Key information
The assets of this international multi-asset fund may be invested in both equities and bonds. The investment focus is on securities with high liquidity and quality. The mixed fund's active risk management gives it its asset management character.
Responsible manager since 09/06/2004
Key information
ISIN: | LU0191701282 |
WKN: | A0CATN |
Category: | Fund Global Large-Cap Blend Equity |
VG/KVG: | DJE Investment S.A. |
Fund Management: | Robert Beer Management GmbH |
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: | |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 09/06/2004 |
Fund Currency: | |
Fund Size (18/04/2024): | 147,23 Mio |
TER p.a. (29/12/2023): | 2,00 % |
Reference Index: | - |
Fees
Initial Charge: | 5,000 % |
Management Fee p.a.: | 0,760 % |
Custodian Fee p.a.: | 0,090 % |
Management fee p.a.: | 1,000 % |
Performance Fee p.a.: 10% of the [Hurdle: exceeding 4% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. The first accounting period begins on 1 July 2020 and does not end until 31 December 2021, thereafter the calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
Ratings & Awards (18/04/2024)
Morningstar*: |
|
Awards: German Fund Award 2022, 2023 and 2024 "Outstanding" in the category "Mixed funds global equity-oriented" Austrian Fund Award 2022, 2023 and 2024 "Outstanding" in the category "Mixed funds global equity-oriented" €uro Fund Award 2023 1st place over 3 years and 2nd place over 5 years in the category "Mixed funds predominantly equities" |
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): | 7,444 |
Environment Rating (0-10): | 6,537 |
Social Rating (0-10): | 5,191 |
Governance-Rating(0-10): | 5,846 |
ESG rating in comparison group (0% lowest, 100% highest value): | 88,350 % |
Peergroup: |
Mixed Asset EUR Flex - Global
(1528 Fonds) |
Coverage rate ESG rating: | 98,365 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 94,031 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/03/2024
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Risk metrics (18/04/2024) |
|
---|---|
Standard Deviation (1 years): | 7,07 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -4,33 % |
Maximum Drawdown (1 year): | -3,01 % |
Sharpe Ratio (1 years): | 1,52 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (28/03/2024) |
|
---|---|
United States | 44,10 % |
Germany | 10,31 % |
France | 6,50 % |
Japan | 4,83 % |
Netherlands | 4,47 % |
Asset Allocation (28/03/2024) |
|
---|---|
Stocks | 88,10 % |
Cash | 10,89 % |
Funds | 1,01 % |
Investment strategy
The RB LuxTopic - Flex has a clearly structured investment process. It is based on the three building blocks:
F undamental
S ystematic
R isikoadjusted
F undamental - International top companies
RB LuxTopic - Flex invests in large international groups with strong brands and a corresponding market position. These companies are often market leaders. They operate globally and generate their earnings worldwide. Above all, they are characterized by strong balance sheets, high earning power, steady growth and attractive dividends.
S ystematic - Systematic Stock Selection - Algorithm
A systematic selection process selects the strongest trending stocks from the given stock spectrum. The aim of this algorithm is to invest in higher-yielding companies over the long term and to underweight or weed out underperforming stocks.
R isikoadjusted - Active risk management
Active risk management complements portfolio management. If the setback in a falling stock market is smaller due to risk reduction, the investment starts from a higher level when the stock market later rises again.
Chances
- Active risk management gives the fund asset management characteristics
- Growth opportunities of Europe's top global companies
- Efficient mixture of equities and bonds
Risks
- Issuer country, credit and liquidity risks
- Price risks of bonds when interest rates rise
- Equities may be subject to significant price falls
Monthly Commentary
In March, the stock markets largely continued their bullish trend from the previous months. The German stock index DAX rose by 4.61% to a new record high. The broad European index Stoxx Europe 600 also performed well, rising by 3.65%. The US S&P 500 index also recorded growth of 3.14%. Hong Kong's Hang Seng Index, on the other hand, moved sideways with a gain of 0.18%. Overall, global equities, as measured by the MSCI World Index, rose by 3.12% - all index figures in euro terms. The rise on the stock markets in the first quarter was driven by good or improving economic data, which turned out better than widely expected. This turned fears of recession into hopes that a soft landing was still possible in the major economic regions. For example, the US economy grew by 3.1% year-on-year in the fourth quarter of 2023, contrary to expectations. The US labour market reported robust figures with continued job growth (excluding agriculture) and a stable low unemployment rate. In turn, the eurozone was able to grow by 0.1% year-on-year in the fourth quarter - also contrary to market expectations - and thus avoid a recession. The Purchasing Managers' Index for services reached 51.1 points in March, thus rising once again after February (50.2). This index is regarded as the most reliable economic barometer for the eurozone and suggests a modest economic recovery (values above 50 signal expansion). However, the index counterpart for the manufacturing sector fell to 45.7 points (previous month: 46.5), indicating that the eurozone economy is still struggling with the effects of the key interest rate hikes and the rise in electricity and energy prices. China has set itself a growth target of 5% for 2024. However, this target will be more difficult to achieve than in 2023 because the previous year, 2022, still suffered greatly from the consequences of China's zero-covid strategy. The Chinese government has therefore provided a fiscal stimulus. The increased spending is to be channelled into infrastructure measures on the one hand and strategic key areas such as "industries of the future" on the other. The aim is to reduce dependence on Western technologies. Another key factor behind the strong share performance was the boom in artificial intelligence, which on the other hand was reflected in relatively low market breadth - the US stock market was driven by just a few companies in the first quarter. Expectations of interest rate cuts, which were still very high at the beginning of the year, have since shifted to the middle of the year. Especially as consumer prices in the USA rose again in February. Inflation was 3.2% compared to the previous year; in January it was 3.1%. Accordingly, the US Federal Reserve remained cautious and intends to wait for further data. In turn, the European Central Bank signalled in March that it might cut interest rates for the first time in June. In the eurozone, inflation fell to 2.6% year-on-year in February (January: 2.8%). The shift in interest rate expectations led to different results on the bond markets. Yields on 10-year government bonds fell by 11 basis points in Germany and 5 basis points in the USA to 2.29% and 4.20% respectively. Hopes of an economic recovery benefited high-quality corporate bonds, whose yields fell in both the USA and Europe. In contrast, yields on high-yield European corporate bonds rose by 27 basis points to 7.56%. The price of gold rose by 9.08% to USD 2,229.87 per troy ounce.