Key information
This 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.
Responsible manager since inception
Responsible manager since 15/02/2022 as co-manager
Key information
| ISIN: | LU0087412390 |
| WKN: | 974515 |
| Category: | Fund EUR Cautious Allocation - Global |
| Minimum Equity: | - |
| Partial Exemption of Income ¹: | - |
| VG/KVG: | DWS Investment S.A. |
| Fund Management: | DJE Kapital AG |
| Risk Category: | 2 |
| This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
| Type of Share: | accumulation |
| Financial Year: | 01.07. - 30.06. |
| Launch Date: | 30/04/1998 |
| Fund currency: | EUR |
| Fund Size (12/09/2024): | 619,20 Mio EUR |
| Ongoing Charges p.a. (30/06/2020): | 1,40 % |
| Reference Index: | - |
Fees
| Initial Charge: | 2,000 % |
| All-in fee p.a.: | 1,35 % |
| Advisory Fee p.a.: | 0,40 % |
Ratings & Awards (12/09/2024)
| Morningstar*: |
|
|
Awards: Best Asset Manager 2023 2nd place out of 326 funds in the category "Defensive" in the ranking of Wirtschaftswoche and MMD |
no esg data available
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- 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
Rolling performance in %
Risk metrics (12/09/2024) |
|
|---|---|
| Standard Deviation (1 years): | 3,70 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -1,59 % |
| Maximum Drawdown (1 year): | -2,52 % |
| Sharpe Ratio (1 years): | 1,55 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 31/07/2024
Top Country Allocation in % of Fund Volume (31/07/2024) |
|
|---|---|
| United States | 29,70 % |
| Germany | 20,70 % |
| Italy | 15,30 % |
| Other Countries | 10,70 % |
| Japan | 5,70 % |
Asset allocation in % of the fund volume (31/07/2024) |
|
|---|---|
| Bonds | 75,60 % |
| Stocks | 17,50 % |
| Cash | 4,80 % |
Investment strategy
The fund takes advantage of the cyclical interplay between the asset classes bonds and equities. The focus is on international bonds, both corporate and government bonds, in various currencies. The fund also takes advantage of selected opportunities on the equity markets. This allows it to diversify when bonds are temporarily weak and to achieve a positive long-term performance. The allocation between equities, bonds and cash as well as the analysis of the equity and bond markets is based on the FMM method, the proven investment approach of DJE Kapital AG (for more information on the FMM method, please visit www.dje.de). The broad diversification across different asset classes forms the basis for a favourable risk/return ratio.
Chances
- The fund frequently makes full use of the equity investment option to profit from rising equity markets
- Participation in a balanced portfolio of equities, bonds and foreign currencies
- Our professional team takes advantage of the opportunities offered by volatile markets
Risks
- Issuer country and credit risks as well as currency risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Price drops in the money and capital markets when interest rates rise
Target group
Der Fonds eignet sich für Anleger
- who wish to reduce risk compared to a direct investment
- with a medium to long-term investment horizon
- who seek broad investment diversification to reduce risk
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility
- with a short-term investment horizon
- who seek safe returns
Monthly Commentary
The duration in the bond portfolio was flexibly managed by means of interest rate derivatives and recently shortened slightly. At the end of the month, the modified duration including derivatives was 4.69 per cent (after 5.18 per cent at the end of July). The cash ratio totalled 8.51%. In the bond portion of the fund, the Polish government bond exposure, denominated in zloty, was reduced slightly. The equity allocation was also adjusted using derivatives in order to minimise downside risks and take advantage of positive momentum. Most recently, the equity exposure totalled 21.25%, compared to 17.9% at the end of July (exposure including derivatives). Shares in companies from the banking and insurance sectors were reduced. In contrast, stocks from the technology, consumer goods and Japanese sectors were selectively increased. The existing US dollar hedge was further strengthened over the course of the month. Gold is currently allocated to the fund at around 2.2%. The DWS Concept DJE Alpha Renten Global made very good use of the dynamic market environment and closed the month with a performance of 1.81%.
Sales prospectus and further documents
The supervisory and regulatory documents as well as the factsheet for this fund are available on the website of the investment company under the following link: DWS Concept DJE Alpha Renten Global LC