Key information
The DJE - Gold & Ressourcen is a thematic global equity fund. The concentrated portfolio of 50-70 stocks focuses on companies in the mining, processing and marketing of gold. Equities from the broader commodities universe, such as diversified mining companies, non-ferrous metals, oil and gas, can also be added for further diversification. The investment strategy is completely independent from any benchmark requirements and the share of gold mining stocks can vary between 30 and 100%. With gold as the investment focus, the fund offers diversification and a lower correlation to traditional investment strategies.
Responsible manager since 30/06/2008
Key information
ISIN: | LU0159550820 |
WKN: | 164324 |
Category: | Fund Sector Equity Precious Metals |
Minimum Equity: | 51% |
Partial Exemption of Income ¹: | 30% |
VG/KVG: | DJE Investment S.A. |
Fund Manager: | DJE Kapital AG |
Risk Category: | 5 |
This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
Type of Share: | accumulation |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (16/05/2024): | 82,66 Mio EUR |
TER p.a. (29/12/2023): | 1,90% |
Reference Index: | - |
Fees
Management Fee p.a.: | 1,420% |
Custodian Fee p.a.: | 0,060% |
Ratings & Awards (16/05/2024)
Morningstar*: |
|
Awards: Alternative Investment Award Austria 2024 1st place in the category "Equity Funds Precious Metals" Mountain View Fund Awards 2023 1st place - Equity Funds Sector Precious Metals |
All ESG information presented here relates to the fund portfolio shown and is sourced from MSCI ESG Research, a leading provider of environmental, social and governance analysis and ratings.
MSCI ESG RATING (AAA-CCC): | AA |
ESG-Qualityrating (0-10): | 7,433 |
Environment Rating (0-10): | 4,285 |
Social Rating (0-10): | 5,870 |
Governance-Rating(0-10): | 6,734 |
ESG rating in comparison group (0% lowest, 100% highest value): | 95,000% |
Peergroup: |
Equity Sector Materials
(140 Fonds) |
Coverage rate ESG rating: | 99,009% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 427,558 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/04/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (16/05/2024) |
|
---|---|
Standard Deviation (2 years): | 21,09% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -13,49% |
Maximum Drawdown (1 year): | -16,12% |
Sharpe Ratio (2 years): | 0,02 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/04/2024
Top Country Allocation in % of Fund Volume (30/04/2024) |
|
---|---|
Canada | 29,74% |
United States | 18,09% |
United Kingdom | 13,36% |
Australia | 9,28% |
South Africa | 5,64% |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Stocks | 97,49% |
Cash | 1,53% |
Bonds | 0,98% |
Investment strategy
The thematic and globally investing equity fund focuses on gold and precious metals, diversified commodity groups, base metal producers, chemical companies and oil & gas producers. The fund pursues a bottom-up approach with high-quality stock selection, focusing on the fundamental key financial indicators of the companies. We invest primarily in gold producers with a competitive cost structure that generate free cash flows even at lower gold prices. In general, negative or falling real interest rates are positive for tangible assets, particularly gold. Demand for gold is likely to rise if real interest rates are low or fall.
Chances
- In the long term, high upside potential for stocks of the gold and commodity sector
- Exchange rate gains in global investments are possible
- Increasing demand for physical gold due to declining confidence in established currencies and high demand from the emerging market jewelery sector; this should lead to higher gold prices and thus to higher prices for gold mining stocks
Risks
- In addition to market price risks (equity and currency risks), there are country and credit risks
- Currency risks resulting from a high proportion of foreign investments
- Shares in the commodity and precious metals sector are generally more volatile than the overall market
Target group
Der Fonds eignet sich für Anleger
- who seek to focus their equity investments on gold producers and commodity stocks
- with a longer-term investment horizon
- who wish to minimise risk in comparison to direct investment in individual stocks in the gold and commodities sectors
Der Fonds eignet sich nicht für Anleger
- with a short-term investment horizon
- who are not prepared to accept increased volatility and temporary losses
- who seek safe returns
Monthly Commentary
In April, the DJE - Gold & Ressourcen rose by 8.35%. The XAU gold mining index rose by 5.17% in US dollar terms and by 6.32% in euro terms due to the appreciation of the US dollar. Gold mining shares thus outperformed the gold price itself, which rose by 2.53% in USD terms to 2,286.25 per troy ounce and was thus also able to maintain the momentum of the previous month in April. In euro terms, the troy ounce rose by 4.04% to 2,144.76 euros. On the one hand, according to the World Gold Council (WGC), investment demand for gold remained weak throughout the first quarter, with gold ETFs in particular recording outflows. However, this was offset by strong gold purchases (approx. 290 tonnes) by central banks - this is the highest level for a first quarter and the fourth strongest quarter since 2010, when the data series began. The WGC's survey on central bank gold reserves showed that interest rate levels, inflation concerns, geopolitical instability and shifts in the global economy are among the key issues relevant to gold reserve management decisions. Central banks' demand for gold has been growing structurally for some time. This trend should continue. The US Federal Reserve recently postponed an expected cut in key interest rates in view of rising inflation in the US. However, with regard to the US Federal Reserve's monetary policy, postponed is not cancelled. If the rate of inflation falls again, interest rate cuts are likely to be an issue in the US again, which should support the gold price. On the equity side, the strongest results came from the US gold mining group Newmont and the mining companies Pan American Silver (Canada) and Anglo American (UK), among others. On the other hand, the Swiss building materials manufacturer Holcim, the German-American industrial gases manufacturer Linde (headquartered in Dublin) and the Japanese chemicals group Shin-Etsu Chemical, among others, had a negative impact on performance. Gold mining stocks accounted for just over 49% of the portfolio in April (previous month: 47%), with the focus remaining on solidly financed producers that generate positive free cash flows even at lower gold prices and also have some growth prospects. Broad-based commodity/chemical stocks generally underperformed gold mining stocks in April: the MSCI World Materials fell by -1.62%, while the CRB commodity index rose by 1.50% - index figures in euro terms.