Key information
DJE - Zins & Dividende is a balanced mixed fund independent of benchmark requirements. The fund pursues the absolute return idea with the aim of avoiding losses as far as possible. The differentiated weighting of the asset classes bonds and high-dividend and high-substance equities aims for regular interest income and the most sustained positive performance possible with low volatility. In selecting equities, the fund management pays attention to recurring dividend payments and also to an investor-friendly corporate policy with capital returns and share buybacks (total shareholder return). Stock selection aims for an above-average dividend yield relative to the market. However, the fund may also include stocks that do not currently pay a dividend. The fund's flexible investment approach allows it to adapt quickly to constantly changing market conditions. To reduce the risk of capital fluctuations, at least 50% of the fund's assets are permanently invested in bonds. The equity exposure is at least 25% and is limited to a maximum of 50%. Currency risks are hedged depending on the market situation.
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 (01/02/2023): | 3.453,06 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 (01/02/2023)
| 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 |
ESG Data
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 7,230 |
| Environment Rating (0-10): | 6,223 |
| Social Rating (0-10): | 5,174 |
| Governance-Rating(0-10): | 5,653 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 26,540 % |
| Peergroup: |
Mixed Asset EUR Bal - Global
(765 Fonds) |
| Coverage rate ESG rating: | 85,884 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 189,942 |
Report date: 31/01/2023
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 6,39 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -4,10 % |
| Maximum Drawdown (1 year): | -7,90 % |
| Sharpe Ratio (2 years): | 0,09 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/01/2023) |
|
|---|---|
| United States | 32,96 % |
| Germany | 16,68 % |
| France | 6,54 % |
| United Kingdom | 4,51 % |
| Cayman Islands | 3,93 % |
Asset Allocation (31/01/2023) |
|
|---|---|
| Bonds | 50,04 % |
| Stocks | 48,06 % |
| Cash | 1,91 % |
Investment approach
The objective of DJE - Zins & Dividende is to generate an absolute steady return - regardless of the performance of the capital markets. On the bond side, in-house research filters out promising investment ideas from all market segments. The fund invests primarily in debt instruments from public issuers and companies with very good to good credit ratings. On the equity side, the fund relies on the established DJE dividend strategy. This is based on the realisation that dividends can make a strong contribution to performance over time due to the compound interest effect. Long-term analyses show that only around half of the gains are based on price increases. The other half is due to dividends. The stock selection aims for an above-average dividend yield relative to the market. However, the fund may also include stocks that do not currently pay a dividend. The fund's flexible approach allows it to adapt quickly to constantly changing markets. To reduce the risk of capital fluctuations, at least 50% of the fund's assets are permanently invested in bonds. The share of equities is at least 25% and is limited to a maximum of 50%. Currency risks are hedged depending on the market situation.
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
Most stock markets developed negatively in December. Falling energy prices caused inflation rates to decline on both sides of the Atlantic. The noticeable easing of inflation enabled the central banks to soften somewhat their very aggressive monetary policy in December with several interest rate hikes of 75 basis points. Both the ECB and the Fed raised key rates by "only" 50 basis points. The abrupt end of the zero-Covid strategy of China resulting in millions of new infections surprised the markets. Each sector of the global stock market closed in the red. The sectors automotive, technology and retail generated the biggest losses. Whereas the sectors insurance, basic materials and utilities lost the least. Bond markets remained under pressure in December acknowledging the further rise in key interest rates with higher yields across all types of bonds. At the end of December 10-year German bunds yielded with 2.57% 64 basis points higher. Yields on their U.S. counterparts increased by 27 basis points to 3.87%. As the yield curve is inverted in both the U.S. and Germany, i.e. yields of 2-year bonds are higher than those of 10-year bonds, most economists continue to expect a recession. The weakest bond results came from 10-year Italian government bonds, whose yields rose 84 basis points over the month to 4.72%. In this market environment the DJE - Zins & Dividende declined -2.12%. The strongest positive individual stock results in the equity portfolio came from the Danish pharmaceutical group Novo Nordisk, the Hong Kong real estate company Great Eagle Holdings and the German reinsurer Hannover Rück. The worst individual results came from the Danish energy group Equinor, the U.S. internet company Alphabet (the parent of Google) and the U.S. software provider Salesforce. On the bond side in particular Italian government bonds and corporate bonds from the US technology sector burdened the fund's performance. During the month the fund management sharply reduced the technology sector. Also reduced were healthcare, energy and industry. The sectors insurance and travel & leisure were increaded. Regionally the US and German allocation in particular were reduced. The overall equity weighting decreased to 39.44% (previous month: 47.04%). The bond weighting remained almost stable at 50.85% (50.74%). On the other hand, cash increased to 9.71% (2.22%).