July was a very poor month for Asian markets, particularly China, where increased regulatory crackdowns led to extreme volatility across both equity and credit markets. Tech and property sector regulations continued to worry investors, but it was the announcement by the Chinese government of very harsh regulation in the after-school education sector that seemed to...
The Fund posted a gain of 0.70% for July. Performance was led by the portfolio’s exposures to base metals (1.72%), battery metals (1.68%) and diversified miners (1.06%). Bulk commodity producers (-0.77%) and uranium related positions (-0.63%) were the largest detractors. Despite the relatively benign headline move in July performance there was large dispersion within the...
Northern Hemisphere summer doldrums arrived in July with very little market activity and soggy equity prices. There was little change to the portfolio during the month as we waited for the much-anticipated Sprott Physical Uranium Trust to light a match under the physical market and the closely watched spot price indicator. When Sydney went into...
A strong end to the month generated an estimated gross return of 15.3% for April bringing the year-to-date return to 67% and 1-year return to 558%. The strategy continues to outperform sector ETFs and the larger single stock names in the sector, underscoring our diversified approach which includes exposures to the uranium spot price, large...
The Fund posted a material gain in April rising by 10.74%. This boosted the Fund’s financial year-to-date gain to 92.97%. Performance was primarily driven by the Fund’s exposure to the rising structural demand for commodities driven by clean, green energy policy. This included base metals (5.99%) primarily copper and nickel, battery metals (1.73%) and uranium...
The Asia credit market began April on a positive note, but midway through the month all eyes shifted to the situation at China Huarong, one of the “big four” Chinese bad-debt managers. Being one of the largest Chinese issuers of USD bonds, the swift downturn in Huarong’s bond prices dragged down the rest of the...