DJE - InterCash (P)
As at: 16/05/2012
| ISIN: | LU0159549814 |
| WKN: | 164321 |
| Bloomberg: | DJEINCP LX |
| Reuters: | LU0159549814.LUF |
| Asset Class: | Bond Funds Short-Dated Eurozone |
| Investment Company: | DJE Investment S.A. |
| Advisor: | DJE Kapital AG |
| Risk Category: | 1 |
| Type of Share: | Accumulation |
| Financial Year: | 01/07 - 30/06 |
| Launch Date: | 27/01/2003 |
| Fund Size (30/04/2012): | 245.82m EUR |
| TER p.a. (30/06/2011): | 0.69% |
| Reference Index: | 50% Euribor 3 month RETURN, 50% JP Morgan EMU Bond Index 1-3 |
Fund manager
Dr. Jens Ehrhardt
| Initial Charge: | 1.00% |
| Management Fee p.a.: | 0.42% |
| Custodian Fee p.a.: | 0.10% |
| Advisory Fee p.a.: | 0.08% |
Investment Strategy
The fund's investment focus is on bonds denominated in euros with shorter maturities. The fund managers place considerable emphasis on achieving as stable a performance as possible. The fund's balanced mix of securities and moderate investment horizon is intended to help avoid major fluctuations in the fund price.
| Morningstar RatingTMOverall *: |  |
| €uro Fund Award 2011: | 1st Place, Bond Funds (short-dated Euro), 5 years, Germany |
| Deutscher Fondspreis 2011: | 1st Place, Bonds Euroland mixed, EUR, 5 years |
Monthly Fund Manager's Commentary
The development of the bond market has to be attributed again to the unsolved European debt difficulties. Particularly the increasing demand of an easing of the reorganization efforts of the public authorities especially of some Mediterranean countries, forced confidence declines. EZB president Mario Draghi pleads for a "Growth Compact", in addition to the passed European "Fiscal Compact". A financial concept of the Growth Compact was not presented. For this reason the spreads for Spanish and Italian bonds compared to German reached the highest level since January. Spain and Italy have to pay 6% for ten-year bonds. In March the EZB helped them with the purchase of bonds in height of 20 billion Euros respectively 24 billion Euro. The German current yield declined by 9.3% to 1.28%. By the end of April ten-year government bonds recorded by 1.52%. Owing to the renewed Greece governmental crisis a second payment default becomes likely again. The yield of US bonds decreased due to the poor economic growth rate. Apart from the Italian commitment of the previous months, the fund management invests particularly into countries with an excellent credit standing. Mainly focused are selected corporate bonds. Low yield bonds have been successively reduced. The fund management sticks to its defensive strategy with short-term, good credit worthiness and a high weighting into 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 (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.
*) © 2012 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.