Source - PRN
All information is at 31 August 2016 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five
Month Months Months Year Years Years
Net asset value -1.7% 20.3% 36.1% 27.0% -17.6% -26.3%
Share price 4.7% 19.8% 31.3% 28.3% -17.3% -25.8%
Sources: Datastream, BlackRock
At month end
Net asset value – capital only: 72.76p
Net asset value cum income*: 72.99p
Share price: 72.50p
Discount to NAV (cum income): 0.7%
Net yield: 8.3%
Gearing - cum income: 3.7%
Total assets^^: £95.3m
Ordinary shares in issue: 117,968,000
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.4%
* Includes net revenue of 0.23p.
** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2015.
^^ Includes current year revenue.
Sector Analysis % Total Assets Country Analysis % Total Assets 
Integrated Oil 21.8 Global 49.3
Diversified Mining 18.9 USA 20.7
Exploration & Production 17.6 Canada 9.1
Gold 13.0 Latin America 4.5
Copper 7.5 Australia 3.4
Fertilizers 3.1 Africa 3.2
Silver 3.0 Europe 1.9
Distribution 2.8 Sweden 1.1
Oil Services 1.9 Asia 0.5
Diamonds 1.7 Net current assets 6.3
Steel 1.2 -----
Zinc 1.1 100.0
Refining & Marketing 0.2 =====
Agriculture Science (0.1)
Net current assets 6.3
Ten Largest Equity Investments (in % of Total Assets order)
Company Region of Risk % Total Assets
Royal Dutch Shell ‘B’ Global 7.3
First Quantum Minerals Global 6.8
BHP Billiton Global 6.4
Rio Tinto Global 5.3
Exxon Mobil Global 4.8
BP Global 3.4
Newcrest Mining Australia 3.1
Enbridge Income Fund Trust Canada 2.8
Cimarex Energy USA 2.7
Glencore Global 2.5

Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted:
The Company’s NAV declined by 1.7% during the month, bringing the year to date performance to +40.4%.
Global equity markets were relatively benign during the month, with the MSCI World Index (total return) returning just +0.1%.  The oil market bucked this trend as Brent Crude and WTI finished the month +11.4% and +7.6% higher respectively.  The mining sector came under pressure during August, mainly driven by a sell-off in precious metals equities as they gave back some of their extraordinary year-to-date gains. This outweighed the positive effect from Chinese economic data points exceeding expectations, with manufacturing PMI coming in at 50.4 (indicating expansion) and property prices recording month-on-month increases.
The strength in Brent Crude and WTI masks a shaky start to the month, with WTI dipping below $40/bbl for a short period, due to growing concerns on weak refining demand, coupled with an increase in supply from OPEC. This reversed strongly following the announcement that OPEC would hold an informal meeting at the end of September, rekindling the hopes of a coordinated supply freeze to provide further oil price support. Brent and WTI finished the month at $46/bbl and $45/bbl respectively. 
In terms of the mining sector, base metal performance continued to be mixed, with copper and nickel prices declining -6.3% and -8.3% respectively and zinc gaining +3.4%. Copper underperformed the wider mined commodity space year-to-date (the price of copper has fallen by 1.9%). This fall in price has been driven by inventory builds, supply growth (with the market expecting a number of meaningful projects to come online later this year) as well as supply disruptions running below the long-term average. In contrast, the iron ore (62% fe) price has continued to hold up well, gaining +0.3% in August to finish the month at $59/tonne. Iron ore has performed particularly strongly this year (up +37.5%) as China’s steel production has exceeded expectations following government stimulus at the beginning of the year.
In the precious metals sector, gold pulled back, finishing the month 3.1% lower at $1,319/oz. The was largely reflective of the increase in probability of a Federal Reserve hike following tepid August jobs data and Janet Yellen’s comments at the Jackson Hole Symposium.  Yellen did, however, give little guidance on timing, saying they would be “gradual” and would happen “over time”. Throughout the year, investment demand for gold has more than compensated for jaded physical demand, with jewellery demand falling by 30% year-on-year in Q2. Whilst a modest decline should be expected following higher prices, the scale of the fall is notable, illustrating an elasticity of demand which is greater than expected. However, a good monsoon season in India should see a pick-up in rural gold demand.  Gold equities showed leverage to the downside, with the North American listed companies particularly weak. 
All data points in US dollar terms.
22 September 2016
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