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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 (25/07/2024): | 80,22 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 (25/07/2024)
Morningstar*: |
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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): | 7,428 |
Environment Rating (0-10): | 4,296 |
Social Rating (0-10): | 5,885 |
Governance-Rating(0-10): | 6,760 |
ESG rating in comparison group (0% lowest, 100% highest value): | 92,520 % |
Peergroup: |
Equity Sector Materials
(147 Fonds) |
Coverage rate ESG rating: | 100,000 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 436,800 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/06/2024
- 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 (25/07/2024) |
|
---|---|
Standard Deviation (2 years): | 20,06 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -12,61 % |
Maximum Drawdown (1 year): | -10,98 % |
Sharpe Ratio (2 years): | 0,28 |
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 28/06/2024
Top Country Allocation in % of Fund Volume (28/06/2024) |
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Canada | 33,67 % |
United States | 16,85 % |
United Kingdom | 11,45 % |
Australia | 7,28 % |
Japan | 4,87 % |
Asset allocation in % of the fund volume (28/06/2024) |
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Stocks | 97,51 % |
Cash | 2,50 % |
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.
![Investment approach](/globalassets/investmentconcept/lu0159550077_en.jpg)
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
In June, the DJE - Gold & Ressourcen fell by -2.38%. The XAU gold mining index lost -5.24% in US dollar terms and -4.08% in euro terms due to the appreciation of the US dollar. Gold mining shares thus underperformed the gold price itself, which fell by -0.2% to USD 2,326.75 per troy ounce and rose by 1.08% to EUR 2,170.75 per troy ounce in euro terms. Although the gold price was flat in June, it gained 12.8% (USD) and 16.2% (EUR) in the first half of 2024 due to the appreciation of the US dollar. The most important influencing factor in the first six months of the year is likely to have been the ongoing purchases by central banks, particularly the People's Bank of China (PBOC). According to a recent survey by the World Gold Council, most central banks plan to continue increasing their gold reserves over the next 12 months. Positive signals also came from another important driver of gold demand in June: gold ETFs. After months of sustained outflows in the ETF gold holdings tracked by Bloomberg, June saw the first monthly inflows since May 2023. A combination of a more dovish US Federal Reserve, rising ETF inflows and continued central bank purchases (especially in China) should continue to provide positive support for the gold price in the second half of 2024. The highest positive performance contributions in June came from the Canadian gold mining company Kinross Gold, the German-American industrial group Linde and the Swiss building materials manufacturer Holcim, among others. By contrast, the positions of the two Canadian mining companies Cameco and Pan American Silver and the Australian gold mining company Evolution Mining, among others, had a negative impact. The weighting of gold mining stocks was over 51% in the reporting period, almost unchanged from the previous month. The focus remains on solidly financed producers that generate positive free cash flows even at lower gold prices and also have a certain growth perspective. Broad-based commodity/chemical stocks generally outperformed gold mining stocks in June: the MSCI World Materials index fell by -2.36%, while the CRB commodity index rose by 1.33% in EUR terms - both index figures in euro terms.