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 (21/10/2021): | 2.958,21 Mio EUR |
| TER p.a. (30/12/2020): | 1,73 % |
| Reference Index: | |
Fees
| Initial Charge: | 4,000 % |
| Management Fee p.a.: | 1,500 % |
| Custodian Fee p.a.: | 0,100 % |
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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 (21/10/2021)
| Morningstar*: |
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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 and 2021 "Outstanding" in the category "Mixed funds global balanced" Best Sustainable Asset Management 2021 in the "Balanced" category |
Top Country Allocation (30/09/2021) |
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|---|---|
| United States | 35,51 % |
| Germany | 15,06 % |
| France | 5,27 % |
| Denmark | 4,07 % |
| Cayman Islands | 3,92 % |
Asset Allocation (30/09/2021) |
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|---|---|
| Bonds | 50,36 % |
| Stocks | 46,24 % |
| Cash | 3,40 % |
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
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical (FMM) analysis, which has a proven track record of over 45 years
- Efficient mixture of equities and bonds with strategic risk diversification
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
Risks
- Price risks of bonds when interest rates rise
- Currency risks resulting from the portfolio’s foreign investments
- Equities may be subject to significant price falls
- Issuer country, credit and liquidity risks
Monthly Commentary
September was a weak month for the global stock markets. The headwinds on the stock markets were caused by a combination of problems that overshadowed the positive economic environment and good company figures: The difficulties of the Chinese real estate group Evergrande burdened the stock market in China, which has often been the target of government regulatory intervention. Supply bottlenecks continued to affect production in industrialized countries and rising commodity prices resulted in persistent inflationary pressures. This increased market participants' concerns that the US Federal Reserve (Fed) could adopt a tighter stance sooner than expected. Bond yields reacted to the feared change in monetary policy with rising interest rates. 10-year US Treasuries yielded 1.49%, 18 basis points higher as did their German counterparts, whose yield rose to -0.20%. Gold was unable to benefit from the rise in inflation in September. The price for the troy ounce fell from 1,815 to 1,760 US dollars. In this market environment the price of DJE - Zins & Dividende corrected by -1.45%. In September only three sectors of the global equity market performed positively. The energy sector recorded the highest price gains. The sectors credit institutions and automotive also posted good results. All other sectors suffered losses. The largest declines were recorded by the sectors basic materials, construction & materials and utilities. The highest value contributions of individual stocks came from the French oil company TotalEnergies, the Finnish financial group Nordea Bank and the US biotechnology company Moderna. Particularly disappointing on the other side was the performance of the US investment company BlackRock, the Swiss building materials producer Holcim and the Bonn-based postal and logistics company Deutsche Post. During the month the fund management reduced primarily to the sectors health care and technology and slightly expanded the sectors insurance and food & beverages. On the bond side the fund management reduced the share of US Treasuries in order to invest in equities. On the other hand it acquired corporate bonds from the financial services sector. The fund's equity allocation was 46,24% at the end of the month (49.86% previous month). The bond ratio was 50,36% (47.91% previous month).
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Prospectus & Reports
Further Documents
Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de. All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change. The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance. The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information. In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses. The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA. This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.
*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.