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: | Balanced Funds - Focus on Global Bonds |
| 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 (30/03/2023): | 852,12 Mio EUR |
| Ongoing Charges p.a. (30/06/2020): | 1,40 % |
| Reference Index: | 70% JPM Global Bond Index in EUR, 30% MSCI World Index in EUR |
Fees
| Initial Charge: | 2,000 % |
| All-in fee p.a.: | 1,35 % |
Ratings & Awards (30/03/2023)
| Morningstar*: |
|
|
Awards: Best Asset Manager 2022 Best out of 339 funds in the category "Defensive" in the ranking of Wirtschaftswoche and MMD |
no esg data available
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (1 years): | 5,16 % |
| Tracking Error (1 years): | 7,67 % |
| Value at Risk (99% / 20 days): | -3,43 % |
| Maximum Drawdown (1 year): | -8,10 % |
| Sharpe Ratio (1 years): | -1,26 |
| Correlation (1 years): | 0,22 |
| Beta (1 years): | 0,28 |
| Treynor Ratio (1 years): | -23,00 |
Top Country Allocation (28/02/2023) |
|
|---|---|
| United States | 38,30 % |
| Germany | 21,30 % |
| Italy | 9,10 % |
| Other Countries | 9,00 % |
| Finland | 5,30 % |
Asset Allocation (28/02/2023) |
|
|---|---|
| Bonds | 79,20 % |
| Stocks | 15,40 % |
| Cash | 5,00 % |
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 the course of the month, the equity share incl. derivatives was dynamically controlled by means of overlay management and reduced on balance. At the end of February, the equity ratio was 15.83% (previous month: 20.07%). At the sector level, positions were reduced in stocks from the technology and insurance sectors. Commodity stocks were also reduced. The US dollar hedge was significantly reduced in the course of the month in order to participate in the strength of the dollar. On the bond side, additional purchases were made both via subscriptions and via the secondary market. Supranational stocks on the Mexican peso as well as stocks from the banking and technology sectors denominated in US dollars were acquired. Interest rate hedges were strengthened at an early stage in order to counteract possible price losses. The average remaining term of the bonds in the fund, including derivatives, was 1.49 years at the end of the month, which is significantly shorter than at the end of January (2.8 years). The DWS Concept DJE Alpha Renten Global fund was unable to escape the challenging market environment with a performance of -0.79% in February.
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Prospectus & Reports
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.