Key information
The sub-fund invests primarily in securities and in units of investment funds ("target funds"). The term "securities" includes fixed-interest bonds traded on regulated markets (including zero bonds), variable-interest bonds, convertible bonds and bonds with warrants with options on securities, and equities, equity index certificates, share basket certificates and certificates.
Key information
| ISIN: | LU0377290357 |
| WKN: | A0Q6BK |
| Category: | Balanced Funds - Flexible |
| Minimum Equity: | 25% |
| Partial Exemption of Income ¹: | 15% |
| VG/KVG: | DJE Investment S.A. |
| Fund Management: | DJE Kapital AG |
| Risk Category: | 3 |
| 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: | 01/08/2008 |
| Fund currency: | EUR |
| Fund Size (12/09/2024): | 181,26 Mio EUR |
| TER p.a. (29/12/2023): | 0,85 % |
| Reference Index: | - |
Fees
| Initial Charge: | 7,000 % |
| Management Fee p.a.: | 0,600 % |
| Custodian Fee p.a.: | 0,070 % |
| Advisory Fee p.a.: | 0,30 % |
|
Performance Fee p.a.: 5% of the positive performance of the unit value, provided that 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 [high water mark principle]. I.e. an additional remuneration [performance fee] only accrues again when the net reduction in value achieved has been fully offset. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
no esg data available
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (12/09/2024) |
|
|---|---|
| Standard Deviation (2 years): | 7,07 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -4,44 % |
| Maximum Drawdown (1 year): | -6,60 % |
| Sharpe Ratio (2 years): | -0,01 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/08/2024
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
|---|---|
| Luxembourg | 95,85 % |
| Germany | 1,37 % |
| United Kingdom | 0,95 % |
| United States | 0,71 % |
| France | 0,58 % |
Asset allocation in % of the fund volume (30/08/2024) |
|
|---|---|
| Funds | 95,85 % |
| Bonds | 3,61 % |
| Cash | 0,54 % |
Investment strategy
Chances
- Experienced fund manager with an analytical approach that has been tried and tested for many years
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
- Efficient mixture of equities and bonds with strategic risk diversification
Risks
- Equities may be subject to significant price falls
- Issuer country, credit and liquidity risks
- Currency risks resulting from the portfolio’s foreign investments
- Previously proven investment approach does not guarantee future investment success
- Price risks of bonds when interest rates rise
Target group
Der Fonds eignet sich für Anleger
- who seek flexibility in portfolio design
- who wish to take advantage of opportunities in both the equity and bond segments
- with a medium to long-term investment horizon
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility
- who seek safe returns
- with a short-term investment horizon
Monthly Commentary
After a very volatile start to the month, international stock markets developed relatively calmly in August. The German stock index DAX rose by 2.15%, outperforming the broad European index Stoxx Europe 600, which rose by 1.57%. On the other side of the Atlantic, the broad US index S&P 500 rose by a moderate 0.19%. In Hong Kong, the Hang Seng Index rose by +1.83%. Overall, global stocks, as measured by the MSCI World, climbed by +0.44% - all index figures are in euro terms. The month began with disappointing labor market data from the USA, which raised fears that the country could slip into recession. The markets interpreted this as a signal to the US Federal Reserve (Fed) to initiate interest rate cuts in order to stabilize the economy. The US dollar then fell. At the same time, the Bank of Japan raised its key interest rate on July 31, from 0.10% to 0.25%, which was actually moderate. This strengthened the Japanese yen. Both an appreciating yen and a depreciating US dollar threatened the now common interest rate differential business, the so-called yen carry trade. Investors borrowed money at low interest rates in Japan in order to invest it in markets with higher returns, e.g. in the USA. As a result, the Japanese stock index Topix suffered a daily loss of -12.2%, and the other major markets also felt this, which subsequently plummeted. The volatility index rose as it did last in March 2020, when the corona pandemic began. After August 5, however, the situation calmed down again. This was partly due to positive US economic and consumer data, and partly due to the Bank of Japan announcing that it would refrain from further interest rate hikes if the financial markets were unstable. In addition, Fed Chairman Jerome Powell confirmed the markets' interest rate expectations at the annual central bank meeting in Jackson Hole, also against the backdrop of a further fall in US inflation (from 3.0% in June to 2.9% in July). From then on, the stock markets began to develop slowly but steadily positively again. In Europe, a positive signal came from the combined purchasing managers' index for services and manufacturing. This rose to 51.2 points in August (previous month: 50.2). This puts the index above the threshold of 50 and signals a slightly expansive economy. However, the increase is solely due to the services component. Since inflation in the eurozone fell to 2.2% in August (previous month: 2.6%), the markets are also expecting a further interest rate cut by the European Central Bank. The bond markets reacted differently to the market turbulence and the renewed high expectations of interest rate cuts. The yield on 10-year German government bonds only fell from 2.30% to 2.29%, while the yield on their US counterparts fell slightly more, by 13 basis points (bps) to 3.90%. Yields on high-quality corporate bonds also fell more sharply in the US (by 20 bps to 4.94%) than in Europe (by 3 bps to 3.46%). Only high-yield bonds did European bonds perform better: their yield fell by 34 bps to 6.23%, while in the US it fell by 29 bps to 7.30%. The price of gold also benefited from the prospect of falling real interest rates. The price of a troy ounce rose by +2.28% from 2,447.60 to 2,503.39 US dollars.