Gold-mining leverage via Schroder ISF Global Gold, managed by James Luke (10 years, ex-JP Morgan metals research). Active mid/small-cap tilt — beat GDX in 7 of 10 years, +185% vs +145% in 2025. Now available in 3 classes: MYR · MYR Hedged · USD.
Think of gold miners as the pickaxe sellers during a gold rush. When gold rises ten per cent, mining company profits can jump twenty to thirty per cent, because costs stay roughly fixed while revenue soars. You are not just betting on gold — you are betting on the businesses that profit from gold. This is why the fund returned roughly four times what gold itself returned in 2025.
| Step | What happens |
|---|---|
| 1 · Buy gold-mining equities | Fund holds the world's top miners — Newmont, Gold Fields, Barrick, Northern Star. They extract gold at cost and sell at market price. |
| 2 · Gold price rises | Mining costs are largely fixed — equipment, labour, leases. When gold rises, revenue climbs while costs stay flat, so profit margins expand. |
| 3 · Share prices re-rate | Equity markets reprice the miners higher as cash flow accelerates. Fund NAV tracks this re-rating — historically, two to four times the move in gold itself. |
The trade-off is volatility. Gold miners can fall as sharply as they rise, and the fund carries no capital guarantee. Past performance is not indicative of future returns.
| Year | Fund | Benchmark |
|---|---|---|
| 2025 | +115.55% | +113.42% |
| 2024 | +0.36% | −2.67% |
| 2023 | +12.57% | +13.43% |
| 2022 | −1.52% | −5.75% |
| 2021 | +0.86% | −4.44% |
The fund has beaten the benchmark across all time periods.
Active portfolio of ~87 gold mining companies, mid/small-cap bias, plus royalty/streaming companies. Portfolio via Schroder ISF Global Gold (LU1223082352). Exact weightings per Schroder's latest factsheet.
Schroder ISF Global Gold holds ~87 gold mining companies globally, with a mid/small-cap bias and royalty/streaming co.s. Key geographies: Canada, Australia, South Africa, United States. Full breakdown per latest Schroder factsheet (schroders.com — quarterly updated).
Note: Previous sector/geo data was from the old Ninety One/UOBAM underlying — the portfolio composition under Schroder differs. Updated figures pending once 60-day post-transition NAV data is available (~Jun 2026).
| Volatility | Very high — the designation the fund carries in its factsheet. Drawdowns of 30–50% have occurred in prior cycles. |
| Sector concentration | 72% gold miners. When the gold cycle turns, there is nowhere to diversify inside the fund. |
| No income | Distribution policy is "incidental". Returns come purely from capital appreciation. |
| Currency | Underlying holdings in CAD, AUD, ZAR, USD. No hedging. |
| Capital | Not guaranteed. The fund dropped 75% from peak during the 2013 gold crash. |
| Class | Currency | FX Hedged? | Best for |
|---|---|---|---|
| MYR Class | MYR | No | Retail clients — full USD/MYR upside when ringgit weakens |
| MYR Hedged ★ New | MYR | Yes (~1.5–2% drag) | Clients who want gold miner returns without FX risk |
| USD Class ★ New | USD | No | HNW or USD-holding clients; mirrors Schroder directly |
Hedging cost note: MYR Hedged uses currency forwards (BNM ~3% vs Fed ~4.25% differential). In a strong USD environment, hedged class outperforms; in a strong MYR environment, unhedged wins. Confirm MYR Hedged and USD class minimums with RHB AM.
This material is for discussion purposes only and does not constitute investment advice. Past performance is not indicative of future results. Unit prices may rise or fall. The fund is classified as "Very High" volatility. Investors should read the Prospectus before investing. NAV as at 1 Oct 2026. Data sources: RHB Gold Equity Fund study (ut_specialist, May 2026), Schroder ISF Global Gold factsheet, Lipper. Note: New Product Highlights Sheet (Schroder underlying) pending from RHB AM — verify fees and class minimums before client presentation.