Monthly report (NO17 Gold) – September 2026

Monthly fund update

Key points

• NO17 Gold finished September down 10.8% (in Australian dollars, hedged to the Australian dollar), giving back part of August’s 32.3% gain. A notable detractor from performance for the month was the unrealised mark-to-market on Australian dollar foreign exchange hedging positions related to the weaker Australian dollar (-3.1%). On an unhedged US dollar basis, NO17 Gold weakened in line with its benchmark, reflecting the fundamental impact weaker precious metals prices (gold bullion -6.3%, silver -9.2%) had on the profit margins of gold mining companies.
• We remain firmly of the view that the structural bull-case for gold is intact and that gold is in the relatively early stages of a longer-term uptrend.
• Gold’s fundamentals remain strong and the price consolidation phase, that you will recall we have been writing about in recent months, appears to be nearing completion.

Please note that the detailed positioning disclosures included on the second page of our report have been redacted and are only available to unit holders in the fund.