DJE Gold & Stabilitätsfonds (PA)
- As at:
- 119.96 CHF (net asset value)
- 125.96 CHF
The DJE Gold & Stabilitätsfonds rose in November 0.28% in the fund currency Swiss Franc and +0.13% in Euro. The different fund price development was caused by the stronger appreciation of the euro against the Swiss franc. The gold price developed negatively in November by falling -3.24% in US dollar terms to 1,463.98 USD/ounce. Calculated in euros the loss was lower -2.72% and 1,319.68 EUR/ounce due to the appreciation of the US dollar. The gold price is a prisoner in the trade war. Investors withdrew from the crisis currency after progress had been made in the trade conflict between the USA and China. In addition further rate cuts by the Fed were increasingly priced out. Rising capital market interest rates, on the other hand, are boosting demand in other forms of investment. Demand for gold in China remains weak. Gold imports from Hong Kong have been about half as high since the beginning of the year compared to the same period last year. China has also recently imported significantly less gold from Switzerland than last year. Although the risks have eased somewhat recently there may still be negative surprises both in the trade conflict and in the Brexit - both have not yet been resolved. If this will happen, it would support gold prices. As long as real interest rates are falling or remain at current levels the gold price should be able to continue its upward trend. The uncertainty of investors, the investment crisis and a depreciation of the most important currencies supported by the central banks argue further for the alternative currency gold. The global share index MSCI World (including dividends) developed positively in November and rose to 3.84% in euro terms in the reporting period. The individual sectors of the MSCI World performed mainly well: the best sectors were healthcare (an investment focus of the fund), technology and industry. Only the sectors real estate and utilities (both overweight in the fund) had a slightly negative performance in November. Overall, the fund's sector positioning in November had a largely neutral effect on fund prices relative to the MSCI World. On the equity side the strongest performance contributions came from positions with US film producer Walt Disney, Swiss pharmaceutical company Roche and Basel-based travel retailer Dufry. But investments in the German packaging manufacturer Gerresheimer, the mining companies Polymetal (Russia) and Newcrest Mining (Australia) as well as the food group Nestlé (Switzerland) had a negative impact on fund prices. During the month the fund management increased its investements in sectors such as healthcare, chemicals, household goods and utilities. The bond performance was negative overall in November -0.76% in USD terms as measured by the Barclays Global Aggregate Total Return Index. The bond ratio fell to 9.81% (previous month 13.77%). The equity exposure rose from 46.49% to 55.76%. The physical gold certificate was reduced from 6.82% to 4.99%. The share of commodities fell slightly to 28.54% (previous month 29.19%). The cash ratio fell from 3.73% in previous month to 0.90%. At the end of the monthf titles denominated in euros and US dollars were partly hedged.