DJE - Gold & Ressourcen XP (EUR)

DJE - Gold & Ressourcen XP (EUR) Header Image
Minimum investment: 3,000,000 EUR
ISIN:
LU0383654950
As at:
21/10/2019
Bid:
101.91 EUR
Offer:
101.91 EUR

Monthly Commentary

In September, the DJE - Gold & Resources declined by -3.32%. Its benchmark index (60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR)) lost -3.32%. The better performance of the fund compared to the benchmark index is mainly due to the above-average performance of some highly-weighted individual positions. Gold mining stocks performed negatively overall in September. The XAU gold mining index fell by -10.61% in US dollar terms and -9.92% in euro terms due to the appreciation of the US dollar against the euro in September. Gold mining stocks thus performed worse than the gold price itself. Gold lost -3.15% in US dollar terms and fell to 1,472.49 USD/ounce. Calculated in euros, the loss was lower at -2.40% to 1,350.97 EUR/ounce due to the appreciation of the US dollar. After its strong gains in previous months, the gold price corrected strongly in the reporting period, by almost 4% from USD 1,529 to USD 1,472. Rising bond yields and hopes of a settlement in the US-Chinese trade dispute weighed on gold in September. As long as real interest rates continue to fall or remain at current levels, the gold price should be able to continue its upward trend. Gold demand was strong again, especially in the final days of the month under review, which was reflected in high ETF inflows. At 15.5 tons, the gold ETFs recorded by Bloomberg recorded the largest daily inflow in three months. The uncertainty of investors, the investment crisis and a depreciation of the most important currencies supported by the central banks continue to speak for the alternative currency gold. The highest performance contributions in September came mainly from positions outside the gold mining segment, including the highly weighted positions in the US chemicals group Albemarle Corporation and the British mining group Anglo American. In the gold mining segment, the highest contribution to performance came from the investment in the Australian Oceana Gold Corporation. On the other hand, positions at the South African gold producers Anglogold Ashanti and Gold Fields and the Canadian gold mining company Agnico Eagle Mines had a negative impact. At around 63%, the weighting of gold mining shares at the end of September was below the level of the previous month (68%). The focus continues to be on solidly financed producers that generate positive free cash flows even at lower gold prices and also have a certain growth perspective. Broader commodity and chemical stocks generally outperformed gold mining stocks in September, with the MSCI World Materials index up 3.71% and the CRB Commodity Index up 2.90%, both in euro terms. At the end of the month, values denominated in 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.