Key information
DJE - Multi Asset & Trends is a dynamic and globally investing multi-asset fund. The concentrated portfolio of approximately 50 to 70 individual equities and between 20 to 40 bonds is managed independently of benchmark requirements. The fund management pursues a theme-oriented approach to benefit from current and long-wave trends, including e.g. digital life, demographics and health and green technologies. In general, the strategy focuses on companies with strong substance and above-average growth opportunities combined with attractive valuations. Additional diversification is sought by investing up to 10% of the portfolio in gold. By exploiting global opportunities, the fund offers the possibility of generating an attractive performance.
Responsible manager since 23/01/2017
Key information
| ISIN: | LU0159550747 |
| WKN: | 164318 |
| Category: | Global Balanced Funds - Flexible |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 5 |
| This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
| Type of Share: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (26/05/2023): | 138,87 Mio EUR |
| TER p.a. (30/12/2022): | 1,74 % |
| Reference Index: | |
Fees
| Management Fee p.a.: | 1,200 % |
| Custodian Fee p.a.: | 0,100 % |
Ratings & Awards (26/05/2023)
| Morningstar*: |
|
|
Awards: Scope Award 2023 Best Fund in the category "Mixed Fund Global Flexible" in Switzerland Scope Award 2022 Best Fund in the category "Mixed Fund Global Flexible" in Austria and Switzerland |
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): | AA |
| ESG-Qualityrating (0-10): | 8,167 |
| Environment Rating (0-10): | 6,372 |
| Social Rating (0-10): | 5,581 |
| Governance-Rating(0-10): | 5,748 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 71,290 % |
| Peergroup: |
Mixed Asset EUR Agg - Global
(418 Fonds) |
| Coverage rate ESG rating: | 83,646 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 104,991 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/04/2023
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 9,30 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -6,02 % |
| Maximum Drawdown (1 year): | -9,92 % |
| Sharpe Ratio (2 years): | -0,10 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (28/04/2023) |
|
|---|---|
| United States | 46,64 % |
| Germany | 13,80 % |
| France | 6,78 % |
| Japan | 4,09 % |
| Cayman Islands | 3,71 % |
Asset Allocation (28/04/2023) |
|
|---|---|
| Stocks | 70,78 % |
| Bonds | 20,35 % |
| Certificates | 7,35 % |
| Cash | 1,53 % |
Investment approach
The selection of individual stocks for DJE - Multi Asset & Trends follows a consistent bottom-up approach. This is based on fundamental factors such as market positioning, balance sheet and earnings potential, valuation, management quality and sustainability criteria. The fund management allocates the asset classes flexibly and weights the individual stocks, sectors and countries depending on the expected market situation with the aim of spreading the portfolio risk and taking advantage of the opportunities that arise. Gold is another portfolio component that is low-correlated with equities and bonds and should provide additional stability, with a quota of up to 10% of the portfolio possible. With the offensive risk-reward profile and broad diversification across different asset classes, the fund aims for attractive performance, but also comparatively low volatility.
Chances
- Flexible addition of bonds (up to 50%) and other securities such as certificates on precious metals (up to 10% gold) possible.
- Equities enable participation in the growth opportunities of the global equity markets independently of benchmark index specifications.
- Offensive, theme-oriented, global multi-asset fund with ongoing adjustment of its portfolio to the expected market situation.
- The cash quota (up to 49%) can be used flexibly in order to cushion difficult market phases as much as possible.
Risks
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- 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, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- An investment in precious metals is subject to fluctuations in value.
Monthly Commentary
Compared to the turbulent previous month (bank quake), April was quiet. The German DAX index gained 1.88% and the broad European Stoxx Europe 600 index advanced 1.92%. In the US, the S&P 500 was down -0.03% due to the depreciation of the US dollar against the euro (result in USD: 1.46%). Hong Kong's Hang Seng Index declined -3.91%. The global equity index MSCI World moved almost sideways with 0.10% - index data in euro terms. Market sentiment was weighed down at best by expectations of further interest rate hikes by central banks, but not too much either: The majority of market participants expected the US Federal Reserve and the ECB to raise their key interest rates by 25 basis points each at their meetings at the beginning of May in view of continued high inflation. In addition, there were concerns that the US government deficit could exceed the statutory debt ceiling if Republicans and Democrats could not agree to raise the ceiling. This discussion weighed on the US dollar. The bond markets were calm despite this debate. The yield on 10-year US government bonds declined moderately from 3.47% to 3.42%. In contrast, the yield of their German counterparts rose slightly from 2.29% to 2.31%. The price of a troy ounce of gold rose by 1.05% to US$1,990. In this market environment, the DJE - Multi Asset remained nearly stable at -0.05%. In the global equity markets, insurance, travel & leisure, consumer staples (with recently also stronger pricing power) and healthcare performed well. Commodities, automobiles, consumer cyclicals and industrials, on the other hand, underperformed. The fund benefited most from its exposure to the personal care, pharmaceuticals & food, insurance and healthcare sectors. On the other hand, the real estate, retail and financial services sectors, among others, detracted from the fund's performance. At the individual stock level, the strongest results came from pharmaceutical company Eli Lilly, technology company Meta Platforms (both US) and German reinsurer Hannover Re. The worst individual stocks in the portfolio were the Chinese IT group Alibaba, the US financial services provider MSCI and the German semiconductor manufacturer Infineon. Over the course of the month, the fund management increased the share of the healthcare, retail and consumer goods & services sectors. In return, it reduced the financial services, industrials and insurance sectors. At the country level, the share of the USA, among others, increased, while German stocks were slightly reduced. As a result of the adjustments, the fund's equity ratio fell slightly from 71.21% to 70.78%. The bond quota increased from 19.80% to 20.34%. In addition, the fund management increased the precious metal quota from 6.83% to 7.35%. Liquidity decreased from 2.16% to 1.53%.