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DJE Gold & Stabilitätsfonds (PA)

DJE Gold & Stabilitätsfonds (PA) Header Image
ISIN:
LU0323357649
As at:
12/12/2019
Bid:
119.96 CHF (net asset value)
Offer:
125.96 CHF

Monthly Commentary

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.

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.

*) © 2016 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.