BlackRock Gold & General A

Invests in gold and precious metal mining equities.

  • 965.10p Price (Inc)
  • 1019.00p Price (Acc)
  • 5.00% 0.00% Initial charge
  • 1.75% Annual management charge
  • 1.92% Ongoing charges
  • 0.00% Yield

Prices as at 06 December 2019, fund data last updated 20 October 2015

This fund looks to maximize long term capital growth by investing in a portfolio of gold mining stocks. Up to 30% of the portfolio can be held in other precious metals producers. It is managed on a “best ideas” basis and as such is benchmark agnostic. Due to the specialist nature of this fund the returns are likely to experience higher than average volatility.

Fund summary

Sector Specialist
Structure UNIT TRUST
Launched March, 1988
Size £1,032m
Yield 0.00%
Charging basis Income
Dividends paid 30 Aug

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.65%
Annual management charge 1.75%
Ongoing charges figure 1.92%

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Investment process

The managers have identified an investible universe of some 500 stocks. After applying a macro overlay (to highlight such issues as liquidity and high risk) this has been reduced to around 150 companies, which the team follows closely. BlackRock looks to identify companies offering the best exposure to metals and minerals prices at an acceptable level of risk. Other factors specifically taken into account are growth potential and management quality. Involvement in exploration plays and producers with complex hedging strategies is limited, whilst mid cap growth producers with quality assets tend to be emphasized. The portfolio is constructed on a “best ideas” basis. As such, it is benchmark agnostic, sector and country weightings being a byproduct of the stocks selected. The list is typically 50-80 holdings, the largest of which must be less than 10% of the portfolio value. Up to 30% can be held in other precious metals stocks.

This is a traditional long only and ungeared fund; obtaining its exposure to gold and precious metals via related quoted equities. Long term performance has been similar to that of its better peers, but all of them have lagged the returns that have been achieved from direct physical gold investment, which we prefer for such exposure. If this fund is to generate attractive absolute returns, it needs a strong rise in the price of gold, thus allowing gold miners' geared exposure to the gold price to eventually have an impact upon profits and share prices.

Manager research

Average monthly relative returns

  • 14/15 0.65%
  • 15/16 -0.74%
  • 16/17 -0.02%
  • 17/18 -0.27%
  • 18/19 -0.40%

Bestinvest MRI

  • 3 years -0.23%
  • 5 years -0.16%
  • Career 0.33%
  • 3 years 37.10%
  • 5 years 44.00%
  • Career 99.30%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Evy Hambro

Hambro is a Managing Director of BlackRock. He is a member of BlackRock's Natural Resources Equity team and is responsible for the BGF World Gold and the BGF World Mining Fund. He is also co-manager of BlackRock's Natural Resources Hedge Fund. Hambro joined Merrill Lynch Investment Managers in 1994, which merged with BlackRock in 2006. Hambro has a BSc degree, with honours, in marketing, from Newcastle University.

Track record

Evy Hambro has 24.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.33%. During the worst period of relative performance (from November 2014 - August 2019) there was a decline of 24% relative to the index. The worst absolute loss has been 69%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -69.00% (December 2010 - July 2015)
Relative -24.00% (November 2014 - August 2019)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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Top 10 holdings

Data accurate as at 31 August 2019

9.2168% Barrick Gold Corp
8.8061% Newmont Goldcorp Corp
8.5954% Newcrest Mining
8.5884% Agnico Eagle Mines
4.5766% Wheaton Precious Metals Corp
4.4424% Franco Nevada Corp
4.1337% Anglogold Ashanti
3.7832% Kinross Gold Corp
3.6568% Northern Star Resources Ltd
3.4347% B2gold Corp
Source: Trustnet

Sector breakdown

Gold 92.00%
Precious Metals & Stones 5.00%
Others 1.00%
Money Market 1.00%

Portfolio

Target portfolio of 50-80 stocks. Up to 30% in non-gold miners. Benchmark agnostic. Max individual stock weighting = 10%.

Constraints

Maximum of 30% of the portfolio may be invested in non gold assets.

Key Investor Information - Income

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Key Investor Information - Accumulation

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