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 (04/10/2022): | 3.259,60 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 (04/10/2022)
| 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): | 7,722 |
| Environment Rating (0-10): | 6,227 |
| Social Rating (0-10): | 5,320 |
| Governance-Rating(0-10): | 5,798 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 24,840 % |
| Peergroup: |
Mixed Asset EUR Bal - Global
(761 Fonds) |
| Coverage rate ESG rating: | 81,845 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 166,102 |
Report date: 30/09/2022
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 6,81 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -4,30 % |
| Maximum Drawdown (1 year): | -10,05 % |
| Sharpe Ratio (2 years): | 0,42 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (30/09/2022) |
|
|---|---|
| United States | 37,64 % |
| Germany | 16,81 % |
| Norway | 6,16 % |
| France | 4,09 % |
| Denmark | 3,62 % |
Asset Allocation (30/09/2022) |
|
|---|---|
| Bonds | 55,50 % |
| Stocks | 42,62 % |
| Cash | 1,88 % |
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
August showed two faces on the stock markets: Until around the middle of the month most stock exchanges were able to continue the recovery of previous month. In the second half of the month they lost what they had achieved and slipped into negative territory. The main reason for this was the appearance of U.S. Federal Reserve Chairman Jerome Powell, who declared at the annual central bank meeting in Jackson Hole (U.S.A.) a war on inflation also at the expense of growth and the labor market. Therefore market participants expected further interest rate hikes and the stock markets began to decline noticeably. Because of of high inflation rates and expected further increases in key interest rates bonds fell across the board. Yields on 10-year German bunds rose by 72 basis points to 1.54% and those of their US counterparts by 54 basis points to 3.19%. As the yield curve in the U.S. shifted further in favor of two-year U.S. Treasuries - whose yield rose by 61 basis points to now 3.49% - market participants continue to assume a recession in the United States. In this market environment DJE - Zins & Dividende held its ground with a performance in height of -0.18%. On the international stock markets only a quarter of the sectors performed positively in August. The highest price gains were recorded by the sectors energy and insurance. The sectors utilities, personal care & pharmaceuticals and basic materials achieved weaker but still positive results. The sectors consumer goods & services, healthcare and technology suffered the highest losses. In August the fund benefited in particular from the very good results of the energy sector and the encouraging contributions from the insurance sector. Positive performance contributions also came from the sector basic materials. Good results with regard to individual stocks came mainly from the US online payment service PayPal, the Canadian mining company Nutrien and the German reinsurance group Hannover Re. Burdeining for the performance of the fund were on the other side the sectors healthcare, technology and chemicals. Disappointing was also the performance of following individual stocks: the US software company Salesforce (cloud computing solutions for companies/CRM), the Danish pharmaceutical company Novo Nordisk and the South African gold mining company Gold Fields. Over the month the sector healthcare was decreased, whereas the chemicals sector was slightly increased. With regard to fixed-income securities the share of Norwegian government bonds, which currently offer attractive interest rates was increased. Regionally U.S., German and Norwegian titles were added. The bond ratio of the fund decreased to 51.70% at the end of the month (54.84% previous month). The equity allocation increased to 45.19% (42.15% previous month). Liquidity remained relatively stable at 3.11%, down from 3.01%.