Key information
DJE - Zins & Dividende is a multi-asset fund managed independently from any benchmark. The fund aims for absolute returns with the help of conservative drawdown management. On the equity side, the fund invests primarily in equities with above-average dividend yields. The investment objective is to invest across asset classes and generate regular income from fixed income instruments, supplemented by capital gains and dividends on the equity side. The selection criteria for companies are recurring dividend payments as well as investor-friendly corporate policies such as stock buybacks. While the focus is on dividend paying stocks, the fund may also invest in companies that do not currently pay a dividend. The fund's flexible investment approach allows it to adapt quickly to changing market conditions. To reduce volatility, at least 50% of the fund is invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
ISIN: | LU1794438561 |
WKN: | A2JGDY |
Category: | Fund EUR Moderate Allocation - Global |
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: | 01.01. - 31.12. |
Launch Date: | 03/07/2018 |
Fund currency: | |
Fund Size (27/03/2024): | 3.785,90 Mio |
TER p.a. (29/12/2023): | 0,91 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,650 % |
Custodian Fee p.a.: | 0,060 % |
Ratings & Awards (27/03/2024)
Morningstar*: |
|
Awards: Mountain View Fund Awards 2023 Winner in the category "Mixed Funds Global Balanced" |
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): | A |
ESG-Qualityrating (0-10): | 6,720 |
Environment Rating (0-10): | 6,467 |
Social Rating (0-10): | 5,006 |
Governance-Rating(0-10): | 5,628 |
ESG rating in comparison group (0% lowest, 100% highest value): | 17,350 % |
Peergroup: |
Mixed Asset EUR Bal - Global
(784 Fonds) |
Coverage rate ESG rating: | 88,759 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 155,823 |
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): | 6,24 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -3,87 % |
Maximum Drawdown (1 year): | -2,95 % |
Sharpe Ratio (2 years): | 0,30 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (29/02/2024) |
|
---|---|
United States | 46,22 % |
Germany | 15,45 % |
France | 3,38 % |
United Kingdom | 3,16 % |
Denmark | 2,57 % |
Asset Allocation (29/02/2024) |
|
---|---|
Bonds | 51,79 % |
Stocks | 46,65 % |
Cash | 1,57 % |
Investment strategy
The objective of DJE - Zins & Dividende is to generate a steady return – even in volatile markets. On the fixed income side, the fund invests primarily in debt instruments from sovereign issuers and corporates with investment-grade ratings. On the equity side, the fund relies on the established DJE dividend strategy. We believe that dividends can make a strong contribution to performance over time due to the compound interest effect. Time-series analysis shows that only around half of the equity returns are due to capital gains. The other half is attributable to dividends. The fund aims for an above-average dividend yield relative to the broader market. However, the fund may also include stocks that do not currently pay a dividend. The asset allocation is flexible and is adjusted depending on market environment. To reduce volatility, at least 50% of the fund are invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Chances
- Possible share price gains are complemented by interest income from international bonds and dividend distributions.
- The portfolio is continuously adjusted to the changing market environments.
- Regular returns from interest and dividends can serve as a buffer in the event of stock market slumps.
- The balanced fund aims for a steady positive performance with low volatility in all market environments.
Risks
- Bonds are subject to price risks if interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- The income from interest and dividends is not guaranteed.
- The value of an investment may rise or fall and investors may not get back the amount invested.
- There is a currency risk for euro investors in securities not denominated in euros.
Monthly Commentary
The stock markets maintained their momentum from the previous month in February and performed very favourably. A key performance driver behind this was the markets' continued enthusiasm surrounding the topic of artificial intelligence. In addition, quarterly figures were mostly good, data from the US labour market was robust and purchasing managers' indices in the US rose, signalling an expansive economy. However, US inflation data was higher than expected, meaning that the US Federal Reserve still had no reason to cut interest rates. In the eurozone, on the other hand, inflation continued to fall and only the Purchasing Managers' Index for services left the recessionary zone. By contrast, its counterpart for the manufacturing industry sank even lower. Experts believe that the ECB may cut its key interest rate for the first time in June. It was noticeable on the bond markets that expectations of interest rate cuts were already premature at the beginning of the year. Yields on high-quality government and corporate bonds rose noticeably. 10-year German government bonds yielded 25 basis points higher at 2.41% and their US counterparts 34 basis points higher at 4.25%. The DJE - Zins & Dividende rose by 1.34% in this market environment. Most sectors within the global equity index MSCI World performed positively. The biggest gains came from the retail, automotive, media and technology sectors. By contrast, the basic materials, telecommunications and food & beverages sectors performed negatively. The fund benefited in particular from its exposure to the technology, financial services and healthcare sectors. The continuing enthusiasm for AI drove technology stocks, while the obesity issue brought high gains to selected pharmaceutical stocks and financial service providers benefited from the rise in interest rates. However, the latter phenomenon was also one of the negative factors, primarily for the property sector. Falling gas and electricity prices in Europe and Germany also weighed on the energy and utilities sectors. The strongest individual stocks included the US companies Meta (internet/social media), NVIDIA (graphics processors) and Uber (passenger transport). On the other hand, the US technology group Palo Alto Network (IT security), the Norwegian energy group Equinor and the US telecommunications company Verizon, among others, had a negative impact on performance. Over the course of the month, the fund management increased the weighting of the retail, insurance and financial institutions sectors and reduced the energy sector in particular. As a result, the fund's equity allocation rose slightly from 45.39% to 46.65%. On the bond side, the broad rise in yields on almost all bond types weighed on the fund's performance. In order to reduce the risk of a further rise in yields, the fund management shortened the duration of the bond portfolio. There were no bond purchases, but the position in a longer-dated US government bond was reduced. The modified duration of the bonds (including cash and derivatives) fell from 3.59% to 3.35%. The fund's bond ratio fell from 53.98% to 51.79%. Liquidity rose from 0.63% to 1.57%. The currency hedging for Hong Kong dollar-denominated securities against the US dollar and the partial hedging of US dollar-denominated securities against the euro were retained, but the latter was reduced by half.