Monthly report (NO17 Gold) – February 2026

Monthly fund update

Key points

• NO17 Gold ended February up 20.1% (in Australian dollars, unhedged).
• Without any doubt, the conflict with Iran has created an extraordinary level of uncertainty for markets to contend with and this overshadows many of the comments we have made in relation to February. We believe the present situation should be motivating equity investors to seek exposure to gold and gold miners.
• In our view, diversified investors who are not directly invested in gold bullion and gold miners, are underweight the biggest trade in global markets presently and should be looking for dips in order to find an entry point.
• Can the gold price go higher? We encourage investors to consider the gold price forecasts from the investment banks that actually trade gold bullion (and are therefore qualified to opine on it). These banks (e.g. Goldman Sachs and JP Morgan) are upgrading their forecasts to levels much higher than the current spot price on a 12-month view.
• The fundamentals of the gold mining sector are compelling and still trading at a material discount to fair value. Some commentators have compared the present time to the mid-2000s. We would remind investors that from the end of 2005, the gold bullion price went on to strengthen by 267% over nearly six years before it reached a peak in 2011.

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.