Monthly Investor Report - April 2026

Golden Prospect Precious Metals Limited

Monthly Investor Report - April 2026

The full monthly factsheet is now available on the Company's website and a summary can be found below. 

NCIM - Golden Prospect Precious Metals Ltd - Fund Page

Enquiries: 

For the Investment Manager 

Manulife | CQS Investment Management

Craig Cleland 

0207 201 5368 

For the Company Secretary and Administrator 

Apex Fund and Corporate Services (Guernsey) Limited

James Taylor

0203 530 3600

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Fund Description 

The objective of the Golden Prospect Precious Metals Fund is to provide investors with capital growth from a group of companies in the precious metals sector.

Portfolio Managers 

Keith Watson and Robert Crayfourd.

Key Advantages for the Investor 

· Access to under-researched mid and smaller companies in the precious metals sector

· Potential inflation protection from precious metals assets

· Low correlation to major asset classes 

Key Fund Facts1 

Ordinary Share and NAV Performance2 

Commentary3 

The Company's NAV rose 4.8% over April, outperforming the VanEck Gold Miners and VanEck Junior Gold Miners ETFs, which declined 6.4% and 5.7%, respectively.

Precious metals have shown some inverse correlation with oil, as higher energy prices have reinforced inflation expectations and heightened concerns about interest rates. While oil prices may continue to trend higher amid ongoing disruption in the Strait of Hormuz, the broader economic implications of elevated energy costs could prove supportive of precious metals over time.

Despite the S&P 500 remaining close to all-time highs, markets continue to reflect a relatively benign view of the current energy-related supply shock and its potential impact on the global economy. While the global economy is less reliant on oil than in the 1970s, and the US is more energy independent, energy costs still feed through to most industries. The current environment is not solely an oil shock, but also reflects higher gas and fertiliser prices, with knock-on effects across power generation, transportation and soft commodity markets. This differs from the more regionally concentrated inflationary pressures arising from the Russia-Ukraine conflict, or the post-COVID environment in 2022, as it represents a broader, global supply-driven inflationary pressure.

We believe this backdrop is supportive for attractively valued precious metal miners, as it underpins commodity pricing and, in turn, their earnings potential. It may also encourage a broader reallocation toward the sector given its defensive characteristics, particularly if inflation concerns begin to weigh more heavily on wider equity markets. While Western economies have historically been able to weather periods of elevated inflation without severe disruption, a more material risk may lie in the affordability of government debt. Elevated debt levels may constrain policymakers' ability to cushion populations from sustained price shocks, increasing the likelihood of further monetary expansion and currency debasement, which has historically been supportive of gold.

We also note that financial market participation has not yet been a significant driver of gold demand. Managed futures positioning remains around its five-year average, while physically backed gold ETF holdings remain below their October 2025 peak. A renewed allocation from financial investors could support a further leg higher in gold prices, though this may require some moderation in the US technology sector, where questions are beginning to emerge around the returns on elevated capital expenditure by large hyperscalers.

Silver remains a meaningful weighting in the Company at 20.6%, reflecting its dual role as both a precious and industrial metal. Industrial demand now constitutes over 50% of total demand, with highend electronics a key driver of growth. Continued inventory drawdowns may increasingly be reflected in stronger pricing if this trend persists.

Manulife | CQS Investment Management

4th Floor, One Strand, London WC2N 5HR, United Kingdom

T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200

Tavistock Communications

18 St. Swithin's Lane, London EC4N 8AD

T: +44 20 7920 3150 | [email protected]

Sources: 1,2 CQS as at the last business day of the month indicated at the top of this report. Performance is net of fees and expenses. New City Investment Managers took over the investment management function on 15 September 2008. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the Important Information section at the end of this document. 3 All market data is sourced from Bloomberg unless otherwise stated. The Fund may since have exited some / all the positions detailed in the commentary. 5 For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. 6 For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013.