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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
1	VanEck Associates New York	$18.4B	-$1.9B	50	23.76%	Reduced
2	Vanguard Group Malvern, Pennsylvania	$17.7B	+$227M	50	0.32%	Increased
3	BlackRock New York	$10.5B	+$110M	58	0.22%	Increased
4	Fidelity Investments Boston, Massachusetts	$8.26B	+$1.85B	57	0.53%	Increased
5	Capital World Investors Los Angeles, California	$8B	+$291M	5	1.3%	Increased
6	First Eagle Investment Management New York	$5.81B	-$140M	16	12.12%	Reduced
7	Fidelity International Hamilton, Bermuda	$5.05B	+$140M	13	4.79%	Increased
8	Royal Bank of Canada Toronto, Ontario, Canada	$4.67B	-$153M	77	0.98%	Reduced
9	Bank of Montreal Toronto, Ontario, Canada	$4.05B	-$245M	56	1.97%	Reduced
10	Massachusetts Financial Services Boston, Massachusetts	$4.03B	+$73.2M	8	1.34%	Increased
11	Arrowstreet Capital Boston, Massachusetts	$3.93B	+$818M	29	3.19%	Increased
12	Morgan Stanley New York	$3.48B	-$84.4M	83	0.25%	Reduced
13	Norges Bank Oslo, Norway	$3.45B	+$64.9M	15	0.48%	Increased
14	State Street Boston, Massachusetts	$3.45B	-$15.5M	25	0.14%	Reduced
15	Geode Capital Management Boston, Massachusetts	$3.05B	+$252M	47	0.24%	Increased
16	Bank of America Charlotte, North Carolina	$3.04B	+$75.8M	77	0.25%	Increased
17	TD Asset Management Toronto, Ontario, Canada	$2.67B	+$331M	33	2.46%	Increased
18	Dimensional Fund Advisors Austin, Texas	$2.65B	+$151M	39	0.66%	Increased
19	Elliott Investment Management West Palm Beach, Florida	$2.61B	+$41.9M	2	17.21%	Increased
20	Mackenzie Financial Toronto Ontario, Ontario, Canada	$2.56B	+$30.4M	40	3.64%	Increased
21	Amundi Paris, France	$2.51B	+$230M	43	0.91%	Increased
22	Invesco Atlanta, Georgia	$2.38B	+$11.2M	41	0.45%	Increased
23	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.3B	-$91.5M	44	0.91%	Reduced
24	UBS Group Zurich, Switzerland	$2.19B	-$200M	80	0.4%	Reduced
25	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$2.11B	+$376M	38	9.22%	Increased