Key information
The DJE - Gold & Resources is a theme-oriented global equity fund. The concentrated portfolio of 50-70 stocks focuses on shares of companies active in the mining, processing and marketing of gold. Equities from a broader commodities universe, such as diversified mining companies, non-ferrous metals, oil and gas are added for diversification reasons. The index-independent strategy can dynamically vary its share of gold mining stocks between 30 - 100%. With gold as the investment focus, the fund offers diversification and a lower correlation to traditional investment strategies.
Responsible manager since 30/06/2008
Key information
| ISIN: | LU0159550077 |
| WKN: | 164323 |
| Category: | Themed Equity Funds Global Precious Metals/Basic Resources |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 6 |
| Type of Share: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (27/07/2021): | 81,34 Mio EUR |
| TER p.a. (30/12/2020): | 1,91 % |
| Reference Index: | 60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/ Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR) |
Fees
| Initial Charge: | 5,00 % |
| Management Fee p.a.: | 1,67 % |
| Custodian Fee p.a.: | 0,10 % |
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Performance Fee p.a.: 10% of the [Hurdle: exceeding 6% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
Ratings & Awards (27/07/2021)
| Morningstar*: |
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Awards: €uro Fund Award 2018 2nd place over 1 and 5 years and 3rd place over 10 years in the "Gold Shares" category |
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
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|---|---|
| Standard Deviation (2 years): | 27,18 % |
| Tracking Error (2 years): | 15,53 % |
| Value at Risk (99% / 20 days): | -17,03 % |
| Maximum Drawdown (1 year): | -14,10 % |
| Sharpe Ratio (2 years): | 0,51 |
| Correlation (2 years): | 0,71 |
| Beta (2 years): | 0,81 |
| Treynor Ratio (2 years): | 16,90 |
Top Country Allocation (30/06/2021) |
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|---|---|
| Canada | 28,57 % |
| United Kingdom | 14,35 % |
| United States | 10,30 % |
| Germany | 10,19 % |
| South Africa | 6,40 % |
Asset Allocation (30/06/2021) |
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|---|---|
| Stocks | 98,24 % |
| Cash | 1,76 % |
Investment approach
The theme-oriented and globally investing equity fund focuses on gold and precious metals equities, diversified commodity groups, base metal producers, chemical companies and oil & gas producers. The fund pursues an index-independent bottom-up approach with high-quality stock selection, focusing on the fundamental data of the companies. Debt-free gold producers with a competitive cost structure that can generate free cash flows even at lower gold prices are preferred. In general, negative or falling real interest rates are positive for tangible assets and for gold in particular. Investment demand for gold should continue to rise if US real interest rates remain low or fall again.
Chances
- Exchange rate gains in global investments are possible
- In the long term, high upside potential for stocks of the gold and commodity sector
- Increasing demand for physical gold due to declining confidence in established currencies and high demand from the emerging market jewelery sector; this should lead to higher gold prices and thus to higher prices for gold mining stocks
Risks
- Shares in the commodity and precious metals sector are generally more volatile than the overall market
- Currency risks resulting from a high proportion of foreign investments
- In addition to market price risks (equity and currency risks), there are country and credit risks
Monthly Commentary
In June the price of the DJE - Gold & Resources corrected by -7.05%. Its benchmark index (60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR)) declined -5.90%. Gold mining stocks performed negatively in June. The XAU Gold Mining Index decreased -14.63% in US dollar terms and 11.87% in euro terms - due to the appreciation of the US dollar against the euro in June. Gold mining stocks thus underperformed the gold price itself, which lost -7.17% in U.S. dollar terms and was quoted at USD 1,770.11/ounce. In euro terms, however, the gold price fell by only -4.26% to 1,492.84 EUR/ounce due to the appreciating US dollar. There was no support for the gold price in June from the gold ETFs, which reported around 6 tons of outflows. The strengthening of the U.S. dollar also weighed on the gold price development. Thanks to price gains in April and May the second quarter ended with an overall gain of 3.7%. However the first half of the year closed with a minus in height of -6.8% in U.S. dollar terms. In general the first half of the year was more characterized by ETF outflows, which amounted to about 194 tons. Even though the gold price is currently experiencing some headwinds the positive outlook for the medium to longer term has not changed. Increased inflation rates, low or in some cases clearly negative real interest rates, a still expansionary central bank policy and the high level of government debt are arguments in favor of gold investment in the long term. In addition the uncertainty of investors, the investment emergency and a loss in value of most important currencies supported by central banks continue to favor gold as an alternative currency. In June the highest positive contributions to the fund’s performance were delivered by positions of the Russian oil company Lukoil, Swiss building materials manufacturer Holcim, U.S. chemical company Albemarle and South Korean energy company SK Innovation, among others. On the other hand, the exposure to gold mining companies Gold Fields (South Africa), Newmont Mining (USA), Yamana Gold and Kinross Gold (both Canada), among others, had a negative impact. The weighting of gold mining stocks decreased to around 47% in the reporting period (around 50% i previous month). The focus remains on solidly financed producers that generate positive free cash flows even at lower gold prices and also have some growth prospects. Broader based commodity / chemical stocks outperformed gold mining stocks in June: MSCI World Materials -2.66% and CRB Commodity Index +6.82% - both figures in Euro terms. At month-end stocks denominated in euro were currency hedged.
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Prospectus & Reports
Further Documents
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.