The portfolio’s largest position is a gold exchange-traded fund sponsored by Aberdeen Asset Management. J.P. Morgan provides physical custody of the gold bars in vaults in London and Zurich: Bullion bar list
Equity participations trade at twelve times expected net profits over the next year, while market capitalization equals the portfolio’s book value. The total portfolio yields 4.9%. The allocation to private lending facilities consists of lines of credit maturing in twelve to twenty-four months and extended to entities with income-producing tangible assets. These tangible assets back the credit facilities and are further protected by the entity’s equity owners.