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
|Category:||Mixed funds (Balanced)|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088).|
|Type of Share:||accumulation|
|Financial Year:||01.01. - 31.12.|
|Fund Size (01/12/2022):||3.413,33 Mio EUR|
|TER p.a. (30/12/2021):||1,61 %|
|Management Fee p.a.:||1,370 %|
|Custodian Fee p.a.:||0,100 %|
Ratings & Awards (01/12/2022)
Recognised with the top AAA rating in Citywire's fund manager ratings
|MSCI ESG RATING (AAA-CCC):||AA|
|Environment Rating (0-10):||6,240|
|Social Rating (0-10):||5,290|
|ESG rating in comparison group (0% lowest, 100% highest value):||43,860 %|
Mixed Asset EUR Bal - Global
|Coverage rate ESG rating:||84,524 %|
|Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales):||174,720|
Report date: 30/11/2022
Performance in Percent
|Standard Deviation (2 years):||6,82 %|
|Tracking Error (1 years):||-|
|Value at Risk (99% / 20 days):||-4,28 %|
|Maximum Drawdown (1 year):||-9,96 %|
|Sharpe Ratio (2 years):||0,48|
|Correlation (1 years):||-|
|Beta (1 years):||-|
|Treynor Ratio (1 years):||-|
Top Country Allocation (30/11/2022)
|United States||36,45 %|
|United Kingdom||3,89 %|
Asset Allocation (30/11/2022)
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.
- 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.
- The portfolio is continuously adjusted to the changing markets.
- Continuous income from interest and dividends can serve as a buffer in the event of price slumps.
- The income from interest and dividends is not guaranteed.
- 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.
- Bonds are subject to price risks when interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
Most international stock markets experienced a splendid comeback in October after a deep red third quarter. Hopes for a less aggressive monetary policy by the central banks in the USA and Europe were an important catalyst for the soaring share prices. This was reinforced by the price of gas, which fell significantly in an above-average warm October. However, inflation rates, which remained very high, dashed this hope. In the euro area it rose to 10.7%, the highest level since the creation of the euro, and in the USA to 8.2% compared to the same month last year. On the bond markets, yields on high-quality government and corporate bonds continued to rise, with only high-yield bonds yielding lower than in the previous month. In this market environment the price of the DJE - Zins & Dividende rose by 1.16%. On the international stock markets all sectors - with the exception of basic materials and real estate - performed positively in October. The energy sector recorded by far the highest price gain, followed by the sectors media, industry, credit institutions and insurance. In October the fund also benefited from the very good results of the sectors energy and media. In addition its investments in the industrial sector also delivered gratifying contributions to the performance. At the individual stock level the strongest value contributions came from the energy companies Chevron (oil, geothermal and natural gas/USA) and Equinor (oil and natural gas/Norway) as well as the US bank JP Morgan. Negative on the other hand for the performance of the fund price was the development of the sectors basic materials, real estate and utilities. Particularly disappointing at the individual stock level were the results of the technology companies Meta Platforms (including Facebook, Instagram, WhatsApp and Messenger/USA) and Alibaba (e-commerce/China) as well as the US online retailer Amazon On the bond side, positive impulses in October came from Norwegian government bonds held in the fund and corporate bonds with good credit ratings from the travel & leisure industry. On the other hand, the performance of Indonesian government bonds and corporate bonds from the sectors industry and automotive affected the fund's price performance. During the month the fund management increased the sectors technology, financial institutions and healthcare. Regionally the French and US allocations were increased. On the other hand, Norwegian titles were reduced. The bond quota of the fund decreased to 51.47% at the end of the month (55.50% previous month). The equity weighting rose to 46.15% (42.62% previous month). Liquidity was 2.38%, down from 1.88% in September. At month-end titles denominated in US dollars were currency hedged.