DJE - Gold & Ressourcen (P)
As at: 16/05/2012
| ISIN: | LU0159550077 |
| WKN: | 164323 |
| Bloomberg: | DJEGOLP LX |
| Reuters: | LU0159550077.LUF |
| Asset Class: | Themed Equity Funds Global Precious Metals/Basic Resources |
| Investment Company: | DJE Investment S.A. |
| Advisor: | DJE Kapital AG |
| Risk Category: | 4 |
| Type of Share: | Accumulation |
| Financial Year: | 01/07 - 30/06 |
| Launch Date: | 27/01/2003 |
| Fund Size (30/04/2012): | 97.38m EUR |
| TER p.a. (30/06/2011): | 2.16% |
| Reference Index: | 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR), 60% Philadelphia Stock Exchange Gold and Silver Index |
Fund manager
Stefan Breintner
| Initial Charge: | 5.00% |
| Management Fee p.a.: | 1.32% |
| Custodian Fee p.a.: | 0.10% |
| Advisory Fee p.a.: | 0.30% |
| Performance Fee p.a.: | Performance fee of 10% p.a. (above 60% XAU Index, 20% MSCI World Materials Index, 20% CRB Index) |
Investment Strategy
The fund's investment focus is on companies involved in the gold mining sector. The equity portion is actively managed. The proportion of pure gold mining stocks must be at least 30% of assets under management. In addition, companies operating in the sector of other primary resources - such as base metals, oil and gas and agricultural commodity producers - are an important part of the fund. The fund thus provides investors with the opportunity to participate in the long-term uptrend of both the gold price and the broad commodity market. The combination of stocks from the gold, base metals, energy and agricultural sector creates a diversification effect and reduces investor risk compared to direct investment.
| Morningstar RatingTMOverall *: |  |
| Telos Fondsrating: | AA+ |
Monthly Fund Manager's Commentary
Gold and precious metals corrected in March. The price of the fine troy ounce decreased in USD 3.18% (1,667.07 USD/oz). Calculated in EUR the price loss was with 3.00% (1,250.43 EUR/oz) lower due to a stronger USD tendency. Gold shares developed considerably worse than physical gold. Calculated in Euro the XAU gold mining index lost 10.11% during the reporting period. The prices of the gold producers fell disproportionally, as in case of a compared to 2011 not considerably increased gold price, the profit of the majority of the companies may fall. Most producers are 2012 confronted with a stagnating respectively falling production output and partly with considerably rising production costs. If in the course of the year 2012 the gold price does not perform much better than the average of the previous year (1.572 USD/oz), for most of the companies in this sector this development will result in a loss of profits. Based on this, titles like Iamgold and Newmont Mining lost in March approximately 18%. But also growth stocks like New Gold (-22%) resulted in significant price loses. Owing to political unrest in Mali, also the second largest position in the fund, Randgold, got under heavy pressure, as 70% of the expected gold production for 2012 is coming from Mali. Because of the unsecure political situation in Mali, the fund management reduced the weighting of Randgold. In addition Gold mining shares, as for example Barrick Gold, Newmont Mining and Yamana Gold were reduced in favor of higher cash positions. In the non-precious metal sector high weighted positions like the mineral sand exploration company Iluka Resources (+9.35%) and the oilfield service company Petrofac (+6.15%) performed well. Both positions were increased slightly. The fundamental analysis approach of the precious-, basis metal and oil sector are meanwhile attractive. If in the middle term it comes to an additional monetary stimulation in Europe and the USA, these titles may have a significant price potential due to its favorable valuation. In the long run the inflation discussion may influence the fund's performance positive.
Legal Information / Disclaimer:
Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de.
All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change.
The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance.
The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information.
In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses.
The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA.
This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.
*) © 2012 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.