Key information
The assets of the fund are invested in accordance with the principle of risk diversification in equities and equity-related securities, as for example in participation certificates and warrants on securities, as well as in bonds, convertible and warrant bonds and other fixed-income securities (including zero bonds) and other permitted assets.
Responsible manager since inception
Key information
| ISIN: | LU0124662932 |
| WKN: | 625797 |
| Category: | Mixed funds flexible 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: | 06/04/2001 |
| Fund currency: | EUR |
| Fund Size (21/09/2023): | 95,97 Mio EUR |
| TER p.a. (30/12/2022): | 1,17 % |
| Reference Index: | - |
Fees
| Management Fee p.a.: | 0,950 % |
| Custodian Fee p.a.: | 0,060 % |
Ratings & Awards (21/09/2023)
| Morningstar*: |
|
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): | 6,618 |
| Environment Rating (0-10): | 5,858 |
| Social Rating (0-10): | 5,882 |
| Governance-Rating(0-10): | 5,786 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 21,690 % |
| Peergroup: |
Mixed Asset EUR Flex - Global
(1429 Fonds) |
| Coverage rate ESG rating: | 91,980 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 290,337 |
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): | 6,21 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -4,13 % |
| Maximum Drawdown (1 year): | -5,15 % |
| Sharpe Ratio (2 years): | -0,70 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (31/08/2023) |
|
|---|---|
| United States | 45,35 % |
| Germany | 22,45 % |
| Japan | 4,26 % |
| Bermuda | 3,77 % |
| Ireland | 3,53 % |
Asset Allocation (31/08/2023) |
|
|---|---|
| Stocks | 48,81 % |
| Bonds | 40,86 % |
| Cash | 9,16 % |
| Certificates | 1,17 % |
Investment approach
The DJE - Concept is an investment concept which is managed independently of any benchmark with the effect of an optimized chance/risk ratio. The basis is the three-dimensional FMM-method, which was developed by Dr. Jens Ehrhardt and has been proven for over 45 years. This approach not only takes into account (F)undamental factors like micro- and macroeconomic data for corporations and economies, but also (M)onetary and technical (M)arket aspects, which are often neglected by other fund managers. Fundamental factors play a more important role in the long-term strategic orientation of the portfolio than, for example, technical market factors, which are of particular significance to the fund’s short-term, tactical positioning. In normal market phases, the DJE Concept focuses on current trends. In extreme situations (such as an euphoric mood on the market), the main factors influencing trends can be countered with an anticyclical investment strategy.
Chances
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical (FMM) analysis, which has a proven track record since 1974
- Efficient mixture of equities and bonds with strategic risk diversification
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
Risks
- Equities may be subject to significant price falls
- Currency risks resulting from the portfolio’s foreign investments
- Issuer country, credit and liquidity risks
- Price risks of bonds when interest rates rise
Monthly Commentary
The stock markets suffered from a slight summer lull in August. The economic data and indicators for Germany and China were disappointing, so that investor sentiment in both regions deteriorated further and European and Asian indices mostly fell. In contrast, the US stock market was relatively stable, as most market participants expected a so-called “soft landing” – a slowdown in the economy without a recession. The US economic data only points to a slowdown in economic growth. With inflation at 3.2% approaching the US Federal Reserve's (Fed) 2% target, the majority of market participants no longer expect another interest rate hike in September. However, the heads of the Fed and ECB left the question of further interest rate steps open at the annual central bank meeting in Jackson Hole. Yields on 10-year US government bonds with longer maturities (ten years) rose by around 15 basis points to 4.11% following further relatively robust economic data from the USA, while their German counterparts yielded 2.47%, three basis points lower than in the previous year previous month. In this market environment, the DJE – Concept rose by 0.08%. The fund was able to benefit above all from its exposure to the healthcare sector. On the other hand, among other things, the utilities sector the performance. The strongest individual stock results were delivered by healthcare stocks Eli Lilly and Novo Nordisk as well as luggage manufacturer Samsonite. The performance, on the other hand, was weighed down by, among others, the US service company Uber, the Hong Kong real estate developer Hon Kwok Land and the German utility RWE. Over the course of the month, the fund management increased the weighting of the banking and oil & gas sectors. In return, it reduced the technology, telecommunications and healthcare sectors. The equity quota fell slightly from 51.27% to 48.83%. The bond ratio rose slightly to 40.99% from 37.93% in the previous month. The fund's liquidity increased slightly by 9.66% to 10.08%.