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: | Mixed funds defensive World |
| VG/KVG: | DWS 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: | accumulation |
| Financial Year: | 01.07. - 30.06. |
| Launch Date: | 30/04/1998 |
| Fund currency: | EUR |
| Fund Size (21/09/2023): | 727,51 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 % |
Ratings & Awards (21/09/2023)
| 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
Perfomance Chart
Performance in Percent
Risk metrics (21/09/2023) |
|
|---|---|
| Standard Deviation (1 years): | 4,24 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -2,76 % |
| Maximum Drawdown (1 year): | -4,37 % |
| Sharpe Ratio (1 years): | -0,77 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/07/2023) |
|
|---|---|
| United States | 34,20 % |
| Germany | 26,90 % |
| Italy | 10,10 % |
| Other Countries | 9,40 % |
| Finland | 5,30 % |
Asset Allocation (31/07/2023) |
|
|---|---|
| Bonds | 79,20 % |
| Stocks | 18,60 % |
| Cash | 0,90 % |
Investment approach
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
Monthly Commentary
In order to reduce risk, the fund management lowered the high-yield ratio in the bond part of the fund in August by selling bonds from the aviation sector and also reduced a subordinated bond. On the other hand, a convertible bond from the renewable energy sector was purchased. The duration in the portfolio was initially reduced in the course of the month, but increased again towards the end of the month. The average remaining term of the bonds in the fund (including derivatives) was 3.68 years at the end of August, slightly longer than in July (3.55 years). Depending on the market phase, the share of equities including derivatives was controlled by means of overlay management. At the end of August, the equity ratio including derivatives was 28.4%, slightly above the previous month (26.71%). At the sector level, stocks from the commodities and telecommunications sectors were reduced. On the other hand, stocks from the banking and insurance sectors were bought. The hedging of the US dollar exposure was significantly reduced over the course of the month. The DWS Concept DJE Alpha Renten Global fund achieved a performance of 0.29% despite the very challenging environment.
The source of all information and responsibility for its content and preparation lies with DJE Kapital AG, unless otherwise stated. The Management Company and Distributor of the Fund is DWS Investment GmbH. The statements contained in this document reflect the current assessment of DJE Kapital AG. The opinions expressed are subject to change without notice. All information in this overview has been provided with due care in accordance with the state of knowledge at the time of preparation. However, no guarantee or liability can be assumed for the correctness and completeness.
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