Key information
DJE - Zins & Dividende is a multi-asset fund managed independently from any benchmark. The fund aims for absolute returns with the help of conservative drawdown management. On the equity side, the fund invests primarily in equities with above-average dividend yields. The investment objective is to invest across asset classes and generate regular income from fixed income instruments, supplemented by capital gains and dividends on the equity side. The selection criteria for companies are recurring dividend payments as well as investor-friendly corporate policies such as stock buybacks. While the focus is on dividend paying stocks, the fund may also invest in companies that do not currently pay a dividend. The fund's flexible investment approach allows it to adapt quickly to changing market conditions. To reduce volatility, at least 50% of the fund is invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
| ISIN: | LU0553164731 |
| WKN: | A1C7Y8 |
| Category: | Fund EUR Moderate Allocation - Global |
| 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: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 10/02/2011 |
| Fund currency: | EUR |
| Fund Size (12/09/2024): | 3.998,15 Mio EUR |
| TER p.a. (29/12/2023): | 1,69 % |
| Reference Index: | - |
Fees
| Initial Charge: | 4,000 % |
| Management Fee p.a.: | 1,500 % |
| Custodian Fee p.a.: | 0,060 % |
|
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 (12/09/2024)
| Morningstar*: |
|
|
Awards: Austrian Fund Award 2024 "Outstanding" in the category "Mixed Funds Global Balanced" Best Asset Manager 2023 Place 4 out of 381 funds in the category "Balanced" in the ranking of Wirtschaftswoche and MMD Mountain View Fund Awards 2023 Winner in the category "Mixed Funds Global Balanced" |
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): | A |
| ESG-Qualityrating (0-10): | 6,858 |
| Environment Rating (0-10): | 6,416 |
| Social Rating (0-10): | 5,196 |
| Governance-Rating(0-10): | 5,791 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 21,380 % |
| Peergroup: |
Mixed Asset EUR Bal - Global
(795 Fonds) |
| Coverage rate ESG rating: | 88,546 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 131,589 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/08/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- 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
Rolling performance in %
Risk metrics (12/09/2024) |
|
|---|---|
| Standard Deviation (2 years): | 5,35 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -3,24 % |
| Maximum Drawdown (1 year): | -3,84 % |
| Sharpe Ratio (2 years): | 0,45 |
| 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 Ten Holdings in % of Fund Volume
| Equity Portfolio | Bond portfolio | ||
|---|---|---|---|
| Meta Platforms Inc-Class A | 1.42% | POLAND GOVERNMENT BOND | 2.49% |
| Novartis AG-Reg | 1.36% | MCDONALD'S CORP | 2.40% |
| Hannover Rueck SE | 1.34% | NORWEGIAN GOVERNMENT | 1.88% |
| Unilever Plc | 1.26% | ANGLO AMERICAN CAPITAL | 1.59% |
| Linde Plc | 1.23% | US TREASURY N/B | 1.49% |
| Alphabet Inc-Cl C | 1.18% | MICROSOFT CORP | 1.47% |
| Taiwan Semiconductor Manufac | 1.17% | FRAPORT AG | 1.37% |
| Tokio Marine Holdings Inc | 1.01% | NESTLE HOLDINGS INC | 1.36% |
| Eli Lilly & Co | 1.00% | ||
| Apple Inc | 0.99% |
Current status: 30/08/2024
When buying a fund, one acquires shares in the said fund, which invests in securities such as shares and/or in bonds, but not the securities themselves.
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
|---|---|
| United States | 42,95 % |
| Germany | 14,37 % |
| United Kingdom | 4,58 % |
| Norway | 3,66 % |
| Cayman Islands | 3,56 % |
Asset allocation in % of the fund volume (30/08/2024) |
|
|---|---|
| Bonds | 53,62 % |
| Stocks | 44,78 % |
| Cash | 1,60 % |
Investment strategy
The objective of DJE - Zins & Dividende is to generate a steady return – even in volatile markets. On the fixed income side, the fund invests primarily in debt instruments from sovereign issuers and corporates with investment-grade ratings. On the equity side, the fund relies on the established DJE dividend strategy. We believe that dividends can make a strong contribution to performance over time due to the compound interest effect. Time-series analysis shows that only around half of the equity returns are due to capital gains. The other half is attributable to dividends. The fund aims for an above-average dividend yield relative to the broader market. However, the fund may also include stocks that do not currently pay a dividend. The asset allocation is flexible and is adjusted depending on market environment. To reduce volatility, at least 50% of the fund are invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Chances
- Possible share price gains are complemented by interest income from international bonds and dividend distributions.
- Regular returns from interest and dividends can serve as a buffer in the event of stock market slumps.
- The balanced fund aims for a steady positive performance with low volatility in all market environments.
- The portfolio is continuously adjusted to the changing market environments.
Risks
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- The income from interest and dividends is not guaranteed.
- Bonds are subject to price risks if interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- There is a currency risk for euro investors in securities not denominated in euros.
- The value of an investment may rise or fall and investors may not get back the amount invested.
Target group
Der Fonds eignet sich für Anleger
- who wish to take advantage of opportunities in both the equity and bond segments
- with a medium to long-term investment horizon
- who seek flexibility in portfolio design
Der Fonds eignet sich nicht für Anleger
- with a short-term investment horizon
- who are not prepared to accept increased volatility
- who seek safe returns
Monthly Commentary
After a very volatile start to the month, the international stock markets were relatively calm and largely positive in August. Weak US labour market data at the beginning of the month gave rise to fears that the USA could slide into recession. In addition, a (moderate) interest rate hike by the Bank of Japan jeopardised the usual interest rate differential business, the so-called yen carry trade. As a result, the Japanese share index Topix suffered a daily loss of -12.2%. This was also felt by the other major markets, which fell, albeit not as sharply. However, the situation calmed down again after 5 August. On the one hand, better economic and consumer data came from the USA and the US Federal Reserve confirmed the markets' expectations of a rate cut in September. 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 somewhat more sharply, by 13 basis points (bp) to 3.90%. Against this market backdrop, the DJE - Zins & Dividende gained 0.99%. Globally, property, utilities, consumer staples and pharmaceuticals were the best performing sectors in August, while energy and consumer cyclicals were the main disappointments. The fund management adjusted the equity portfolio only slightly and increased the weighting of the healthcare sector, among others, while the credit institutions sector, among others, was reduced. As a result, the fund's equity allocation rose from 42.68% to 44.78%. On the bond side, the fund benefited from the decline in yields on US government and corporate bonds. The bond ratio remained stable at 53.62% (previous month: 53.61%). The fund's liquidity fell from 3.91% to 1.60%.