Key information
The DJE - Gold & Ressourcen is a thematic global equity fund. The concentrated portfolio of 50-70 stocks focuses on companies in the mining, processing and marketing of gold. Equities from the broader commodities universe, such as diversified mining companies, non-ferrous metals, oil and gas, can also be added for further diversification. The investment strategy is completely independent from any benchmark requirements and the share of gold mining stocks can vary between 30 and 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: | Fund Sector Equity Precious Metals |
| Minimum Equity: | 51% |
| Partial Exemption of Income ¹: | 30% |
| VG/KVG: | DJE Investment S.A. |
| Fund Management: | DJE Kapital AG |
| Risk Category: | 5 |
| This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
| Type of Share: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (12/09/2024): | 76,86 Mio EUR |
| TER p.a. (29/12/2023): | 1,95 % |
| Reference Index: | - |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,670 % |
| Custodian Fee p.a.: | 0,060 % |
|
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 (12/09/2024)
| Morningstar*: |
|
|
Awards: Alternative Investment Award Austria 2024 1st place in the category "Equity Funds Precious Metals" €uro Fund Award 2023 1st place over 1 year and 3rd place over 10 years in the category "Equity Funds Gold" Mountain View Fund Awards 2023 1st place - Equity Funds Sector Precious Metals |
All ESG information presented here relates to the fund portfolio shown and is sourced from MSCI ESG Research, a leading provider of environmental, social and governance analysis and ratings.
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 7,332 |
| Environment Rating (0-10): | 4,226 |
| Social Rating (0-10): | 5,809 |
| Governance-Rating(0-10): | 6,782 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 96,000 % |
| Peergroup: |
Equity Sector Materials
(150 Fonds) |
| Coverage rate ESG rating: | 100,000 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 426,204 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/08/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (12/09/2024) |
|
|---|---|
| Standard Deviation (2 years): | 19,34 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -12,18 % |
| Maximum Drawdown (1 year): | -10,98 % |
| Sharpe Ratio (2 years): | 0,24 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/08/2024
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
|---|---|
| Canada | 36,37 % |
| United States | 17,77 % |
| United Kingdom | 11,25 % |
| Australia | 9,06 % |
| Japan | 4,35 % |
Asset allocation in % of the fund volume (30/08/2024) |
|
|---|---|
| Stocks | 99,23 % |
| Cash | 0,77 % |
Investment strategy
The thematic and globally investing equity fund focuses on gold and precious metals, diversified commodity groups, base metal producers, chemical companies and oil & gas producers. The fund pursues a bottom-up approach with high-quality stock selection, focusing on the fundamental key financial indicators of the companies. We invest primarily in gold producers with a competitive cost structure that generate free cash flows even at lower gold prices. In general, negative or falling real interest rates are positive for tangible assets, particularly gold. Demand for gold is likely to rise if real interest rates are low or fall.
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
Target group
Der Fonds eignet sich für Anleger
- who wish to minimise risk in comparison to direct investment in individual stocks in the gold and commodities sectors
- with a longer-term investment horizon
- who seek to focus their equity investments on gold producers and commodity stocks
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility and temporary losses
- with a short-term investment horizon
- who seek safe returns
Monthly Commentary
The DJE - Gold & Ressourcen remained stable in August with a gain of 0.03%. The XAU gold mining index rose by 1.23% in US dollar terms, but fell by -0.98% in euro terms due to the depreciating US dollar. Gold mining shares thus underperformed the gold price itself. After reaching an all-time high of USD 2,529 per troy ounce in mid-August, the precious metal rose by 2.28% to USD 2,503 and by 0.22% to EUR 2,264 compared to the previous month. The main driver was US Federal Reserve Chairman Jerome Powell's statement at the annual central bank meeting in Jackson Hole that the time had come to adjust (monetary) policy. Even if the timing and pace of interest rate cuts depend on incoming data, this signalled the start of a cycle of interest rate cuts. The prospect of falling interest rates also attracted investors again. According to Bloomberg, gold ETF holdings rose by 15 tonnes last week to their highest level in six months. Looking ahead to the coming months, it will be important to see how central bank purchases and demand for gold ETFs develop. The highest positive performance contributions in August came from the gold mining companies Newmont (USA), Evolution Mining and Northern Star Resources (both Australia) and Alamos Gold (Canada), among others. By contrast, the positions of the mining companies Cameco (Canada), GoldFieds (South Africa) and the Canadian silver producer Pan American Silver, among others, had a negative impact. The weighting of gold mining stocks was over 58% in the reporting period, an increase on the previous month (previous month: 56%). The focus remains on solidly financed producers that generate positive free cash flows even at lower gold prices and also have some growth prospects. Broad-based commodity/chemical stocks generally underperformed gold mining stocks in August: the MSCI World Materials index fell by -0.31% and the CRB commodity index by -2.56% - both index figures in euro terms.