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
33.0%
Annualised return since inception
18.8%
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.
Net performance as at 30 June 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
The Victor Smorgon Partners Resources Gold Fund (Fund) is an unregistered Australian wholesale unit trust and is available only to wholesale clients within the meaning of section 761G of the Corporations Act 2001 (Cth).
The offer of interests in the Fund is made pursuant to an Information Memorandum (IM) issued by Como Services Pty Ltd (ACN 679 698 652, AFSL 562776) in its capacity as trustee of the Fund. Victor Smorgon Partners Pty Ltd (ACN 630 512 739, CAR 1314940), a corporate authorised representative of Como Services Pty Ltd, is the investment manager of the Fund.
The information contained on this website is general in nature only and has been prepared without taking into account your objectives, financial situation or needs. It does not constitute an offer, solicitation or recommendation to invest in the Fund and should not be relied upon as the sole basis for making an investment decision.
Prospective investors should consider the IM in its entirety and assess whether an investment in the Fund is appropriate in light of their objectives, financial situation and needs. Where appropriate, investors should seek professional advice from a licensed or authorised adviser.
Investment in the Fund is subject to risk. There is no guarantee that the Fund’s investment strategy or objectives will be achieved. Neither the trustee, the investment manager nor any related body corporate guarantees the repayment of capital, the performance of the Fund, or any particular rate of return.
Any performance information or statements regarding expected returns are provided for general information purposes only. Past performance is not a reliable indicator of future performance.
Contact us
For further information, monthly reports or investment enquiries:
Victor Smorgon Partners
Level 12, 644 Chapel Street
South Yarra VIC 3141