Key information
The DJE - Gold & Resourcen is a theme-oriented global equity fund. The concentrated portfolio of 50-70 stocks focuses on shares of companies active in the mining, processing and marketing of gold. Equities from a broader commodities universe, such as diversified mining companies, non-ferrous metals, oil and gas are added for diversification reasons. The index-independent strategy can dynamically vary its share of gold mining stocks 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: | Themed Equity Funds Global Precious Metals/Basic Resources |
| 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: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (07/12/2023): | 80,34 Mio EUR |
| TER p.a. (30/12/2022): | 1,93% |
| Reference Index: | - |
Fees
| Initial Charge: | 5,000% |
| Management Fee p.a.: | 1,670% |
| Custodian Fee p.a.: | 0,100% |
|
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 (07/12/2023)
| Morningstar*: |
|
|
Awards: AA Recognised with the AA rating in Citywire's fund manager ratings €uro Fund Award 2022 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): | 7,514 |
| Environment Rating (0-10): | 4,368 |
| Social Rating (0-10): | 6,059 |
| Governance-Rating(0-10): | 6,736 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 96,350% |
| Peergroup: |
Equity Sector Materials
(137 Fonds) |
| Coverage rate ESG rating: | 93,929% |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 423,338 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/11/2023
Perfomance Chart
Performance in Percent
Risk metrics (07/12/2023) |
|
|---|---|
| Standard Deviation (2 years): | 21,92% |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -14,02% |
| Maximum Drawdown (1 year): | -16,24% |
| Sharpe Ratio (2 years): | 0,07 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (30/11/2023) |
|
|---|---|
| Canada | 29,96% |
| United States | 18,52% |
| United Kingdom | 15,25% |
| Japan | 6,32% |
| Australia | 5,74% |
Asset Allocation (30/11/2023) |
|
|---|---|
| Stocks | 92,77% |
| Bonds | 6,26% |
| Cash | 0,97% |
Investment strategy
The theme-oriented and globally investing equity fund focuses on gold and precious metals equities, diversified commodity groups, base metal producers, chemical companies and oil & gas producers. The fund pursues an index-independent bottom-up approach with high-quality stock selection, focusing on the fundamental data of the companies. Debt-free gold producers with a competitive cost structure that can generate free cash flows even at lower gold prices are preferred. In general, negative or falling real interest rates are positive for tangible assets and for gold in particular. Investment demand for gold should continue to rise if US real interest rates remain low or fall again.
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 October, the DJE - Gold & Ressourcen fell by -0.44%. Measured by the XAU Gold Mining Index, gold mining shares rose by 3.54% (EUR) and 3.51% (USD) due to the US dollar, which hardly changed in the reporting period. Gold mining shares thus underperformed the gold price itself, which rose by 7.32% to USD 1,983.88 per troy ounce. In euro terms, the gold price rose by 7.29% to EUR 1,875.97. Due to the Middle East conflict and its potential for escalation, gold was in high demand as a safe haven. For the first time in a long time, ETF investors also made major purchases. Gold ETFs recorded the strongest daily inflow since January 2022. Last month, gold not only defied the rise in 10-year US bond yields, which reached a level of almost 5%, but also the stronger-than-expected US GDP data for the third quarter. So far, the Middle East conflict has dampened the negative impact of higher interest rates and we expect the news to continue to be the determining factor for gold for the time being. The highest positive performance contributions in October came from the gold mining companies Gold Fields (South Africa), Kinross Gold (Canada) and B2Gold (Canada), among others. On the other hand, positions held by the US speciality chemicals company Albemarle, the Canadian mining company Nutrien and the US energy company Chevron, among others, had a negative impact. Gold mining stocks had a higher weighting of over 46% in October than in the previous month (over 43%). 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 underperformed gold mining stocks in October: the MSCI World Materials index fell by -3.58% in euro terms and the CRB commodity index fell by -1.16%.
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