Barron's: Vanuard's Precious Metals Fund -- Back to Conservatism

By SIMON CONSTABLE

Ask Jamie Horvat, co-manager of the Vanguard Precious Metals & Mining fund, where he thinks the price of gold is heading, and he’s quick to tell you: “I don’t really care.”
Horvat joined the $2.1 billion fund (ticker: VGPMX) in 2014, right after the price of gold tanked, falling 29%, from $1,692 an ounce at the beginning of 2013 to $1,202 by the end. That same year, 2013, the fund lost 35%. That sounds bad, but that 35% loss made Vanguard Precious Metals & Mining the best-performing fund in the category, according to Morningstar.
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