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 - 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: | LU0159550077 |
WKN: | 164323 |
Category: | Fund Sector Equity Precious Metals |
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: | |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 27/01/2003 |
Fund currency: | |
Fund Size (27/03/2024): | 74,26 Mio |
TER p.a. (29/12/2023): | 1,95% |
Reference Index: | - |
Fees
Initial Charge: | 5,000% |
Management Fee p.a.: | 1,670% |
Custodian Fee p.a.: | 0,060% |
Performance Fee p.a.: 10% of the [Hurdle: exceeding 6% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
Ratings & Awards (27/03/2024)
Morningstar*: |
|
Awards: Alternative Investment Award Austria 1st place in the category "Equity Funds Precious Metals" €uro Fund Award 2023 1st place over 1 year and 3rd place over 10 years in the category "Equity Funds Gold" 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): | 7,419 |
Environment Rating (0-10): | 4,418 |
Social Rating (0-10): | 5,998 |
Governance-Rating(0-10): | 6,704 |
ESG rating in comparison group (0% lowest, 100% highest value): | 95,620% |
Peergroup: |
Equity Sector Materials
(137 Fonds) |
Coverage rate ESG rating: | 92,475% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 473,761 |
Portfolio allocation according to ESG rating of individual securities
Report date: 29/02/2024
- 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
Risk metrics (27/03/2024) |
|
---|---|
Standard Deviation (2 years): | 21,59% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -14,14% |
Maximum Drawdown (1 year): | -17,34% |
Sharpe Ratio (2 years): | -0,36 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (29/02/2024) |
|
---|---|
Canada | 26,64% |
United Kingdom | 15,67% |
United States | 15,04% |
Australia | 8,30% |
France | 5,90% |
Asset Allocation (29/02/2024) |
|
---|---|
Stocks | 89,73% |
Bonds | 7,62% |
Cash | 2,65% |
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
- Exchange rate gains in global investments are possible
- In the long term, high upside potential for stocks of the gold and commodity sector
- 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
- Shares in the commodity and precious metals sector are generally more volatile than the overall market
- Currency risks resulting from a high proportion of foreign investments
- In addition to market price risks (equity and currency risks), there are country and credit risks
Monthly Commentary
In February, the DJE - Gold & Ressourcen fell by -5.31%. The XAU Gold Mining Index lost -7.08% in USD terms; in euro terms, the loss was lower at -6.55%, as the US dollar appreciated during the reporting period. Gold mining shares thus underperformed the gold price itself. The fine ounce of gold rose only moderately in February, but ended the month above the psychologically important USD 2,000 mark. On a monthly basis, the gold price rose by +0.23% in USD to USD 2,044.30 per troy ounce and by +0.35% in EUR to USD 1,890.95. Central bank purchases remain an important support for the gold price. Elsewhere, increasing geopolitical tensions in the Middle East and Ukraine are likely to favour demand for safe havens. However, the most important influencing factor in the coming months is likely to be the further development of monetary policy in the US. Recent comments from the Federal Open Market Committee continue to suggest that a cycle of interest rate cuts could begin in the US, even if this will not materialise until the second half of the year. Gold has usually outperformed in phases of falling interest rates. The highest positive performance contributions in February came from the positions of the German-American industrial gases manufacturer Linde (headquartered in Dublin), the Swiss building materials manufacturer Holcim and Air Liquide, a French manufacturer of technical gases, among others. By contrast, the positions in the South African gold mining company Gold Fields and the two Canadian companies Cameco (mining) and Wheaton Precious Metals (precious metals trading), among others, had a negative impact. At over 43%, the weighting of gold mining stocks was slightly lower in the reporting period than in the previous month (over 46%); the focus remains 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 outperformed gold mining stocks in February: the MSCI World Materials index rose by 3.50% in EUR terms and the CRB commodity index gained 2.68% in EUR terms.