Some of you will be wondering who is buying the big 1.5m lumps daily...
Well, I've done a deep dive into Jupiter gold and silver’s recent publicly available reports. I've assembled the June 2022 report to the March 2023 interim report, and done a colour coded comparison, to identify changes - HOLD (blank) ADD (Green) SELL/REDUCE (red) and NEW ADDITIONS (purple) in Ned’s fund.
IMO he's the guy buying GGP Big NOW and has being doing so for the past few months , steadily at a few million a day...
Question is .... How much longer does this go on for? Well , quite a while IMO
and - Here's my logic...Degrey is no question Ned Naylor Leyland’s big HIT of the past few years BUT he has problem... And it's the classic 'nice problem' to have - it looks to me like he basically is being forced to sell De Grey down due to being seriously overweight.
I can see he had 106m Degrey at some point in 2022 (probably after a placing...) but presently according to Morningstar he has 79m presently
Jupiter’s latest DATA , dated March 2023, shows Degrey is still a whopping 9% of the fund >>>> ... big problem!
That's way too much and far too concentrated for a responsibly diversified fund within a universe of 150-200 gold and silver companies globally. EG GDXJ has around 80 holdings and is limited to 5% max for any holding.
Jupiter's own filing show He’s already sold some 27m De Grey shares. This has been done carefully as I can see De Grey IS still flying at close to all time highs. So he is obviously selling down very gradually , controlled, and into strength , given Ned is the largest holder of De grey ( with a a 5.6% holding of the company) it does not make sense to kill his own price... Does it?
Looks like in Late 2022 he also sold down the Streamers like Franco Nevada and Wheaton and bought into mid cap producers like Agnico Eagle Fesnillo and Hecla and Pan American.... whilst putting a whopping $18m buy into Filo
Wow! Now Thats a lot of wonga given it 'straddles' the Argentine-Chile boarder. And so, that leaves his shiny new 'evolving' GGP position.
https://www.morningstar.com/stocks/xlon/ggp/ownership
He's already reported 75m GGP as of last week according to Morningstar ..... BUT that's relatively small allocation given his style... ie just £6.3m in a £720m Fund ( at least as of April 2023 ) ...which is 0.82% of the capitol allocated to GGP
So the question is, where will he take it?
Well >>>>>> Let's take a quick look... He has 38 holdings in PM mining companies and juniors in the Jupiter fund.
12 of these are >3% or greater allocation position.
19 of the them are >1.5% allocation
23 are >1% allocation
14 are less than 0.82% GGP position
0.82% is a £6.3m buy
( ie we have that in the bag...)1% is a £7.2m stake
1.5% is £10.8m stake
2% is £14.4m stake
My Favourite 3% is £21.6m stake
Now, if he's prepared to throw $18m at Filo
in Argentina with all the South America country risk - Mexico just sequestered all lithium deposits 
- and Filo - thats 5-10 years away from any production and realising any profit then GGP must be a total fecking shoe-in with Shaun at the helm and production next year.Of note, Ned's other 'big position' at 4.37% , is non other than Shaun's old friends.... Northern Star...
Getting the picture? There's a massive pattern forming here.... and in IMO now the decision is made to invest in GGP that doesn't stop at 75m or 0.8%.
Nope - I reckon Ned could make a 2-3% allocation to GGP , easily ,maybe more given he likes Shaun and given Wyloo et al and given the fact that ... well there's 20moz and a 10mt mine is coming an all
Ooof..!
so wait for it...A 3% GGP allocation to Jupiter Gold and Silver is more or less the same size buy as
.... GDXJ... (the first of which was £25m I recall ) Presumably Ned is buying now to get in ahead of the Aussie instos. He will be done by July imo.
Then sit back and wait as the Aussie Superannuation Calvary arrives just as gold blows through $2200 !!!
Boom basically.
