1
........................................................................................................................................ 3
........................................................................................................................................ 3
............................................................................................................................... 7
......................................................................................................................... 12
......................................................................................................................... 26
......................................................................................................................... 26
......................................................................................... 35
.................................................................................... 37
........................................................................................................... 38
........................................................................................................... 48
.................................................................................................................... 51
........................................................................................................... 52
........................................................................................................... 56
...................................................................................................... 57
........................................................................................................... 58
....................................................................... 63
.................................................................................................................... 65
................................................................................................................ 69
.................................................................................................. 77
......................................................................................... 94
.................................................................................. 110
......................................................................... 110
.................................................................................................... 111
.................................................................................................................. 111
2
3
4
,
5
T
6
T+n
T
n
T
1
1
2
7
3
2
1
2
3
1
2
8
3
4
5
1
2
3
9
4
5
,
,
6
“
”
7
8
1
10
2
3
9
,
,
10
11
60
-95
5
-40
5%
80%
1
2
3
GICS
12
1
1
13
2
P/B ratio
P/E ratio
(P/CE
ratio)
Dividend Yield
Price yield
3
/
4
2
14
3
HSBC Mining, Gold and Energy Index
2007
3
31
41
771
4.8
%
109
15578
32.45
612
17520
36.5
50
14904
31.05
771
48002
100
(%)
(
)
%
197
25.55
12576
26.2
197
25.55
10574.4
22.03
67
8.69
7128
14.85
15
88
11.41
5212.8
10.86
12
1.56
2304
4.8
16
2.08
1843.2
3.84
26
3.37
984
2.05
5
0.65
974.4
2.03
4
0.52
734.4
1.53
26
3.37
552
1.15
133
17.25
5118.8
10.66
771
100
48002
100
HSBC
2011
3
31
1
16
2
3
1
2
3
/
4
5
17
4
Tracking
Error
Standard Deviation
Barra Aegis
MFM
1
(1)
20%
(2)
10%
(3)
18
10%
3%
(4)
10%
(5)
10%
(6)
20
(7)
10%
(8)
60
-95
5
-40
5%
(9)
100
(10)
10
(11)
(a)
(b)
(c)
19
20%
(12)
1 — 8
30
6
10
10
30
3
1
2
3
4
5
10%
6
20
7
8
9
10
11
12
13
14
15
16.
17
6
21
30
1
2
1
%
1
39,454,700.43
65.72
39,454,700.43
65.72
-
-
-
-
-
-
2
652,333.55
1.09
3
-
-
-
-
-
-
4
-
-
-
-
-
-
-
-
-
-
5
-
-
-
-
22
6
-
-
7
17,850,660.01
29.73
8
2,075,557.93
3.46
9
60,033,251.92
100.00
2
(
)
13,056,784.31
29.50
10,481,960.35
23.68
7,601,609.08
17.17
7,105,238.49
16.05
832,839.09
1.88
376,269.11
0.85
39,454,700.43
89.14
3
29,516,494.96
66.69
9,938,205.47
22.45
39,454,700.43
89.14
4
23
)
NEM
Newmont
1
-
5,147
1,828,005.48
4.13
US
Mining Corp
Kinross Gold
2
K CN
-
27,074
1,755,234.43
3.97
Corp
Freeport-McMo
FCX
3
Ran Copper &
-
6,626
1,662,972.14
3.76
US
Gold Inc
NCM
Newcrest
4
-
7,762
1,491,463.11
3.37
AU
Mining Ltd
YRI
Yamana Gold
5
-
11,134
1,347,508.55
3.04
CN
Inc
6
BP/ LN
BP plc
-
28,888
1,297,831.71
2.93
RDSB
Royal Dutch
7
5,659
1,280,218.32
2.89
LN
Shell plc
TCK/B
Teck Resources
8
-
6,128
1,145,648.02
2.59
CN
Ltd
BTU
Peabody Energy
9
-
8,059
1,139,066.23
2.57
US
Corp
RSG
Resolute
10
-
87,588
1,123,346.01
2.54
AU
Mining Ltd
5
6
7
24
8
9
(%)
ETFS
ETF
1
Physical
ETF
ETF
Securities
652,333.55
1.47
Platinum
Ltd
10
10.1
10.2
10.3
1
-
2
105,545.03
3
84,108.20
4
2,641.19
5
1,883,263.51
6
-
7
-
8
-
25
9
2,075,557.93
10.4
10.5
10.6
5.40%
1.16%
-0.88%
1.33%
6.28%
-0.17%
99
20
99
20
2004
5
12
26
51%
JPMorgan Asset Management (UK) Limited
49%
[2004]56
2004
5
12
2005
8
12
67
33
51%
49%
2006
6
6
“
”
“
”
2006
4
29
2006
6
2
2007
10
8
“
”
“
”
2009
3
31
2009
3
31
(
)
1.
Coopers & Lybrand
4
27
PECC
1985
6
Paul Bateman
Leicester
Chase Fleming Asset Management Limited
CEO
28
MBA
MBA
2.
3.
29
4.
JF
A
30
3
4
5
6
7
8
9
10
11
12
1
2
3
1
2
3
31
4
5
6
7
8
4
1
2
3
4
5
6
7
8
9
10
5
(1)
(2)
(3)
(4)
1
32
1
2
3
4
5
2
1
2
3
4
3
1
2
4
33
1
2
3
4
5
6
34
1
(
)
(JP Morgan Asset Management (UK)
Co., Ltd.)
25 Bank Street Canary Wharf London E14 5JP
125 London Wall, London, EC2Y 5AJ
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Martin Porter
1974
2
27
1,601
2010
12
31
Neil Gregson
44 020 7742 6000
3,000
(
)
SICAVs
OEICs
JF
2
Neil Gregson,
Neil 2010
CQS
Neil
35
Neil
Neil
1
Aa3
A+
A
P-1
A-1
F1
/
C+
-
36
[2011]1599
2012
2
20
2012
3
21
2012
3
26
37
1
4
6
9
9
3
10
8
12
25
12
26
3
2
2
38
2
1 “
”
2
3
4
5
1
39
2
T
T+2
T+3
3
1.
1 000
(
)
1 000
2.
100
40
100
100
100
3.
4.
3
1
2
3
M
M 100
1.6%
100
≤M 500
1.0%
M≥500
1000
4
0.50%
0.30%
0%
41
25%
5
6
1
=
/
1+
=
=
/
2
×T
×
=
3
T
T+1
T+2
3
4
42
4
5
1
2
T
2
T
3
3
T
2
4
3
1
10%
2
43
1
2
10
3
4
1
1
2
3
44
4
5
6
7
8
9
10
1
- 7
9
-
10
2
1
2
3
45
3
4
5
6
3
4
1
2
3
20
46
1
1 “
”
2 “
”
3 “
”
4
“
”
5
“
”
2
47
3
4
5
6
1
2
3
4
48
5
6
7
8
9
(
“
”)
10
11
1
1.8%
H E×1.8% ÷
H
E
49
10
2
[ 0.35%]
H=E×0.35% ÷
H
E
10
3
3
10
50
1
2
3
51
4
5
6
7
T+1
1
1
52
(2)
2
1
2
3
1
2
4
5
1
53
2
6
7
1-6
1-6
8
9
54
1
2
3
0.001
1
2
0.5%
3
1
7
2
55
3
1
2
3
4
56
5
15
6
4
25
7
1
2
[
]
57
1
1
1
12
31
2
3
4
5
6
1
2
3
2
58
3
6
45
15
T+2
T
2
59
1
2
3
1
2
3
4
60
5
6
7
8
9
50
10
30
11
12
13
14
15
16
17
0.5%
18
19
20
21
61
22
23
24
25
26
27
28
62
1
2
3
1
2
3
1
2
63
1
2
3
3
1
2
3
4
5
6
7
8
4
64
5
1
2
3
4
1
2
3
6
7
65
66
67
68
1
2
69
70
71
72
73
74
75
76
1
2
1
2
3
4
77
5
,
6
7
8
3
1
2
3
4
5
6
7
8
1
1
2
78
3
4
5
6
7
8
9
10
11
12
13
79
14
15
16
17
18
19
20
2
1
2
3
4
5
80
6
7
8
9
10
11
12
13
14
15
16
17
18
81
19
20
21
22
23
1
1
2
3
4
5
6
7
2
1
82
2
3
4
5
6
7
8
9
10
11
12
13
83
14
15
16
17
18
19
20
21
1
1
2
3
4
5
84
6
7
8
9
10
2
1
2)
3)
4)
5)
6)
3
1
2
85
3
4
5
6
4
30
86
1
2
3
4
5
6
5
1
87
2
50%
50%
1
2
3
50%
50%
4
5
(
25
)
6
1
1
2
10%
3
88
a
b
4
10%
5
2
7
1
89
2
1
2
3
8
1
1
(
90
)
2
3
4
2
3
91
1
2
3
1
2
3
1
2
1
92
2
3
3
1
2
3
4
5
6
7
8
4
5
1
93
2
3
4
1
2
3
6
7
60
94
1
99
20
2004
5
12
2004 56
2.5
2
“
”
1
1
1983
10
31
95
1998
24
010
66594909
1
60
-95
5
-40
5%
80%
96
1
2
3
GICS
2
(1)
20%
(2)
10%
(3)
10%
3%
(4)
10%
97
(5)
10%
(6)
20
(7)
10%
(8)
60
-95
5
-40
5%
(9)
100
(10)
10
(11)
(a)
(b)
(c)
20%
98
(12)
1
—
8
30
6
10
10
30
3
3
4
99
5
6
(
)
100
1
2
3
1
1
2
( )1 2
3
3
101
4
5
6
7
2
1
“
”
2
2
2
3
3
1
2
102
3
4
4
1
2
3
4
5
5
1
2
103
6
7
30
20
1
0.001
104
2
15
00
18 00
3
4
5
0.5%
6
,
7
105
8
9
1
2
3
45
10
106
15
40
60
60
90
5
15
25
107
1
2
3
4
5
5
60
108
1
2
3
4
109
1.
2.
400 889 4888
www.51fund.com
(www.51fund.com)
110
1
2
3
4
5
6
7
2012
11
111