Key information
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
Key information
| ISIN: | LU1794438561 |
| WKN: | A2JGDY |
| Category: | Mixed funds balanced World |
| VG/KVG: | DJE 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: | 01.01. - 31.12. |
| Launch Date: | 03/07/2018 |
| Fund currency: | EUR |
| Fund Size (21/09/2023): | 3.529,48 Mio EUR |
| TER p.a. (30/12/2022): | 0,94 % |
| Reference Index: | - |
Fees
| Management Fee p.a.: | 0,650 % |
| Custodian Fee p.a.: | 0,100 % |
Ratings & Awards (21/09/2023)
| Morningstar*: |
|
|
Awards: AAA Recognised with the top AAA rating in Citywire's fund manager ratings |
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): | 6,664 |
| Environment Rating (0-10): | 6,280 |
| Social Rating (0-10): | 5,137 |
| Governance-Rating(0-10): | 5,686 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 25,540 % |
| Peergroup: |
Mixed Asset EUR Bal - Global
(783 Fonds) |
| Coverage rate ESG rating: | 87,408 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 167,897 |
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): | 6,44 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -4,17 % |
| Maximum Drawdown (1 year): | -3,03 % |
| Sharpe Ratio (2 years): | -0,22 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/08/2023) |
|
|---|---|
| United States | 46,39 % |
| Germany | 15,74 % |
| France | 4,48 % |
| United Kingdom | 3,44 % |
| Denmark | 2,97 % |
Asset Allocation (31/08/2023) |
|
|---|---|
| Bonds | 58,48 % |
| Stocks | 40,77 % |
| Cash | 0,76 % |
Investment approach
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.
Chances
- 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.
Risks
- Bonds are subject to price risks when 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.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
- The income from interest and dividends is not guaranteed.
Monthly Commentary
Equity markets suffered from a slight summer lull in August. Economic data or indicators for Germany and China disappointed, so investor sentiment continued to deteriorate in both regions and European and Asian indices mostly declined. 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. In this market environment, the DJE - Zins & Dividende declined by -0.08%. In the global equity market, around 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 posted negative results.The strongest individual stock results came from the pharmaceutical companies Novo Nordisk (Denmark) and Eli Lilly (USA) and from the US payment services provider Paypal. On the other hand, the laminate manufacturer Kingboard Holdings (Hong Kong), the German vehicle manufacturer Dr. Ing. Porsche AG and the payment service provider Paypal (USA), among others, weighed on the fund's performance. In the course of the month, the fund management further increased the energy sector, among others, in order to profit from an expected further increase in energy prices. The weighting of the financial institutions and healthcare sectors was also increased. In contrast, the fund management reduced the technology sector. At the country level, the share of US stocks increased, while the share of German and French stocks declined in view of the deteriorating economic development in the euro area. The equity allocation fell from 44.91% to 40.77%. On the bond side, the fund benefited from the slight decline in yields on short-term German and US government bonds. On the other hand, rising yields on longer-dated US and German government bonds as well as corporate bonds had a negative impact. Over the course of the month, the fund management expanded the bond ratio from 54.23% to 58.48%. Liquidity decreased slightly from 0.86% to 0.76%.