Key information
The fund invests primarily worldwide in listed bonds of all types. In addition, the subfund's assets may invest up to 50% worldwide in equities listed on a stock exchange or traded on a regulated market that operates regularly, is recognized and open to the public. Units of other UCITS or UCIs are only acquired up to a maximum of 10% of the subfund's assets.<br><br>NOTE: Units of this unit class may only - be acquired and held by investors who fulfil the requirements of §44 a para. 7 sentence 1 of the German Income Tax Act or by comparable foreign investors with their registered office and management in a state providing administrative and recovery assistance or - be acquired and held within the framework of retirement provision or basic pension contracts that have been certified in accordance with §§ 5 or 5a of the German Retirement Provision Contracts Certification Act.
Key information
ISIN: | LU0194682679 |
WKN: | A0B524 |
Category: | Fund EUR Moderate Allocation |
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: | |
Financial Year: | 01.07. - 30.06. |
Launch Date: | 15/07/2004 |
Fund currency: | |
Fund Size (27/03/2024): | 48,97 Mio |
TER p.a. (30/06/2023): | 0,60 % |
Reference Index: | - |
Fees
Initial Charge: | 6,000 % |
Management Fee p.a.: | 0,320 % |
Custodian Fee p.a.: | 0,070 % |
Advisory Fee p.a.: | 0,16 % |
Ratings & Awards (27/03/2024)
Morningstar*: |
|
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): | AA |
ESG-Qualityrating (0-10): | 7,265 |
Environment Rating (0-10): | 6,582 |
Social Rating (0-10): | 5,409 |
Governance-Rating(0-10): | 6,033 |
ESG rating in comparison group (0% lowest, 100% highest value): | 73,710 % |
Peergroup: |
Mixed Asset EUR Cons - Global
(601 Fonds) |
Coverage rate ESG rating: | 87,978 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 114,772 |
Portfolio allocation according to ESG rating of individual securities
Report date: 29/02/2024
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Risk metrics (27/03/2024) |
|
---|---|
Standard Deviation (2 years): | 5,65 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -3,48 % |
Maximum Drawdown (1 year): | -1,66 % |
Sharpe Ratio (2 years): | 0,35 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (29/02/2024) |
|
---|---|
United States | 37,45 % |
Germany | 18,00 % |
Netherlands | 3,47 % |
Norway | 3,19 % |
Ireland | 2,80 % |
Asset Allocation (29/02/2024) |
|
---|---|
Bonds | 48,89 % |
Stocks | 42,90 % |
Cash | 5,63 % |
Funds | 2,58 % |
Investment strategy
Chances
- Asset management character through active risk management
- Participation in the growth opportunities of the global equity and bond markets - the fund is not fixed on one region or country
- proven
- monetary and market analysis this FMM approach has proven its worth for over 45 years.
- The selection and weighting of asset classes and securities is based on the fundamental
Risks
- Previously proven investment approach does not guarantee future investment success
- Share prices can fluctuate relatively strongly due to market conditions
- Country risks of issuers
- Price risks for bonds, especially in the event of rising interest rates on the capital market
- Currency risks due to foreign content in the portfolio
Monthly Commentary
The stock markets maintained their momentum from the previous month in February and performed very favourably. The German share index DAX reached a record high and rose by 4.58%. The broad European index Stoxx Europe 600 was slightly weaker with a gain of 1.84%. The broad US S&P 500 index was significantly stronger, rising by 5.66% and topping 5,000 points for the first time. The biggest gain in February came from the Far East: Hong Kong's Hang Seng Index climbed by 6.97%. Overall, equities, as measured by the global MSCI World, rose by 4.60% - all index figures in euro terms. A key performance driver behind this was the continuing enthusiasm of the markets around the topic of artificial intelligence. The major US technology companies grouped under the "Magnificent Seven" presented strong figures and fuelled the share rally. This was complemented by very robust data from the US labour market, with an increase of over 350,000 new jobs and an unemployment rate that remained stable at 3.7%. And the US Purchasing Managers' Index for the manufacturing sector rose to 52.5 points in February (previous month: 50.7), well above the threshold value of 50, which indicates an expanding economy. Its counterpart for services had already jumped from 50.5 to 53.4 points in January, and economists are expecting a further increase in February. However, inflation in the USA was 3.1% in January (experts had expected a fall to 2.9%) and core inflation was 3.9% compared to the same month last year, proving to be more stubborn than hoped. In view of the positive economic data, a recession in the USA should no longer be an issue in this cycle. On the one hand, the US Federal Reserve wants to avoid a recession, but on the other hand it wants to bring inflation towards its target of 2.0%. If this trend continues, key interest rates are likely to be cut later - possibly not until June - and not as often as expected. If inflation does not fall to 2.0% permanently, the Fed is likely to stop cutting interest rates again. In the eurozone, the Purchasing Managers' Index for services rose from 48.4 to 50 points, leaving the recessionary zone. However, the index for the manufacturing sector fell unexpectedly from 46.6 to 46.1 points in February. The eurozone economy is therefore likely to continue to tread water in the first quarter of 2024. In line with this, the German ifo business climate index is also stagnating at a low level; expectations are pessimistic, particularly in the manufacturing sector, and the order situation is declining. The rate of inflation in the eurozone rose by just 2.6% in February compared to the same month last year - in January it was 2.8%. This means that inflation is moving in the direction desired by the European Central Bank. If the inflation rate continues to approach the 2% inflation target in the coming months, the ECB is likely to cut interest rates. This would be the first rate cut since March 2016, but it was noticeable on the bond markets that expectations of interest rate cuts were already premature at the start of the year. Yields on high-quality government and corporate bonds rose noticeably. At 2.41%, 10-year German government bonds yielded 25 basis points higher, while their US counterparts were 34 basis points higher at 4.25%. The price of a troy ounce of gold rose by 0.23% to USD 2,044.30.