FondsAnbieter-Craton Capital: Newsletters for the month of March 2014.

16. April 2014 von um 11:00 Uhr
Wie beurteilen FondsAnbieter ihre Anlagerreigionen ? Wie fällt die Analyse der Kapitalanlagegesellschaften (KAG) über Fundamentaldaten, Währungen und Kapitalflüsse aus? Informationen direkt aus dem Research Centern der FondsBranche finden SJB FondsBlogger in der Kategorie "Anbieter. Berichten."

Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! FondsAnbieter-Craton: Please find below the links to the Craton Capital Funds newsletters for the month of March 2014.

Craton Capital Precious Metal Fund (ISIN: LI0016742681; BBG CRMETAL LE): The Fund rose 17.1% during Q1’14, comfortably ahead of the 11.3% increase in the Index. Easing tensions in the Ukraine overshadowed other drivers, resulting in gold and silver losing ground in late March. US Fed comments were mixed in relation to the gold price; some expect tightening sooner while others, including ourselves, see the focus on broader economic measures and muted inflation as delaying tightening and hence gold supportive.

We recently published a research note showing that gold producers’ cost-cutting is showing success. By Q4’13, they had managed to reduce their All-In Sustaining Costs by an average of 23% compared with Q1’13 levels. This is slightly more than the fall in gold prices over that period, meaning that the sector’s margin was restored to levels last seen before the big drop in gold in April 2013. This improvement in profitability is not reflected in equity prices, which remain well below levels of Q1’13. We anticipate good cash flows in the future and consider the investment potential of the sector to be compelling.

Craton Capital Global Resources Fund (ISIN: LI004389073; BBG CRGRESA LE): During March, China experienced its first corporate bond default and concerns increased about the unravelling of financial arrangements using commodities as collateral in a tight credit market. Copper and iron ore prices plummeted in the first three weeks of March, hitting mining equities. The last week of the month saw a significant recovery, as Premier Li announced measures to maintain growth. The Fund was down 4.6% on the back of this negative sentiment, relatively underperforming the benchmark, but for the quarter, the GRF gained 5.3% while the benchmark rose 2.1%. Various analysts highlighted that future demand may well outgrow constrained supply; capacity recently added will generate enough supply for only a short period of time. The “new austerity” in mining lays the basis for improved cash flows and dividends. These developments will get more attention in the future and the sector will prove to be increasingly attractive to investors.

Craton Capital Renewable, Alternative and Sustainable Resources Fund (ISIN: LI0043890891; BBG CRENEWA LE): In Q1’14, the Fund returned 9.2% and outperformed the benchmark by 3.7%. The main contributors were solar, energy efficiency and forestry. Q4’13 reporting is now largely over. The overall tone was very encouraging in several sub-sectors including solar; polysilicon prices appear to be on an upward trend. Demand and prices for sapphire substrates are rising. Demand for LED equipment may finally pick up in later 2014. LED technology is improving and increasingly competitive. Several energy-storage related companies reported that they were on track to be EBITDA positive by late 2014. In North American oilfield services, margins look set to improve based on projected demand growth. Tesla’s plans to double the supply of lithium batteries by 2020 and projects that the cost of battery/kWh will decrease 30%. This implies an increased demand for required raw materials. Given their relative small size, industry fundamentals for several materials are set to tighten, thereby also creating different potential investment opportunities.


craton capitalÜber Craton:

Das auf Edelmetall- und Rohstoffminen spezialisierte Investmenthaus Craton Capital wurde 2003 in Johannesburg, Südafrika gegründet und verfolgt einen klar strukturierten, wertorientierten Anlageansatz mit einer Kombination aus ‚bottom-up’ und ‚top-down’ Analyse. Besonderen Schwerpunkt legt das Unternehmen auf die fundamentale Unternehmensanalyse mit gründlichen und umfassenden Bewertungen der Unternehmen, der Rohstoffpreise und ihrer bestimmenden Faktoren, ein striktes Risikomanagement und unabhängige Kontrollprozesse. Eine seiner Stärken ist es unterbewertete Minenwerte zu identifizieren, die vom Markt häufig ignoriert werden. Das Investment-Team besteht aus Experten mit langjähriger Bergbauerfahrung sowie Analysten und Fondsmanagern mit fundierten ökonomischen Kenntnissen und bewiesener Erfolgsbilanz.

Kategorien: Anbieter. Berichten.

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