Top-ranked metals fund manager Mark Johnson says small gold miners haven't recovered from last year's selloff. He shares his favorite picks.
NEW YORK (Fortune) -- A year ago investors fled small gold mining stocks as the desire for high-risk assets evaporated.
Now, even after investors have flooded back into the market, top-ranked gold fund manager Mark Johnson says the junior miners are undervalued, and he's betting on their recovery.
"The best value is at the smaller end of the scale," says Johnson, who is in his 16th year running USAA's Precious Metals and Minerals fund (USAGX).
Junior miners are those with less than 250,000 ounces of annual gold production, which equates to roughly $250 million in revenue at gold's current price.
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