Sell Signal? Up 91%, Giant Asset Manager Trims Back Its Holdings of Gold Mining Stock
Key Points
Sold 93,042 shares of Agnico Eagle Mines Limited, estimated transaction value of approximately $12.78 million, based on the quarterly average price
Post-sale stake: 349,679 shares valued at $67.49 million
Position now accounts for 1.44% of fund AUM, placing it outside the fund’s top five holdings
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Generali Asset Management disclosed a sale of 93,042 shares of Agnico Eagle Mines Limited (NYSE:AEM) on its October 21, 2025, SEC filing, an estimated $12.78 million trade.
What Happened
According to its SEC filing dated October 21, 2025, Generali Asset Management reduced its position in Agnico Eagle Mines Limited by 93,042 shares. The estimated trade value, based on the period’s average closing price, was approximately $12.78 million. Following the transaction, the fund’s stake stood at 349,679 shares, with a quarter-end market value of $67.49 million.
What Else to Know
This sale decreased the position from 1.72% to 1.44% of reportable AUM as of September 30, 2025.
Top holdings after the filing:
- NVDA: $391.67 million (8.4% of AUM) as of September 30, 2025
- MSFT: $312.52 million (6.7% of AUM) as of September 30, 2025
- GOOGL: $221.33 million (4.7% of AUM) as of September 30, 2025
- AAPL: $156.74 million (3.4% of AUM) as of September 30, 2025
- TSLA: $104.45 million (2.2% of AUM) as of September 30, 2025
As of October 20, 2025, shares were priced at $178.50, up 106.0% over the year to October 20, 2025; shares have outperformed the S&P 500 by 105.24 percentage points during the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $9.66 billion |
| Net Income (TTM) | $2.96 billion |
| Dividend Yield | 0.96% |
| Price (as of market close 2025-10-20) | $178.50 |
Company Snapshot
Agnico Eagle Mines Limited is a leading gold producer with a diversified portfolio of mining operations. The company engages in exploration, development, and production of mineral properties in Canada, Mexico, and Finland. It produces and sells gold as its primary product, with additional exposure to silver, zinc, and copper through exploration and development activities.
The company generates revenue through the extraction, processing, and sale of precious metals from its mineral properties in Canada, Mexico, and Finland.
Agnico Eagle Mines serves a global customer base, including bullion banks, metal traders, and industrial users seeking gold and related metals.
Foolish Take
Generali Asset Management's sale of Agnico Eagle Mines stock looks like prudent profit-taking given the stock's impressive run over the past 12 months. Let's break it down.
Generali Asset Management, the asset management wing of Italian insurance giant Generali, sold roughly $12.8 million worth of gold miner Agnico during the third quarter of 2025, according to a recent SEC filing.
While this sale did reduce Generali's overall position in Agnico stock -- in dollar value, shares, and percentage of assets under management -- Agnico actually climbed a few spots in Generali's top holdings rankings. Agnico stock is now the firm's 10th-largest position, rising from 12th-largest at the end of the second quarter. This is possible because of how much value Agnico shares have gained recently.
For example, over the last 12 months, Agnico shares have nearly doubled in price. All told, they have advanced by 91%, compared to a 17% gain for the S&P 500 over the same period. Moreover, Agnico shares have outperformed other crucial benchmarks, too. The goldminers sector, as represented by the VanEck Gold Miners ETF (GDX), has generated a total return of 70% over the last 12 months. The SPDR Gold Shares ETF (GLD), an ETF tracking the spot price of gold, has advanced by 50% -- thanks to soaring demand for gold from investors, central banks, and other market participants.
To sum up, Agnico stock has skyrocketed, even relative to its own industry and the commodity at the heart of its business. Therefore, it's no surprise to see Generali pare back its holdings. This transaction is sound portfolio management, not a meaningful change in conviction.
Glossary
Asset Management: The professional management of investments on behalf of clients or institutions.
Reportable Assets Under Management (AUM): The total market value of assets a fund manager must disclose in regulatory filings.
Stake: The amount of ownership or shares held in a company by an investor or fund.
Top Holdings: The largest investments within a fund's portfolio, typically by market value.
Quarterly Average Price: The average price of a security over a three-month reporting period.
Dividend Yield: Annual dividends paid by a company as a percentage of its share price.
Exploration and Development Activities: The processes of searching for and preparing new mineral resources for production.
Outperforming: Achieving a higher return than a benchmark or index over a specific period.
TTM: The 12-month period ending with the most recent quarterly report.
Precious Metals: Rare, naturally occurring metals with high economic value, such as gold, silver, and platinum.
Mineral Properties: Land or claims with rights to explore, develop, and extract minerals.
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Jake Lerch has positions in Alphabet, Nvidia, SPDR Gold Trust, and Tesla. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, Nvidia, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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