The DJE - Short Term Bond, which invests worldwide, uses the entire bond spectrum with a focus on short residual terms and high creditworthiness. The investment focus is on bonds denominated in Euro. A high-quality selection of securities with dedicated evaluation of fundamental data results in a concentrated portfolio, which is supplemented by broad market analysis in the search for global yield opportunities. The fund is not linked to sectors, countries, creditworthiness or benchmark indices. With its global spectrum of short-dated bonds, the fund offers a balanced risk/reward profile and aims to achieve a sustained positive performance.
Responsible manager since inception
|Category:||Bond Funds Short-Dated Eurozone|
|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):||372,08 Mio EUR|
|TER p.a. (30/12/2021):||0,72 %|
|Initial Charge:||1,000 %|
|Management Fee p.a.:||0,530 %|
|Custodian Fee p.a.:||0,100 %|
Ratings & Awards (19/05/2022)
€uro Fund Award 2022
2nd place over 1 year and over 10 years and 3rd place over 3 years in the category "Bonds Euroland/Short-term"
€uro Fund Award 2020
2nd place over 5 years and 3rd place over 1 and 3 years in the category "Bonds Euroland/Short-term"
|MSCI ESG RATING (AAA-CCC):||A|
|Environment Rating (0-10):||5,721|
|Social Rating (0-10):||6,154|
|ESG rating in comparison group (0% lowest, 100% highest value):||24,340 %|
Bond Global EUR
|Coverage rate ESG rating:||87,636 %|
|Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales):||135,286|
Report date: 29/04/2022
Performance in Percent
|Standard Deviation (2 years):||1,54 %|
|Tracking Error (1 years):||-|
|Value at Risk (99% / 20 days):||-1,02 %|
|Maximum Drawdown (1 year):||-3,32 %|
|Sharpe Ratio (2 years):||-0,03|
|Correlation (1 years):||-|
|Beta (1 years):||-|
|Treynor Ratio (1 years):||-|
Top Country Allocation (29/04/2022)
|United States||38,04 %|
Asset Allocation (29/04/2022)
The investment focus of the globally investing fund is on bonds with short residual maturities, good liquidity and high creditworthiness. The strategy focuses on corporate and government bonds, mortgage bonds, profit participation certificates, zero-coupon bonds and variable-interest debt instruments. The DJE - Short Term Bond achieves a low currency risk by investing predominantly in EUR securities, whereby part of the fund assets can also be invested in foreign currency bonds. Active duration management using interest rate derivatives and management of residual maturities reduces the existing risk of interest rate changes. A balanced mix and an investment horizon geared to short maturities are intended to avoid major fluctuations in the strategy and achieve the most stable performance possible.
- Global bond fund with a focus on high-quality bonds with short maturities.
- Moderate investment horizon offers an attractive risk-return profile.
- Active interest rate, maturity and risk management.
- Bonds are also subject to country risks and the creditworthiness and liquidity risks of their issuers.
- Bonds are subject to price risks when interest rates rise.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
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 fuelled 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 fuelled 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 in yields. At the end of April 2-year German government bonds yielded +0.26%, 33 basis points higher than previous month and yields of their Italian counterparts rose from +0.28% to +0.73%. Across the Atlantic yields of 2-year US Treasuries widened by 38 basis points to +2.71%. Corporate bonds of all rating classes also had to contend with considerably rising yields and thus falling prices. Therefore 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 118 basis points to +6.23% in Europe and 99 basis points to +7.0% in the US. In this market environment the DJE - Short Term Bond was able to remain stable with a fund performance in height of -0.19%. 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 bought 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 at 89.65% (89.69% previous month). The share of public sector securities increased to 47.07% from 45.42% previous month. The hedge 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 reduced to the maximum possible foreign currency quota.