Hey there.
They serve two different purposes. The Alamos Gold stock was added because it had more growth potential and with it higher risk. On the flip side, FNV has been one of the most stable and reliable gold stocks for decades. When it comes to foundationals, we look for stocks who have proven to be reliable year after year over an extended period of time.
The early-stage portfolio is geared towards those investors who are earlier in their investing career and as such, are willing and able to take on more risk. That is why Alamos is there instead of FNV. However, one must remember that these are but models and one can easily swap out AGI for FNV if one so chooses. You'll notice that in the late stage, we went with AEM which is a more senior and mature gold producer instead of AGI - once again this move was made due to risk tolerance.
Remember that these are portfolios with a focus on growth and will likely be more volatile. On the flip side, you'll see FNV on our dividend growth portfolio. Why? Because it was the ONLY gold stock that maintained and grew its dividend during the bear years in the early to mid 2010s. Given its business model, it has historically been the most reliable income stock in the industry.
Mat