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«Managements»

«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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  1. «Managements» Bernhard Graf Portfoliomanager AMG Gold – Mines & Metals Fund March 2014

  2. Variouswaystomakeinvestmentdecisions

  3. 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?

  4. Portfolio management – stocksselection Knowing the Managements, for the stocksselection, isveryimportanttomakethe rightinvestmentdecision

  5. Basic Challengesfor Managements Stock Price !!! Shareholders Executives (CEO/CFO) Board Market/Business Environment Regulatory/Environmental standards Employees Recruiting

  6. Large versus Small Caps – significantdifferenceforshareholders • Shareholder influence • Diversification / Structure • Flexibility / adoptingchanges • Costefficiency / costsynergies

  7. Values Continua Trustworthy Loving Courageous Dignifying Honest Fair Untrustworthy Unloving Cowardly Disrespectful Dishonest Unfair <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> <<<<< >>>>> Source: Denver Gold Forum 2013, Zurich

  8. Goldcorp (G CN) relative to XAU-Index (last 3 years) Company was withstanding shareholder demandstoleveragetheir cash in 2011 March 2014, Source: Reuters / AMG

  9. 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

  10. Franco Nevada (FNV US) relative to XAU-Index (3 years) A businessmodel, whichobviouslyworksverywell March 2014, Source: Reuters / AMG

  11. Argonaut (AR CN) relative to XAU-Index (4 years) Perfectlyruncompanywithlow grades in Mexico March 2014, Source: Reuters / AMG

  12. Pilot Gold (PLG CN) relative to XAU-Index (3 years) Management trackrecordFronteer Gold March 2014, Source: Reuters / AMG

  13. 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

  14. Key message • Becritical but fair withmanagements • Sending a lotofcompanieshomewithoutmoneyshould not leaveyouwithbadfeelings • Management meetings will helpyouwith a betterstocksselection • Investing in goodmanagementsgetsrewardedwithgoodsharepriceperformances

  15. Wewishyougoodluckwithyourinvestments

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