![Maerkte-DJE-Anleger-Webinar](/globalassets/productdetail/mobil/lu0159549574_en.jpg)
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: | Fund Global Bond - EUR Biased |
Minimum Equity: | - |
Partial Exemption of Income ¹: | - |
VG/KVG: | DJE Investment S.A. |
Fund Management: | 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: | distribution |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (25/07/2024): | 139,61 Mio EUR |
TER p.a. (29/12/2023): | 1,45 % |
Reference Index: | - |
Fees
Initial Charge: | 2,000 % |
Management Fee p.a.: | 1,050 % |
Custodian Fee p.a.: | 0,060 % |
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 (25/07/2024)
Morningstar*: |
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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): | 6,609 |
Environment Rating (0-10): | 6,308 |
Social Rating (0-10): | 5,464 |
Governance-Rating(0-10): | 6,154 |
ESG rating in comparison group (0% lowest, 100% highest value): | 32,710 % |
Peergroup: |
Bond Global EUR
(639 Fonds) |
Coverage rate ESG rating: | 78,790 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 95,032 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/06/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (25/07/2024) |
|
---|---|
Standard Deviation (1 years): | 2,92 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,80 % |
Maximum Drawdown (1 year): | -1,27 % |
Sharpe Ratio (1 years): | 0,77 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 28/06/2024
Top Country Allocation in % of Fund Volume (28/06/2024) |
|
---|---|
United States | 36,19 % |
Italy | 20,70 % |
Germany | 17,26 % |
Netherlands | 7,40 % |
Sweden | 2,59 % |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Bonds | 94,67 % |
Cash | 5,33 % |
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.
![Investment approach](/globalassets/investmentconcept/lu0159549574_en_dje_zinsglobal_eng_dezember-2023.jpg)
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.
Target group
Der Fonds eignet sich für Anleger
- who seek to benefit from a broad universe of investment opportunities in the bond sector
- with a medium- to long-term investment horizon
- who prefer selective securities picking by an experienced fund manager
Der Fonds eignet sich nicht für Anleger
- who prefer higher yields with correspondingly higher risk
- who are not prepared to accept any volatility
- with a short-term investment horizon
Monthly Commentary
As expected, the European Central Bank lowered its key interest rates by 25 basis points to 4.25% in June - the first rate cut since March 2016. This was made possible by the trend in inflation, which has fallen from 2.9% at the beginning of the year to 2.5% in June compared to the same month last year. At its peak in October 2022, the inflation rate was 10.6%. Inflation in the US also fell slightly to 3.3% in May (April: 3.4%). The core rate (excluding energy and food) fell from 3.6% to 3.4%, a slightly sharper decline. As announced, the US Federal Reserve (Fed) maintained its current key interest rate range of 5.25% to 5.50%. Nevertheless, market expectations remained that the Fed could continue to cut key interest rates this year, albeit to a lesser extent. At the end of the first quarter, market participants on average still expected interest rate cuts of 67 basis points by the Fed's December meeting; at the end of the second quarter, this figure had fallen to 44 basis points. The European equity and bond markets were also influenced by the elections to the European Parliament. It was significant for the markets that French President Emmanuel Macron announced an early parliamentary election with a first round of voting on 30 June immediately after the disappointing election result for him - as a result, there was a massive sell-off in French equities and government bonds. The risk premium between French 10-year government bonds and their German counterparts widened to 29 basis points in the week following the election announcement. This was the largest weekly widening of the spread since the sovereign debt crisis in 2011. On the bond markets, German government bonds in particular benefited from the ECB's interest rate cut. Yields on 10-year bonds fell by 16 basis points to 2.50%. Yields on government bonds also fell in the USA, but to a somewhat lesser extent. Yields on 10-year US bonds were 10 basis points lower at 4.40%. Yields on high-quality European corporate bonds fell only moderately by 9 basis points to 3.82%, while yields on their US counterparts hardly changed at 5.48% (previous month: 5.52%). The weakness of the European equity market in turn weighed on high-yield corporate bonds from Europe. Their yields rose by 13 basis points to 6.74%, while their US counterparts benefited from the strength of the US equity market - their yields fell by 9 basis points to 7.91%. DJE - Zins Global remained stable in this market environment with a moderate decline of -0.02%. The fund benefited from the slight fall in yields on high-quality German and US government bonds. The fund also benefited from the appreciation of the US dollar against the euro. On the other hand, the widening of spreads on Italian government bonds and French and Italian corporate bonds, both investment-grade and high-yield securities, had a negative impact. The significant devaluation of the Mexican peso following the elections in Mexico also had a negative impact. Over the course of the month, the fund management subscribed to various EUR corporate bonds from the industrial and agricultural goods sectors on the primary market. In return, it sold supranational bonds denominated in Mexican pesos in order to limit losses. As a result, the fund's investment ratio fell from 96.84% to 94.67%. The modified duration rose from 3.12% to 3.93%.