Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>AngloGold Ashanti is a geographically diversified, major gold producer with a portfolio of operations across Africa, the Americas, and Australia, mitigating country-specific risks.</li>
 <li>The company is focused on improving its portfolio quality by investing in long-life, lower-cost assets and advancing a significant project pipeline, particularly in Nevada, USA, to drive future growth.</li>
 <li>While benefiting from a strong gold price environment leading to record cash flows, the company faces challenges from rising All-In Sustaining Costs (AISC) due to inflation and gold price-linked royalties.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  AngloGold Ashanti is a geographically diversified, major gold producer with a portfolio of operations across Africa, the Americas, and Australia, mitigating country-specific risks.
  The company is focused on improving its portfolio quality by investing in long-life, lower-cost assets and advancing a significant project pipeline, particularly in Nevada, USA, to drive future growth.
  While benefiting from a strong gold price environment leading to record cash flows, the company faces challenges from rising All-In Sustaining Costs (AISC) due to inflation and gold price-linked royalties.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Anglogold Ashanti (ANG SJ) - May 2026

Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Thematic (Sector/Industry)

<ul>
<li>Rising inflation historically benefits gold, offering superior real returns compared to stocks and bonds. </li>
<li>Accounting quality is crucial when selecting gold miners, emphasizing transparency to mitigate manipulation risk.</li>
<li>Investors can use Transparently Risk Engine to screen for gold miners with solid accounting quality.</li>
</ul>


Rising inflation historically benefits gold, offering superior real returns compared to stocks and bonds. 
Accounting quality is crucial when selecting gold miners, emphasizing transparency to mitigate manipulation risk.
Investors can use Transparently Risk Engine to screen for gold miners with solid accounting quality.


Gold Stocks in Trump’s New International Order

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>Interview with Vuslat, who runs a mining investment company in South Africa</li><li>South Africa is rich in commodities like PGMs, Chrome, Manganese, Coal, and Iron Ore</li><li>South Africa offers rule of law, democracy, and security of tenure, making it an attractive investment destination for mining companies</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Interview with Vuslat, who runs a mining investment company in South AfricaSouth Africa is rich in commodities like PGMs, Chrome, Manganese, Coal, and Iron OreSouth Africa offers rule of law, democracy, and security of tenure, making it an attractive investment destination for mining companiesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Extracting value from overlooked mines (Vuslat Bayoglu Interview)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>There could be 3 inclusions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in June. There are 3 more stocks that are close on free float market cap.</li>
<li>Following the lock-up expiry in March, <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s float increases above 10% and the stock is a high probability inclusion at the June rebalance. </li>
<li>With the 3 adds and capping changes, estimated one-way turnover is 2.4% resulting in a round-trip trade of US$1.6bn.</li>
</ul>


There could be 3 inclusions for the VanEck Gold Miners ETF/USA (GDX US) in June. There are 3 more stocks that are close on free float market cap.
Following the lock-up expiry in March, Zijin Gold (2259 HK)'s float increases above 10% and the stock is a high probability inclusion at the June rebalance. 
With the 3 adds and capping changes, estimated one-way turnover is 2.4% resulting in a round-trip trade of US$1.6bn.


Gold Miners ETF (GDX US) June Rebalance: 3 Adds Likely; US$1.6bn Trade

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>This report identifies stocks at the extremes of their positioning or momentum ranges within our active Global EM fund universe.</li>
<li>We have pinpointed eight stocks either at their historical positioning extremes or undergoing significant changes in fund ownership, providing detailed ownership profiles for each.</li>
<li>HDFC Bank loses steam after merger, Nu Holdings surges to new highs, POSCO plunges to new fund ownership lows.</li>
</ul>


This report identifies stocks at the extremes of their positioning or momentum ranges within our active Global EM fund universe.
We have pinpointed eight stocks either at their historical positioning extremes or undergoing significant changes in fund ownership, providing detailed ownership profiles for each.
HDFC Bank loses steam after merger, Nu Holdings surges to new highs, POSCO plunges to new fund ownership lows.


Active GEM Funds:  Extremes in Positioning & Momentum

South Africa

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

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Anglogold Ashanti (ANG SJ)

Primer: Anglogold Ashanti (ANG SJ) - May 2026

AngloGold Ashanti is a geographically diversified, major gold producer with a portfolio of operations across Africa, the Americas, and...

αSK

Gold Stocks in Trump’s New International Order

Gold stocks are on the investment radar as the tariff wars fuel inflationary concerns. Find out how accounting quality is a useful screening tool...

Mark Jolley

Extracting value from overlooked mines (Vuslat Bayoglu Interview)

In summary, Mina is a private mining investment company in South Africa, benefiting from the country's rich ore deposits and supportive government...

Money of Mine

Gold Miners ETF (GDX US) June Rebalance: 3 Adds Likely; US$1.6bn Trade

Price changes over the last 5 weeks could now lead to 5 inclusions in June with Montage Gold dropping out of the earlier list and Merdeka Gold,...

Brian Freitas

Active GEM Funds: Extremes in Positioning & Momentum

GEM Extreme Stocks. HDFC Bank loses steam after merger, Nu Holdings surges to new highs, POSCO plunges to new fund ownership lows.

Steven Holden

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