Key information
This fund focuses its investments on bonds from domestic and foreign issuers, participation certificates, convertible bonds and warrant bonds. Domestic and foreign stocks may comprise up to 20% of fund assets. This level can be tactically increased by 10% through the use of derivatives. Overall the fund maintains a balanced mix of securities with the goal of achieving a reasonable return. The focus of investments is on high-quality bonds. In selecting equities, the fund managers analyse companies using quantitative and qualitative criteria.
Responsible manager since inception
Responsible manager since 15/02/2022 as co-manager
Key information
| ISIN: | LU1673814486 |
| WKN: | DWS2S1 |
| Category: | Balanced Funds - Focus on Global Bonds |
| VG/KVG: | DWS Investment S.A. |
| Fund Manager: | 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: | accumulation |
| Financial Year: | 01.07. - 30.06. |
| Launch Date: | 02/01/2018 |
| Fund currency: | EUR |
| Fund Size (07/06/2023): | 813,64 Mio EUR |
| Ongoing Charges p.a. (30/06/2020): | 0,75 % |
| Reference Index: | |
Fees
| All-in fee p.a.: | 0,70 % |
Ratings & Awards (07/06/2023)
| Morningstar*: |
|
no esg data available
Perfomance Chart
Performance in Percent
Risk metrics |
|
|---|---|
| Standard Deviation (1 years): | 4,81 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -3,15 % |
| Maximum Drawdown (1 year): | -5,16 % |
| Sharpe Ratio (1 years): | -0,77 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (28/04/2023) |
|
|---|---|
| United States | 35,80 % |
| Germany | 25,10 % |
| Other Countries | 10,50 % |
| Italy | 9,70 % |
| Finland | 5,60 % |
Asset Allocation (28/04/2023) |
|
|---|---|
| Bonds | 77,80 % |
| Stocks | 19,50 % |
| Cash | 1,10 % |
Investment approach
The fund takes advantage of the cyclical interplay between the asset classes bonds and equities. The focus is on international bonds, both corporate and government bonds, in various currencies. The fund also takes advantage of selected opportunities on the equity markets. This allows it to diversify when bonds are temporarily weak and to achieve a positive long-term performance. The allocation between equities, bonds and cash as well as the analysis of the equity and bond markets is based on the FMM method, the proven investment approach of DJE Kapital AG (for more information on the FMM method, please visit www.dje.de). The broad diversification across different asset classes forms the basis for a favourable risk/return ratio.
Chances
- Participation in a balanced portfolio of equities, bonds and foreign currencies
- The fund frequently makes full use of the equity investment option to profit from rising equity markets
- Our professional team takes advantage of the opportunities offered by volatile markets
Risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Price drops in the money and capital markets when interest rates rise
- Issuer country and credit risks as well as currency risks
Monthly Commentary
In April, the equity share incl. derivatives was again dynamically controlled by means of overlay management and slightly increased on balance. At the end of April, the net equity ratio was 21.89% compared to 21.82% in March. At the sector level, positions in banking stocks were reduced. On the other hand, stocks from the technology sector and utilities were bought. The US dollar weighting, including the existing hedge, remained almost unchanged in April. On the bond side, a convertible bond from the mechanical engineering sector denominated in EUR was acquired via the secondary market. US government securities, on the other hand, were reduced somewhat. Interest rate hedges were further reduced in order to successively extend the duration in the mandate. The average remaining term of the bonds in the fund (including derivatives) was 4.4 years at the end of the month, which is longer than at the end of March (4.04 years). The DWS Concept DJE Alpha Renten Global fund benefited from the positive sentiment in April. The performance in this month was 0.75%.
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Prospectus & Reports
The source of all information and responsibility for its content and preparation lies with DJE Kapital AG, unless otherwise stated. The Management Company and Distributor of the Fund is DWS Investment GmbH. The statements contained in this document reflect the current assessment of DJE Kapital AG. The opinions expressed are subject to change without notice. All information in this overview has been provided with due care in accordance with the state of knowledge at the time of preparation. However, no guarantee or liability can be assumed for the correctness and completeness.