Key information
The DJE - Gold & Resourcen 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 |
| 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 (26/05/2023): | 83,43 Mio EUR |
| TER p.a. (30/12/2022): | 1,93 % |
| 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: | 5,000 % |
| Management Fee p.a.: | 1,670 % |
| Custodian Fee p.a.: | 0,100 % |
|
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 (26/05/2023)
| Morningstar*: |
|
|
Awards: AAA Recognised with the top AAA rating in Citywire's fund manager ratings €uro Fund Award 2022 1st place over 1 year and 3rd place over 10 years in the category "Equity Funds Gold" |
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): | AAA |
| ESG-Qualityrating (0-10): | 9,313 |
| Environment Rating (0-10): | 4,200 |
| Social Rating (0-10): | 6,062 |
| Governance-Rating(0-10): | 6,876 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 95,610 % |
| Peergroup: |
Equity Sector Materials
(114 Fonds) |
| Coverage rate ESG rating: | 95,247 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 465,427 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/04/2023
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 22,17 % |
| Tracking Error (2 years): | 14,45 % |
| Value at Risk (99% / 20 days): | -14,32 % |
| Maximum Drawdown (1 year): | -17,59 % |
| Sharpe Ratio (2 years): | -0,03 |
| Correlation (2 years): | 0,65 |
| Beta (2 years): | 0,75 |
| Treynor Ratio (2 years): | -1,02 |
Top Country Allocation (28/04/2023) |
|
|---|---|
| Canada | 28,22 % |
| United States | 14,95 % |
| United Kingdom | 14,48 % |
| Australia | 11,27 % |
| South Africa | 7,54 % |
Asset Allocation (28/04/2023) |
|
|---|---|
| Stocks | 93,33 % |
| Bonds | 4,66 % |
| Cash | 2,01 % |
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 April, DJE - Gold & Ressourcen rose by 1.18%. Gold mining stocks performed positively in April: the XAU Gold Mining Index rose by 0.51% in euro terms and by 2.01% in US dollar terms - due to the depreciation of the US dollar against the euro. Gold mining stocks thus outperformed the gold price itself. The price of the troy ounce fell by -0.57% to 1,806 euros, but rose by 1.05% to 1,999 US dollars. Thus, the gold price remained below the mark of 2,000 US dollars per ounce, as the interest of market participants was already directed towards the meeting of the US Federal Reserve scheduled for the beginning of May. Gold received support from a weaker US dollar and lower bond yields, among other things. In our view, the gold price is likely to remain supported in the coming months as macroeconomic headwinds ease and demand for physical gold, led by central banks, is strong. Moreover, ETF holdings are also starting to recover. At the individual stock level, the strongest performance contributors came from South African gold miner Gold Fields and the two mining companies Agnico Eagle Mines and Teck Resources from Canada. On the other hand, the positions in the US specialty chemicals company Albemarle as well as in the mining companies Anglo American (Great Britain) and Pan American Silver (Canada) had a negative impact. The weighting of gold mining stocks was over 53% in the reporting period - an increase compared to the previous month (over 52%). 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 generally underperformed gold mining stocks somewhat in April, with the MSCI World Materials losing -1.34% in euro terms and the CRB commodity index down -1.31%.