Monthly report (NO17 Gold) – August 2026

Monthly fund update

Key points

• NO17 Gold finished August up 32.3% (in Australian dollars, hedged to the Australian dollar), outperforming its benchmark and the price of gold bullion.
• 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.
• It is also worth noting that despite the draw-down during the first half of 2026, gold has still outperformed global equities over the last 12 months (in Australian dollars, gold bullion +17.8%; NO17 Gold +42.0% and MSCI World Index +8.4%).

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.