Resources Gold Fund
Actively managed gold equities strategy
An actively managed allocation reflecting the Victor Smorgon Group’s long-standing conviction in gold
Introduction
Launched in 2020 and cornerstoned by the Victor Smorgon Group, the Resources Gold Fund provides select wholesale investors with access to a concentrated gold strategy informed by direct operational and investment experience in the sector.
Gold has historically served as a strategic portfolio allocation during periods of macroeconomic stress, currency volatility and geopolitical uncertainty. The Fund seeks to actively manage this exposure, capturing opportunities across the gold value chain (producers, developers and explorers) while applying disciplined risk controls.
This is a specialist allocation designed for wholesale investors who understand the cyclical nature of commodity markets and the importance of capital discipline.
FY26 YTD
79.5%
Annualised return since inception
26.3%
Inception
May 2020
Fund Manager
Cameron Judd
Fund Overview
Investment approach:
Active long/short gold equities strategy informed by specialist sector research.
Investment objective:
To generate attractive risk-adjusted returns over the medium to long term through active investment across gold and precious metals securities, complemented by physical gold exposure.
Fund launch date:
May 2020
Minimum Investment:
$100,000
Investor Eligibility:
Wholesale investors only
Structure:
Unregistered Australian wholesale unit trust
Trustee:
Como Services Pty Ltd (ACN 679 698 652 AFSL 562776)
Investment Manager:
Victor Smorgon Partners Pty Ltd (ACN 630 512 739 / CAR 1314940)
Base Currency:
AUD
Geographic focus:
Tier 1 jurisdictions
Typical holdings:
15-25 holdings
Typical position sizes:
Maximum 20% position size (at cost)
Minimum 50% exposure to gold equities and/or physical gold
Physical gold allocation capped at 10%
Valuation Frequency:
Monthly
Applications/Redemptions:
Monthly
Fees
Management Fee:
1.00% p.a
Performance Fee:
20% above 8% hurdle, subject to High Water Mark
Buy/Sell Spread:
30 bps
Full details in the Information Memorandum.
APIR
Platform Class only: GCL4573AU
Fund Performance
Past performance is not a reliable indicator of future performance.
*Fund net performance is an estimate based on the inception unit class.
Net performance as at 28 February 2026.
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Why invest?
Active gold alpha
Designed to capture inefficiencies beyond passive gold exposure.Strategic portfolio diversifier
Gold has historically demonstrated low or negative correlation during periods of market stress.Direct sector insight
Informed by the Victor Smorgon Group’s operational gold ownership and physical bullion exposure.Aligned capital
Cornerstoned by the Victor Smorgon Group. -
Investor profile
Designed for sophisticated and wholesale investors who:
- Seek specialist gold exposure
- Understand commodity concentration risk
- Have a long-term investment horizon
- Can tolerate elevated volatility
Invest
Important Information
Unitholders should be aware that there is no guarantee that the implementation of the investment strategy or process will not result in losses to Unitholders.
The return of capital and the performance of the Fund are not guaranteed by any person or organisation, including Victor Smorgon Partners, Como Services or any related or associated entity or person. Therefore, each investor should carefully consider the risks of investing and, where necessary, seek professional advice as to the suitability of investing in the Fund. Please refer to the Information Memorandum for further details.
The offer of interests in the Victor Smorgon Partners Resources Gold Fund "Fund" is prepared and issued by Como Services Pty Ltd (ACN 679 698 652 AFSL 562776) in its capacity as the Trustee of the Fund. The investment manager is Victor Smorgon Partners Pty Ltd (ACN 630 512 739), an authorised representative of AFSL 001314940.
Contact us
For further information, monthly reports or investment enquiries:
Victor Smorgon Partners
Level 12, 644 Chapel Street
South Yarra VIC 3141