Allspring Precious Metals Fund Administrator Class
EKWDX
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- Allspring Precious Metals Fund Administrator Class (EKWDX) is an open-end mutual fund that seeks long-term capital appreciation by investing principally in securities related to precious metals, including equity securities of companies engaged in the exploration, development, mining, processing, or dealing in gold, silver, platinum, diamonds, and other precious metals and minerals. The Fund normally invests at least 80% of its net assets in such precious metals-related investments; any amount of total assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs); up to 40% of total assets in emerging market equity securities; and up to 25% of total assets, at the time of purchase, in debt securities linked to precious metals or common/preferred stocks of subsidiaries that invest directly or indirectly in precious metals and minerals. It is non-diversified, with primary emphasis on precious metals companies across all market capitalizations worldwide, potentially concentrating in a limited number of countries, and includes investments through a wholly owned Cayman Islands subsidiary for direct exposure to precious metals or minerals; top holdings typically feature leading gold miners such as Agnico Eagle Mines Limited, Kinross Gold Corporation, Alamos Gold Inc., Newmont Corporation, and Wheaton Precious Metals Corp. Allspring Global Investments, LLC serves as investment adviser, with Allspring Funds Management, LLC as manager and sub-adviser, and portfolio managers Michael Bradshaw (since 2007) and Oleg Makhorine (since 2012) overseeing the strategy, which employs top-down macroeconomic analysis (e.g., geopolitical risks, U.S. dollar strength, inflation, jewelry demand) alongside bottom-up stock selection focused on higher-quality companies. The Fund targets institutional investors, with a minimum initial investment of $1 million for Administrator Class shares (reducible for eligible investors), an expense ratio of 0.95% after contractual fee waivers through July 31, 2025, and a low portfolio turnover rate of 11% in the most recent fiscal year. Headquartered in Charlotte, North Carolina, Allspring Global Investments launched operations as an independent asset manager in 2021 following its acquisition from Wells Fargo Asset Management by GTCR LLC and Reverence Capital Partners, managing over $587 billion in assets across diverse strategies with 18 global offices. The Administrator Class (inception July 30, 2010) operates within the equity precious metals sector, serving institutional clients including corporations, endowments, retirement plans, and registered investment advisors, with geographic exposure heavily weighted toward non-U.S. stocks (approximately 85%), particularly in Canada, Australia, and emerging markets. Recent developments include strong performance with year-to-date returns exceeding 150% as of November 30, 2025, driven by favorable precious metals market conditions, and a Board-approved conversion of all Administrator Class shares to Institutional Class shares, effective on or about September 12, 2025, leading to the dissolution of the Administrator Class. In February 2025, Allspring announced the closure of certain alternative equity strategies amid industry pressures from low-cost ETFs, though the Precious Metals Fund remains active with ongoing enhancements to its platform, distribution, and international footprint supported by its private equity owners. No major acquisitions, partnerships, or product launches specific to this Fund were reported in the last 1-2 years.