Franco-Nevada (NYSE: FNV) is, at its core, a precious metals company. But it is not a miner; it is a streaming and royalty company, which means it provides cash up front to miners in exchange for the right to buy gold and silver in the future at advantaged prices. For more conservative investors, it is a good way to add precious metals to a portfolio for diversification purposes. Sixteen consecutive annual dividend increases prove that. But there are some nuances to consider here, and oil is a fundamental factor to keep in mind.

If you are looking at Franco-Nevada, you'll also find Royal Gold (NASDAQ: RGLD) and Wheaton Precious Metals (NYSE: WPM) interesting. These are the three largest companies in the streaming space. As the graphic below shows, Franco-Nevada has been a notable laggard of late, even as gold has been near record highs.

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Source Fool.com