Ronald-Peter Stöferle, a Liechtenstein-based manager at Incrementum, says the recent retreat in gold prices has created selective opportunities in mining shares, even as his actively managed gold strategy remains heavily defensive. He discussed the outlook with Henry Lazenby during the Mining Forum Americas in Colorado Springs late last month.
Stöferle said the strategy’s investment signal shifted to a defensive setting earlier this year. The fund uses the signal to adjust exposure across mining shares, metals, bonds, options and cash rather than maintaining a fixed allocation.
Despite the cautious positioning, Stöferle said conversations with mining executives had increased his confidence in the sector. He cautioned that companies could still make poor decisions later in the cycle, but described current conditions in mining as an unusually favorable point for selective investors.
The fund’s latest factsheet also records purchases of selected royalty, streaming and large-cap companies during market weakness, while the managers used options to add exposure and collect premiums. A separate June update said the defensive signal had been in place since March, with mining exposure reduced but selected positions being rebuilt as valuations fell.
The broader opportunity, in Stöferle’s view, is that gold miners remain under-owned by investors with wider mandates. Earlier Incrementum material described the sector as operationally strong but still a small part of global equity markets. That combination leaves miners dependent on continued earnings strength and investor willingness to return, while the fund’s large liquid reserve gives its managers room to respond if prices or company decisions create better entry points.