P&C Global Gold and Natural Resources Fund
Monthly Investors Report as at 28 February 2014
Swiss Valoren No 1.557.566 Bloomberg Ticker: PCGLDFD CY
Fund Commentary
Fund’s objectives: Seeking absolute returns in USD
and portfolio insurance through diversification into asset
class with low correlation to financial assets (bonds,
equities and currencies).
Gold continued its strong recovery in February, rising 6.6%. Silver
also performed well (+10.7%), breaking through the psychological
barrier of USD 20 per ounce. A weaker US dollar and geopolitical
tensions over the Ukraine increased the demand for precious
metals as a safe haven. Also, after a long period of strong net
outflows from gold ETFs, February finally saw a small net inflow,
the first since 2012. This is important, as it is a good indication
of growing investor demand for gold. The P&C Global Gold and
Natural Resources Fund was up 7.1%. The NAV currently stands
at USD 1,196.15 per fund share.
Investment vehicles: Gold mining equities (<100%),
physical gold, silver and precious metals (<100%), cash
(<50%). Plus other natural resource equities and
commodities. Cash used for capital preservation.
Significant gold sector exposure expected.
Investment restrictions: Min 20 holdings, 10% max
single share holding, 15% max single issuer, 5% max
unlisted equities, normally no currency hedging.
February’s positive performance was driven mainly by precious
metals equities. Stocks which performed extremely well, and
in which we have a significant holding, were Continental Gold
(+46%), Centamin (+29%), Endeavour Mining (+20%) and
Pan American Silver (+12%). Within the portfolio, the biggest
underperformer was once again Regis Resources (-13%), whose
open pit operations have been hit by a major flooding incident.
However, post-flood remediation is now well underway, and we
continue to like the fundamentals of the company, which has an
excellent management team.
Key Information
Subscription Price: USD 1,196.15 (as at 28 February 2014)
Type of Fund:
Cyprus private fund under International
Collective Investment Scheme Law No
47(1) 1999 of Cyprus
Fund Manager:
Custodian:
P&C Global Fund Management Ltd,
Cyprus
P&C Global Wealth Managers SA,
Switzerland
RBC Dexia Investor Services Trust, UK
Administrator:
CP Palema Administrator Ltd, Cyprus
Auditor:
KPMG, Cyprus
Sales Fee:
Up to 5% permitted
Dealings:
Monthly (last business day of month)
Sub-Manager:
The fund is open to new subscriptions. For more information,
please contact P&C Global Fund Management.
Roland Eschle
Buys/Sales
Buys
Altius Minerals
Yamana Gold
Continental Gold
Management Fee: 1.8% p.a.
Performance Fee: 12% p.a. absolute returns
(High Water Mark principle)
Sales
Domtar Corp
Phillips 66
Occidental Petroleum
HollyFrontier
Pan American Fertilizer
Asset Allocation
Gold Equities:
Silver Equities:
Oil & Gas:
Base Metal Eq.:
Physical Gold:
Paper & Pulp:
Uranium:
39.8%
9.3%
6.8%
5.8%
5.0%
4.9%
4.6%
Physical Palladium:
Agriculture:
Physical Silver:
Mineral Sands:
Royalties:
Physical Platinum:
Cash (net):
4.0%
3.5%
2.9%
2.6%
2.2%
1.6%
7.2%
Top 10 Holdings
1.
2.
3.
4.
5.
Pan American Silver
Yamana Gold
Continental Gold
Centamin
ZKB Gold ETF
6.
7.
8.
9.
10.
Domtar Corp
Silver Lake Resources
Timmins Gold
JB Palladium ETF
Endeavour Mining
Monthly Performance (gross)
Jan
2003
Feb
-
-
Mar
Apr
-3.8%
-0.6%
May
Jun
Jul
13.3%
2.0%
9.8%
Aug
19.1%
Sep
4.5%
Oct
7.4%
Nov
Dec
7.1%
3.3%
Yr
80.0%
2004
-5.0%
2.0%
6.8%
-19.4%
1.4%
-6.1%
-2.2%
4.9%
9.9%
5.2%
8.4%
-9.2%
-7.7%
2005
-2.7%
7.6%
-4.0%
-11.6%
-4.0%
5.9%
3.6%
1.7%
22.1%
-8.2%
9.9%
6.7%
25.0%
2006
18.5%
-2.3%
3.5%
15.4%
-10.0%
-5.4%
-2.6%
1.2%
-8.1%
9.0%
5.4%
-2.2%
19.7%
2007
-3.0%
1.9%
1.3%
3.8%
0.6%
1.5%
-2.0%
-12.1%
21.1%
11.1%
-11.0%
3.0%
12.8%
-57.2%
2008
0.2%
8.8%
-12.7%
-9.0%
6.9%
-1.0%
-13.4%
-17.1%
-18.9%
-43.1%
19.4%
21.6%
2009
1.8%
1.2%
6.9%
-7.8%
28.1%
-14.1%
4.7%
1.8%
12.2%
-2.9%
19.0%
-1.8%
51.4%
2010
-10.3%
7.7%
2.3%
16.6%
-5.6%
1.1%
-3.7%
12.3%
9.5%
2.8%
6.4%
6.9%
52.3%
-27.9%
2011
-11.5%
10.5%
-0.1%
2.3%
-7.0%
-6.0%
2.8%
3.4%
-17.9%
8.9%
-2.0%
-11.4%
2012
12.9%
-1.5%
-10.2%
-4.9%
-12.3%
3.8%
0.5%
5.7%
11.3%
-2.5%
-5.9%
-5.2%
-11.1%
2013
-0.7%
-9.7%
-2.0%
-14.5%
-4.1%
-15.5%
7.0%
4.5%
-4.9%
-0.2%
-8.9%
4.4%
-38.4%
2014
2.4%
7.1%
All prices and comparative numbers are unaudited and for indication purposes only
P&C Global Gold and Natural Resources Fund Ltd, 15 Nafpliou Street, 3025 Limassol, Cyprus
Phone: +357-2596-0000, Fax: +357-2596-0201, Website: www.global-gold-fund.com
9.7%

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