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 (05/06/2023): | 3.591,52 Mio EUR |
| TER p.a. (30/12/2022): | 1,73 % |
| 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 (05/06/2023)
| Morningstar*: |
|
|
Awards: AAA Recognised with the top AAA rating in Citywire's fund manager ratings 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" 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" |
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): | AA |
| ESG-Qualityrating (0-10): | 7,246 |
| Environment Rating (0-10): | 6,406 |
| Social Rating (0-10): | 5,200 |
| Governance-Rating(0-10): | 5,669 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 17,010 % |
| Peergroup: |
Mixed Asset EUR Bal - Global
(788 Fonds) |
| Coverage rate ESG rating: | 86,558 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 179,239 |
Portfolio allocation according to ESG rating of individual securities
Report date: 31/05/2023
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 6,21 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -4,00 % |
| Maximum Drawdown (1 year): | -6,32 % |
| Sharpe Ratio (2 years): | -0,06 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/05/2023) |
|
|---|---|
| United States | 41,97 % |
| Germany | 17,02 % |
| France | 5,20 % |
| United Kingdom | 4,53 % |
| Cayman Islands | 3,35 % |
Asset Allocation (31/05/2023) |
|
|---|---|
| Bonds | 52,75 % |
| Stocks | 46,03 % |
| Cash | 1,23 % |
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
Compared with the turbulent previous month (bank quake), April was quiet. At the most, market mood was weighed down by expectations of further interest rate hikes by central banks, but not too much either: The majority of market participants expected the U.S. Federal Reserve and the ECB to raise their key rates by 25 basis points each anyway at their meetings in early May in view of continued high inflation. In addition, there were concerns that the U.S. government deficit could exceed the debt ceiling set by law if Republicans and Democrats could not agree to raise the ceiling. This discussion weighed on the US dollar. Bond markets were calm despite this debate. The yield on 10-year US government bonds decreased moderately from 3.47% to 3.42%. By contrast, the yield on their German counterparts rose slightly from 2.29% to 2.31%. In this market environment, the DJE - Zins & Dividende gained 0.31%. In the global equity markets, insurance, travel & leisure, consumer staples (with recently also stronger pricing power) and healthcare performed well. Commodities, automobiles, consumer cyclicals and industrials, on the other hand, underperformed. The fund benefited in particular from its exposure to healthcare, insurance and consumer staples sectors. Industrials and telecommunications, on the other hand, weighed on the fund's performance. The strongest individual stocks in April included, among others, German reinsurer Hannover Re, U.S. pharmaceutical group Eli Lilly and U.S. technology group Meta Platforms, which operates the social network Facebook. On the other hand, Danish pharmaceutical group Novo Nordisk, German insurer Allianz and U.S. technology group Microsoft weighed on fund performance. Over the month, the fund management increased the equity allocation from 41.78% to 44.12%. The bond allocation was decreased slightly from 55.81% to 53.65%. Liquidity remained largely stable at 2.23% (previous month: 2.41%). U.S. dollar-denominated securities were partially hedged as of month-end.