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: | LU0159550820 |
| WKN: | 164324 |
| Category: | Themed Equity Funds Global Precious Metals/Basic Resources |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | 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: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (21/09/2023): | 81,96 Mio EUR |
| TER p.a. (30/12/2022): | 1,89 % |
| Reference Index: | - |
Fees
| Management Fee p.a.: | 1,420 % |
| Custodian Fee p.a.: | 0,100 % |
Ratings & Awards (21/09/2023)
| Morningstar*: |
|
|
Awards: AAA Recognised with the top AAA rating in Citywire's fund manager ratings |
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): | 7,552 |
| Environment Rating (0-10): | 4,252 |
| Social Rating (0-10): | 6,097 |
| Governance-Rating(0-10): | 6,834 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 95,830 % |
| Peergroup: |
Equity Sector Materials
(120 Fonds) |
| Coverage rate ESG rating: | 94,725 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 447,279 |
Portfolio allocation according to ESG rating of individual securities
Report date: 31/08/2023
Perfomance Chart
Performance in Percent
Risk metrics (21/09/2023) |
|
|---|---|
| Standard Deviation (2 years): | 22,84 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -14,53 % |
| Maximum Drawdown (1 year): | -16,19 % |
| Sharpe Ratio (2 years): | 0,19 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/08/2023) |
|
|---|---|
| Canada | 27,33 % |
| United States | 14,85 % |
| United Kingdom | 14,82 % |
| Australia | 10,33 % |
| South Africa | 5,38 % |
Asset Allocation (31/08/2023) |
|
|---|---|
| Stocks | 90,09 % |
| Bonds | 5,02 % |
| Cash | 4,89 % |
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
- In the long term, high upside potential for stocks of the gold and commodity sector
- Exchange rate gains in global investments are possible
- 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
- In addition to market price risks (equity and currency risks), there are country and credit risks
- Currency risks resulting from a high proportion of foreign investments
- Shares in the commodity and precious metals sector are generally more volatile than the overall market
Monthly Commentary
DJE - Gold & Ressourcen fell by -2.91% in August. Measured by the XAU Gold Mining Index, gold mining stocks fell by -5.60% (EUR) due to the appreciation of the US dollar during the reporting period. Gold mining stocks thus underperformed the gold price itself, which fell by -1.27% to 1,940.19 USD/oz. In euro terms, the gold price rose by 0.26% to €1,789.19/oz due to the appreciating USD dollar. The month of August was dominated by the annual Federal Reserve meeting in Jackson Hole, as the market was eager to hear Fed Chair Powell's speech on the current economic situation in the US. Since Powell's remarks allowed little to no conclusions about the Fed's interest rate decisions in the coming months, the focus is likely to be on US economic and inflation data. After interest rates on 10-year US government bonds fell again somewhat towards the end, the gold price was able to regain some ground. The figures on job openings and private employment in the USA published at the beginning of September point to a cooling of the labour market desired by the Fed, which caused interest rate expectations on the market to fall significantly. US key interest rates may thus have reached a plateau level. In the medium to longer term, the market's expectations of interest rate cuts should be a major support for the gold price. The highest positive performance contributions in August came, among others, from the positions of the French energy and oil company TotalEnergies, the Norwegian energy company Equinor, and the Canadian mining company Kinross Gold. On the other hand, the positions of the mining companies Gold Fields (South Africa), Agnico Eagle Mines (Canada) and Anglo American (Great Britain), among others, had a negative impact. The weighting of gold mining stocks was over 48% in the reporting period - a reduction from the previous month's level (over 55%). 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 commodity/chemical stocks tended to outperform gold mining stocks in August: the MSCI World Materials fell by -3.32%, while the CRB commodity index rose by 1.45% - both index figures in EUR terms. The equity allocation was around 90% in August, a slight reduction from around 95% at the end of July in favour of the cash ratio, which rose to around 4.9%.