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«Managements». Bernhard Graf Portfoliomanager AMG Gold – Mines & Metals Fund March 2014. Various ways to make investment decisions. Portfolio management – stocks selection. Technicals : Charts, Momentum , Relative Strength , Trends

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managements

«Managements»

Bernhard Graf

Portfoliomanager AMG Gold – Mines & Metals Fund

March 2014

portfolio management stocks selection
Portfolio management – stocksselection
  • Technicals: Charts, Momentum, Relative Strength, Trends
  • Fundamentals: muchmorecomplexcriterias!- Large- orsmall-cap / market liquidity- Valuations: P/NAV, costs, balancesheet, grades- Risk: technical, financial, permitting, sovereign, personnel- Managements:

consistency, trackrecordstrategy & execution, business plan, costcontrol Values continuadelivering on forecastsfailureexperiencewhathavetheylearned?

portfolio management stocks selection1
Portfolio management – stocksselection

Knowing the Managements,

for the stocksselection,

isveryimportanttomakethe rightinvestmentdecision

basic challenges for managements
Basic Challengesfor Managements

Stock Price !!!

Shareholders

Executives (CEO/CFO)

Board

Market/Business

Environment

Regulatory/Environmental

standards

Employees

Recruiting

large versus small caps significant difference for shareholders
Large versus Small Caps – significantdifferenceforshareholders
  • Shareholder influence
  • Diversification / Structure
  • Flexibility / adoptingchanges
  • Costefficiency / costsynergies
values continua
Values Continua

Trustworthy

Loving

Courageous

Dignifying

Honest

Fair

Untrustworthy

Unloving

Cowardly

Disrespectful

Dishonest

Unfair

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Source: Denver Gold Forum 2013, Zurich

goldcorp g cn relative to xau index last 3 years
Goldcorp (G CN) relative to XAU-Index (last 3 years)

Company was withstanding shareholder demandstoleveragetheir cash in 2011

March 2014, Source: Reuters / AMG

randgold resources gold us relative to xau index 3 years
Randgold Resources (GOLD US) relative to XAU-Index (3 years)

Onlybuildsprojectswith an IRR >20% with a goldpricecalculation at USD 1’000

March 2014, Source: Reuters / AMG

franco nevada fnv us relative to xau index 3 years
Franco Nevada (FNV US) relative to XAU-Index (3 years)

A businessmodel, whichobviouslyworksverywell

March 2014, Source: Reuters / AMG

argonaut ar cn relative to xau index 4 years
Argonaut (AR CN) relative to XAU-Index (4 years)

Perfectlyruncompanywithlow grades in Mexico

March 2014, Source: Reuters / AMG

pilot gold plg cn relative to xau index 3 years
Pilot Gold (PLG CN) relative to XAU-Index (3 years)

Management trackrecordFronteer Gold

March 2014, Source: Reuters / AMG

pilot gold plg cn
Pilot Gold – PLG CN
  • Turkey TV Tower, Halilaga; Nevada  Mount Kinsley«Sienceofdiscovery» meansgenerallyhigher grades
  • Experience in Turkey with «Agi Dagi» & «Kirazli» (Alamos Gold)Nevada with «Long Canyon» (Newmont Mining)
  • Identical Management Team aswithFronteer Gold (Track record)
  • Market Cap: CAD 145mln
key message
Key message
  • Becritical but fair withmanagements
  • Sending a lotofcompanieshomewithoutmoneyshould not leaveyouwithbadfeelings
  • Management meetings will helpyouwith a betterstocksselection
  • Investing in goodmanagementsgetsrewardedwithgoodsharepriceperformances