VanEck International Gold Fund
Overview
The VanEck International Gold Fund (VGZ) is an actively managed closed-end fund that provides investors with exposure to gold and other precious metals companies outside of the United States. The fund’s investment objective is to seek long-term capital appreciation by investing primarily in equity and equity-related securities of non-U.S. issuers that are engaged in the gold mining and exploration industry.
Investment Strategy
VGZ employs a bottom-up research approach to identify undervalued gold mining and exploration companies with strong fundamentals and growth potential. The fund’s portfolio managers consider factors such as:
* Geological potential of the company’s assets
* Management team
* Financial position
* Technical analysis
VGZ invests in a diversified portfolio of gold miners representing various regions, mining methods, and stages of production. The fund’s top holdings typically include large-cap gold producers as well as smaller, more speculative companies with potential for significant growth.
Asset Allocation
As of June 30, 2023, VGZ’s asset allocation was approximately as follows:
* Gold Mining (75-100%)
* Silver Mining (0-25%)
* Gold-related Securities (0-25%)
Performance
VGZ has a strong long-term performance record. Since its inception in 1994, the fund has provided investors with an annualized return of approximately 9.5%. The fund has outperformed the MSCI World Gold Miners Index, which measures the performance of global gold mining companies, over various time periods.
Fees and Expenses
VGZ charges a management fee of 1.25% and additional expenses of approximately 0.30%. These fees are relatively lower compared to other actively managed closed-end funds in the gold sector.
Investment Considerations
Investors considering VGZ should be aware of the following:
* Volatility: Gold mining stocks can be highly volatile, and VGZ’s share price can fluctuate significantly.
* Currency Risk: Since VGZ invests in non-U.S. companies, investors face currency risk, which can impact the fund’s performance.
* Closed-End Fund Structure: VGZ is a closed-end fund, which means that its shares are not continuously offered for sale to the public. Investors may have to pay a premium or discount to the fund’s net asset value when buying or selling shares.
Conclusion
The VanEck International Gold Fund provides investors with an opportunity to diversify their portfolios and gain exposure to the gold mining sector. The fund’s experienced investment team, diversified portfolio, and strong performance record make it an attractive option for investors seeking long-term capital appreciation in precious metals.
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