AGF Precious Metals Strategy

A top-down sector allocation and bottom-up security selection approach with risk management at all stages.
All cap
S&P/TSX Global Gold Index
Inception Date
September 1993

Key Reasons to Invest

    • An actively managed all-cap mandate that seeks companies with proven management teams that are directly, or indirectly, involved with precious metals
    • For investors seeking targeted exposure to precious metals within the resources sector
    • For institutional investors seeking a potential currency hedge and portfolio diversification through gold and other precious metals


A top-down macroeconomic analysis is used to implement an active asset allocation strategy combined with bottom-up stock selection to uncover companies with quality assets and strong management at attractive valuations.


The Strategy seeks long-term growth of capital by investing in companies engaged in the exploration, development or mining of precious metals and to a lesser extent other base minerals and natural resources. We believe investing in commodities is best done by combining an analysis of the global macro-economic environment with fundamental stock selection, therefore we utilize a top-down macro analysis and bottom-up security selection to uncover the world's best opportunities. We believe that companies with capable management teams and quality assets tend to outperform over the commodity cycle, therefore we conduct in-depth research to uncover companies that can generate above-average returns. We believe that junior mining companies can offer meaningful opportunities for outperformance, therefore we invest in a basket of junior mining companies that have strong potential with a view to long-term value creation.


Top-down macro analysis forumates our outlook for the various commodities - precious metals, base metals and other materials. We conduct a global economic assessment, commodity supply/demand analysis and establish price trends for individual commodities based on this research.

A bottom-up approach formulates our stock selection - we assess asset quality, management, Environmental, Social & Governance (ESG) factors, catalysts, such as likely development, and conduct financial analysis, including Net Asset Value, Discounted Cash Flow and Price to Cash Flow.

Risk management is applied during portfolio construction to achieve diversification (sub-sector, captilization, regional), resulting in 60-160 securities. Risk controls are applied with strategy constraints - 

  • Up to 20% in cash and short-term securities
  • An individual security will not exceed 10% of the Strategy's net assets
  • Top ten holdings will represent between 10% and 50% of the Strategy's net assets.

Monthly stress testing and ongoing monitoring by independent departments within AGF will track Strategy benchmark deviations, tracking error, active share, Sharpe ratio, information ratio and coeffecient of determination. 

Fund Managers

Ani Markova, MBA, LIFA, CIM, CFA

Vice-President and Portfolio Manager
AGF Investments Inc.

Title and Position

Ani Markova is a member of the AGF Resources team and a portfolio manager of AGF’s precious metals portfolios. She combines a top-down approach to asset and sector allocation with a bottom-up approach to individual stock selection, focusing on companies that possess quality assets and strong management and that deliver shareholder value in the mining sector.

Ani has a B.A. in Management and Marketing from Mount Vernon College in Washington, D.C. She earned her MBA in International Business and Finance from George Washington University in Washington, D.C. and has her Licensed International Financial Analyst and Chartered Investment Management designations. Ani is a CFA charterholder and a member of the Toronto CFA Society.

Approach or Quote

Ani joined AGF in 2003 as an Analyst on the Canadian Balanced portfolios covering the Materials and Industrial sectors and was later promoted to Associate Portfolio Manager. She took over AGF’s precious metals portfolios in 2008 and has been instrumental in managing the portfolios over the last eight years. Before joining AGF in 2003, Ani conducted research for Canadian brokerages covering the merchandising and consumer products sectors.

Registered as a Portfolio Manager under AGF Investments Inc. and AGF Investment America Inc. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Years with AGF


Years in the industry


Analyst Name

Portfolio Management