BAKERSTEEL Precious Metals Fund Q2 2021 Investment Manager’s Commentary

Metals Fund Factsheet

BAKERSTEEL Precious Metals Fund (“the Fund”) rose +3.5% (A2 EUR class) during the
quarter compared with the EMIX Global Mining Gold Index (“the Index”) which rose
+3.7%, while gold rose +2.9% (in Euro terms). In US dollar terms the Fund rose +5.3%
(A USD class), compared with the Index which rose +6.0% and gold which rose +4.5%.

The precious metals sector recovered somewhat during the quarter, however
conditions remained mixed for gold and silver miners. Investor sentiment has been
subdued, particular towards silver miners, impacting Fund performance relative to the
Index during the period.

The Fund’s investment approach continues to be value-driven and focused on those
companies with the best assets, effective management, attractive shareholder returns
and that operate in an ethical and sustainable manner in line with our own ESG
principles. Our team currently sees substantial levels of fundamental undervaluation
in precious metals equities and continues to work actively to ensure the Fund is wellpositioned to benefit from the sector’s further recovery ahead.

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