Globe says buoyant gold means good start for Sprott (SII-T)
The Globe and Mail reports in its Monday edition last year's big sell-off in gold may be stabilizing, bringing back some of the shine to asset manager Sprott. The Globe's Jacqueline Nelson writes Sprott is off to a good start in 2014, up 43 per cent since the start of the year. That appreciation was caused in part by stronger resource markets and the "market pricing in an extended resource rally," Scott Chan, analyst with Canaccord Genuity, wrote in a recent note to clients. Higher precious metals prices have helped Sprott's funds. "After three years of relative underperformance, several of Sprott's funds have increased significantly year to date," Mr. Chan said. Investors will get a better sense of Sprott's outlook for the year, as well as how it weathered the last three months of 2013, when the company reports fourth-quarter and full-year earnings this Thursday. The company already estimated that assets under management declined to $7-billion at the end of 2013, as "the downturn in the natural resource sector took a toll on some of our larger strategies," Sprott chief executive officer Peter Grosskopf said in a statement. Eric Sprott is pulling back from daily fund management. |
