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BlackRock's $1.3 Billion Gold Fund Feels Pain of Miners

  • Fund had biggest quarterly loss since 2015 even as gold gained
  • Royalty companies help explain the fund’s underperformance
Nordgold NV's Gold Producing Operations In Kazakhstan
Photographer: Andrey Rudakov/Bloomberg
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This year hasn’t been kind to precious-metal stock pickers at the world’s biggest asset manager, but their luck may be about to turn.

The $1.3 billion BlackRock Gold and General Fund lost 15 percent last quarter, its worst performance since the third quarter of 2015. Among large materials-focused equity funds, it was the second-worst performer after another BlackRock gold fund domiciled in Japan.