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
|Category:||Global Balanced Funds - Mixed Funds|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (27/07/2021):||183,85 Mio|
|TER p.a. (30/12/2020):||2,07 %|
|Initial Charge:||5,00 %|
|Management Fee p.a.:||1,75 %|
|Custodian Fee p.a.:||0,07 %|
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 (27/07/2021)
Performance in Percent
|Standard Deviation (2 years):||10,88 %|
|Tracking Error (1 years):||-|
|Value at Risk (99% / 20 days):||-6,77 %|
|Maximum Drawdown (1 year):||-6,10 %|
|Sharpe Ratio (2 years):||0,67|
|Correlation (1 years):||-|
|Beta (1 years):||-|
|Treynor Ratio (1 years):||-|
Top Country Allocation (30/06/2021)
|United States||42,15 %|
|United Kingdom||6,99 %|
Asset Allocation (30/06/2021)
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.
- 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
- 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
In June the DJE Gold & Stabilitätsfonds corrected -0.63% in the fund currency Swiss francs and -0.33% in euros - due to the depreciation of the Swiss franc against the euro. The gold price closed in June -7.17% per troy ounce in U.S. dollar terms, trading at USD 1,770.11 per ounce. In euro terms, however, the gold price fell by only -4.26% to 1,492.84 EUR/ounce due to the stronger US dollar. There was no support for the gold price from the gold ETFs in June, which reported about 6 tons of outflows. The strengthening of the U.S. dollar also weighed on the gold price development. Thanks to price gains in April and May the second quarter ended with an overall gain of 3.7%. However the first half of the year ended with a minus in height of -6.8% in U.S. dollar terms. In general the first half of the year was more characterized by ETF outflows, which amounted to about 194 tons. Even though the gold price is currently experiencing some headwinds the positive outlook for the medium to longer term has not changed. Increased inflation rates, low or in some cases clearly negative real interest rates, a still expansionary central bank policy and the high level of government debt all favor gold investment in the long term. In addition, the uncertainty of investors, the investment emergency and a loss in value of the most important currencies supported by the central banks continue to favor the alternative currency gold. The MSCI World global equity index (including dividends) rose by 4.54% in June in euro terms. The sectors of the global stock market mostly performed positively in June. Relatively the best performing sectors, i.e. with the highest price gains, were, among others, technology, consumer cyclicals (neither of which is an investment focus of the fund), energy, healthcare and telecommunications (all three highly weighted in the fund). Anyway the sectors construction & materials and financial services sectors (both highly weighted in the fund) ended the month in negative territory. Overall the fund's sector positioning had a positive impact on the fund’s price performance relative to the world equity index in June. On the equity side the highest performance contributions in June came from positions of the in Basel-based pharmaceutical group Roche, Berlin-based online retailer Zalando, U.S. technology group Apple and Danish healthcare company Novo Nordisk, among others. Anyway positions in the two mining companies Newmont Mining (USA) and Anglo American (UK), as well as the Danish energy supplier Orsted (offshore wind turbine operator) and the Swiss mechanical engineering group Bucher Industries had a negative impact on the fund’s performance. The equity allocation increased from 66.88% to 68.17%. The bond ratio remained almost stable at 2.84% (2.79% i previous month). Bonds performed negatively in June at -0.88% in USD terms as measured by the Barclays Global Aggregate Total Return Index. The certificate on physical gold was 2.37% (2.56% previous month). The cash ratio was 0.70% (0.46% previous month). Euro hedges were in place at the end of the month.
Legal Information / Disclaimer:
Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de. All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change. The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance. The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information. In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses. The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA. This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.
*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.