11/09/25 09:33:52

Funds: Gold mining funds with price gains of over 80 percent

The high price of gold is leading to high sales of gold mining funds. However, in addition to many purchases, there are also profit-taking activities. The situation is similar for technology funds. Real estate funds continue to struggle.


11 September 2025. FRANKFURT (Börse Frankfurt). Gold is currently the number one topic in fund trading. “We are seeing above-average sales of gold mining funds,” reports Baader Bank trader Matthias Präger. The background: Until Tuesday of this week, the price of gold rose and rose, most recently to a new all-time high of US$3,673. On Thursday morning, it was hardly any lower. Since the beginning of the year, this represents an increase of 40 percent.

The prices of gold mining funds are also continuing to climb. Investors are keen to buy in the hope of further gains, but that's not the only reason. Präger and ICF trader Frank Wöllnitz report purchases for the Earth Gold Fund (DE000A0Q2SD8). It has even gained over 80 percent this year. According to Präger, profits are being taken in Franklin Gold and Precious Metals (LU0496367763), whose shares have almost doubled in value. 

Tech funds remain a hot topic

Technology funds are also generating high sales, as Wöllnitz reports. He has observed almost exclusively purchases for BGF World Technology (LU0056508442) and trading in both directions for Fidelity's FF Global Technology (LU0099574567). In contrast, business with broadly diversified equity funds is proceeding as usual. “Turnover is moderate, with sales predominating,” notes Präger. The sell lists include, for example, DekaFonds CF with German large caps (DE0008474503) and CT (Lux) European Smaller Companies (LU1864952335), as well as the internationally investing DWS Top Dividende (DE0009848119) and Dirk Müller Premium Aktien (DE000A111ZF1). On the other hand, investors are snapping up the Alken Fund European Opportunities (LU0235308482) and FF Global Dividend from Fidelity (LU0731782826). Asian stocks are currently of little interest, Präger adds.
 

Matthias Praeger

Matthias Präger

Money market funds with “significant excess demand”

Money market funds continue to be extremely popular. “We have high sales and significant excess demand,” explains Präger. Examples include CB Geldmarkt Deutschland from Allianz Global Investors (LU0052221412), DWS Euro Reserve (LU0011254512), and FT AccuGeld from Oddo BHF (DE0009770206).

Real estate funds: Highest monthly outflows since 2017

There is also a lot going on in real estate funds. “It is striking that real estate funds are currently in constant demand,” reports Wöllnitz, referring to Grundbesitz Europa (DE0009807008), Grundbesitz Global (DE0009807057), and Grundbesitz Fokus Deutschland (DE0009807081). On the other hand, he sees declines in UniImmo: Europa (DE0009805515) and significant declines – and price losses – in KanAm's Leading Cities Invest (DE0006791825). 
The situation for real estate funds remains tense. According to a study published earlier this week by the consulting firm Barkow Consulting, more and more money is flowing out of open-ended real estate funds.

In July alone, the funds lost a total of €889 million, according to reports—the highest monthly net outflows since the 2008 financial crisis. “The deterioration in July comes as no surprise. Due to the twelve-month notice period and the unexpected and high write-down of a fund at the end of June 2024, corresponding redemptions were to be expected,” writes Barkow. Overall, outflows currently total €11.1 billion. The consumer portal Finanztip continues to advise exiting via the stock market.

By Anna-Maria Borse, 11 September 2025, © Deutsche Börse AG

Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock exchanges and economic issues.

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