Monthly report (NO17 Gold) – April 2026

Monthly fund update

Key points

• NO17 Gold finished April down 7.9% (in Australian dollars, unhedged), consolidating in line with gold and the universe of gold miners. In US dollar terms, this equated to down 4.0%. The strengthening Australian dollar was a substantial detractor and we have now implemented FX hedging.
• A tentative ceasefire in the Iran conflict saw risk assets stage a blistering rally, rebounding from the indiscriminate sell-off in the prior month. Gold’s status as a safe haven meant that it was likely overlooked for assets with a higher risk profile.
• We believe that gold markets are consolidating in what will turn out to be a much longer uptrend, which creates an entry point for investors to be adding to their allocations.
• The fundamentals of the gold mining sector are compelling and trading at a material discount to fair value and historic norms.

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.