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 |
| 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 (19/05/2022): | 93,13 Mio EUR |
| TER p.a. (30/12/2021): | 1,98 % |
| 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 (19/05/2022)
| Morningstar*: |
|
|
Awards: €uro Fund Award 2022 1st place over 1 year in the category "Equity Funds Gold" |
ESG Data
| MSCI ESG RATING (AAA-CCC): | AAA |
| ESG-Qualityrating (0-10): | 9,164 |
| Environment Rating (0-10): | 4,122 |
| Social Rating (0-10): | 5,989 |
| Governance-Rating(0-10): | 6,349 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 94,190 % |
| Peergroup: |
Equity Sector Materials
(86 Fonds) |
| Coverage rate ESG rating: | 99,047 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 480,459 |
Report date: 29/04/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 20,94 % |
| Tracking Error (2 years): | 12,19 % |
| Value at Risk (99% / 20 days): | -13,13 % |
| Maximum Drawdown (1 year): | -16,15 % |
| Sharpe Ratio (2 years): | 0,50 |
| Correlation (2 years): | 0,69 |
| Beta (2 years): | 0,82 |
| Treynor Ratio (2 years): | 12,85 |
Top Country Allocation (29/04/2022) |
|
|---|---|
| Canada | 28,70 % |
| United States | 17,27 % |
| United Kingdom | 9,46 % |
| Norway | 8,61 % |
| Australia | 8,51 % |
Asset Allocation (29/04/2022) |
|
|---|---|
| Stocks | 98,91 % |
| Cash | 1,09 % |
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 the value of the DJE - Gold & Resources fell -1.94%. Its benchmark index (60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR)) corrected -1.56%. Gold mining stocks performed negatively in April. The XAU Gold Mining Index declined -9.94% % in US dollar terms and -5.39% in euro terms due to the appreciation of the US dollar against the euro in April. Gold mining stocks underperformed the gold price itself, which fell by -2.09% in US dollar terms to USD 1,896.93/ounce. In euro terms, however, the gold price was +2.78% higher than previous month at 1,799.27 EUR/ounce due to the appreciation of the US dollar. The gold price development was burdened in April by the recent further increase in bond yields and the strong US dollar. On the other hand, the gold price continued to receive support from a number of risk factors, including the Russia-Ukraine war, which is now entering its third month, the further increase in inflation figures (USA +8.5%; Germany +7.3%) and the volatile stock markets characterized by high uncertainty. Global gold demand rose 34% year-on-year to 1,234 tons in Q1 2022, the highest level since Q4 2018, again driven by very strong ETF demand and central bank buying. Despite rising interest rate expectations and an even tighter monetary policy (balance sheet reduction through bond sales) by the US Federal Reserve, gold remains in demand as a stable-value investment in an environment of geopolitical risks and high inflation rates. The highest positive performance contributions in April came primarily from the mining companies Yamana Gold (Canada), K&S (Germany) and Endeavour Mining (Great Britain) as well as from the mineral oil companies Exxon Mobil (USA), Lundin Energy (Sweden) and Var Energi (Norway). On the other hand, the positions of the mining companies Anglo American (Great Britain/South Africa), Gold Fields (South Africa), First Majestic Silver (Canada) and Boliden (Sweden) as well as the aluminium producer Norsk Hydro (Norway), among others, had a negative impact. The weighting of gold mining stocks increased to a good 52% in the reporting period (around 48% in the previous month). The focus remains on solidly financed producers that generate positive free cash flows even at lower gold prices and have a certain growth perspective. Broader-based commodity/chemical stocks outperformed gold mining stocks in April: MSCI World Materials -0.09% and CRB Commodity Index +9.71% - both in euro terms.