DJE - Zins & Dividende invests globally, primarily in bonds and equities, and is free of benchmark constraints. The fund seeks to generate a stable performance while emphasising an absolute return approach with the aim of avoiding losses as far as possible. Through differentiated weighting of the asset classes bonds and equities which are characterised by high dividends and substance, the fund aims to generate regular interest income on the one hand and to achieve the most sustained positive performance possible with low volatility on the other. When selecting shares, the fund management pays attention to stable dividend payments and also to an investor-friendly corporate policy with capital returns and share buybacks (total shareholder return). The fund's flexible investment approach enables it to adapt quickly to the constantly changing market conditions. To reduce the risk of capital fluctuations, at least 50% of the fund's assets are invested in bonds on a permanent basis. The equity exposure is at least 25% and is limited to a maximum of 50%. Currency risks are hedged depending on market conditions.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
|Category:||Mixed funds (Balanced)|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (27/07/2021):||2.752,24 Mio EUR|
|TER p.a. (30/12/2020):||1,73 %|
|Initial Charge:||4,00 %|
|Management Fee p.a.:||1,50 %|
|Custodian Fee p.a.:||0,10 %|
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. Payment is made at the end of the accounting period. For further details, see the sales prospectus.
Ratings & Awards (27/07/2021)
Recognised with the top AAA rating in Citywire's fund manager ratings
German Fund Award 2018, 2019, 2020 and 2021
"Outstanding" in the category "Mixed funds global balanced"
Austrian Fund Award 2018, 2019, 2020 and 2021
"Outstanding" in the category "Mixed funds global balanced"
Performance in Percent
|Standard Deviation (2 years):||7,91 %|
|Tracking Error (1 years):||-|
|Value at Risk (99% / 20 days):||-4,80 %|
|Maximum Drawdown (1 year):||-3,55 %|
|Sharpe Ratio (2 years):||1,05|
|Correlation (1 years):||-|
|Beta (1 years):||-|
|Treynor Ratio (1 years):||-|
Top Country Allocation (30/06/2021)
|United States||34,87 %|
|United Kingdom||4,42 %|
Asset Allocation (30/06/2021)
The DJE – Zins & Dividende aims to deliver - over a full market cycle - a constant absolute return in all market conditions no matter the market direction. On the bond side the DJE in-house research team tries to selectively filter out of the complete bond universe the most promising investment ideas. The DJE – Zins & Dividende will mainly invest in bonds issued by public bodies and corporations rated at least investment grade. On the equity side the well-established investment approach of the DJE dividend strategy is based on the recognition that, in the long term, most of the overall performance of an equity investment comes from the compounding effect generated by reinvested dividends. Long-term investigations of international stock markets show that only slightly more than half of the profits are caused by price increases and the other half due to dividend effects. The attractive dividend yield currently provided by companies and the good earning offers further dividend growth potential. Considerations like these, in combination with the absolute return approach of DJE – Zins & Dividende, should lead to an attractive risk/return profile of the fund, which should also in volatile markets be maintained by allowing the management to flexibly allocate between equity and bonds respectively cash.
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical (FMM) analysis, which has a proven track record of over 45 years
- Efficient mixture of equities and bonds with strategic risk diversification
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
- Price risks of bonds when interest rates rise
- Currency risks resulting from the portfolio’s foreign investments
- Equities may be subject to significant price falls
- Issuer country, credit and liquidity risks
The stock and bond markets performed largely well in June. Although rising inflation worldwide weighed on the markets, especially as investors now expect central banks to raise key interest rates sooner than 2023, equities benefited from high expected corporate earnings growth in the second quarter and further improvements in economic indicators. In the USA and Europe, business confidence and consumer confidence improved and purchasing managers' indices for the industry and service sectors rose or confirmed their high level. On the bond markets yields on ten-year German and US government bonds decreased. In this market environment the price of the DJE - Zins & Dividende rose by 1.86%. At sector level the highest price gains in June came from the sectors healthcare, cyclical consumer goods and information technology, followed by the sectors telecommunications, financial services and real estate. On the other hand, the sectors utilities and basic materials suffered losses in June. At the individual stock level the highest value contributions came from the Mainz-based biotechnology company BioNTech, the US online payment service PayPal and the US online mail order company Amazon. Nevertheless, the performance at the equity side was disappointing: mining groups Anglo American (UK) and Newmont Mining (USA) and Cologne-based specialty chemicals group Lanxess. During the month the fund management increased the sectors technology and energy. But it reduced the sectors telecommunications, basic materials and insurance in particular. The equity ratio of the fund was 49.35% (49.01% previous month). The bond ratio was 49.83% (49.73% previous month).
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Prospectus & Reports
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.