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Mutual Fund News

A golden year for Sentry resource fund

swon@globeandmail.com

What are we looking for?

Leaders and laggards among natural resource equity funds in 2010.

The search

We screened natural resource equity funds for the best and worst eight performers this year until Aug. 27. U.S. dollar, segregated, pooled and duplicate versions of the funds were excluded.

What did we find?

Lots of black and red ink. Sentry Canadian Resource Class has outpaced all other funds this year, gaining nearly 26 per cent. The fund is co-managed at Sentry Investments by Kevin MacLean who specializes in precious metals and mining, and Laura Lau, who focuses on energy equities.

The fund has been running at about 60 per cent in mining, mainly gold stocks, and the balance in energy securities. "We think the gold fundamentals are excellent, and will stay that way for a few years at least" in the absence of new gold supply, Mr. MacLean said. The fund's gold mining stars include Semafo Inc., Golden Star Resources Ltd. and Osisko Mining Corp., while Bankers Petroleum Ltd. and Canacol Energy Ltd. are among the energy winners, he said. The managers pared back their energy stocks this summer as a defensive move, but have begun to redeploy their recent 11-per-cent cash position back into the market. Against a backdrop of falling oil and weak gas prices, the pair are "neutral" on the energy sector. Middlefield Uranium Focused Metals has been the worst performer, losing 14.5 per cent. The fund, which is mainly in uranium-related stocks, has been hurt by falling prices in the metal. FrontierAlt Resource Capital Class, which lost 13.2 per cent, has had a manager change. On Aug. 1, Lightwater Capital Partners Ltd. took over from Caldwell Investment Management Ltd.

***

Leaders and laggards among natural resource equity funds to Aug. 27, 2010
Calendar Year Returns
Fund Assets ($ mil.) as of July, 2010 Latest MER YTD % (Aug. 27) 2009 (%) 2008 (%) 2007 (%) 2006 (%) 2005 (%) 2004 (%)
Top 8
Sentry Cdn. Resource Class200.52.8125.962.8-51.6-2.28.745.522.9
NexGen Global Resource-CG0.32.6216.956.4N/AN/AN/AN/AN/A
Bissett Energy CC-A20.72.4715.457.4-44.5N/AN/AN/AN/A
iShares CDN Materials Sector Index244.20.5514.733.5-26.829.548.4N/AN/A
Creststreet ResourceN/A3.4412.948.7-67.410.5-25.633.436.0
DMP Resource Class316.32.6811.284.8-57.2-5.144.340.47.5
Front Street Resource Performance58.1N/A9.974.2-47.8N/AN/AN/AN/A
Sentry Energy Growth & Income-X65.32.748.031.0-27.0-7.0-15.823.434.7
Bottom 8
Middlefield Uranium Focused MetalsN/A2.71-14.542.5-50.9N/AN/AN/AN/A
FrontierAlt Resource Capital Cl-A5.7N/A-13.270.8-72.7N/AN/AN/AN/A
Mackenzie Univ Wld Resource Class134.92.50-11.265.8-62.132.323.627.322.8
Claymore Oil Sands Sector ETF33.40.63-8.559.0-54.222.7N/AN/AN/A
CI Signature Global Energy Corp Cl159.02.37-8.435.8-30.112.46.161.639.1
BMO S&P/TSX EW Gbl Base Metals ETF34.0N/A-7.9N/AN/AN/AN/AN/AN/A
Investors Cdn. Natural Resource-C759.82.86-7.5137.8-49.73.73.752.311.9
RBC Global Energy384.82.05-7.340.9-49.013.6-2.359.833.9
S&P/TSX Total Return 2.9 35.1 -33.0 9.8 17.3 24.1 14.5
Source: Globeinvestor.com

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