Sprott Looks Globally In Search Of New Opportunities (PHYS, ABX, EGO, IAG, SLW, XG, AG, AUY, MVG, XRA)
Noted gold and silver bull Eric Sprott has made plenty of winning bets on junior mining and resource companies, many of them based in his firm’s home country of Canada. The Canadian market has proven rewarding for Sprott in terms of marketing the firm’s funds such as the popular Sprott Physical Gold Trust ETV (PHYS), but Sprott is now taking a more global approach.
Sprott’s Sprott Asset Management is looking to expand its presence beyond the confines of Canada’s borders. The firm held stakes in Barrick Gold (ABX), Eldorado Gold (EGO), IAMGold (IAG), Silver Wheaton (SLW) and Extorre Gold Mines (XG), among others at the end of the first quarter and is now setting its sights on new markets.
The firm made a few acquisitions in the U.S. last year and in an interview with the Globe and Mail, Sprott CEO Peter Grosskopf says outside of Canada “we feel our global brand recognition has increased dramatically and what we haven’t done is take full advantage of it.” Grosskopf goes on to note Sprott has a small number of global institutional clients and the firm would like to change that.
Grosskopf faces the tough task of addressing the slack performance of two Sprott’s biggest funds this year when fishing for new international clients. The Sprott Hedge Fund and the Gold and Precious Minerals Fund are down 15% and 8.8% year-to-date, respectively, the Globe and Mail reported. The CEO expects those performances to change in the second half of the year as mining stocks finally catch up to the bull runs seen in precious metals such as gold.
To see how your performance stack’s up against Sprott’s or just view some of the firm’s top holdings, visit tickerspy.com to view the firm’s latest disclosed holdings and a chart of their combined performance.
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