Key information
The fund invests broadly diversified and flexibly in different asset classes, including equities, government bonds, high-quality and higher-interest corporate bonds, bonds from emerging markets, commodity and precious metal investments and derivatives such as options or futures. The fund has the option of investing in both individual securities and target funds. In doing so, the fund pursues a balanced investment strategy and, in accordance with the absolute return principle, strives for the least possible fluctuation and positive performance in every market phase.
Responsible manager since inception
Key information
| ISIN: | LU0165251629 |
| WKN: | 257547 |
| Category: | Global Balanced Funds - Flexible |
| 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: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 24/06/2003 |
| Fund currency: | EUR |
| Fund Size (16/09/2021): | 16,64 Mio EUR |
| TER p.a. (30/12/2019): | 1,94 % |
| Reference Index: | 50% MSCI World, 50% REX Performance Index |
Fees
| Initial Charge: | 5,00 % |
| Management Fee p.a.: | 1,47 % |
| Custodian Fee p.a.: | 0,05 % |
| Advisory Fee p.a.: | 0,30 % |
Ratings & Awards (16/09/2021)
| Morningstar*: |
|
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 9,51 % |
| Tracking Error (2 years): | 6,61 % |
| Value at Risk (99% / 20 days): | -5,94 % |
| Maximum Drawdown (1 year): | -3,83 % |
| Sharpe Ratio (2 years): | 0,58 |
| Correlation (2 years): | 0,59 |
| Beta (2 years): | 0,74 |
| Treynor Ratio (2 years): | 7,53 |
Top Country Allocation (31/08/2021) |
|
|---|---|
| Germany | 21,84 % |
| United States | 19,45 % |
| United Kingdom | 7,28 % |
| Luxembourg | 6,63 % |
| Switzerland | 4,71 % |
Asset Allocation (31/08/2021) |
|
|---|---|
| Stocks | 45,66 % |
| Bonds | 33,93 % |
| Cash | 11,93 % |
| Funds | 6,02 % |
| Certificates | 2,45 % |
Investment approach
In order to achieve the most positive and low-volatility performance possible, the fund management actively controls the selection and weighting of the asset classes depending on the expected market situation using the in-house FMM method (according to fundamental, monetary and market-related aspects). Any risks should be identified and avoided as early as possible. The fund management also tries to avoid high correlations between the individual asset classes. In the same way, existing sources of income such as share price gains, dividends, interest income, option premiums and currency gains are to be used in the best possible way. There are no automatisms in this respect; instead, the fund management actively controls the portfolio, independently of a comparative index, by selecting individual securities and actively using currencies, futures and index options. In this way, the fund can be positioned procyclically to follow a strong trend - or countercyclically if the signs change from the fund management's point of view.
Chances
- Balanced portfolio of equities, bonds and foreign currencies
- Benefiting from the capital markets worldwide
- Active management allows flexible weighting of equities and bonds
Risks
- Price risks for bonds, particularly when interest rates on the capital markets rise
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Currency risks resulting from the portfolio’s foreign investments
Monthly Commentary
The German DAX index posted a gain in height of 1.87% in the reporting month whereas the broad European Stoxx Europe 600 index rose 1.98%. In the USA the S&P 500 gained 3.35% in euro terms. Equity markets benefited mainly from the statement of U.S. Federal Reserve (Fed) Chairman Jerome Powell reassuring investors with his speech at the annual Fed meeting in Jackson Hole that the recent inflation increases were likely to be temporary and that no immediate tapering (tapering of bond purchases) will be necessary. U.S. government bond yields which had risen more sharply in anticipating a change of the strategy of the Fed dropped again slightly at the end of the month. For the month, however, yields of 10-year U.S. Treasuries rose by 9 basis points to 1.31%. 10-year German bunds yielded -0.38%, 8 basis points higher. The unit price of the DJE - Multi Asset rose 1.36% in August. Around 90% of the positive performance came from the equity components of the fund and around 10% from the fixed income side. Anyway, the contribution from the gold component was negative at 10 basis points. At the individual stock level, the online pharmacy Shop Apotheke (Netherlands), the software producer SAP (Germany) and the industrial gases producer Linde (Ireland) recorded the largest performance contributions. The highest negative contributions to the fund’s performance were delivered by the mining stocks Impala Platinum (South Africa) and Newmont Corporation (USA) as well as by the internet company Pinterest (USA). At the end of August the net equity exposure of DJE - Multi Asset was just under 41%.
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Prospectus & Reports
Further Documents
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.