Key information
DJE - Renten Global invests in bonds from around the world. The fund may take advantage of both international interest rate differentials and currency fluctuations. The broad investment universe offers the option of reacting flexibly to market movements. There is an emphasis on a balanced mix of bonds to achieve a reasonable return. The investment level in both corporate bonds and maturities is actively managed. Foreign currency bonds are hedged depending on market conditions.
Responsible manager since inception
Responsible manager since 01/04/2014
Key information
| ISIN: | LU0159549574 |
| WKN: | 164319 |
| Category: | Global Bond Funds - General |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 3 |
| Type of Share: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (19/01/2021): | 121,78 Mio EUR |
| TER p.a. (30/12/2019): | 1,54 % |
| Reference Index: | 65% BofA Merrill Lynch 3-5 Year AA Euro 30% JPM GBI Global Unhedged in EUR 5% REX 1 Jahr Performance |
Fees
| Initial Charge: | 2,00 % |
| Management Fee p.a.: | 1,05 % |
| Custodian Fee p.a.: | 0,10 % |
| Advisory Fee p.a.: | 0,18 % |
| Performance Fee p.a.: | up to 10% of the increase in Fund assets in excess of 3% (Hurdle Rate) , High Water Mark over preceding 5 years. |
Ratings & Awards (19/01/2021)
| Morningstar*: |
|
Top Country Allocation (30/12/2020) |
|
|---|---|
| United States | 32,63 % |
| Italy | 21,33 % |
| Germany | 18,93 % |
| Virgin Islands, British | 3,19 % |
| Netherlands | 3,00 % |
| Luxembourg | 2,83 % |
Asset Allocation (19/01/2021) |
|
|---|---|
| Bonds | 93,84 % |
| Cash | 3,92 % |
| Funds | 2,24 % |
Investment approach
The proven investment approach of DJE Kapital AG is used both in the analysis of the bond market and in the selection of bond investments. The selection is made on the basis of a fundamental assessment of the significant factors influencing the solvency of the borrower in relation to the income evaluation, with a view to ensuring the optimal risk/return ratio for investors, whereby the composition of government bonds, Pfandbriefe (mortgage bonds) and corporate bonds is determined. In the corporate bond segment, focus is placed not only on the current quality of the company but also on ist furture business strategy.
Chances
- Active interest-rate and risk management
- Broad diversification by country, sector, issuer and credit rating
- Participation in the global bond markets
Risks
- Issuer credit und liquidity risks
- Issuer country and currency risks
- Price drops in the money and capital markets when interest rates rise
Monthly Commentary
In December the relief rally of previous month continued - albeit more moderatly. In this contest the bond markets developed quietly but tended to vary. In Germany yields of 10-year Bunds remained virtually unchanged at -0.57%, while yields of their Italian counterparts narrowed by 9 basis points. The situation was different overseas, where yields on 10-year U.S. 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 on corporate bonds with good credit ratings fell by 2 basis points to 0.24% in Europe and by 6 basis points to 1.74% in the USA. High-yield corporate bond yields declined by 24 basis points to 3.23% in Europe and by as much as 52 basis points to 4.18% overseas. In this market environment the price of the DJE - Renten Global was unable to gain and closed December with a result in height of -0.12%. Its benchmarkt, 65% BofA Merrill Lynch 3-5 Year AA Euro 30% JPM GBI Global Unhedged in EUR 5% REX 1 Jahr Performance, decreased by #i#2020,12,3o. The fund benefited from the recovery of Italian government bonds in December. European and U.S. corporate bonds, whether high quality or high yield, also performed positively. But the fund's performance was burdened because of the periodically reduction the hedge on U.S. government bonds as yields rose contrary to expectations. In an IPO market that continued to strengthen the fund management increased the share of corporate bonds: It subscribed to several selected corporate bonds with medium maturities and attractive yields compared to corporate bonds currently traded on the bond market (secondary market). It also increased the proportion of Greek government bonds and added Chinese government securities to the portfolio. The fund's bond ratio increased to 92.00% from 88.49% previous month. The share of public securities increased from 50.87% to 53.39%. Modified duration decreased from 4.51% to 3.60%. At the end of the month U.S. government bonds were fully hedged against price losses.
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Prospectus & Reports
Further Documents
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.