Mexican mining group Peñoles (MEX:PE&OLES) produces a range of precious and industrial metals, but gold and, to a lesser extent, silver account for the majority of its revenue. Peñoles’ stock posted a strong return during the second quarter, but it’s relatively small allocation within the fund prevented it from being significantly additive to performance.
From First Eagle Investment (Trades, Portfolio)'s Gold Fund second-quarter 2020 commentary.
