While equities faltered in October, commodity markets were generally strong, the GSCI and RICI both rising over 5%. Gold-related equities were hit by the sell off, the FTSE Gold Mines Index falling sharply.
Nevertheless Stenham Gold has performed well this year. The fund's structure is unusual in that 56% of the assets are in gold bullion with 25% in long/short managers, 13% in long-only and 6% in cash. On the month, the fund was up 2.63%, taking year-to-date gains to 32.63%. In October, bullion performed well, and although the long-only managers in the portfolio were down slightly, the