Monthly Investor Report - June 2025

Golden Prospect Precious Metals Limited

Monthly Investor Report - June 2025

The full monthly factsheet is now available on the Company's website and a summary can be found below. 

NCIM - Golden Prospect Precious Metals Ltd - Fund Page

Enquiries: 

For the Investment Manager 

Manulife | CQS Investment Management

Craig Cleland 

0207 201 5368 

For the Company Secretary and Administrator 

Apex Fund and Corporate Services (Guernsey) Limited

James Taylor

0203 530 3600

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Fund Description 

The objective of the Golden Prospect Precious Metals Fund is to provide investors with capital growth from a group of companies in the precious metals sector.

Portfolio Managers 

Keith Watson and Robert Crayfourd.

Key Advantages for the Investor 

·    Access to under-researched mid and smaller companies in the precious metals sector

·    Potential inflation protection from precious metals assets

·    Low correlation to major asset classes 

Key Fund Facts¹ 

Ordinary Share and NAV Performance² 

Commentary³ 

The Company's NAV fell 2.8% over the month, lagging the 3.1% sterling gain in the NYSE Gold Bugs Index and 1.6% sterling return of the GDXJ ETF. Gold was up 0.4% on the month, whilst Silver, Platinum and Palladium gained 9.5%, 28.5% and 13.6% respectively.

This monthly underperformance was primarily driven by a pull-back in some of the larger weighted Australian-listed gold miners including Ora Banda, Emerald Resources and West African Resources. Equinox Gold, which recently acquired Calibre Mining, also acted as a drag after we became a holder following closure of their all-share acquisition. These have all been strong performers for the Company over previous months and nothing has structurally changed with the positions; most have anticipated positive catalysts over the next six months in our opinion as new mines transition into production.

Central banks reported strong gold flows in May, but we believe unreported flows remain key. Gold ETF holdings also increased through June, suggesting financial players are now entering the market. The Official Monetary and Financial Institutions Forum (OMFIF) published an industry survey of 75 central banks and 15 public pension and sovereign funds, with strong gold purchasing expected in the coming months. The survey indicated that a third of central banks expect to increase their gold holdings in the next 12-24 months and the majority of respondents expect prices to remain above $3000/oz over the next year.

Weighed down by tariff-related trade friction, together with increased US government borrowing requirement implicit in the "Big Beautiful Bill", the US dollar continued to weaken and is now around 10% softer versus sterling year-to-date. While this has ramifications for global markets, especially expected returns from investments made into the US, it remains a supportive factor for gold going forward.

Physically-backed gold ETFs added over 2Moz during June taking total holdings above 90Moz, although after recent gains the dollar price was little changed at the end of the month.

Platinum and Palladium saw robust gains as sentiment shifted more positive after the London Platinum Week conference. The World Platinum Investment Council (WPIC) forecast continuing deficit for the platinum market of 966koz in 2025, similar to the last few years. WPIC estimates that above ground stocks will reach a low of only three months of demand by the end of this year which helped lift platinum prices.

Manulife | CQS Investment Management

4th Floor, One Strand, London WC2N 5HR, United Kingdom

T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200

Tavistock Communications

18 St. Swithin's Lane, London EC4N 8AD

T: +44 20 7920 3150 | [email protected]

Sources: ^1,2 CQS as at the last business day of the month indicated at the top of this report. Performance is net of fees and expenses. New City Investment Managers took over the investment management function on 15 September 2008. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the Important Information section at the end of this document. ³ All market data is sourced from Bloomberg unless otherwise stated. The Fund may since have exited some / all the positions detailed in the commentary. ⁵ For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. ⁶ For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013.