Fund Investment Strategy
The fund does not target to get interest yield by any means.
The fund aims at reflecting the changes in gold prices to its investors with a high rate. The objective of this fund is to ensure continuous and well balanced income flow in terms of gold prices through investments in gold and precious metals.
Accordingly, minimum 80% of Fund portfolio is comprised of gold traded in domestic or foreign stock markets. Additionally, capital market instruments based on gold or precious metals, lease certificates in TRY issued by Undersecretariat of Treasury and/or private sector, shares in BIST participation index, public or private borrowing bonds without interest income can be included in fund portfolio, maximum 20% of which is invested in participation account.
Moreover, the fund can invest in gold in USD and EUR besides TRY, also in public or private non-interest borrowing bonds issued abroad, provided that "investible credit note" is met (credit note is "S&P BBB" or equivalent for others).
Capital instruments with high liquidity and low risk are preferred to be selected for fund investments.
Money Market and Capital Market Instruments to Which tho Fund's Portfolio is Allocated
The fund’s management must comply with the following restrictions, save for the provisions of the relevant Regulations. Also, at least 80% of the fund’s portfolio must be allocated to reverse repurchase agreements and government domestic borrowing instruments.
|ASSET TYPE||MINIMUM %||MAXIMUM %|
|Capital Market Instruments Based on Gold and Precious Metals||0||20|
|No-Interest Investment Fund Shares||0||20|
|Participation Account (TRY - FX)||0||20|
|Shares in BIST Participation Index||0||20|
|Lease Certificates in TRY Issued by Undersecretariat of Treasury||0||20|
|No-Interest Borrowing Instruments and Lease Certificates Issued by Turkish Private Sector||0||20|
Fund portfolio is mainly comprised of gold and capital market instruments based on gold. The fund makes use of the yields from such instruments to achieve the targeted yield. The fund is exposed to gold price and FX risks. Changes in gold prices and FX rates affect the fund's yields. The fund mainly invests in physical gold, so it is not exposed to credit or liquidity risks. The fund's limit for investment in shares in BIST participation index is max. 20% therefore the fund has macroeconomic, industrial, company or liquidity risks. Though limited, the fund may be affected by the changes in share market.
90% IIMA Gold Price Index Weighted Average + 3% BIST Participation Index + 3% IIMA Lease Certificate Indices (Public) + 4% IIMA Monthly Profit Share Index (TRY)
- Please click here to view the By-Laws of AXA Gold Fund
- Please click here to view the Prospectus regarding AXA Gold Fund
- Please click here to view the AXA Gold Fund Introductory Brochure
- Please click here to view the AXA Gold Fund Prospectus Amendment
- Please click here to view thePublic Disclosure Form