Key information
DJE - Alpha Global 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 (21/09/2021): | 193,66 Mio EUR |
| TER p.a. (30/12/2020): | 2,15 % |
| Reference Index: | |
Fees
| Management Fee p.a.: | 1,20 % |
| Custodian Fee p.a.: | 0,10 % |
Ratings & Awards (21/09/2021)
| Morningstar*: |
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Awards: Scope Award 2021 Best fund in the category "Mixed Fund Global Flexible" in Germany |
Top Country Allocation (31/08/2021) |
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|---|---|
| United States | 38,69 % |
| Germany | 15,52 % |
| France | 7,70 % |
| Switzerland | 6,31 % |
| Denmark | 4,82 % |
Asset Allocation (31/08/2021) |
|
|---|---|
| Stocks | 79,43 % |
| Bonds | 12,93 % |
| Certificates | 4,61 % |
| Cash | 3,04 % |
Investment approach
TThe selection of individual stocks for DJE - Alpha Global 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 admixture of bonds and other securities such as certificates on precious metals possible
- Almost equally weighted selection of the best investment ideas of the DJE research team
- Participation in the growth opportunities of global stock markets
- The selection of securities is based on fundamental, monetary and market analysis - this FMM approach has a proven track record of over 45 years
Risks
- Proven investment approach to date is no guarantee of future investment success
- Price drops in the money and capital markets when interest rates rise
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Issuer country and credit risks as well as currency risks
Monthly Commentary
Even though August tends to be considered to be a modest stock market month the international stock markets made good progress with a few exceptions (Brazil, Singapore). The German DAX index posted a gain in height of 1.87%, and the broad European Stoxx Europe 600 index rose 1.98%. In the U.S., the S&P 500 gained 3.35%, while the Hang Seng Index (Hong Kong) gained only moderately 0.06%. The MSCI World global equity index closed the month with a surplus in height of 2.35% - all index figures in euro terms. They benefited from the fact that, despite high inflation rates, the U.S. Federal Reserve considered an immediate tapering of bond purchases to be premature in view of the labor market. Rising inflation had little impact on the gold price on a monthly basis, which remained virtually unchanged at USD 1,815/troz. Yields of high-quality U.S. government bonds, which had risen more sharply in anticipation of a change in strategy by the Fed fell again slightly at the end of the month. The ECB announced that the monetary policy will remain expansionary until the inflation rate target in height of 2% will be reached for a certain period. Market participants were also relieved that the wave of infection of the delta variant of the coronavirus had probably reached its plateau in August and renewed restrictive measure do not need to be feared. On the other hand, continued supply bottlenecks in the industry and subdued expectations in the retail sector due to rising prices weighed on companies' optimism. In this market environment the price of the DJE - Alpha Global rose by 2.39%. In August a good three quarters of the sectors of the global equity market performed positively. The highest price gains were recorded by the sectors insurance, technology and financial services sectors, followed by the sectors media and utilities sectors. On the other hand, the basic materials sector and the automotive industry in particular suffered price losses. In August the fund benefited from its stock selection in the sectors utilities, energy and healthcare (all three underweighted in the fund). On the other hand, the results of the sectors technology, financial services and credit institutions, among others, also contributed positively to the fund's performance. At the individual stock level the highest performance contributions came from the U.S. IT company Nvidia (chip/semiconductor manufacturer; hardware and software), the Indian private bank HDFC, the Dutch semiconductor industry company ASML as well as the U.S. software company Salesforce (cloud computing solutions for companies, CRM) and the Danish wind turbine manufacturer Vestas Wind Systems. On the other hand, particularly negative was the performance of the sectors basic materials and automotive in August. At the individual stock level the IT group Alibaba from China, the US payment service provider Global Payments and the Hamburg-based copper producer and recycler Aurubis were particularly disappointing. During the month the fund's management increased the weighting of the sectors healthcare and financial institutions in particular. On the other hand, it reduced the sectors industry and retail. Regionally, it slightly reduced the allocations of France and Germany. The equity allocation decreased slightly to 79.43% at the end of the month (80.30% previous month). The bond ratio also decreased slightly to 12.93% (13.69% previous month). The cash ratio increased to 3.40% (1.20% previous month).
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Prospectus & Reports
Further Documents
Legal Information
The source of all information and responsible for the content and preparation is DJE Kapital AG, unless otherwise stated.
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.
The management company of the funds is DJE Investment S.A., Distributor is the DJE Kapital AG. A summary of investors' rights can be obtained free of charge in English in electronic form on DJE‘s website at Summary of investor rights. The funds described in this marketing document may have been notified for distribution in different EU Member States. Investors' attention is drawn to the fact that the relevant management company may decide to withdraw the arrangements it has made for the distribution of the units of its funds in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.