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The BlackRock Gold and General fund seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. The fund may also invest in other transferable securities and units in collective investment schemes. Derivatives may also be used for the purposes of efficient portfolio management.
The Ongoing Charges Figure (OCF) shows the drag on performance caused by operational expenses associated with a fund. Expenses which are represented by this figure include payments to the manager, the trustee the custodian and their representatives. The figure also includes registration, regulatory, audit and legal fees, and the costs of distribution. Performance fees, transaction costs, interest on borrowing, costs associated with derivatives, entry and exit fees and soft commissions are not included in the OCF calculation, and should be factored in separately by the investor. The OCF is calculated by taking the sum of these expenses incurred in the last 12 months and dividing this by the average net assets of that class for the last 12 months.
Total Expense Ratio (TER) is a formula designed to show the ongoing costs to the investor associated with a fund, including some charges which are not factored into the annual management fee. In addition the fund’s annual fee, charges such as trading fees, audit and legal fees, and operational expenses are included in the TER, which is worked out by dividing the total cost of the fund by its total assets to arrive at a percentage. Unlike the Ongoing Charges Figure, the TER takes into account performance fees. It does not include transaction costs paid to the custodian.
All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Performance figures are shown in Sterling unless otherwise specified.
IT IS NOT ENOUGH TO SAY THAT GOLD MINING SHARES ARE UNDERPERFORMING THE GOLD PRICE. WHY IS IT SO, UNLESS THE EARLIER BALANCE SHEETS HAD BEEN PADDED UP FOR SOME REASON.DESPITE THE PRICE BEING 1620 I STILL HAVE LOSSES ON MY PURCHASE MADE IN JANUARY
Gold mining shares generally are under-performing the gold price. Hang in and there should be a catch up in time. Gold also clearly has some way to run, or rather the major currencies are certainly going to lose value.
in spite of the 'gold hype', this fund has certainly let me down. Could it be that statistics are perhaps not quite as correct as the managers would 'swear on the bible' that they are?
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