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INIVX
International Investors Gold Fund - Class A

Market Updates*

  • Vaccine news and the stimulus bill has created an outlook for strong economic growth, which dampens our near-term outlook for gold.
  • We expect catalysts to emerge in the second half of 2021, which may include excessive inflationary expectations, continued Central Bank asset purchases and rising commodity prices. Our long-term bull market view for gold remains intact.
  • Gold companies remain a compelling value buy, in our view. Balance sheets continue to get stronger and miners are remaining disciplined in their capital investment.

Learn More | Gold Heats Up on Warming Inflation

Market Updates*

  • Vaccine news and the stimulus bill has created an outlook for strong economic growth, which dampens our near-term outlook for gold.
  • We expect catalysts to emerge in the second half of 2021, which may include excessive inflationary expectations, continued Central Bank asset purchases and rising commodity prices. Our long-term bull market view for gold remains intact.
  • Gold companies remain a compelling value buy, in our view. Balance sheets continue to get stronger and miners are remaining disciplined in their capital investment.

Learn More | Gold Heats Up on Warming Inflation

Daily Price as of 09/24/21

NAV DAILY CHANGE
$10.01 $-0.14 / -1.38%

Class A Details: INIVX

INCEPTION DATE GROSS/NET EXPENSES1
1.34%/1.34%
Why Invest?

Sector Weightings (%)
as of 08/31/21

Sector % of Net Assets
Gold 84.7
Precious Metals & Minerals 2.1
Diversified Metals & Mining 2.0
Silver 1.1
Other 3.2
Cash 6.9

Country Weightings (%) as of 08/31/21

Country % of Net Assets
Canada
63.4
Australia
15.3
United States
6.8
Monaco
5.2
South Africa
2.4
Cash
6.9

Top 10 Holdings (%)

Holdings Sector % of Net Assets
Kirkland Lake Gold Ltd. Gold 6.8
Newmont Corporation Gold 6.0
Endeavour Mining PLC Gold 5.2
Wheaton Precious Metals Corp Gold 5.1
Kinross Gold Corporation Gold 5.1
B2Gold Corp. Gold 4.9
Barrick Gold Corporation Gold 4.9
Agnico Eagle Mines Limited Gold 3.9
Evolution Mining Limited Gold 3.7
West African Resources Ltd Gold 3.5
Top 10 Total 49.1
Holdings Sector % of Net Assets
Newmont Corporation Gold 7.2
Kirkland Lake Gold Ltd. Gold 6.7
Kinross Gold Corporation Gold 5.5
B2Gold Corp. Gold 5.4
Barrick Gold Corporation Gold 5.2
Wheaton Precious Metals Corp Gold 5.1
Endeavour Mining PLC Gold 4.7
Evolution Mining Limited Gold 4.5
Agnico Eagle Mines Limited Gold 4.2
West African Resources Ltd Gold 3.7
Top 10 Total 52.2

View All Holdings

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

Fund Details
as of 08/31/21

  • Net Assets (All Classes)
    $905.9M
  • Number of Holdings
    49
  • Avg. Wtd. Market Cap
    $3.4B
  • Turnover Rate (2020)
    36.0%
  • P/B (LTM)*
    1.9
  • 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 08/31/21

Market Capitalization % of Net Assets
Senior/Majors (1.5M - 6.0M oz.) 40.5%
Mid-Tiers (0.3M - 1.5M oz.) 24.5%
Juniors (<0.3M oz.) 35.0%
Average Weighted Market Cap $3.4B

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

Three-Year Risk Measures & Statistics 
as of 08/31/21

Volatility (Standard Deviation) 38.15
Sharpe Ratio 0.55
Alpha vs. NYSE Arca Gold Miners Index -1.46
Beta vs. NYSE Arca Gold Miners Index 1.06
R-squared vs. NYSE Arca Gold Miners Index 96.39
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 08/31/21

Volatility (Standard Deviation) 33.29
Sharpe Ratio 0.13
Alpha vs. NYSE Arca Gold Miners Index -0.59
Beta vs. NYSE Arca Gold Miners Index 1.05
R-squared vs. NYSE Arca Gold Miners Index 95.94
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)

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.