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INIIX
International Investors Gold Fund - Class I

Market Updates*

  • We believe there is a compelling opportunity in the space today with gold reaching all-time highs and companies healthier than they’ve been at any time in the last 10-20 years.
  • In our view, financial market risks – including extreme monetary policies, negative real rates and unsustainable debt levels – remain persistent and pervasive and may continue to support higher gold prices for the foreseeable future.
  • Notable, too, is the historical performance of mid-tier and junior gold mining companies during similar periods of rising gold prices in the past, where such support levels have helped fuel outperformance of these companies relative to their larger-cap, senior/major mining peers.

Learn More | Miners Remain Undervalued Despite Gold’s Run

Market Updates*

  • We believe there is a compelling opportunity in the space today with gold reaching all-time highs and companies healthier than they’ve been at any time in the last 10-20 years.
  • In our view, financial market risks – including extreme monetary policies, negative real rates and unsustainable debt levels – remain persistent and pervasive and may continue to support higher gold prices for the foreseeable future.
  • Notable, too, is the historical performance of mid-tier and junior gold mining companies during similar periods of rising gold prices in the past, where such support levels have helped fuel outperformance of these companies relative to their larger-cap, senior/major mining peers.

Learn More | Miners Remain Undervalued Despite Gold’s Run

Daily Price as of 03/05/21

NAV DAILY CHANGE
$14.17 $0.05 / +0.4%

Class I Details: INIIX

INCEPTION DATE GROSS/NET EXPENSES1
1.09%/1.00%

Sector Weightings (%)
as of 02/28/21

Sector % of Net Assets
Gold 84.1
Precious Metals & Minerals 3.6
Silver 0.9
Diversified Metals & Mining 0.6
Other 4.8
Cash 6.0

Country Weightings (%) as of 02/28/21

Country % of Net Assets
Canada
64.6
Australia
16.1
United States
7.3
Monaco
3.8
South Africa
2.2
Cash
6.0

Top 10 Holdings (%)

Holdings Sector % of Net Assets
Newmont Corporation Gold 6.4
Kirkland Lake Gold Ltd. Gold 6.0
B2Gold Corp. Gold 5.8
Kinross Gold Corporation Gold 5.5
Barrick Gold Corporation Gold 4.8
Evolution Mining Limited Gold 4.5
Wheaton Precious Metals Corp Gold 4.2
Agnico Eagle Mines Limited Gold 4.0
Endeavour Mining Corporation Gold 3.8
Liberty Gold Corp Gold 3.4
Top 10 Total 48.4
Holdings Sector % of Net Assets
B2Gold Corp. Gold 7.3
Newmont Corporation Gold 6.9
Kirkland Lake Gold Ltd. Gold 6.8
Barrick Gold Corporation Gold 5.9
Kinross Gold Corporation Gold 5.8
Agnico Eagle Mines Limited Gold 4.5
Wheaton Precious Metals Corp Gold 4.4
Evolution Mining Limited Gold 4.0
West African Resources Ltd Gold 3.6
Northern Star Resources Ltd Gold 3.4
Top 10 Total 52.6

View All Holdings

These are not recommendations to buy or sell any security. Holdings may vary.

Fund Details
as of 02/28/21

  • Net Assets (All Classes)
    $887.8M
  • Number of Holdings
    46
  • Avg. Wtd. Market Cap
    $3.1B
  • Turnover Rate (2020)
    36.0%
  • P/B (LTM)*
    2.0
  • Benchmark Index2
    NYSE Arca Gold Miners (GDMNTR) Index
*Price-to-Book (P/B) ratio is the ratio of a stock's price to its book value.

Production Level Breakdown (%) as of 02/28/21

Market Capitalization % of Net Assets
Senior/Majors (1.5M - 6.0M oz.) 35.6%
Mid-Tiers (0.3M - 1.5M oz.) 28.0%
Juniors (<0.3M oz.) 36.4%
Average Weighted Market Cap $3.1B

Portfolio production level classifications are determined by VanEck’s Gold and Precious Metals Investment Team.

Three-Year Risk Measures & Statistics 
as of 02/28/21

Volatility (Standard Deviation) 37.17
Sharpe Ratio 0.35
Alpha vs. NYSE Arca Gold Miners Index -1.35
Beta vs. NYSE Arca Gold Miners Index 1.07
R-squared vs. NYSE Arca Gold Miners Index 96.45
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Five-Year Risk Measures and Statistics 
as of 02/28/21

Volatility (Standard Deviation) 37.89
Sharpe Ratio 0.34
Alpha vs. NYSE Arca Gold Miners Index 1.35
Beta vs. NYSE Arca Gold Miners Index 1.07
R-squared vs. NYSE Arca Gold Miners Index 96.57
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Gold Fund Portfolio Construction

Type of Company Target Number of Holdings Individual Holding Range Target Fund Allocations
Medium- to Large-Cap Gold Top 10 3.5% to 10% 50%
Small-Cap Gold or Silver 20-40 0.5% to 3% 10-40%
Medium- to Large-Cap
Gold, Silver (non-top 10)
20-30 0.5% to 3.5% 10-40%

This table is for illustrative purposes only, and the Fund's portfolio construction process may change over time. This table shows the typical holding and allocation range for VanEck International Investors Gold Fund. We employ a bottom-up process that searches for: 1) organic growth; 2) value; 3) acquisition targets; and 4) strong Management. In addition, we then employ our top-down macro process that: 1) adjusts weightings to match gold price outlook; 2) seeks to increase beta with positive outlook (unhedged producers, high-cost producers, juniors); and 3) seeks to decrease gold beta with negative outlook (hedged producers, large-cap stocks, gold vehicles including bullion, ETFs, structured notes)

Gold-Mining Industry Discoveries

  Gold-Mining Industry Discoveries 
Joe Foster, Portfolio Manager: "One of our key themes for Van Eck International Investors Gold Fund is that we believe that decreasing mine production and gold deposit discoveries, coupled with the potential for inflationary pressures (particularly among emerging markets), as well as investment and jewelry demand, should further support gold equities."
Data Source: CIBC, Van Eck Research. Data as of December 31, 2015. This chart is for illustrative purposes only. Historical information is not indicative of future results; current data may differ from data quoted.

Narrowing the Universe

Narrowing the Gold Equities Universe 
This graphic is for illustrative purposes only, and the Fund's portfolio construction process may change over time.

Industry Benchmarks: Know Your Indices

  • The NYSE Arca Gold Miners (GDMNTR) Index (the "Index") is a Net Total Return modified market capitalization weighted index comprised of publicly traded companies primarily involved in the mining of gold and silver in locations around the world.
  • The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors.
  • All indices listed are unmanaged and are not securities in which investments can be made.