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
Responsible manager since 01/04/2014
|Category:||Global Bond Funds - General|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (27/07/2021):||120,97 Mio EUR|
|TER p.a. (30/12/2020):||1,42 %|
|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:||2,00 %|
|Management Fee p.a.:||1,05 %|
|Custodian Fee p.a.:||0,10 %|
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 (27/07/2021)
€uro Fund Award 2018
3rd place over 1 year in the "Bond funds worldwide" category
Performance in Percent vs. Reference Index
|Standard Deviation (1 years):||2,64 %|
|Tracking Error (1 years):||2,14 %|
|Value at Risk (99% / 20 days):||-1,71 %|
|Maximum Drawdown (1 year):||-2,66 %|
|Sharpe Ratio (1 years):||0,08|
|Correlation (1 years):||0,36|
|Beta (1 years):||0,83|
|Treynor Ratio (1 years):||0,26|
Top Country Allocation (30/06/2021)
|United States||29,95 %|
Asset Allocation (30/06/2021)
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.
- Active interest-rate and risk management
- Broad diversification by country, sector, issuer and credit rating
- Participation in the global bond markets
- Issuer credit und liquidity risks
- Issuer country and currency risks
- Price drops in the money and capital markets when interest rates rise
After inflation fears in the USA and Europe eased somewhat in recent weeks developments on the bond markets were quite friendly across the board in June. For example, yields of 10-year US Treasuries fell -12 basis points to 1.47%, and yields of 10-year German Bund also narrowed slightly by -2 basis points to -0.21%. Their Italian counterparts also yielded -9 basis points lower than previous month at 0.82%. Yields on corporate bonds with good credit ratings declined by -5 basis points to 0.33% in Europe and fell -7 basis points to 2.04% on the other side of the Atlantic. High-yield corporate bonds also performed well, with their yields declining -8 basis points to 2.79% in Europe and even narrowing by -28 basis points to 3.75% in the USA. In this market environment the price of the DJE - Renten Global gained 0.71%. Its benchmark index, 65% BofA Merrill Lynch 3-5 Year AA Euro 30% JPM GBI Global Unhedged in EUR 5% REX 1 Year Performance, rose 0.75%. The fund price performance in June benefited from interest rate declines in both government and corporate bonds across all credit ratings. During the month the fund management added to higher-yielding corporate securities through purchases in both the primary and secondary markets: By subscribing in the new issue market, it acquired higher-yielding corporate bonds with medium maturities and attractive yields compared to corporate bonds currently traded on the bond market (secondary market). The fund management was able to take profits by selling Italian government bonds. It also sold real estate bonds. The fund's bond allocation decreased from 93.80% to 85.27%. The share of public securities decreased to 39.80% (48.68% previous month). Modified duration increased slightly from 2.14% to 2.94%. At the end of the month U.S. government bonds were fully hedged against price losses.
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Prospectus & Reports
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.