Key information
DJE - Zins & Dividende is a multi-asset fund managed independently from any benchmark. The fund aims for absolute returns with the help of conservative drawdown management. On the equity side, the fund invests primarily in equities with above-average dividend yields. The investment objective is to invest across asset classes and generate regular income from fixed income instruments, supplemented by capital gains and dividends on the equity side. The selection criteria for companies are recurring dividend payments as well as investor-friendly corporate policies such as stock buybacks. While the focus is on dividend paying stocks, the fund may also invest in companies that do not currently pay a dividend. The fund's flexible investment approach allows it to adapt quickly to changing market conditions. To reduce volatility, at least 50% of the fund is invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
ISIN: | LU0553171439 |
WKN: | A1C7ZA |
Category: | Fund EUR Moderate Allocation - Global |
Minimum Equity: | 25% |
Partial Exemption of Income ¹: | 15% |
VG/KVG: | DJE Investment S.A. |
Fund Management: | DJE Kapital AG |
Risk Category: | 3 |
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: | 06/12/2010 |
Fund currency: | EUR |
Fund Size (25/07/2024): | 3.886,56 Mio EUR |
TER p.a. (29/12/2023): | 0,84 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,650 % |
Custodian Fee p.a.: | 0,060 % |
Ratings & Awards (25/07/2024)
Morningstar*: |
|
Awards: Mountain View Fund Awards 2023 Winner 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): | A |
ESG-Qualityrating (0-10): | 6,881 |
Environment Rating (0-10): | 6,450 |
Social Rating (0-10): | 5,087 |
Governance-Rating(0-10): | 5,793 |
ESG rating in comparison group (0% lowest, 100% highest value): | 19,350 % |
Peergroup: |
Mixed Asset EUR Bal - Global
(806 Fonds) |
Coverage rate ESG rating: | 88,617 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 163,709 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/06/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (25/07/2024) |
|
---|---|
Standard Deviation (2 years): | 5,63 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -3,44 % |
Maximum Drawdown (1 year): | -2,96 % |
Sharpe Ratio (2 years): | 0,38 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 28/06/2024
Top Ten Holdings in % of Fund Volume
Equity Portfolio | Bond portfolio | ||
---|---|---|---|
APPLE INC | 1.87% | MCDONALD'S CORP (2.625%) | 2.45% |
TAIWAN SEMICONDUCTOR MANUFAC | 1.73% | US TREASURY (3.50%) | 1.95% |
META PLATFORMS INC-CLASS A | 1.53% | NORWEGIAN GOVERNMENT (1.75%) | 1.67% |
ALPHABET INC-CL C | 1.53% | ANGLO AMERICAN CAPITAL (2.625%) | 1.63% |
ELI LILLY & CO | 1.48% | NESTLE HOLDINGS INC (4.00%) | 1.42% |
JPMORGAN CHASE & CO | 1.41% | NIKE INC (2.40%) | 1.37% |
VISA INC-CLASS A SHARES | 1.35% | FRAPORT AG (1.8750%) | 1.37% |
LINDE PLC | 1.31% | META PLATFORMS INC (3.85%) | 1.26% |
INDITEX | 1.28% | DEUTSCHE LUFTHANSA AG (3.00%) | 1.25% |
HANNOVER RUECKVERSICHERU-REG | 1.26% | US TREASURY (2.625%) | 1.21% |
Current status: 28/06/2024
When buying a fund, one acquires shares in the said fund, which invests in securities such as shares and/or in bonds, but not the securities themselves.
Top Country Allocation in % of Fund Volume (28/06/2024) |
|
---|---|
United States | 43,98 % |
Germany | 14,69 % |
United Kingdom | 4,37 % |
Japan | 4,29 % |
France | 3,57 % |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Bonds | 50,77 % |
Stocks | 48,50 % |
Cash | 0,73 % |
Investment strategy
The objective of DJE - Zins & Dividende is to generate a steady return – even in volatile markets. On the fixed income side, the fund invests primarily in debt instruments from sovereign issuers and corporates with investment-grade ratings. On the equity side, the fund relies on the established DJE dividend strategy. We believe that dividends can make a strong contribution to performance over time due to the compound interest effect. Time-series analysis shows that only around half of the equity returns are due to capital gains. The other half is attributable to dividends. The fund aims for an above-average dividend yield relative to the broader market. However, the fund may also include stocks that do not currently pay a dividend. The asset allocation is flexible and is adjusted depending on market environment. To reduce volatility, at least 50% of the fund are invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Chances
- Possible share price gains are complemented by interest income from international bonds and dividend distributions.
- The balanced fund aims for a steady positive performance with low volatility in all market environments.
- Regular returns from interest and dividends can serve as a buffer in the event of stock market slumps.
- The portfolio is continuously adjusted to the changing market environments.
Risks
- There is a currency risk for euro investors in securities not denominated in euros.
- The income from interest and dividends is not guaranteed.
- The value of an investment may rise or fall and investors may not get back the amount invested.
- Bonds are subject to price risks if 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.
Target group
Der Fonds eignet sich für Anleger
- with a medium to long-term investment horizon
- who seek flexibility in portfolio design
- who wish to take advantage of opportunities in both the equity and bond segments
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility
- with a short-term investment horizon
- who seek safe returns
Monthly Commentary
The international stock markets performed unevenly in June - European performance was weak, in the USA it was strong. As announced, the US Federal Reserve maintained its key interest rate level. However, US inflation fell moderately and the core rate excluding food and energy fell slightly more, so that market expectations of a key interest rate cut in the current year remained unchanged. This supported the US stock markets. As expected, the European Central Bank lowered its key interest rates, although this move was already largely reflected in share prices. What weighed on European stock markets, however, were the European elections and the early elections in France that were announced as a result. As a result, there was a massive sell-off in French shares and government bonds. On the bond markets, German government bonds in particular benefited from the ECB's interest rate cut. Yields on 10-year bonds fell by 16 basis points to 2.50%, while those of their US counterparts fell by just 10 basis points to 4.40%. In this market environment, the DJE - Zins & Dividende rose by 2.73%. On the global equity market, half of the sub-sectors produced positive results. The best performing sectors were technology, consumer cyclicals and healthcare, while commodities, consumer goods & services and utilities were particularly disappointing. The strongest individual stock results came from semiconductor manufacturer Taiwan Semiconductors, US technology giant Apple and US pharmaceuticals group Eli Lilly. In contrast, the French energy group Total Energies, the pan-Asian insurance group AIA (based in Hong Kong) and the British pharmaceutical group Glaxo Smith Kline, among others, detracted from performance. Over the course of the month, the fund management increased the weighting of the technology and healthcare sectors, among others, and reduced the credit institutions and insurance sectors, among others. As a result, the equity allocation rose slightly from 47.46% to 48.50%. On the bond side, the fund benefited in particular from its exposure to high-quality government bonds. The turmoil triggered by the call for early elections in France only affected Italian issuers and government bonds in the portfolio - the fund does not hold any French government bonds. Over the course of the month, the fund management reduced supranational bonds denominated in Mexican pesos due to the volatility on the currency market following the elections in Mexico. On the other hand, the fund subscribed to high-quality corporate bonds. As a result of the adjustments, the bond ratio rose slightly from 50.06% to 50.77%. Liquidity fell from 2.47% to 0.73%.