The fund invests primarily worldwide in listed bonds of all types. In addition, the subfund's assets may invest up to 30% worldwide in equities listed on a stock exchange or traded on a regulated market that operates regularly, is recognized and open to the public. Units of other UCITS or UCIs are only acquired up to a maximum of 10% of the subfund's assets.
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|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:||01.07. - 30.06.|
|Fund Size (21/09/2021):||48,04 Mio EUR|
|TER p.a. (30/06/2021):||0,57 %|
|Reference Index:||40% Bloomberg Barclays Euro Aggregate Corporate Total, 20% JP Morgan Global Govt. Bond EMU, 10% REX 1 year Performance Index, 10% STXE 600 EUR NRt, 20% MSCI Daily TR Net World USD, bis 28.02.2019: 70% JP Morgan Global Govt. Bond EMU, 10% REX 1 year Performance Index, 20% MSCI World|
|Initial Charge:||6,00 %|
|Management Fee p.a.:||0,32 %|
|Custodian Fee p.a.:||0,07 %|
|Advisory Fee p.a.:||0,16 %|
Ratings & Awards (21/09/2021)
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||6,27 %|
|Tracking Error (2 years):||3,78 %|
|Value at Risk (99% / 20 days):||-3,93 %|
|Maximum Drawdown (1 year):||-2,09 %|
|Sharpe Ratio (2 years):||0,59|
|Correlation (2 years):||0,64|
|Beta (2 years):||0,97|
|Treynor Ratio (2 years):||3,79|
Top Country Allocation (31/08/2021)
|United States||19,46 %|
|United Kingdom||11,39 %|
Asset Allocation (31/08/2021)
- Asset management character through active risk management
- Participation in the growth opportunities of the global equity and bond markets - the fund is not fixed on one region or country
- monetary and market analysis this FMM approach has proven its worth for over 45 years.
- The selection and weighting of asset classes and securities is based on the fundamental
- Previously proven investment approach does not guarantee future investment success
- Share prices can fluctuate relatively strongly due to market conditions
- Country risks of issuers
- Price risks for bonds, especially in the event of rising interest rates on the capital market
- Currency risks due to foreign content in the portfolio
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. Equity markets benefited from several factors: U.S. Federal Reserve (Fed) Chairman Jerome Powell reassured 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) was necessary, also because of the recent development of the U.S. labor market: in August the unemployment rate in the U.S. was still at 5.2% and only 235,000 new non-farm jobs were created. Market participants had expected more than three times as many new jobs. Therefore the Fed only announced a possible shift away from its ultra-loose monetary policy at its meeting, but did not give a specific timetable for reducing bond purchases. Yields of U.S. government bonds, which had risen more sharply in anticipating a strategy change of the Fed, fell again slightly at the end of the month. During the month yields of 10-year US Treasuries rose by 9 basis points to 1.31%. 10-year German bunds yielded 8 basis points higher at -0.38%. Furthermore, equity investors took it positively that the U.S. Senate passed the $550 billion infrastructure investment package for the next eight years. Finally, investors were relieved that the delta variant of the coronavirus was not expected to spread further. However, the continued rise in inflation weighed on markets on both sides of the Atlantic. In the USA consumer prices rose by 5.4% and core inflation (excluding food and energy) increased by 4 basis points to 3.6% - both prices up from a year earlier. In August inflation in the euro zone also climbed year-on-year to 3.0% driven primarily by the factor energy. Rising inflation had little impact on the price of gold on a monthly basis, which remained virtually unchanged at USD 1,815/troz. The European Central Bank commented on the rise in inflation as a temporary phenomenon triggered by Corona special effects. Accordingly, ECB President Christine Lagarde announced that the monetary policy will remain expansionary until the inflation rate is not only reaching the inflation target in height of 2% in the medium term, but will remain there. Sentiment in the German economy deteriorated slightly in August mainly due to continuing supply bottlenecks in industry and pessimistic expectations in the retail sector due to rising prices. The ifo business climate index therefore fell to 99.7 points (July: 100.7).
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.