貴金屬投資技術英文

AgAuGlobalProducerFundJanuary2009

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ContentsOverviewofAgAuCapitalMarketOpportunityInvestmentStrategiesTeamPerformanceRecordFundTermsAppendicesAgAuCapitalPtyLtdOverviewofAgAuCapitalPtyLimitedCompellingMarketOpportunityGold/SilveristheonlyCurrencynotbeholdentoaGovernment.Gold/Silveristraditionallythemosteffectivehedgeagainstloosemonetarypolicy.Gold/SilverequitiesofferleveragedexposuretogoldpricerisesGold/SilverequitiesaremassivelyundervaluedrelativetogoldLow/Nocorrelationtootherassets,notablyinextrememarketconditions.FundamentalApproachSelectcompanieswithlowestcostperounceofreservesSelectcompaniesmostlikelytoconvertresourcesintoproduction.SelectcompanieswithhighestcostofproductionwhichprovidegreatestleveragetoincreasinggoldpriceHistoricGoldProducinglandholdersDiversifyproductiontominimizeSovereignriskExperiencedTeamSeniorteam20yearsexperienceinInvestmentBanking,TradingandCommodityPriceRiskManagement.Pre-eminentmarketinsight/analysis,tradingandriskmanagementskills.

ProducerFinancialRiskManagement,CentralBankOperations,ProjectFinanceAnalysis,ProprietaryTrading,InternationalInvestmentBankCommodityExposureandRiskManagement,MarketleadingMacro-EconomicanalysisStrongPerformanceSignificantoutperformanceoftraditionalEquityreturns.Reducedvolatilityversuscomparableindexes.NegativeInterestRatesforequivalentratedassets.AUniquelyExperiencedTeamandaCompellingMarketOpportunityOverviewIndustryOverviewGlobalMineSupplyinSignificantDecline - PeakGlobalGoldproductionseenin2001 - SouthAfrica,Australia,USAsufferingincreasinglylargeproductiondeclines - NosignificantdiscoveryofPreciousMetalsdepositsthisdecade - SignificantReservedepletionviaMineProduction - SilvertooutperformGoldincomingyears.Nostockpile.Inelasticsupply - DiscontinuanceofCentralBankSalesandProducerHedgingMassiveIncreaseinGlobalDemandforPhysicalPreciousMetalsInvestmentDemand(TraditionalandSituational)FiatCurrencyrejectionSafeHavenCurrency/RiskDiversificationCapitalPreservationversusCapitalAppreciationII.MarketOpportunityGoldSincetheNixonDefaultII.MarketOpportunityDecliningSupply&RisingDemandII.MarketOpportunityEquityMarketOverviewII.MarketOpportunityGoldequitiesformatinycomponentoftheoverallequitymarket.AminorincreaseincapitalallocationtothePreciousMetalsectorwillhaveadramaticeffectonassociatedequityprices.TheHUIIndexof15largestUn-hedgedGoldProducershascomparablemarketcapitalisationtoMcDonaldsCorporationorBoeingInc.EveryGoldandSilvermineintheWorldcantodaybeboughtforlessthanthemarketcapitalisationoflargeUSretailer,Walmart.PreciousMetalsequitiesaremassivelyundervaluedrelativetothephysicalmetal. -Goldshares,whenvaluedversusthegoldpricearecheaperthanwhen goldwas$270perouncein2002.NaturalLeverageofProducerstotheMetalPrice. -Theinherentcalloptionofunhedgedgoldintheground.EquityMarketOverviewII.MarketOpportunityGoldshares,whenvaluedversusthegoldpricearecheaperthanwhengoldwas 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Earnanattractiverisk-adjustedreturnbycreatingagloballydiversifiedportfolioofgoldminingstocks.AbsoluteReturnStrategyemployingbothFundamentalandTechnicalanalysiswithaLongDeltapositionatalltimes.Specificsectorconcentrationwithcommensurateriskdiversification.Appropriatestrategicfuturesandderivativestradingtoenhancereturnandamelioraterisk.TargetSizeUS$1billion(Softcloseat$600millionwithexcesscapacityallocatedtoinitialinvestors).BaseCurrencyUS$FundStructureMaster-FeederCaymanIslandsDomiciledInvestmentPeriod3-10yearsManagementFee2%ofcommittedcapitalpaidmonthly.PerformanceFee20%ofprofitspaidquarterlywithahighwatermark.PreferredReturn15%ExpensesTheManagerwillbereimbursedforallfinancingcostsandalldirectandindirectoperatingcostsandexpensesandallout-of-pocketcostsandexpensesincurredinconnectionwiththeoperationoftheassetsandtheprovisionofadministrativeservicesDiversificationRequirementsCompanyExposure:Notmorethan10%FUMexposedtoanyonecompany,Notmorethan5%ofasinglecompany.Notmorethanfivedaysaveragedailyvolume.Geographic:AppropriateDiversificationofSovereignrisk.AppendixAg妖Au囑G亦l(xiāng)o瘦ba副lPr山od鬼uc召er象F畜un錫dMi陰ti丈ga軌ti德ng睬R伏is考ksAg賀Au止’s遮P穗or梳t(yī)f碼ol拆ioRe占pr此es代en蛇ta敞ti幫ve抵T綱ra陶ns祖ac膜ti惡on饅sAu隔st鐵ra餓li逆an朵F黃in還an孟ci近al撈S店er道vi尊ce怒s潛Li馬ce偽ns備eMitigatingRisksAp槳pe鮮nd擱ixRiskProtection/MitigantMetalPriceOverwhelmingphysicalmarketdemandunderpinsprice.SignificantlyReducedOfficialSalesandProducerHedgingFuturesMarketforourportfoliohedgingandpositioning.DerivativesbothOTCandETO.NoGoldorSilverLeaseexposurepermitted.EmploybothFundamentalandTechnicalanalysisforstrategicpositioning/Hedging/re-weighting.Operation/ProjectCoreportfolioproductioncostatindustrystandard.LowCostegGoldcorp.AnalysisincludesGeology,UndergroundvrsOpenPit,ProductionHistory,Infrastructure,Costs,ExperienceofContractminers.Productiondiversity.Singleminecompaniesratelowerthanmultipleproductionsites.LiquidityExchangeListedEquitiesNomorethan10%FUMexposedtoanyentity.Nogreaterthan5%ownershipofcommonsharesofanentity.ExposurenogreaterthanWAV(weeklyaveragevolume)forlast12months.OTCderivativesmustbeafunctionofeitherGoldorSilverprice.NoExceptions.ManagementReputation.Knowtheirpedigree.Experience.Accountantsdon’tmakegoodexplorers.Geologistsdon’tmakegoodCEO’S.Horsesforcourses.Skininthegame.BoardExperience,involvementandoversight.SovereignDiversification.Multipleproductionsitesoffsetsomeoftherisk.egNewmont.Continualmonitoringviarespectedindependentsources.CommonSense.Lo桶we偷st乎c貢os軋t諷Pr給ov悼en更a先nd抗P救ro規(guī)ba贊bl芒e傾Re摟se禿rv調es萍i斷n抗th械e個wo籠rl革d.Si循gn變if幫ic架an駱t駐ex竟pl誕or富at迅io持n陣po手te倡nt絡ia球l藝–謹Go申ld悠p稠ro林du帳ct丹io逢n汗si隨nc循e叮18但73刺.Gh縫an販a跨ba彩se而d超pr事od族uc想ti滲on輸p拿os閑si每bl仿y詢th前e圍be綿st粉s悠ov農er似ei爛gn帥r怪is燃k孔in崖A巾fr痰ic疫a.Hi介gh謝c厲os在t洲pr欲od廚uc固er浴.知(+爛$7揭00桌).Di悶ff棵ic根ul案t健or蒙e-巖bo頁dy慕n促ow失u估nd型er璃st萌oo確d湊an掩d筑to脖b奴e幸pr茶of僚it續(xù)ab迎ly匙e岸xp牲lo無it卻ed嗓.Pr嚇od勒uc紐奉ti偏on取C稍os呀t但de洪cl憶in糾es泳e晌xp帽ec澡te譽dEx們ch爹an撒ge前T賤ra屑de炎d緞Op次ti強on塘sIn噸fr悶as變tr達uc愁tu仔re臟c劫om慶pl盆et滑edNe射ga潑ti車ve租m配ar述ke婆t漁se絡nt送im逼en阿tRe器se走rv廁es凈C夠al誓cu綢la矮te嬌d宣at棟$毒56塊0Ma獅ss桿iv紹e棵un擇de銅rv載al衛(wèi)ue校o蘋n優(yōu)Pe順er硬C酸om充pa鏡ri屈so阿n毀ba查si弓s.PortfolioComposition/StockSelectionAp迫pe檔nd每ixProfileListing:NYSE,TSEProductionp.a.2.5mioReserves(P+PoffUS$550)50Mio+MineLife15YEARS+NoofOperations16SharePriceUS$29.60MarketCap23BillionUS$Sharesissued731mioWAV(NY-TOR)18millionsharesResources25million+CostperOzReserve.$450Co瞧rn寬er戶st拋on雹e胳in生ve爺st腿me術nt鑄o屈f掀th撓eAg生AuPo完rt怪fo凱li槍o.“B避om趁bp麗ro棍of濟”括go狐ld傲i泉nv域es緊tm屯en盲t.Th壇e帆lo盤we謀st薪-c融os疤t鋼an沿d安fa蝦st扔es幕t憐gr辣ow春in幣g慌mu竄lt孩i-煌mi淚ll服io革n甚ou訊nc高e污go箱ld斥p拖ro具du活ce革r.共(恒-$鈴30明0)Ca蜂na庭da坑/U近SA拘p聯(lián)ro茅du丹ct匠io獲n.Si杠gn斤if謠ic被an煮t燥Si賊lv武er嗎e膛xp倍os科ur高eHi恢gh控ly河l賴iq景ui再dEx蛙ch浴an生ge他T累ra霸de假d搭De翻ri跨va屢ti牽ve帽s黑an殃d釋Op鞋ti尖on盒s趨ma浸rk偉et蝕s.Co瓶nt師ro宋l脊on頂e稿of錢t片he怒w報or比ld材s絨mo甘st紹l很uc冰ra方ti較ve揀a脈nd書u銅nd蒜er菜-e張xp系lo寫re糧d摸Go虛ld躍z巧on縣es瓜.腹Re匹d夾La趨ke眾.Ma胞ss耐iv慮e設ex滲pl哈or奇at艘io游n戶up格si購de扯p偶ot見en騙ti侍al秩a生nd舍b用ud書ge災t.Di按vi旨de糾nd沿s.De歸bt當F崗re悔eNo天n譽He騎dg垮er水.Re晉se壤rv左es靠c士al建cu稀la機te騰d恰at劑$程55趙0Go榴ld蔬co熊rp績I馬ncGo變ld失enSt狗ar婆R策es序ou民rc帶es扒L傍im存it胸edPr震of榜il龍eLi谷st助in蔬gAM浪EX咳,樓TS漿EPr郊od嚼uc狂ti障onp.碼a30脂0KRe診se口rv聲es舌(栽P+籃P)5.財1反Mi療oMi添ne繪L貝if柔e12竿+無ye父ar箭sNo查.