investec Global Gold I Acc GBP
Initial charge-
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£250,000
Available in ISAYes
Ongoing charge (OCF)0.89%
Total expense ratio (TER)0.87%
Bid price-
Offer price-
Mid price119.44
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeAEE1
Investec Global Gold R Acc GBP
Initial charge-
Annual charge1%
Min single investment£100,000
Min regular saving£25,000
Available in ISAYes
Ongoing charge (OCF)1.14%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price74.12
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeI3YT
Data provided by

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