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: | Mixed funds dynamic World |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 4 |
| 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 (04/12/2023): | 179,73 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 (04/12/2023)
| 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): | 7,210 |
| Environment Rating (0-10): | 6,249 |
| Social Rating (0-10): | 5,480 |
| Governance-Rating(0-10): | 5,779 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 55,710 % |
| Peergroup: |
Mixed Asset EUR Agg - Global
(438 Fonds) |
| Coverage rate ESG rating: | 87,558 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 83,612 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/11/2023
Perfomance Chart
Performance in Percent
Risk metrics (04/12/2023) |
|
|---|---|
| Standard Deviation (2 years): | 9,45 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -6,18 % |
| Maximum Drawdown (1 year): | -4,41 % |
| Sharpe Ratio (2 years): | -0,38 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (30/11/2023) |
|
|---|---|
| United States | 44,65 % |
| Germany | 11,79 % |
| Japan | 8,86 % |
| France | 4,84 % |
| United Kingdom | 3,79 % |
Asset Allocation (30/11/2023) |
|
|---|---|
| Stocks | 68,37 % |
| Bonds | 23,37 % |
| Certificates | 6,46 % |
| Cash | 1,80 % |
Investment strategy
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
The international equity and bond markets fell for the most part in October. The German share index DAX and the broad European index Stoxx Europe 600 lost -3.75% and -3.68% respectively. In the USA, the S&P 500 fell by -2.17% and the Hong Kong Hang Seng Index lost -3.83%. Overall, global equities, as measured by the MSCI World, lost -2.80% - all index figures in euro terms. The month was dominated by the attack on Israel by the Palestinian terrorist organisation Hamas. From a market perspective, the main concern was whether this could lead to a major escalation and there was a significant reaction in several assets. Gold was in demand as a safe haven. In addition, yields on 10-year government bonds rose in the USA. They tested the 5 per cent mark several times over the course of the month and ended the month at 4.93%, 36 basis points higher than at the end of September. In the USA, yields on high-quality and high-yield corporate bonds also rose. This rise in yields weighed on the bond markets. An additional negative factor for the equity markets was the mixed reporting season to date. The US Federal Reserve left key interest rates at the range of 5.25 to 5.50%, despite the robust labour market and US economic growth of 4.9% compared to the second quarter. The US inflation rate was 3.7% in September, as in the previous month. This means that there is no need to raise interest rates for the time being, unless the US economy continues to grow at this rate. Against this backdrop, the DJE - Multi Asset & Trends fell by -1.46%. Only four sectors on the global equity market performed positively: Media, Utilities, Insurance and Personal Care, Drug and Food Stores. The weakest sectors included automobiles, energy, banks, financial services and construction and materials. In October, the fund benefited primarily from its stock selection in the basic materials, chemicals, retail and financial services sectors. On the other hand, the personal care, drugstore and grocery, financial institutions, real estate and construction & materials sectors weighed on the fund's performance. The strongest individual stocks included the US sporting goods manufacturer Nike, the US industrial services provider Fastenal and the French food group Danone. By contrast, disappointing results were delivered by the Japanese consumer electronics group Panasonic, the German healthcare group Fresenius and the German financial services provider DWS, among others. The fund management adjusted the fund's sector allocation only moderately and increased the weighting of the insurance and retail sectors while reducing technology and industry. As a result, the equity allocation fell from 68.90% to 66.74%. On the bond side, the rise in yields on longer-dated US government bonds and corporate bonds had a particularly negative impact. In contrast, German and Italian government bonds as well as high-quality euro corporate bonds moved sideways with a slight decline in yields. The bond ratio rose slightly from 21.64% to 22.79%. The gold certificate made a positive contribution to performance. The fund management increased the fund's precious metal ratio from 6.10% to 6.56%. The fund's liquidity rose slightly from 3.36% to 3.91%.
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