The portfolio’s largest position is a gold exchange-traded fund sponsored by Aberdeen Asset Management. J.P. Morgan and ICBC Standard Bank provide physical custody of the gold bars in vaults in London and Zurich.
Equity participations trade at twelve times expected net profits over the next year, while market capitalization is less than the portfolio’s stated book value. The total portfolio yields 5.1%. 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.