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: | LU0344733745 |
| WKN: | A0NC62 |
| Category: | Mixed funds balanced World |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 3 |
| 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 (21/09/2023): | 192,61 Mio |
| TER p.a. (30/12/2022): | 1,27 % |
| Reference Index: | - |
Fees
| Initial Charge: | 1,000 % |
| Management Fee p.a.: | 1,050 % |
| Custodian Fee p.a.: | 0,070 % |
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): | A |
| ESG-Qualityrating (0-10): | 6,971 |
| Environment Rating (0-10): | 6,081 |
| Social Rating (0-10): | 5,352 |
| Governance-Rating(0-10): | 5,784 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 24,440 % |
| Peergroup: |
Mixed Asset CHF Flexible
(45 Fonds) |
| Coverage rate ESG rating: | 61,034 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 361,336 |
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): | 8,31 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -5,57 % |
| Maximum Drawdown (1 year): | -6,16 % |
| Sharpe Ratio (2 years): | -0,67 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/08/2023) |
|
|---|---|
| United States | 59,89 % |
| Germany | 8,65 % |
| United Kingdom | 5,16 % |
| Switzerland | 4,82 % |
| France | 4,69 % |
Asset Allocation (31/08/2023) |
|
|---|---|
| Stocks | 35,29 % |
| Bonds | 33,23 % |
| Commodities | 28,98 % |
| Cash | 2,50 % |
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
- 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
Risks
- 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
Monthly Commentary
The DJE Gold & Stabilitätsfonds fell by -0.19% in August in the fund currency Swiss francs. In euro terms, it declined by -0.53%. The gold price fell in August by -1.27% to USD 1,940.19 per fine ounce, or by 0.26% in euro terms due to the slight appreciation of the US dollar against the common currency. August was dominated by the annual Federal Reserve meeting in Jackson Hole, as the market eagerly awaited a possible indication of the Federal Reserve's interest rate decisions in the coming months. However, Fed Chairman Powell's comments did not allow any conclusions to be drawn about the Fed's interest rate decisions in the coming months. Thus, US economic and inflation data will come into focus. 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 pointed 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. International stock markets suffered from a slight summer lull in August. Overall, global equities, as measured by the MSCI World, fell by -1.04% in euro terms. The energy and health care sectors, which are both overweighted in the fund, posted price gains, while the utilities and construction materials sectors, as well as financial services, performed negatively. Overall, the Fund's sector positioning had a neutral impact on the Fund's price performance relative to the world equity index. On the equity side, the highest performance contributions came from positions in pharmaceutical companies Novo Nordisk (Denmark) and Eli Lilly (USA), among others, as well as from the French energy and oil company TotalEnergies. In contrast, positions in the Canadian mining company Nutrien, the German semiconductor company Infineon and the Danish offshore wind turbine manufacturer Orsted, among others, had a negative impact. The equity allocation of the DJE Gold und Stabilitätsfonds fell to 35.86% (previous month: 38.06%), while the bond allocation rose slightly from 31.35% to around 33.23%. The gold portion of the portfolio remained almost unchanged at 27.17% (previous month: 26.93%). The fund's liquidity rose from 1.87% to 2.50%.