FTNIB Mining & Resources comment - Aug 02 - Fund Manager Comment16 Sep 2002
In August, SA Resource shares recovered from the poor performance of the previous month. The Platinum sector performed particularly well, increasing by 15% following an 8% increase in the dollar price of the white metal. The price of Brent crude oil increased by 7% to $27.4/bbl, with Sasol's share price ending the month 15% higher. This was assisted by the rand weakening by 3.3% against the US dollar.
The fund's high weighting in Gold and Platinum counters, as well as in Sasol, benefited the fund's performance.
Leading indicators continue to point to a stalling of the global economic recovery, thus Mining and Resource equities should remain weak. However, world political turmoil will keep gold and oil prices on the boil.
FTNIB Mining & Resources comment - Jul 02 - Fund Manager Comment28 Aug 2002
SA resource shares were sharply lower during July, lead by foreign selling of the large-cap liquid shares. The catalyst for the weakness was a leaked document on the SA Minerals Charter, and a general concern over the strength of the US economy. Commodity prices were also under pressure, with copper down 9% in the month and gold ending weaker at $302/oz (-3%).
The sector received little help from the local currency, which moved sideways relative to the US$. The fund's high weighting in Iscor, and low weighting in Mining Houses benefited the fund's performance. Leading Indicators seem to point to a stalling of the global economic recovery, in which case mining and resource equities will remain weak. US$ weakness remains key to strength in the gold price.
FTNIB Mining & Resources comment - Jun 02 - Fund Manager Comment05 Aug 2002
Commodity price performance for the quarter was mixed, with the palladium price falling by 17% at $321/oz, while the gold price held above $310/oz. The rand continued to strengthen against the US dollar. The Resource index ended the quarter lower. Weak perfomers were the Mining Houses: Anglo American (-12%) and Billiton (-19%), Sasol (- 15%) and the Platinum Sector (IX24 index fell 15%).
Gold shares remained resiliant, with the Gold index rising by 11%. The fund's high weighting in gold shares, and low weighting in platinum shares benefited the fund's performance.
The G7 Leading Indicator continues to point towards global recovery, backed up by encouraging US first quarter GDP figures. US dollar weakness remains key to strength in the gold price and base metal prices, but could lead to weaker platinum and oil prices.
FTNIB Mining & Resources comment - April 02 - Fund Manager Comment20 May 2002
The sharp strengthening of the Rand against the US Dollar caused Resource equities to underperform during April 2002. However, strength in precious metal prices caused Gold and Platinum shares to rally. Crude oil and base metal prices remained volatile during the month.
Due to the position in the commodity cycle, the fund manager maintained a maximum equity weighting in the fund. The fund's high weighting in Impala, Gold Fields and Harmony benefited the fund's performance.
The outlook for the fund remains positive, with the upturn in the commodity cycle well underway. While most of the resource equity share price appreciation has already occurred, Mining and Resource shares should continue to outperform during the year as commodity prices move higher.
FTNIB Mining & Resources comment - Mar 02 - Fund Manager Comment26 Apr 2002
The outlook for the FT NIB Mining and Resource Fund remains positive, with the upturn in the commodity cycle well underway. While most of the resource equity share price appreciation has already occurred, mining and resource shares should continue to outperform during the year as commodity prices move higher.
The key factor for the Resource sector during the Mar 2002 quarter was strengthening commodity prices. This was against the background of a stronger Rand, which strengthened by 5% against the US Dollar during the quarter.
FT NIB Mining & Resources benefiting from Gold - Media Comment26 Apr 2002
The FT NIB Mining & Resources fund profited from the 9% invested in gold, which consisted of being long on gold and a heavy Impala Platinum stake.
FTNIB Mining 2nd over three years to 31-03-2002 - Media Comment08 Apr 2002
The Franklin Templeton NIB Mining & Resources Fund was the second best performer over a three year period and third best over a five year period ending 31 March 2002 with a return of 58.63% and 34.77% respectively.
FTNIB Resources race for top performer - Media Comment23 Jan 2002
Liberty Resources and Franklin Templeton NIB Mining & Resources race for top overall performance with Liberty winning by a small margin. Over 3 years to the end of December 2001 Liberty Resources Fund returned 63.66% while FTNIB's fund returned 63.38%.