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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»

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«Managements»

Bernhard Graf

Portfoliomanager AMG Gold – Mines & Metals Fund

March 2014


Variouswaystomakeinvestmentdecisions


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 – stocksselection

Knowing the Managements,

for the stocksselection,

isveryimportanttomakethe rightinvestmentdecision


Basic Challengesfor Managements

Stock Price !!!

Shareholders

Executives (CEO/CFO)

Board

Market/Business

Environment

Regulatory/Environmental

standards

Employees

Recruiting


Large versus Small Caps – significantdifferenceforshareholders

  • Shareholder influence

  • Diversification / Structure

  • Flexibility / adoptingchanges

  • Costefficiency / costsynergies


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)

Company was withstanding shareholder demandstoleveragetheir cash in 2011

March 2014, Source: Reuters / AMG


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)

A businessmodel, whichobviouslyworksverywell

March 2014, Source: Reuters / AMG


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)

Management trackrecordFronteer Gold

March 2014, Source: Reuters / AMG


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

  • Becritical but fair withmanagements

  • Sending a lotofcompanieshomewithoutmoneyshould not leaveyouwithbadfeelings

  • Management meetings will helpyouwith a betterstocksselection

  • Investing in goodmanagementsgetsrewardedwithgoodsharepriceperformances


Wewishyougoodluckwithyourinvestments


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