Key information
DJE - Multi Asset & Trends is a dynamic and globally investing multi-asset fund. The concentrated portfolio of approximately 50 to 70 individual equities and between 20 to 40 bonds is managed independently of benchmark requirements. The fund management pursues a theme-oriented approach to benefit from current and long-wave trends, including e.g. digital life, demographics and health and green technologies. In general, the strategy focuses on companies with strong substance and above-average growth opportunities combined with attractive valuations. Additional diversification is sought by investing up to 10% of the portfolio in gold. By exploiting global opportunities, the fund offers the possibility of generating an attractive performance.
Responsible manager since 23/01/2017
Key information
| ISIN: | LU1714355366 |
| WKN: | A2H62N |
| Category: | Mixed funds dynamic World |
| 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: | 05/12/2017 |
| Fund currency: | EUR |
| Fund Size (21/09/2023): | 168,28 Mio EUR |
| TER p.a. (30/12/2022): | 0,97 % |
| Reference Index: | - |
Fees
| Management Fee p.a.: | 0,650 % |
| Custodian Fee p.a.: | 0,090 % |
Ratings & Awards (21/09/2023)
| Morningstar*: |
|
|
Awards: Scope Award 2023 Best Fund in the category "Mixed Fund Global Flexible" in Switzerland Scope Award 2022 Best Fund in the category "Mixed Fund Global Flexible" in Austria and Switzerland |
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): | 7,258 |
| Environment Rating (0-10): | 6,246 |
| Social Rating (0-10): | 5,505 |
| Governance-Rating(0-10): | 5,762 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 58,810 % |
| Peergroup: |
Mixed Asset EUR Agg - Global
(420 Fonds) |
| Coverage rate ESG rating: | 86,910 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 96,978 |
Portfolio allocation according to ESG rating of individual securities
Report date: 31/08/2023
Perfomance Chart
Performance in Percent
Risk metrics (21/09/2023) |
|
|---|---|
| Standard Deviation (2 years): | 9,61 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -6,22 % |
| Maximum Drawdown (1 year): | -4,72 % |
| Sharpe Ratio (2 years): | -0,17 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/08/2023) |
|
|---|---|
| United States | 47,06 % |
| Germany | 12,22 % |
| France | 5,71 % |
| Japan | 5,60 % |
| Cayman Islands | 3,19 % |
Asset Allocation (31/08/2023) |
|
|---|---|
| Stocks | 70,99 % |
| Bonds | 21,10 % |
| Certificates | 6,74 % |
| Cash | 1,18 % |
Investment approach
The selection of individual stocks for DJE - Multi Asset & Trends follows a consistent bottom-up approach. This is based on fundamental factors such as market positioning, balance sheet and earnings potential, valuation, management quality and sustainability criteria. The fund management allocates the asset classes flexibly and weights the individual stocks, sectors and countries depending on the expected market situation with the aim of spreading the portfolio risk and taking advantage of the opportunities that arise. Gold is another portfolio component that is low-correlated with equities and bonds and should provide additional stability, with a quota of up to 10% of the portfolio possible. With the offensive risk-reward profile and broad diversification across different asset classes, the fund aims for attractive performance, but also comparatively low volatility.
Chances
- Equities enable participation in the growth opportunities of the global equity markets independently of benchmark index specifications.
- Flexible addition of bonds (up to 50%) and other securities such as certificates on precious metals (up to 10% gold) possible.
- The cash quota (up to 49%) can be used flexibly in order to cushion difficult market phases as much as possible.
- Offensive, theme-oriented, global multi-asset fund with ongoing adjustment of its portfolio to the expected market situation.
Risks
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Bonds are subject to price risks when interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
- An investment in precious metals is subject to fluctuations in value.
Monthly Commentary
The stock markets suffered from a slight summer lull in August. The German stock index DAX ended August down -3.04% compared to the previous month. The broad European index Stoxx Europe 600 fell by -2.79% and the US S&P 500 by -0.25%. In contrast, there were larger price losses in China: the Hang Seng Index of the Hong Kong Stock Exchange lost -7.57% on a monthly basis. Overall, global equities, as measured by the MSCI World, fell by -1.04% - all index figures in euro terms. Economic data and indicators for Germany and China disappointed, leading to further deterioration in investor sentiment in both regions, with European and Asian indices falling for the most part. In contrast, the US equity market was relatively stable, as most market participants expect a so-called "soft landing" - a slowdown of the economy without a recession. The US economic data only point to a weakening of economic growth. With inflation at 3.2% approaching the Fed's 2% target, the majority of market participants no longer expect another rate hike in September. However, the heads of the Fed and the ECB left the question of further interest rate steps open at the annual central bankers' meeting in Jackson Hole. Yields on 10-year US government bonds with longer maturities (ten years) rose by about 15 basis points to 4.11% following further relatively robust economic data from the US, while their German counterparts yielded 2.47%, three basis points lower than in the previous month. The gold price fell from 1,964.07 to 1,940.09 US dollars per fine ounce. In this market environment, the DJE - Multi Asset & Trends fell by -0.30%. On the global equity market, about three quarters of all sectors performed negatively. Only the energy, telecommunications, healthcare, retail and insurance sectors posted positive results. On the other hand, the banking, consumer goods & services, basic materials, utilities and automotive sectors in particular produced negative results. The fund benefited from its stock selection in the healthcare, energy, retail and materials sectors. On the other hand, exposure to the real estate, consumer discretionary and banking sectors weighed on the fund's performance. The strongest individual stock results came from the pharmaceutical companies Eliy Lilly (USA) and Novo Nordisk (Denmark), the retail group TJX Companies and the software company Intuit (both USA). The worst-performing individual stocks included cyber security solutions provider Fortinet, payment services provider Paypal (both USA), German semiconductor manufacturer Infineon and South Korean battery manufacturer Samsung SDI. Over the course of the month, the fund management added to the healthcare, energy and financial services sectors. On the other hand, it reduced the technology and financial institutions sectors in particular. The fund's equity allocation fell from 72.44% to 70.99% as a result of the adjustments. On the other hand, the fund's bond quota rose from 19.72% to 21.10%. The share of certificates remained almost unchanged at 6.73% (previous month 6.75%). The fund's liquidity rose slightly from 1.09% to 1.16%.