DJE - Renten 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 level in both corporate bonds and maturities is actively managed. Foreign currency bonds are hedged depending on market conditions.
Responsible manager since inception
|Category:||Global Bond Funds - General|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|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.|
|Fund Size (19/05/2022):||128,32 Mio EUR|
|TER p.a. (30/12/2021):||1,43 %|
|Reference Index:||65% BofA Merrill Lynch 3-5 Year AA Euro 30% JPM GBI Global Unhedged in EUR 5% REX 1 Jahr Performance|
|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 (19/05/2022)
|MSCI ESG RATING (AAA-CCC):||A|
|Environment Rating (0-10):||5,683|
|Social Rating (0-10):||5,813|
|ESG rating in comparison group (0% lowest, 100% highest value):||20,720 %|
Bond Global EUR
|Coverage rate ESG rating:||85,730 %|
|Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales):||121,663|
Report date: 29/04/2022
Performance in Percent vs. Reference Index
|Standard Deviation (1 years):||2,65 %|
|Tracking Error (1 years):||3,55 %|
|Value at Risk (99% / 20 days):||-1,72 %|
|Maximum Drawdown (1 year):||-4,53 %|
|Sharpe Ratio (1 years):||-0,19|
|Correlation (1 years):||0,10|
|Beta (1 years):||0,25|
|Treynor Ratio (1 years):||-2,03|
Top Country Allocation (29/04/2022)
|United States||32,17 %|
Asset Allocation (29/04/2022)
The proven investment approach of DJE Kapital AG is used both in the analysis of the bond market and in the selection of bond investments. The selection is made on the basis of a fundamental assessment of the significant factors influencing the solvency of the borrower in relation to the income evaluation, with a view to ensuring the optimal risk/return ratio for investors, whereby the composition of government bonds, Pfandbriefe (mortgage bonds) and corporate bonds is determined. In the corporate bond segment, focus is placed not only on the current quality of the company but also on ist furture business strategy.
- 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.
- 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.
April was very volatile across all asset classes. The stock market suffered significantly. Price pressure on energy, many commodities and food remained high in April. Last but not least, the continuation of the Russian war of aggression in Ukraine again fueled the rise in consumer prices. The international community strengthened sanctions against Russia once again, which was reflected in further increases in commodity prices. Statements by the central banks on possible interest rate steps further fueled speculation about interest rate hikes on both sides of the Atlantic. In this market environment the bond markets also had to struggle with renewed increases of yields. At the end of April 10-year German government bonds yielded +0.94%, 44 basis points higher than previous month and yields of their Italian counterparts climbed 73 basis points to +2.77%. Across the Atlantic yields of US 10-year Treasuries widened by 59 basis points to +2.93%. Corporate bonds of all rating classes also had to deal with considerably rising yields and thus falling prices. For example, yields on corporate bonds with good credit ratings rose by 57 basis points to +2.12% in Europe and widened by 71 basis points to +4.31% overseas. Yields of high-yield corporate bond jumped to 118 basis points to +6.23% in Europe and 99 basis points to +7.0% in the US. In this market environment the DJE - Renten Global was able to remain stable with a fund performance in height of 0.43%. Its benchmark, 65% BofA Merrill Lynch 3-5 Year AA Euro 30% JPM GBI Global Unhedged in EUR 5% REX 1 Year Performance, declined by -1.23%. The fund’s price performance in April benefited primarily from the strength of the US dollar. On the other hand, the high volatility and the partly sharp rise in interest rates on government and corporate bonds of all credit ratings had a negative impact. During the month the fund management added to short and medium-term corporate bonds and increased the share of US government bonds. In return, it selectively reduced corporate bonds from issuers with increased credit risk. It also sold government and supranational bonds from the Asia-Pacific region. The fund's bond ratio remained almost stable at 86.12% (85.69% previous month). The share of public-sector securities increased to 40.91% (38.42% previous month). Hedging against interest rate increases was briefly increased again in order to minimize price losses and keep the duration short. At the end of the month the currency hedges of the euro against the US dollar were completely terminated.