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|
|This sub-fund/fund promotes ESG features in accordance with Article 6 of the Disclosure Regulation (EU Nr. 2019/2088).|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (20/01/2022):||192,33 Mio|
|TER p.a. (30/12/2020):||1,68 %|
|Initial Charge:||1,000 %|
|Management Fee p.a.:||1,050 %|
|Custodian Fee p.a.:||0,070 %|
Ratings & Awards (20/01/2022)
|MSCI ESG RATING (AAA-CCC):||AA|
|Environment Rating (0-10):||6,415|
|Social Rating (0-10):||5,416|
|ESG rating in comparison group (0% lowest, 100% highest value):||77,360 %|
Mixed Asset CHF Flexible
|Coverage rate ESG rating:||70,541 %|
|Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales):||338,078|
Performance in Percent
|Standard Deviation (2 years):||11,52 %|
|Tracking Error (1 years):||-|
|Value at Risk (99% / 20 days):||-7,20 %|
|Maximum Drawdown (1 year):||-5,97 %|
|Sharpe Ratio (2 years):||0,58|
|Correlation (1 years):||-|
|Beta (1 years):||-|
|Treynor Ratio (1 years):||-|
Top Country Allocation (30/12/2021)
|United States||43,70 %|
|United Kingdom||4,19 %|
Asset Allocation (30/12/2021)
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.
- 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
- Attractive initial investment level for global dividend and value stocks
- Investment in physical precious metals is subject to fluctuations
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- 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 December the DJE Gold & Stabilitätsfonds rose 3.46% in the fund currency Swiss francs and gained 3.84% in euros due to the appreciation of the Swiss franc against the euro. The gold price rose +3.08% in U.S. dollar terms and to USD 1,829.20/ounce. In euro terms gold traded +2.80% higher than previous month at 1,608.82 EUR/ounce due to the depreciating US dollar. Despite its final sprint in December, the gold price ended the year 2021 -3.6% in U.S. dollar terms. This development is surprising as gold is generally regarded as a hedge against inflation and inflation rates have picked up significantly in the US and Europe since mid-2021: they are currently around 7% year-on-year in the US and over 5% in Germany. One reason for the negative development of the gold price was that many investors who had been bought gold in 2020 due to concerns regarding the effects of the Corona pandemic returned to the stock market in 2021 due to the successful vaccine development. The 2021 gold ETFs tracked by Bloomberg saw outflows - for the first time in several years - of 287 tons. On the other hand, the Fed's change of course also weighed on the gold price: the curbing of the Fed's expansionary monetary policy in the course of the year (i.e. the scaling back of the bond-buying program implemented in the Corona crisis) and the expectation of up to three U.S. interest rate steps in 2022 offer headwinds for the gold price development. Rising bond yields are generally negative for gold. In the longer term, however, the fact that real interest rates are likely to remain negative for the foreseeable future and therefore ETF purchases will also pick up again continues to speak in favor of gold. Furthermore, gold purchases by emerging markets are also likely to improve again in the medium term. The MSCI World global equity index (including dividends) rose +3.67% in December in euro terms. In December, the sectors of the global equity market mostly performed positively. Relatively the best performing sectors, i.e. with the highest price gains, were, among others, the sectors consumer staples, utilities and real estate (each with an overweight in the fund). The sectors consumer discretionary (underweight in the fund) ended the month on a negative note. Overall, the fund's sector positioning had a positive impact on the performance of the fund relative to the world equity index in December. On the equity side, the highest performance contributors in December came from positions in Pfizer (pharmaceuticals/USA), Total (petroleum/France), Nestlé (food/Switzerland), Nutrien (fertilizers/Canada) and Roche (pharmaceuticals/Switzerland), among others. A negative impact on the fund’s performance had the following in individual stocks: Salesforce (software), Amazon (online mail order) and Albemarle (specialty chemicals/all three USA) as well as Vestas Wind Systems (wind turbines/Denmark). The equity allocation remained almost stable at 68.70% after 67.98%, as did the bond allocation at 1.37% after 1.45%. Bonds performed negatively in December at -0.36% in USD terms as measured by the Barclays Global Aggregate Total Return Index. The certificate ratio on physical gold was 0.66% (0.62% previous month). The cash rate was 2.91% (1.38% previous month). As of month-end U.S. dollar-denominated positions were partially currency hedged.
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.
The management company of the funds is DJE Investment S.A., Distributor is the DJE Kapital AG. A summary of investors' rights can be obtained free of charge in English in electronic form on DJE‘s website at www.dje.de/summary-of-investor-rights. The funds described in this marketing document may have been notified for distribution in different EU Member States. Investors' attention is drawn to the fact that the relevant management company may decide to withdraw the arrangements it has made for the distribution of the units of its funds in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.