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Altus Resource Capital positioned to "take advantage" of a strong gold price
Altus Resource Capital Ltd (LON:ARCL), which invests in mining equities, said its portfolio is positioned to take advantage of a strong gold price.
The firm released an interim management statement covering July 1 to November 18, in which it highlighted that the net asset value of the firm increased to £77.1 million in the period - a 0.7 per cent rise.
Moreover, this represents a 104.5 per cent rise since the firm's launch on June 30, 2009.
Altus Resource Capital (ARC) is managed by Altus Capital Ltd which in turn is controlled by Altus Strategies. It listed on the Specialist Fund Market of the London Stock Exchange on June 30, 2009 and the Channel Island Stock Exchange on December 22, 2009 under 'ARC'.
It invests in exploration and development firms focusing on those that operate in the gold sector.
As at the end of October this year, the firm's portfolio comprised 26 holdings in junior mining and exploration companies, exposure to gold via exchange traded funds (ETFs) and an investment in Altus Global Gold Ltd - an open-ended vehicle seeded by the company and focused on the mid-tier gold sector.
The firm said the period had been dominated by the Eurozone sovereign debt crisis and continued uncertainty of the global economic recovery.
"The gold price, which has also seen a dramatic increase in its volatility, has benefitted from the global economic uncertainty given its safe haven characteristics," it added.
It said the performance of its net asset value had been volatile, and Altus Capital Ltd had sought to increase the firm's exposure to quality gold equities taking the gold proportion of assets under management from 51 per cent to 66 per cent over the period.
Looking ahead, the firm said its portfolio was "positioned to take advantage of a strong gold price and a closing of the disconnect that has opened up between gold and gold equities".
"Further, the strong cash position will be maintained to allow the manager to take advantage of opportunities that these volatile markets may present," it said.
