Key information
DJE - Multi Asset & Trends is a dynamic and globally investing multi-asset fund. The concentrated portfolio of approximately 50 to 70 individual equities and between 20 to 40 bonds is managed independently of benchmark requirements. The fund management pursues a theme-oriented approach to benefit from current and long-wave trends, including e.g. digital life, demographics and health and green technologies. In general, the strategy focuses on companies with strong substance and above-average growth opportunities combined with attractive valuations. Additional diversification is sought by investing up to 10% of the portfolio in gold. By exploiting global opportunities, the fund offers the possibility of generating an attractive performance.
Responsible manager since 23/01/2017
Key information
| ISIN: | LU0159549145 |
| WKN: | 164317 |
| Category: | Global Balanced Funds - Flexible |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 5 |
| This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
| Type of Share: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (01/02/2023): | 143,78 Mio EUR |
| TER p.a. (30/12/2021): | 1,85 % |
| Reference Index: | |
Fees
| Initial Charge: | 4,000 % |
| Management Fee p.a.: | 1,600 % |
| Custodian Fee p.a.: | 0,100 % |
|
Performance Fee p.a.: 10% of the unit value development, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
Ratings & Awards (01/02/2023)
| Morningstar*: |
|
|
Awards: Scope Award 2023 Best Fund in the category "Mixed Fund Global Flexible" in Switzerland Scope Award 2022 Best Fund in the category "Mixed Fund Global Flexible" in Austria and Switzerland |
ESG Data
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 8,268 |
| Environment Rating (0-10): | 6,286 |
| Social Rating (0-10): | 5,496 |
| Governance-Rating(0-10): | 5,888 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 80,580 % |
| Peergroup: |
Mixed Asset EUR Agg - Global
(417 Fonds) |
| Coverage rate ESG rating: | 83,067 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 136,574 |
Report date: 31/01/2023
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 9,55 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -6,21 % |
| Maximum Drawdown (1 year): | -13,64 % |
| Sharpe Ratio (2 years): | -0,13 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/01/2023) |
|
|---|---|
| United States | 43,72 % |
| Germany | 13,68 % |
| France | 5,40 % |
| Japan | 3,72 % |
| Denmark | 3,20 % |
Asset Allocation (31/01/2023) |
|
|---|---|
| Stocks | 72,68 % |
| Bonds | 17,77 % |
| Certificates | 8,14 % |
| Cash | 1,41 % |
Investment approach
The selection of individual stocks for DJE - Multi Asset & Trends follows a consistent bottom-up approach. This is based on fundamental factors such as market positioning, balance sheet and earnings potential, valuation, management quality and sustainability criteria. The fund management allocates the asset classes flexibly and weights the individual stocks, sectors and countries depending on the expected market situation with the aim of spreading the portfolio risk and taking advantage of the opportunities that arise. Gold is another portfolio component that is low-correlated with equities and bonds and should provide additional stability, with a quota of up to 10% of the portfolio possible. With the offensive risk-reward profile and broad diversification across different asset classes, the fund aims for attractive performance, but also comparatively low volatility.
Chances
- The cash quota (up to 49%) can be used flexibly in order to cushion difficult market phases as much as possible.
- Equities enable participation in the growth opportunities of the global equity markets independently of benchmark index specifications.
- Flexible addition of bonds (up to 50%) and other securities such as certificates on precious metals (up to 10% gold) possible.
- Offensive, theme-oriented, global multi-asset fund with ongoing adjustment of its portfolio to the expected market situation.
Risks
- Bonds are subject to price risks when interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
- An investment in precious metals is subject to fluctuations in value.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
Monthly Commentary
Most stock markets developed negatively in December. The German DAX stock index fell -3.29%, slightly less than the broad European Stoxx Europe 600 index, which lost -3.44%. In the USA, the S&P 500 lost -9.38%. Only Hong Kong's Hang Seng Index performed positively gaining 2.50%. Overall global equities, as measured by the MSCI World Index, declined -7.88% - all index figures in euro terms. In December falling energy prices in particular caused inflation rates to decline on both sides of the Atlantic. The noticeable easing of inflation enabled the central banks to soften somewhat their very aggressive monetary policy in December with several interest rate hikes of 75 basis points. Both the ECB and the Fed raised key rates by "only" 50 basis points. The abrupt end of China’s zero-Covid strategy resulting in millions of new infections surprised the markets. As the Chinese production and demand have meanwhile been impacted concerns are raising that global supply chains could again come under stress. Bond markets remained under pressure in December acknowledging the further rise of key interest rates with higher yields across all types of bonds. At the end of December 10-year German bunds yielded with 2.57% 64 basis points higher. Yields on their U.S. counterparts increased by 27 basis points to 3.87%. As the yield curve is inverted in both the U.S. and Germany, i.e. yields of 2-year bonds are higher than those of 10-year bonds, most economists continue to expect a recession. The price of gold - despite rising interest rates - benefited from continued high uncertainty among market participants and rose from USD 1,768 to 1,824 per fine ounce. Each sector of the global stock market closed in the red. The sectors automotive, technology and retail generated the biggest losses. Whereas the sectors insurance, basic materials and utilities lost the least. In this market environment the DJE - Multi Asset & Trends declined by -2.90%. The fund benefited in particular from the positive performance contributions of the sectors healthcare, utilities and travel & leisure. The fact that the fund is not invested in the construction & materials, media and real estate sectors had a positive impact on performance. At the individual stock level the strongest results came from the Danish pharmaceutical group Novo Nordisk, the Hong Kong-based pan-Asian insurance group AIA and the Chinese internet group Tencent. The gold certificate also contributed positively to performance. On the other hand, the underweight sectors food & beverages and basic materials as well as the overweight sector energy affected the fund's performance. The worst individual results came from US companies Alphabet, parent of Google, the online retailer Amazon and the software provider Salesforce. During the month the fund management slightly increased the sectors insurance, consumer goods and financial institutions. In return it moderately reduced the sectors energy, financial services and food & beverages sectors. Regionally the U.S. and German allocations were slightly increased and French stocks reduced. Overall the portfolio allocation of the fund remained largely unchanged with 72.11% equities (previous month: 72.22%), 17.96% bonds (17.83%), 8.13% certificates (8.0%) and 1.80% cash (1.95%).