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Strategies & Market Trends : Strictly: Drilling II
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To: longdong_63 who wrote (21930)11/15/2002 4:09:32 PM
From: jrhana  Read Replies (1) of 36161
 
re: Fidelity Select Gold

Just received my semi-annual report. Very interesting for several reasons. They have essentially none of the major hedgers. No more ABX or PDG. These two particularly ABX were traditionally major holdings in this fund. They apparently take the potentially devastating side of ABX's hedge book very seriously-seriously enough to totally dump it.

Just as interesting is what they have to say about South Africa. According to manager Neil Marolta: "I scaled back our holdings in South Africa- a region where the fund was already underweighted- due to a possible mineral rights bill that might Nationalize South African mines."
They are now down to about 13% SA mines and I suspect that they continue to pare.

IMVHO a slow process of nationalization has already begun. Nobody seems to believe me, but now Fidelity appears to be taking this seriously. Whatever you can say about Fidelity-they are not stupid.

Just as interesting to me are their top five holdings in order MDG (9.6%) KGC (7.8%) GG (7.8%) AEM (7.4%) and number five at 6.6% of assets is Aber Diamonds.

Smatterings of CKG Repadre Minefinders IAM GOLD High River Richmont etc are also noted.

I had actually been worried about my exposure to hedgers and SA via Fidelity-I see this was for nothing. They are making the right moves .
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