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Gold & Silver Miners

Miners carry fixed costs against a variable metal price, so their earnings move by more than the metal itself in either direction. That operating leverage is the reason to own them instead of bullion.

124 stocks

#	Name	Holding	Trade Value	Theme Stocks	% of Portfolio	Status
151	MI Merk Investments Menlo Park, California	$312M	+$32.8M	10	99.63%	Increased
152	HCPC Hamilton Capital Partners (Canada) Toronto,	$309M	+$26.4M	14	8.97%	Increased
153	Lingotto Investment Management London, United Kingdom	$308M	-$348M	4	6.59%	Reduced
154	WC Wexford Capital West Palm Beach, Florida	$303M	+$1.59M	14	38.79%	Increased
155	Balyasny Asset Management Chicago, Illinois	$303M	+$154M	30	0.38%	Increased
156	Stifel Financial St. Louis, Missouri	$302M	-$38.9M	38	0.25%	Reduced
157	Woodline Partners San Francisco, California	$300M	+$67.1M	12	0.93%	Increased
158	Bessemer Group Woodbridge, New Jersey	$298M	-$10.8M	23	0.41%	Reduced
159	Ohio Public Employees Retirement System (OPERS) Columbus, Ohio	$297M	-$50.1M	50	0.87%	Reduced
160	BSL Blue Sparrow LLC Dover, Delaware	$294M	+$345M	1	2.86%	New
161	Capital Fund Management (CFM) Paris, France	$290M	+$92.9K	21	1.28%	Increased
162	Ruffer LLP London, United Kingdom	$290M	+$48.6M	24	10.24%	Increased
163	California Public Employees Retirement System Sacramento, California	$286M	+$16.9M	4	0.16%	Increased
164	Royal London Asset Management United Kingdom	$286M	+$56.3M	12	0.53%	Increased
165	Jennison Associates New York	$284M	-$71.3M	8	0.17%	Reduced
166	AustralianSuper Melbourne, Australia	$284M	+$50.3M	4	1.23%	Increased
167	Addenda Capital Montreal, Quebec, Canada	$283M	-$134M	11	7.68%	Reduced
168	PFCS Pale Fire Capital SE Prague, Czech Republic	$280M	-$21.6M	4	19.82%	Reduced
169	Universal-Beteiligungs- und Servicegesellschaft Frankfurt Am Main, Germany	$279M	+$43.6M	11	0.43%	Increased
170	Cannell & Spears New York	$276M	+$58M	18	4.91%	Increased
171	Voloridge Investment Management Jupiter, Florida	$275M	-$94.2M	14	1.17%	Reduced
172	Mitsubishi UFJ Asset Management Tokyo, Japan	$274M	+$22.3M	7	0.15%	Increased
173	Jain Global New York	$272M	+$94.2M	27	1.07%	Increased
174	SEI Investments Oaks, Pennsylvania	$270M	-$91.9M	33	0.24%	Reduced
175	T. Rowe Price Investment Management Baltimore, Maryland	$259M	+$445K	5	0.17%	Increased