Key information
The DJE Gold & Stabilitätsfonds offers a value-oriented fund approach with a focus on various classes. The fund’s asset management approach focuses on absolute return and the active and dynamic management of the blend of asset classes. The asset classes held in the fund include precious metals, short-term bank deposits, stocks from the sectors basic materials, health care, utilities, real estate, telecommunication and agriculture as well as stocks from Swiss companies and government bonds with investment grade. Furthermore the purchase of corporate bonds esteemed as solid investment of the above mentioned sectors is permitted. Up to 30% of the fund’s assets may be invested directly in physical gold. The total investment in gold (directly or indirectly through certificates) may not exceed 49% of the fund’s assets. The objective of the fund is to generate a steady return. The fund’s currency is the Swiss Franc. Anyway, the fund is always managed from an Euro investor’s perspective, thus the performance calculated in Euro is relevant.
Responsible manager since 01/01/2010
Key information
| ISIN: | LU0323357649 |
| WKN: | A0M67Q |
| Category: | Global Balanced Funds - Mixed Funds |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 4 |
| 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: | 01/04/2008 |
| Fund currency: | CHF |
| Fund Size (26/05/2023): | 194,40 Mio |
| TER p.a. (30/12/2022): | 1,80 % |
| Reference Index: | |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,750 % |
| Custodian Fee p.a.: | 0,070 % |
|
Performance Fee p.a.: 10% of the unit value development, but no more than 2.5% of the average net fund assets in the accounting period, insofar as the unit value at the end of the accounting period exceeds the unit value at the end of the previous accounting periods. The accounting period begins on 1 January and ends on 31 December of a calendar year. The first accounting period begins on 1.4.2021 and ends on 31.12.2022. 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 Best Asset Manager 2023 Place 5 out of 557 funds in the category "Dynamic" in the ranking of Wirtschaftswoche and MMD |
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): | A |
| ESG-Qualityrating (0-10): | 7,098 |
| Environment Rating (0-10): | 6,005 |
| Social Rating (0-10): | 5,294 |
| Governance-Rating(0-10): | 5,739 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 57,780 % |
| Peergroup: |
Mixed Asset CHF Flexible
(45 Fonds) |
| Coverage rate ESG rating: | 60,427 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 375,342 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/04/2023
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 8,23 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -5,54 % |
| Maximum Drawdown (1 year): | -13,26 % |
| Sharpe Ratio (2 years): | -0,71 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (28/04/2023) |
|
|---|---|
| United States | 59,49 % |
| Germany | 8,28 % |
| France | 5,86 % |
| United Kingdom | 5,17 % |
| Switzerland | 4,66 % |
Asset Allocation (28/04/2023) |
|
|---|---|
| Stocks | 38,22 % |
| Commodities | 29,76 % |
| Bonds | 29,45 % |
| Cash | 2,58 % |
Investment approach
The focus of DJE Gold & Stabilitätsfonds is on investments in gold. For generations, gold has been considered a reliable hedge against losses arising from economic crises and in times of rapid inflation. The diversification of the portfolio through the addition of defensive, high-yield stocks serves to minimise risk. The fund's approach includes mainly stocks with high intrinsic value which have a solid and stable business model and which are characterized by stable cash flows during past crisis periods. On the bond side, only securities of issuers with at least an investment grade credit rating are acquired. The flexible investment approach of DJE Gold & Stabilitätsfonds allows to adapt quickly to constantly changing market conditions. Foreign currencies may be actively hedged against the fund currency.
Chances
- Attractive initial investment level for global dividend and value stocks
- Under-investment by private and institutional investors and emerging market central banks with strong foreign currency reserves in the asset class of gold
- Investments in gold should have additional potential given the precious metal’s role as a monetary stabiliser in politically, socially and economically uncertain times
Risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Investment in physical precious metals is subject to fluctuations
- Price risks for bonds, particularly when interest rates on the capital markets rise
- Currency risks resulting from the portfolio’s foreign (non-EUR) investments
Monthly Commentary
The DJE Gold & Stabilitätsfonds declined by -1.12% in April in the fund currency Swiss francs. In euro terms, the fund lost -0.12%. The price of a troy ounce of gold 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. The Fund's gold allocation remained almost unchanged at 29.76% (previous month: 29.93%). The MSCI World global equity index (including dividends) fell -0.02% in April in euro terms. The subsectors of the index showed a mixed picture: Relatively best - i.e. with the highest price gains - were, among others, the consumer staples sectors (overweight in the fund), energy (overweight in the fund) and health care (underweight in the fund). Relatively the worst performing sectors - i.e. with the highest price losses - were, among others, the construction materials, technology and non-basic consumer goods sectors (each with an overweight in the fund). Overall, the fund's sector positioning had a neutral impact on the fund's price performance relative to the world equity index in April. On the equity side, the highest performance contributions came from positions including German reinsurer Hannover Re, cosmetics group L'Oréal and ophthalmic optics company EssilorLuxottica and energy group TotalEnergies (all three France), as well as South African gold mining company Gold Fields. On the other hand, positions in Taiwanese semiconductor manufacturer TSMC and the two Chinese companies Anta Sports (sporting goods manufacturer) and Alibaba (technology), among others, had a negative impact. Compared to the previous month, the fund's share of equities fell from 39.10% to 38.21%. Bond markets performed positively in April. The Barclays Global Aggregate Total Return Index rose 0.44% in US dollar terms. The Fund's bond allocation increased slightly from 28.55% to 29.45%. Liquidity remained stable at 2.58% (previous month: 2.42%).