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 01/04/2014
|Category:||Balanced Funds - Focus on Global Bonds|
|VG/KVG:||Deutsche Asset Management S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||accumulation|
|Financial Year:||01.07. - 30.06.|
|Fund Size (19/01/2021):||743,74 Mio EUR|
|TER p.a. (30/04/2020):||1,40 %|
|Reference Index:||70% JPM Global Bond Index in EUR, 30% MSCI World Index in EUR|
|Initial Charge:||2,00 %|
|Management Fee p.a.:||1,35 %|
|All In Fee:||1,35 %|
Ratings & Awards (19/01/2021)
Performance in Percent vs. Reference Index
Top Country Allocation (30/12/2020)
|Virgin Islands, British||3,03 %|
|Republic of Korea||2,54 %|
|South Africa||2,50 %|
|United States||2,20 %|
|Hongkong SAR||1,60 %|
|United Kingdom||0,40 %|
|Other Countries||0,20 %|
Asset Allocation (19/01/2021)
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.
- The fund frequently makes full use of the equity investment option to profit from rising equity markets
- Participation in a balanced portfolio of equities, bonds and foreign currencies
- Our professional team takes advantage of the opportunities offered by volatile markets
- Issuer country and credit risks as well as currency risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Price drops in the money and capital markets when interest rates rise
In December the relief rally of previous month continued - albeit more moderately. Ain this context the bond markets developed quietly but tended to vary. In Germany yields of 10-year Bunds remained virtually unchanged -0.57% while yields of their Italian counterparts narrowed by 9 basis points. The situation was different overseas where yields of 10-year US Treasuries widened by 7 basis points to 0.91%. Corporate bonds of all rating classes continued to trend favorably worldwide at the end of the year. For example, yields of corporate bonds with good credit ratings fell 2 basis points to 0.24% in Europe and 6 basis points to 1.74% in the USA. Yields of high-yield corporate bonds fell 24 basis points to 3.23% in Europe and even 52 basis points to 4.18% overseas. The continued friendly equity market performance at the end of the year encouraged the fund's management to significantly increase the fund's physical as well as derivatives-influenced net equity exposure during the month to 19.2% and 28.5%, close to the maximum limits. The sectors commodities and industrial goods were increased while the sectors financial services and utilities sectors reduced. The commodity platinum has been newly added to the portfolio by means of a commodity certificate and developed positively during the month. The demand for commodities should continue to develop well. Demand from China in particular, the only country that has largely emerged from the Corona crisis, should support this development. The US dollar positions were hedged against the euro throughout the month. The average remaining maturity in the fund, including derivatives, was 3.75 years at year-end. The development of the Italian government bonds in the fund supported the fund’s price performance positive. The performance of the DWS Concept DJE Alpha Renten Global fund was 0.91% in December.
Legal Information / Disclaimer:
Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de. All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change. The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance. The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information. In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses. The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA. This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.
*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.