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 (01/12/2022): | 88,56 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 (01/12/2022)
| 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): | 9,143 |
| Environment Rating (0-10): | 4,310 |
| Social Rating (0-10): | 6,191 |
| Governance-Rating(0-10): | 6,787 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 94,640 % |
| Peergroup: |
Equity Sector Materials
(112 Fonds) |
| Coverage rate ESG rating: | 94,368 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 371,430 |
Report date: 30/11/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 22,10 % |
| Tracking Error (2 years): | 14,79 % |
| Value at Risk (99% / 20 days): | -13,96 % |
| Maximum Drawdown (1 year): | -26,41 % |
| Sharpe Ratio (2 years): | 0,37 |
| Correlation (2 years): | 0,61 |
| Beta (2 years): | 0,76 |
| Treynor Ratio (2 years): | 10,66 |
Top Country Allocation (30/11/2022) |
|
|---|---|
| Canada | 27,39 % |
| United States | 21,65 % |
| United Kingdom | 13,83 % |
| Norway | 7,68 % |
| Australia | 6,15 % |
Asset Allocation (30/11/2022) |
|
|---|---|
| Stocks | 91,25 % |
| Bonds | 4,81 % |
| Cash | 3,95 % |
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 October the DJE - Gold & Ressourcen gained 3.64%. Its benchmark index (60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR)) rose 2.08%. Gold mining stocks performed positively in October. The XAU Gold Mining Index gained 2.44% in U.S. dollar terms and rose 1.44% in euro terms - due to the appreciation of the euro against the U.S. dollar in October. Gold mining stocks thus outperformed the gold price itself, which was -1.63% lower in US dollar terms than previous month at USD 1,633.56/ounce. In euro terms the loss was higher at -2.46% to 1,652.52 EUR/ounce due to the depreciating US dollar. At USD 1,633 per troy ounce the gold price at the end of October was not far from its low of the year. Therefore it remains difficult for gold in the current environment of rising interest rates and bond yields. In addition persistently high gold ETF sales in October also weighed on the gold price. In the short term the guiding factor for the gold price remains the development of U.S. monetary policy - or the expectations of market participants - and the resulting development of the U.S. dollar exchange rate. The latter should have considerable upside potential as soon as an end of the aggressive interest rate hikes becomes apparent. Moreover in an environment of continuing high inflation figures (e.g. 10.7% in the euro area in October) and the emerging slowdown in growth with volatile stock markets - both in the U.S. and in Europe - gold remains attractive as a stable-value investment in the long term. The highest positive performance contributions in October came from the energy companies Chevron, Exxon Mobile and ConocoPhillips (all three USA) as well as TotalEnergies (France). A negative impact on the other hand had positions in mining companies B2Gold (gold) and Yamana Gold (gold, silver, copper/both Canada) as well as Boliden (gold, silver, copper, lead, zinc/Sweden) and GoldFields (gold/South Africa). The weighting of gold mining stocks declined to around 42% in the reporting period (a good 43% 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 October: MSCI World Materials +5.16% and CRB Commodity Index +1.17% - both figures in euro terms.