Metals & Mining
Over the course of the year, the QUIC Metals and Mining portfolio returned 43.6%, outperforming the sector benchmark by 21.0%. This outperformance came as a result of overweight exposure in the base metals subsector due to the team’s 2020 investment in Teck Resources.
The M&M team also maintained its slight overweight presence in precious metals through its legacy streaming holdings, Franco Nevada and Wheaton Precious Metals. Franco Nevada, the portfolio’s largest holding, significantly outperformed its peer gold equities during the fiscal year enabling the QUIC team to outperform the subsector.