Key information
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
Key information
| ISIN: | LU0553164731 |
| WKN: | A1C7Y8 |
| Category: | Mixed funds (Balanced) |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| 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: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 10/02/2011 |
| Fund currency: | EUR |
| Fund Size (19/05/2022): | 3.186,67 Mio EUR |
| TER p.a. (30/12/2021): | 1,71 % |
| Reference Index: | |
Fees
| Initial Charge: | 4,000 % |
| Management Fee p.a.: | 1,500 % |
| Custodian Fee p.a.: | 0,100 % |
|
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 (19/05/2022)
| Morningstar*: |
|
|
Awards: AAA 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, 2021 and 2022 "Outstanding" in the category "Mixed funds global balanced" Best Asset Manager 2022 Top 4 out of 406 funds in the category "Balanced" in the ranking of Wirtschaftswoche and MMD Best Sustainable Asset Management 2021 in the "Balanced" category |
ESG Data
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 7,180 |
| Environment Rating (0-10): | 6,041 |
| Social Rating (0-10): | 5,602 |
| Governance-Rating(0-10): | 5,339 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 19,480 % |
| Peergroup: |
Mixed Asset EUR Bal - Global
(698 Fonds) |
| Coverage rate ESG rating: | 86,197 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 166,011 |
Report date: 29/04/2022
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 5,85 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -3,59 % |
| Maximum Drawdown (1 year): | -7,73 % |
| Sharpe Ratio (2 years): | 0,94 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (29/04/2022) |
|
|---|---|
| United States | 37,08 % |
| Germany | 15,08 % |
| Switzerland | 4,35 % |
| Norway | 3,88 % |
| Cayman Islands | 3,83 % |
Asset Allocation (29/04/2022) |
|
|---|---|
| Bonds | 50,60 % |
| Stocks | 46,57 % |
| Cash | 2,83 % |
Investment approach
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.
Chances
- The portfolio is continuously adjusted to the changing markets.
- Possible share price gains are supplemented by expected interest income from international bonds and dividend distributions.
- The balanced mixed fund aims for the most positive, low fluctuation performance possible in every market phase.
- Continuous income from interest and dividends can serve as a buffer in the event of price slumps.
Risks
- The income from interest and dividends is not guaranteed.
- Bonds are subject to price risks when interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
Monthly Commentary
April was a difficult month for the stock markets. A whole range of risk factors weighed on the stock markets: the war in Ukraine and fears of further escalation weighed on sentiment and increased investor pessimism. Energy prices remained at a high level, but did not rise much further, mainly because demand from China's manufacturing industry declined significantly. In addition, the lockdown in Shanghai caused a traffic jam in the busiest container port, which further strained the already tight global supply chains. Thereforethe price pressure remained high on energy, many commodities and food. Inflation rose to 8.5% in the USA (in March) and to 7.5% in the euro area compared to the same month last year, which increased the pressure on central banks to raise key interest rates. High interest rate expectations and growing government debt weighed on the bond market. Ten-year German government bond yields rose from 0.55% to 0.94%, and their US counterparts yielded 59 basis points higher at 2.93% as of the end of April. In this market environment the DJE - Zins & Dividende was able to hold its own with a performance in height of 0.00%. On the international equity markets about one third of the sectors performed positively in April. The highest price gains were recorded by the sectors food & beverages and personal care & pharmaceuticals. The sectors energy, utilities and healthcare also achieved positive results. The other sectors, however, suffered losses in April. The sectors media, technology, automotive, financial services and retail recorded the strongest price declines. The fund benefited from its investments into the sectors food & beverages, personal care & pharmaceuticals and energy s during the reporting period. At the individual stock level the strongest value contributions came from the US government bonds held, the Danish pharmaceutical company Novo Nordisk and the Bonn-based telecommunications company Deutsche Telekom. On the other hand the sectors financial services, technology and real estate detracted from the fund's performance in April. Particularly disappointing on the equity side was the performance of the two US companies Amazon (online mail order) and Alphabet (internet services; parent company of Google) as well as the semiconductor company Infineon, based in Neubiberg. During the month the fund's management reduced especially the technology sector and increased the health care sector. The bond quota of the fund remained almost stable at the end of the month at 50.60% (51.10% previous month). The equity allocation declined to 46.56% (48.25% previous month). As a result liquidity rose from 0.65% to 2.83%.