Fund to watch: BlackRock Gold & General
The £2.9 billion fund, launched in 1988 and managed by Evy Hambro since 2009, aims to achieve long-term capital growth, primarily through an actively managed portfolio of gold mining, commodity and precious metal-related shares.
The portfolio typically holds between 50 and 80 stocks, and strict limits are in place dictating that no single holding can account for more than 10% of the portfolio. This helps to ensure the fund has a diversified spread of assets.
The fund's 10 biggest holdings account for just over half the assets under management, and include names such as Newcrest Mining, Goldcorp, Randgold Resources and Eldorado Gold, as of 31 October 2012.
Country and sector weightings are predominantly a product of stock selection. At present, this means 56% of the fund is focused on North America and 20% in Europe. Other areas, each worth less than 10%, include Australasia, Latin America, South Africa, Russia and China.
Patrick Connolly, spokesperson for AWD Chase de Vere, says: “The BlackRock fund provides exposure to gold mining shares, which, despite a recent bounce, still look attractively priced when compared with the price of gold, and so could be positioned to perform very well."
BlackRock Gold & General
Telephone: 0800 44 55 22
Fund manager: Evy Hambro
Launch date: 7 April 1988
Total fund size: £2.9 billion
Initial charge: 5%
Annual management fee: 1.75%
Minimum investment: £500 initial investment
Minimum per month: £50
Performance fee: None
Source: BlackRock, 31 October 2012
An individual employed by an institution to manage an investment fund (unit trust, investment trust, pension fund or hedge fund) to meet pre-determined objectives (usually to generate capital growth or maximise income) in prescribed geographic areas or investment sectors (such as UK smaller companies, technology or commodities). The manager also carries the responsibility for general fund supervision, as well as monitoring the daily trading activity and also developing investment strategies to manage the risk profile of the fund.