Gold (GLD, Financial) was up 8.4% this quarter and contributed 0.5% to performance. As of March 31, 2017, our gold exposure was 5.8%. Considering the many unknowns and fragilities in this investment environment, we remain happy to hold a modest yet not insignificant allocation to gold in the form of gold bullion.
From Charles de Vaulx (Trades, Portfolio)'s IVA Worldwide Fund first quarter 2017 commentary.