Because HMWO is an large cap index follower, which happens to have benefited from the outperformance of the Magnificent Seven. Whereas FCIT invests across a broader range of listed, unlisted & private equity stock, which should theoretically allow outperformance when the overpriced Magnificent Seven's valuations fall to Earth. And over 10yrs the annualised performance of FCIT is only marginally behind HMWO.

Sorry..No

Thank you for respons​@@davidglow3

Inflation has likely led to increased costs for miners, though as things are going under control now they may well make a smart catch up play. Also - which miners are you looking at, as some junior precious metals miners have surged this year (Hochschild for example, but that's more silver to be fair)

@@blackcountrysmoggie greatland gold

@@blackcountrysmoggie thanks for this. I was wondering about Greatland Gold?

@@davidwalters313 I will prelude this with the caveat that although investment research is my job, in this capacity I'm just a dude on the internet so don't rely on me for advice haha! I'm not too familiar with Greatland, but from a quick look I would imagine the negative cash flow, dilutive equity raises, and lack of actual gold mining operations haven't helped the share price this year. A gold miner who doesn't really mine any gold is a bit of a hard sell when there are plenty of other operators out there. If you've held it then I imagine it's been unpleasant, saying that though, looking forward it doesn't look like a terrible purchase at the moment. Acquiring the Telfer plant from Newmont, and the rest of the Havieron plant too, turning them from a developer into an actual gold producer is positive, especially now that Telfer is back up and running after maintenance. Should give them some cash runway until Haverion is fully up and running. They're only expected to use about half of their debt facility, leaving about A$375 for contingencies. Can't downplay Australia as a pretty stable geopolitical area for mining operations too. Maybe second only to Canada. Bit of China risk, but nowhere near as risky as some of the African exposed miners. Looking at forward EV/EBITDA, 2026 looks a bit stretched so looks like a bit of a bet on the cash flow from Telfer financing more of the development of Haverion than is currently expected. There might be some potential boosts from an ASX listing to complement the London one, and if Anglogold do aquire Centamin then it's one less player to take potential flows away from GGP. If it were my money, I might speculate a bit on GGP, it probably is still undervalued and the upside potential outweighs the downside risk, but I wouldn't have it as my only exposure. I'm a fan of Hochschild, Pan African, and Thor Explorations despite their gains this year (though Thor has dropped off recently) their free cash flow yields are still really attractive on a forward looking basis. A gold miner etf might be the best bet though. Why take the stock specific risk when there are lots of potential winners. Also look to explore silver too though - central banks looking to top up those reserves too. They say silver is gold on steroids, whoever they are.

@@davidwalters313 I will prelude this with the caveat that although investment research is my job, in this capacity I'm just a dude on the internet so don't rely on me for advice haha! I'm not too familiar with Greatland, but from a quick look I would imagine the negative cash flow, dilutive equity raises, and lack of actual gold mining operations haven't helped the share price this year. A gold miner who doesn't really mine any gold is a bit of a hard sell when there are plenty of other operators out there. If you've held it then I imagine it's been unpleasant, saying that though, looking forward it doesn't look like a terrible purchase at the moment. Acquiring the Telfer plant from Newmont, and the rest of the Havieron plant too, turning them from a developer into an actual gold producer is positive, especially now that Telfer is back up and running after maintenance. Should give them some cash runway until Haverion is fully up and running.

Banks are hitting 52 weeks high. Be negative and you would have missed

@@informer-365 - True, but they are easy targets for revenue hungry Govts & previous high levies, excessive regulation & the fallout from the 2008 Crash has deeply depressed their share prices. Lloyds for example is still ~75% down on its 2007 peak & even -20% below its more recent 2015 peak. The banks are a prisoner of Govt whims.

@@Benzknees can't really compare banks to pre financial crisis they're completely a different business model now. What you can do is compare banks today with a potential tax windfall Vs banks performance during a 0% interest rate environment

@@informer-365 - Well Lloyds were and are still a very conservative, plain vanilla mortgage bank, unlike some others who were into higher risk investment banking. There only downfall was to have their arms twisted by Gordon Brown into taking over the mess that was HBOS. And yes, higher, normalised interest rate environments will be much better for banks than the near zero interest one of the 14yr QE period. But windfall taxes are a lot less predictable, and an easy play for a Govt whose supporter base hates private profit.

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In fairness, the NAV has gone up a good amount over this period, but the share price to NAV discount has widened to 31%. It's the market that's been undervaluing them (and all private equity heavy Trusts) due to elevated interest rates.

​@@BenzkneesLiteracy Capital begs to differ... Though, yes. Your point is pertinent in general for most PE trusts

@@blackcountrysmoggie - Literacy Capital are a relatively tiny Trust, highly concentrated in two holdings. That may have been successful to date, but given those facts & its illiquid trading (4.7% spread when I just looked on HL) that's a dangerous place to be!!

@@Benzknees But investors invest in the share price not the NAV. It's no excuse and no consolation for the may investors who've lost money in what was supposed to be a relatively defensive trust.

@@WilliamBrown-e3t - You've never lost money till you sell. And history shows discounts narrow after widening, giving a double whammy to Trusts with appreciating NAVs. Investing is a long term game, so if the NAV is going in the right direction, patience is all that's needed to see the share price catch up.