Key information
DJE - Alpha Global 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 |
| Type of Share: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (10/05/2021): | 183,12 Mio EUR |
| TER p.a. (30/12/2020): | 2,20 % |
| Reference Index: |
Fees
| Initial Charge: | 4,00 % |
| Management Fee p.a.: | 1,60 % |
| Custodian Fee p.a.: | 0,10 % |
| 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 (10/05/2021)
| Morningstar*: |
|
Top Country Allocation (30/04/2021) |
|
|---|---|
| United States | 35,37 % |
| Germany | 16,80 % |
| France | 8,78 % |
| Cayman Islands | 5,96 % |
| Switzerland | 5,34 % |
Asset Allocation (30/04/2021) |
|
|---|---|
| Stocks | 80,58 % |
| Bonds | 13,11 % |
| Cash | 3,28 % |
| Certificates | 3,04 % |
Investment approach
TThe selection of individual stocks for DJE - Alpha Global 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
- Participation in the growth opportunities of global stock markets
- The selection of securities is based on fundamental, monetary and market analysis - this FMM approach has a proven track record of over 45 years
- Flexible admixture of bonds and other securities such as certificates on precious metals possible
- Almost equally weighted selection of the best investment ideas of the DJE research team
Risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Issuer country and credit risks as well as currency risks
- Proven investment approach to date is no guarantee of future investment success
- Price drops in the money and capital markets when interest rates rise
Monthly Commentary
March was very encouraging as most equity markets, with a few exceptions (mainly China, Hong Kong), were able to make gains, partly significant. The German share index DAX achieved a plus of 8.86% and traded above 15,000 points for the first time. The broad European index Stoxx Europe 600 rose by 6.08% and the US index S&P 500 gained 7.17%. Nevertheless the Hong Kong's Hang Seng Index managed to increase its value by only 0.48%. The global MSCI World Index advanced 6.01% - all index data in euro terms. Good economic indicators reflect confidence that with the progress of vaccinations in China and the US Corona-related constraints will soon be history providing a tailwind for European and US equity markets. Market participants also welcomed the US's US$1.9 trillion Corona bailout package. T European and American central banks raised their inflation expectations for the full year to 1.5% and 2.4%, respectively. In this market environment the price of the DJE - Alpha Global rose 3.44%. In March all sectors of the global equity market performed positively. The sectors with the highest price gains were personal care & pharmaceuticals, utilities, automobiles and food & beverages as well as construction & materials and credit institutions. The sectors with the relatively weakest results, i.e. the lowest price gains, were basic materials and media. The fund benefited in March mainly from its investments into the highly weighted sectors of construction & materials, chemicals and consumer cyclicals. Positive momentum also came from stock selection in the lowly weighted sectors media and financial services. At the individual stock level the strongest value contributions came from, among others, the US DIY store The Home Depot, the Swiss logistics and freight transport company Kuehne + Nagel, the US company Facebook (social media, messaging, video platform and virtual reality hardware), the industrial gases manufacturer Linde and the Danish wind turbine manufacturer Vestas Wind Systems. On the other hand, the technology sector burdened the fund performance. Negative impulses came also from the underweighting of the sectors credit institutions, telecommunication and health care. At the individual stock level the Chinese internet company Meituan (delivery services, consumer goods and retail services), the US semiconductor company Broadcom, the Chinese mobile phone provider China Mobile and the US software company Adobe performed particularly disappointing. During the month the fund management increased its investments primarily into the sectors industry, insurance and retail. Positions in the sectors technology, household goods and healthcare, among others, were reduced. Because to these adjustments the equity ratio remained almost stable at 81.23% (81.91% previous month). The bond ratio was 12.95% (12.87% previous month). The cash ratio increased slightly from 1.49% to 2.37%.
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Prospectus & Reports
Further Documents
Legal Information / Disclaimer:
Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de. All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change. The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance. The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information. In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses. The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA. This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.
*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.