FI ALPHA - DWS Concept DJE Alpha Renten Global
As at: 17/05/2013
| ISIN: | LU0087412390 |
| WKN: | 974515 |
| Bloomberg: | FIALPGR LX |
| Reuters: | LU0087412390.LUF |
| Asset Class: | Balanced Funds - Focus on Global Bonds |
| Investment Company: | DWS Investment S.A. |
| Advisor: | DJE Kapital AG |
| Risk Category: | 2 |
| Type of Share: | Accumulation |
| Financial Year: | 01/07 - 30/06 |
| Launch Date: | 27/05/1998 |
| Fund Size (30/04/2013): | 252.78m EUR |
| TER p.a. (30/06/2012): | 1.35% |
| Reference Index: | 70% JPM GBI GBI Global Unhedged in EUR, 30% MSCI World |
Advisor
Dr. Jens Ehrhardt
| Initial Charge: | 2.00% |
| All-in-Fee p.a.: | 1.30% |
Investment Strategy
This actively managed fund focuses its investments on bonds from domestic and foreign issuers, participation certificates, convertible bonds and warrant bonds. Domestic and foreign stocks may comprise up to 20% of fund assets. This level can be tactically increased by 10% through the use of derivatives. Overall the fund maintains a balanced mix of securities with the goal of achieving a reasonable return. The focus of investments is on high-quality bonds. In selecting equities, the fund managers analyse companies using quantitative and qualitative criteria.
| Morningstar RatingTMOverall *: |  |
| €uro Fund Award 2012: | 2nd Place, Balanced Funds (prematuraly bonds), 10 years, Germany |
| Euro Fund Award 2013: | 3rd Place, Balanced Fund Mainly Bonds, 10 years, Germany |
Monthly Fund Manager's Commentary
There was no base rate alteration in April but the ECB prepared a rate cut by explicitly pointing out the weakness of the European economy. The president of the Bundesbank, Weidmann, considered a base rate cut and does not give an all clear signal viewing the debt crisis. In addition he demands, the possibility of European banks to go bankruptcy without threatening the financial system. In a confidential statement for the Federal Constitutional Court, the Bundesbank refused the purchase of all government bonds. Some US FED members are able to imagine the end of the monetary easing in 2013. But the most important decision makers Bernanke and Yellen represent the opposite opinion, what will complicate a fast change in direction. Meanwhile 12 Federal states of the US would like to introduce gold and silver coins as means of payment in order to emphasize their dissatisfaction with the policy of the FED. Japan on the other side announced to extend the bond purchasing program even to longer maturities. Currently Japan enhanced its investments in Euro government bonds. Within the euro zone as a whole the deficit reduction is in progress. The rate of new indebtedness 2012 was only 3.7 per cent. Anyway, in France and in Spain this rate is higher than expected (4.8 % respc. 10.6%), which is considerably higher than the targeted 3 per cent. Anyway, this was no harm for bonds. During the month the yield in France dipped more than 30 bp to 1.71 % and in Spain from 5 % to more than 4%. Germany is still able to use favorable financial sources and launched a 31-year bond with a yield of only 2.6 per cent. The yield of the 10- year Bundesanleihe was by month end 1.22 per cent. Also Italy was able thanks to the finally formed government to raise money under 4 per cent. The fund management took place in the new emissions of BMW, EP Energy, Gazprom, Lukoil, RZD Capital, Schaeffler, Sinopec and the VW Bank. The credit insurer Euler Hermes expects a growth in insolvencies in the Eurozone for 2013 of 21 percent. The focus of the fund management remains on short durations, good credit standings and a high proportion of corporate bonds.
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.
*) © 2013 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.