Gold Performance since 2000
Sprott
Sprott offers investors world-class precious metals investments with USD 19 Billion AUM. Our offerings include unique physical bullion trusts, mining ETFs, actively managed equity strategies and highly-specialized private equity and debt strategies. We have the capabilities needed to customize our approach to meet our clients’ needs through both public and private investment strategies, institutional LPs, offshore funds and separately managed accounts. Sprott offers investors world-class precious metals investments. Our offerings include unique physical bullion trusts, mining ETFs, actively managed equity strategies and highly-specialized private equity and debt strategies. We have the capabilities needed to customize our approach to meet our clients’ needs through both public and private investment strategies, institutional LPs, offshore funds and separately managed accounts.
Investment Process
Sprott Team
John Hathaway
CFA, Senior Portfolio Manager
Sprott Asset Management USA
Douglas Groh
Senior Portfolio Manager Sprott
Asset Management USA
Outlook
Market
Investment exposure to gold matches 20-year low.
Junior miners present a deeper discount to their respective Net Asset Values than senior miners.
Mining equities are episodically undervalued relative to spot gold and the S&P 500 and are generating robust earnings and free cash flow.
Since mid-year 2021, M&A activity has picked up as cash flow builds on mining companies’ improving balance sheets, which is very supportive for continued M&A activity.
Newmont Corporation
Company Overview
Precious metals industry’s largest reserve base
Headquartered in Denver, USA
Current portfolio weighting: 6.1%
Strong Free Cash Flow
Investment Rationale
As the world’s largest gold producer, Newmont has established itself as a leader in addressing ESG issues.
Its free cash flow (6.8% yield) and solid balance sheet has enabled NEM to increase dividends (~3.3% yield) and buy back stock, while also re-investing in a project pipeline that supports long-term production and maintains a cost profile that assures favorable margins.
Contact Alpina
ALPINA CAPITAL AG
Schochenmühlestrasse 6
CH-6340 Baar
+41 44 390 39 39
info@alpina.capital
www.alpina.capital