Based on internal estimates the Fund returned +3.8% in July and is now positive on the year by 1% net of fees and expenses. Energy-related and uranium shares were the standouts in July while, in aggregate, non-resource holdings detracted modestly. Precious metals broke even. Market sentiment in the latter is apathetic and positioning light which suggests an imminent reversal.
During the month we sold a long-held position in Canadian/Australian gold miner Kirkland Lake Gold (KL) and purchased NYSE-listed Peruvian gold/copper miner Buenaventura (BVN).
Kirkland Lake Gold has been an outstanding performer, a real outlier, and