Gold: how we look at small cap producers
Glennon Capital
ASX:GC1, ASX:CMI
Gold was one of the big winners leading into 2011. Since then an improving environment and the perception of increasing interest rates had led to gold falling 35% off its 2011 highs. While we had steered largely clear of resources to the end of last year, early this year we invested in a couple of small cap gold producers. We tend to look at gold stocks individually, just as we would other businesses. We consider where the projects are located, how many ounces they produce (or will produce) and for how long, what the all in sustaining cost is and how much needs to be spent on exploration and on corporate costs, among other factors. Beyond that we look at more strategic elements: is a developer fully funded through to production and when will we see first cash flow from the project, or is new management likely to do a better job at running the business than previous management? (VIEW LINK)
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Glennon Capital was founded in 2008 by Michael Glennon. Previously, Michael worked with some of the best institutional small company fund managers in Australia. In 2007, he received the IMCA Money Management Fund Manager of the Year (Small Cap) Award. Michael founded Glennon Capital to offer specialist small company investment management to high net worth individuals and family offices, as well as through selective platforms for clients with less than $1 million to invest in our portfolios.
Today, our flagship fund Glennon Small Companies Limited (GC1) opens up the investment opportunity for all. GC1’s Initial Public Offering was completed in August 2015 and is now a listed investment company that is traded on the Australian Stock Exchange (ASX).
We are proud to be recognised for co-investing with clients in all portfolios – an important feature which ensures that our values and principles are aligned with those of our clients.
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1 stock mentioned
Glennon Capital
Fund Manager
ASX:GC1, ASX:CMI
Glennon Capital was founded in 2008 by Michael Glennon. Previously, Michael worked with some of the best institutional small company fund managers in Australia. In 2007, he received the IMCA Money Management Fund Manager of the Year (Small Cap)...
Expertise
No areas of expertise
Glennon Capital
Fund Manager
ASX:GC1, ASX:CMI
Glennon Capital was founded in 2008 by Michael Glennon. Previously, Michael worked with some of the best institutional small company fund managers in Australia. In 2007, he received the IMCA Money Management Fund Manager of the Year (Small Cap)...
Expertise
No areas of expertise
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