Key information
DJE - Zins Global invests in bonds from around the world. The fund may take advantage of both international interest rate differentials and currency fluctuations. The broad investment universe offers the option of reacting flexibly to market movements. There is an emphasis on a balanced mix of bonds to achieve a reasonable return. The investment levels in both government and corporate bonds as well as maturities are actively managed. Foreign currency bonds are hedged depending on market conditions.
Responsible manager since inception
Responsible manager since 09/03/2023 as co-manager
Key information
| ISIN: | LU0159549574 |
| WKN: | 164319 |
| Category: | Global Bond Funds - General |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 2 |
| 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 (07/12/2023): | 157,82 Mio EUR |
| TER p.a. (30/12/2022): | 1,40 % |
| Reference Index: | - |
Fees
| Initial Charge: | 2,000 % |
| Management Fee p.a.: | 1,050 % |
| Custodian Fee p.a.: | 0,100 % |
|
Performance Fee p.a.: 10% of the [Hurdle: exceeding 3% p.a.] unit value performance, 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 (07/12/2023)
| Morningstar*: |
|
All ESG information presented here relates to the fund portfolio shown and is sourced from MSCI ESG Research, a leading provider of environmental, social and governance analysis and ratings.
| MSCI ESG RATING (AAA-CCC): | A |
| ESG-Qualityrating (0-10): | 6,653 |
| Environment Rating (0-10): | 6,208 |
| Social Rating (0-10): | 5,884 |
| Governance-Rating(0-10): | 5,653 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 21,770 % |
| Peergroup: |
Bond Global EUR
(620 Fonds) |
| Coverage rate ESG rating: | 76,250 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 159,293 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/11/2023
Perfomance Chart
Performance in Percent
Risk metrics (07/12/2023) |
|
|---|---|
| Standard Deviation (1 years): | 2,95 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -1,85 % |
| Maximum Drawdown (1 year): | -2,45 % |
| Sharpe Ratio (1 years): | 0,33 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (30/11/2023) |
|
|---|---|
| United States | 34,51 % |
| Germany | 13,21 % |
| Netherlands | 5,71 % |
| Italy | 5,57 % |
| Finland | 4,48 % |
Asset Allocation (30/11/2023) |
|
|---|---|
| Bonds | 76,83 % |
| Cash | 23,17 % |
Investment strategy
DJE - Zins Global invests worldwide in a broadly diversified portfolio of high-quality government and corporate bonds. High-yield and emerging market bonds can be added. The selection of individual bonds depends largely on a fundamental assessment of the debtor's solvency and the corresponding yield valuation. The fund management emphasises a balanced mix of bonds with an attractive risk/reward ratio and strives to achieve an appropriate return. The currency risk of securities not denominated in euros can be partially or fully hedged depending on the market situation. The fund thus offers easy access to the global bond market and can serve as a basic investment.
Chances
- Global bond fund with a focus on high-quality bonds.
- Active interest rate, maturity and risk management.
- Broad diversification across countries, sectors, issuers and credit ratings.
Risks
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
- Bonds are subject to price risks when interest rates rise.
- Bonds are also subject to country risks and the creditworthiness and liquidity risks of their issuers.
Monthly Commentary
October was dominated by the attack on Israel by the Palestinian terrorist organisation Hamas at the beginning of the month. From a market perspective, the main concern was whether this could lead to a major escalation and there was a clear reaction in several assets. Gold was in demand as a safe haven. In addition, yields on 10-year government bonds rose in the USA. They tested the 5 per cent mark several times over the course of the month and ended the month at 4.93%, 36 basis points higher than at the end of September. This further narrowed the yield gap to 2-year US government bonds. At 5.09%, these yielded only 4 basis points higher, as market participants are now assuming less and less of a recession in the USA - the US economy grew by 4.9% in the third quarter compared to the previous quarter. Yields on high-quality US corporate bonds rose by 31 basis points to 6.35%, and the strongest gains were seen in high-yield US corporate bonds, which ended the month 61 basis points higher at 9.49%. This rise in yields weighed on the bond markets. Unlike in the USA, however, yields on 10-year German government bonds fell slightly by 3 basis points to 2.81% and the yield on 2-year German government bonds fell by 19 basis points to 3.02%. High-quality euro corporate bonds also remained stable with a yield of 4.50% (previous month: 4.52%). The central banks of the USA and the eurozone left their key interest rates unchanged. Market participants in the eurozone are no longer expecting a further interest rate hike, as the eurozone economy contracted slightly in the third quarter and inflation fell from 4.3% to 2.9%. In the USA, on the other hand, a further interest rate hike is within the realms of possibility if the US economy continues to grow at this rate. The DJE - Zins Global fell by -0.73% in this market environment. Rising yields on US government and corporate bonds in particular weighed on the fund's performance. In contrast, German and Italian government bonds as well as high-quality euro corporate bonds moved sideways with a slight decline in yields. The fund management actively managed the duration of the bond portfolio including derivatives: over the course of the month, the modified duration was initially shortened compared to the previous month (2.53%) and then gradually extended again to 2.80% by the end of the month. In addition, interest rate hedges were dynamically managed using derivatives in order to avoid losses from the rise in interest rates wherever possible. The fund management adjusted the allocation of the portfolio over the course of the month. It purchased short-dated Italian government bonds and corporate bonds from the commodities and financial services sectors. In return, it sold the participation certificates and fund units it held as well as a long-dated Italian government bond. In addition, it increased the liquidity ratio in order to counter the risk of further rising interest rates on the one hand and to buy high-quality bonds with attractive interest rates on the other. The fund's bond ratio fell from 87.65% to 71.45% as a result of the adjustments. Liquidity rose from 10.45% to 28.55%.
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