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 a sustainably attractive performance.
Responsible manager since 23/01/2017
Responsible manager since -
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 (14/01/2021): | 171,84 Mio EUR |
| TER p.a. (30/12/2019): | 2,25 % |
| Reference Index: |
Fees
| Initial Charge: | 4,00 % |
| Management Fee p.a.: | 1,60 % |
| Custodian Fee p.a.: | 0,10 % |
| Advisory Fee p.a.: | 0,35 % |
| Performance Fee p.a.: | up to 10% of the increase in Fund assets in excess of 6% (Hurdle Rate) , High Water Mark over preceding 5 years. |
Ratings & Awards (14/01/2021)
| Morningstar*: |
|
Top Country Allocation (30/12/2020) |
|
|---|---|
| United States | 34,36 % |
| Germany | 15,24 % |
| France | 9,82 % |
| United Kingdom | 9,47 % |
| Cayman Islands | 9,12 % |
| China | 8,97 % |
| Denmark | 8,18 % |
| Switzerland | 5,91 % |
Asset Allocation (14/01/2021) |
|
|---|---|
| Stocks | 82,29 % |
| Bonds | 11,58 % |
| Cash | 4,17 % |
| Certificates | 1,96 % |
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 ESG 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 sustainable 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
In December the relief rally of previous month continued albeit more moderately. The German DAX index rose 3.22% to end the year just below its February 2020 peak, while the broad European Stoxx Europe 600 index gained 1.72%. Across the Atlantic the S&P 500 gained 1.41%. The Hang Seng Index in Hong Kong reached a gain of 1.07%. The MSCI World Index advanced 1.83% as a barometer for global equities - all index figures in euro terms. Corona continued to dominate the last month of the year in negative and positive terms. In Europe many governments imposed tighter lockdown measures, on the other hand, several Covid 19 vaccines were approved and vaccination started in the UK. Stock markets received additional tailwinds from central banks which increased and extended their bond-buying programs (ECB) or plan to continue until employment and inflation improve again (Fed). In Europe and China leading indicators and economic data pointed to a revival of the economy, while in the USA indicators declined slightly. In this market environment DJE - Alpha Global gained only 1.11% as the still high weighting in high-growth technology stocks burdened, while at the same time the weighting in cyclical value stocks was not high enough. In December two-thirds of all sectors of the global equity market performed positively. The highest price gains in December were recorded by the sectors basic materials, automotive and media. In addition the sectors financial services, technology, banking, household goods and oil & gas, among others, also performed well. On the other hand, the sectors retail, construction & materials, real estate, utilities and telecom suffered slight losses in December. The fund benefited in December mainly from its stock selection in the sectors media, oil & gas, industrials (all three underweighted in the fund) and utility. And also because of the stock selection in the sectors construction & materials and chemicals (both highly weighted in the fund). At the individual stock level the strongest value contributors came from U.S. media company Walt Disney, South Korean battery maker Samsung SDI, Taiwanese semiconductor manufacturer Taiwan Semiconductor Manufacturing, and the two Danish companies Vestas Windsystems (wind turbine manufacturer) and Orsted (energy supplier), among others. On the other hand the underweighting of the automotive sector in particular weighed on the fund's performance. Finally the stock selection in the sectors insurance, basic materials and retail also had a negative impact. At the individual stock level the performance of the US provider of CRM systems (customer relationship management systems) Salesforce.com, the reinsurer Hannover Re and the US DIY chain Home Depot were particularly disappointing. During the month the fund management increased its investments primarily into the sectors industrials, basic materials and chemicals. Reduced were positions in the retail and technology sector, among others. Therefore the bond allocation decreased from 14.40% previous month to 12.18%. The equity ratio remained almost stable at 83.71% (83.25% previous month). The cash ratio increased from 0.30% to 2.02%.
Print optimized factsheet
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.