CPR Invest - Global Gold Mines - F EURH - Acc ISIN : LU1989765802

CPR Invest - Global Gold Mines - F EURH - Acc
F EUR Hgd(C) - LU1989765802
Asset class: Equities
YTD
As of 29/05/2026
3.17%
Risk IndicatorThe level of risk of the fund mainly reflects the risk of the market in which the fund is invested and, as the case may be, the leveraging strategy or inverse performance of the index. The capital initially invested does not benefit from any guarantee. The current level of risk does not indicate the future level of risk and may change over time. The lowest risk level is not equal to a risk-free investment.
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The risk indicator assumes you keep the product according to the holding period.
NAV
As of 28/08/2026
€207.06
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 28/08/2026
$2.63B
The Compartment’s objective is to outperform (after applicable fees) the NYSE Arca Gold Miners index over a long-term period (minimum 5 years) by investing in international equities mainly involved in the mining of gold or other precious metals and minerals or other related mining activities.

NAVs

NAV from 10/16/2020 to 08/28/2026
Select period
Created with Highcharts 11.4.8CPR Invest - Global Gold Mines - F EURH - AccJan '21May '21Sep '21Jan '22May '22Sep '22Jan '23May '23Sep '23Jan '24May '24Sep '24Jan '25May '25Sep '25Jan '26May '26050100150200250300

Performance

Change in NAV in base 100
Returns under control and temporarily unavailable for this fund

Portfolio Analysis

Repartition 07/31/2026
Main Lines in Portfolio (Source: Amundi)Geographical breakdown (Source: Amundi)CurrencySector allocation
Sector
Weight
Spread / Index
AGNICO EAG MINES-USDMaterials7.66%-1.41%
NEWMONT CORP USDMaterials5.96%-6.31%
FRANCO NEVADA CORP (USA)Materials5.63%0.53%
WHEATON PRECIOUS METALS CORPMaterials4.76%-1.43%
ANGLOGOLD ASHANTI PLC NYSEMaterials4.71%-0.28%
BARRICK MINING CORPMaterials4.26%-3.29%
KINROSS GOLD CORP USMaterials3.78%0.25%
GOLD FIELDS LTD-US-ADRMaterials3.28%-0.50%
EQUINOX GOLD CORP - USDMaterials2.94%2.05%
PAN AMER SILVER USDMaterials2.85%0.52%

Management commentary

Effective date: 31/07/2026Relative stability in gold prices in July, supported by the $4000/oz level, has prompted the return of certain investors. The situation in the Middle East, leading to high volatility in oil prices, and consequently in interest rates, continues to weigh on the trend. While the Fed kept its key rates unchanged at the last FOMC, the lack of predictability in its future actions is making the market nervous, particularly the foreign exchange market.

After experiencing significant outflows in recent months, the assets of physically-backed gold ETCs stabilized in July, but remain down by about 70 tonnes since the beginning of the year.
 
The World Gold Council published its quarterly report showing relatively stable gold demand in the first half compared to last year, but noting a clear recovery in central bank purchases in the second quarter, after a much weaker-than-expected first quarter.
 
Gold mining companies ended the month slightly down. It should be noted that the average gold price expected by consensus for the whole of 2026 has been significantly revised down to $4545/oz from $4725/oz last month, leading to a downward revision of 12-month earnings expectations by ~6.15% in July, and by ~9.8% compared to their peak last May, but they remain up by ~15.5% since the beginning of the year.

In this context, the fund's performance declined in July, but outperformed its benchmark index. The best contributor to performance was the intermediate company DPM Metals, whose second quarter results were exceptional. Developer Omai Gold Mines, junior companies Artemis Gold, Wesdome Gold, and silver companies Aya Gold & Silver and Sinda also contributed positively. The absence of exposure to Fresnillo, Greatland Resources, and Allied Gold—the latter's takeover project by Zijin Gold having been suspended—and the underweighting of Agnico Eagle were also beneficial. Conversely, the main detractors were developers Osisko Gold Group, Lumina Metals, Gogold Resources, Bravo Mining, and Perpetua Resources, and intermediate companies Orla Mining, Iamgold, and Alamos Gold, the latter having revised its forecasts downward. The absence of exposure to Chinese companies Zijin Mining, Zhaojin Mining, and Lingbao Gold, and the underweighting of Newmont Corp were also penalizing.
 
Regarding portfolio management, we participated in the IPO of Cadillac Mines, formerly Gold Candles, which is developing several gold and nickel deposits in Canada. In addition, the main increases were in Evolution Mining, an Australian intermediate producer, and Agnico Eagle, a Canadian senior company. Conversely, one stock left the portfolio, Emerald Resources, an Australian company operating the Okvau mine in Cambodia. Furthermore, the main reductions concerned Artemis Gold, which operates the Blackwater mine in Canada, Coeur Mining in silver, and Zijin Gold, the gold subsidiary of Zijin Mining.

Characteristics

General data

Inception date
16/10/2020
First Nav Date
28/01/2013
Currency
EUR
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Valuation
Daily
Minimum initial investment
1 10/1000° share(s)/equity
Minimum additional investment
1 10/1000° share(s)/equity

Costs Composition

One-off costs upon entry or exit (Investment EUR 10,000)If you exit after 1 year
Entry costsWe do not charge an entry fee for this product.€0
Exit costsWe do not charge an exit fee for this product, but the person selling you the product may do so.€0.00
Ongoing costs taken each year (Investment EUR 10,000)
Management fees and other administrative or operating costs2.95% of the value of your investment per year. This percentage is based on actual costs over the last year.€294.80
Transaction costs0.18% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell.€18.11
Incidental costs taken under specific conditions (Investment EUR 10,000)
Performance fees

15.00% annual outperformance of the reference asset 100% NYSE ARCA GOLD MINERS INDEX NR Close. The calculation applies on each Net Asset Value calculation date in accordance with the terms described in the prospectus. Past underperformances over the last 5 years should be clawed back before any new accrual of performance fee.The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years.

The performance fee is paid even if the performance of the share over the performance observation period is negative, while remaining higher than the performance of the Reference Asset.

€0.00

Codification

ISIN code
LU1989765802
Bloomberg code
CIGGMFE LX
Reuters code

Investment Objective

The Compartment’s objective is to outperform (after applicable fees) the NYSE Arca Gold Miners index over a long-term period (minimum 5 years) by investing in international equities mainly involved in the mining of gold or other precious metals and minerals or other related mining activities.

Documents

LanguageDocumentsTypeClosing Date
DE
PDF
11/08/2026
EN
PDF
11/08/2026
FR
PDF
11/08/2026
PDF
31/07/2024
PDF
16/04/2026
PDF
31/01/2026
IT
PDF
11/08/2026
FR
PDF
26/10/2016
Prices expressed in a currency other than the base currency of the portfolio are available for information purposes only. 
Nothing contained in this site constitutes a solicitation or offer by any member of CPR Asset Management to provide any investment advice or service or to purchase or sell any financial instruments. The information it contains aims to inform the subscriber by providing information on the UCITS supplemental to that appearing in the Information Memorandum. The material provided on this site is presented as of the date shown and "as is". CPR Asset Management does not expressly or impliedly warrant the accuracy of the information provided on this site and expressly disclaims any warranties of fitness of this site for any particular purpose. This material reflects the opinion of the management company at the date of printing. The material is based upon information that we consider reliable, but we do not represent it is accurate, complete, valid or timely and it should not be relied on as such for any particular purpose. Any subscription should be based solely on the Information Memorandum provided to subscribers prior to the subscription and/or available upon request.The Key Informations document (KID) and the prospectus of the fund, as well as the annual and semi-annual reports are available free of charge on the website www.cpram.com and from the Representative or Paying Agents : UniCredit Bank Czech Republic and Slovakia, a.s., Bratislava, Šancová 1/A, Postal Code 813 33, Slovak Republic
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