Monthly report (NO17 Gold) – June 2026

Monthly fund update

Key points

• The gold market continued to consolidate and the gold bullion price contracted by 11.7% to US$4,008 per ounce.
• On an unhedged basis in Australian dollars, NO17 Gold finished June down 11.8%, in line with its benchmark (the universe of gold miners) on equivalent terms.
• The Fund’s foreign exchange hedging overlay detracted from performance (via unrealised mark-to-market on Australian dollar hedging positions), driven by the weaker Australian dollar (-3.7%). As a result, on a hedged to the Australian dollar basis, NO17 Gold finished June down 13.9% (in Australian dollars, hedged to the Australian dollar).
• 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, the price is consolidating and there is evidence that its recent uncharacteristic behaviour is normalising (including its correlation to the S&P 500 which had spiked to over 0.8 during May, relative to its 20-year average of approximately 0.05).
• It is also worth noting that despite the draw-down during the first half of 2026, which has taken the gold price is back to where it was in late September 2025, gold has still outperformed global equities over the last 12 months.

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.