DJE - Gold & Ressourcen PA (EUR)Distribution Share Class
As at: 23/05/2013
| 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: | Distribution |
| Financial Year: | 01/07 - 30/06 |
| Launch Date: | 27/01/2003 |
| Fund Size (30/04/2013): | 77.67m EUR |
| TER p.a. (30/06/2012): | 1.91% |
| Reference Index: | 60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR) |
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+ |
| Euro Fund Award 2013: | 1st Place, Equity Fund Goldmines, 1 year, Germany |
Monthly Fund Manager's Commentary
Gold and silver have suffered the highest price loses for more than 30 years. On the 12 and the 15 April the gold price closed with a loss of 13 per cent, followed by a moderate recovery. Nevertheless, in USD the price of the fine troy ounce decreased 7.93% (1,471. 93 USD/oz.). In EUR the minus was even worth due to a USD/EUR appreciation. One reason for the considerable price fall is the slowdown of the inflation rate all over the world. Although the highly monetary reflation politic of the central banks normally supports gold investments, the latest market conditions of money which does not reach the market and therefore creates consequently deflationary tendencies, slowed down the gold price performance. Even worth was the situation for equities in gold mining companies. The XAU gold mining index lost 21.50 per cent on a monthly basis. Even widely diversified, the DJE Gold & Ressourcen was not able to escape from this negative environment. On a monthly basis the fund lost 11 per cent. The highest contribution to the funds performance was archived by the two highest fund positions, the oil holding Cheron and the fertilizer producer Msaic. Disappointing on the other side was the development of assets in the gold mining sector. In this segment the fund was negatively affected by the poor performance of Agnico Eagle, Kinross Gold and Newmont Mining. The fund management kept the gold mining quota under 40 per cent. Besides the precious metal sector, our investment in the Swiss cement holding Holcim and the Chilean copper producer Antofagasta was increased. On the other side sold were titles of the German sugar producer Südzucker and the Swiss crop protection and seed producer Syngenta. The current gold pessimism reflects the investors opinion that the crisis is over. Pessimism does not seem to be justified. In the long run, investments into gold may be promising. In the short term other sectors of the commodity segment like basis and industrial metals as well as energy and agricultural commodities may have better chances.
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 (Key Investor Information Document, 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.
*) © 2013 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.