AU

Key Takeaways

• Almost everything AngloGold sells goes out at spot, with spot market sales about 97% of revenue and concentrate and by-products the remainder, so the income statement reads as a direct function of the gold price rather than of contract terms. • Today's price embeds operating profit shrinking about 0.9% a year over the next five years, on a business that just posted a 40.6% operating margin and holds more cash than borrowings, which means the market is underwriting a fade rather than a failure.

Institutional ownership

550 institutional managers reported holding AU in 13F filings for the quarter ended 2026-03-31. Together they hold about 45% of the company; the top 10 hold 27%. 96 opened new positions that quarter. Held by BlackRock, Vanguard Group, FMR (Fidelity), among others. On the short side, 4.1M shares were sold short as of the 2026-06-15 count, about 0.8% of shares outstanding (1.3 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Capital returns

AU's share count grew 21.1% over the past five years. It pays a dividend, and has paid one every year in our records (5 and counting), raised 2 years straight. Cash returned over the past three years: $1.07B in dividends.

Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.

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