DJE - Gold & Ressourcen I (EUR)

DJE - Gold & Ressourcen I (EUR) Header Image
Minimum investment: 75,000 EUR
ISIN:
LU0159550820
As at:
12/11/2019
Bid:
147.41 EUR
Offer:
147.41 EUR

Monthly Commentary

In September, the DJE - Gold & Resources declined by -3.40%. Its benchmark index (60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR)) lost -3.40%. The better performance of the fund compared to the benchmark index is mainly due to the above-average performance of some highly-weighted individual positions. Gold mining stocks performed negatively overall in September. The XAU gold mining index fell by -10.61% in US dollar terms and -9.92% in euro terms due to the appreciation of the US dollar against the euro in September. Gold mining stocks thus performed worse than the gold price itself. Gold lost -3.15% in US dollar terms and fell to 1,472.49 USD/ounce. Calculated in euros, the loss was lower at -2.40% to 1,350.97 EUR/ounce due to the appreciation of the US dollar. After its strong gains in previous months, the gold price corrected strongly in the reporting period, by almost 4% from USD 1,529 to USD 1,472. Rising bond yields and hopes of a settlement in the US-Chinese trade dispute weighed on gold in September. As long as real interest rates continue to fall or remain at current levels, the gold price should be able to continue its upward trend. Gold demand was strong again, especially in the final days of the month under review, which was reflected in high ETF inflows. At 15.5 tons, the gold ETFs recorded by Bloomberg recorded the largest daily inflow in three months. The uncertainty of investors, the investment crisis and a depreciation of the most important currencies supported by the central banks continue to speak for the alternative currency gold. The highest performance contributions in September came mainly from positions outside the gold mining segment, including the highly weighted positions in the US chemicals group Albemarle Corporation and the British mining group Anglo American. In the gold mining segment, the highest contribution to performance came from the investment in the Australian Oceana Gold Corporation. On the other hand, positions at the South African gold producers Anglogold Ashanti and Gold Fields and the Canadian gold mining company Agnico Eagle Mines had a negative impact. At around 63%, the weighting of gold mining shares at the end of September was below the level of the previous month (68%). The focus continues to be on solidly financed producers that generate positive free cash flows even at lower gold prices and also have a certain growth perspective. Broader commodity and chemical stocks generally outperformed gold mining stocks in September, with the MSCI World Materials index up 3.71% and the CRB Commodity Index up 2.90%, both in euro terms. At the end of the month, values denominated in US dollars were partly hedged.

Legal Information / Disclaimer:

The collective investment scheme ("the Fund"), is a fund on a contractual basis under the law of Luxembourg. Regarding the publication of performance data of the Fund it should be noted that the historic performance does not represent an indicator for the current or future performance and the performance data do not take account of the commissions and costs incurred on the issue and redemption of units. First Independent Fund Services Ltd., Klausstrasse 33, CH-8008 Zurich acts as the Swiss Representative (the "Swiss Representative") and NPB Neue Privat Bank Ltd., Limmatquai 1, P.O. Box, CH-8022 Zurich acts as the Paying Agent in Switzerland ( the "Swiss Paying Agent") for the Fund. Copies of the prospectus (incl. management regulations), the Key Investor Information Document, as well as annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative in Zurich.

*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.