The fund invests primarily worldwide in listed bonds of all types. In addition, the subfund's assets may invest up to 30% worldwide in equities listed on a stock exchange or traded on a regulated market that operates regularly, is recognized and open to the public. Units of other UCITS or UCIs are only acquired up to a maximum of 10% of the subfund's assets.
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.07. - 30.06.|
|Fund Size (19/01/2021):||47,26 Mio EUR|
|TER p.a. (30/06/2020):||0,59 %|
|Reference Index:||40% Bloomberg Barclays Euro Aggregate Corporate Total, 20% JP Morgan Global Govt. Bond EMU, 10% REX 1 year Performance Index, 10% STXE 600 EUR NRt, 20% MSCI Daily TR Net World USD, bis 28.02.2019: 70% JP Morgan Global Govt. Bond EMU, 10% REX 1 year Performance Index, 20% MSCI World|
|Initial Charge:||6,00 %|
|Management Fee p.a.:||0,32 %|
|Custodian Fee p.a.:||0,07 %|
|Advisory Fee p.a.:||0,16 %|
Ratings & Awards (19/01/2021)
Performance in Percent vs. Reference Index
Top Country Allocation (30/12/2020)
|United States||19,70 %|
|United Kingdom||10,57 %|
Asset Allocation (19/01/2021)
- Asset management character through active risk management
- Participation in the growth opportunities of the global equity and bond markets - the fund is not fixed on one region or country
- monetary and market analysis this FMM approach has proven its worth for over 45 years.
- The selection and weighting of asset classes and securities is based on the fundamental
- Previously proven investment approach does not guarantee future investment success
- Share prices can fluctuate relatively strongly due to market conditions
- Country risks of issuers
- Price risks for bonds, especially in the event of rising interest rates on the capital market
- Currency risks due to foreign content in the portfolio
In December the relief rally of previous month continued - albeit more moderately. The German DAX index rose 3.22% to end the year just below its February 2020 peak, while the broad European Stoxx Europe 600 index gained 1.72%. Across the Atlantic the S&P 500 gained 1.41%. The Hang Seng Index in Hong Kong reached a gain of 1.07%. The MSCI World Index advanced 1.83% as a barometer for global equities - all index data in euro terms. Corona was also the determining factor during the last month of 2020. This was true in negative and positive terms. In Germany and in many other European countries governments imposed stricter lockdown measures in order to curb the rising numbers of new infections again. On the other hand Corona vaccinations started in the United Kingdom. Great Britain was the first country to allow BionTech/Pfizer's vaccine followed by the US and EU. In addition Moderna in the U.S. and AstraZeneca in the U.K. were the two other vaccines to receive approval. To mitigate the impact of the lockdown measures central banks continued their support programs. The ECB increased its bond-buying program by 500 billion euros to 1,850 euros and extended it by a further nine months to March 2022. In the USA the Federal Reserve intends to continue its purchase program in height of $120 billion per month until inflation picks up visibly and employment is significantly higher than today. In November US core inflation (excluding food and energy) was unchanged year-on-year 1.6% and the overall inflation at 1.2%. Compared to last year the core inflation of the Euro zone was kept unchanged 0.2% while overall inflation is expected to be -0.3%. These rates are expected to pick up noticeably in the coming months as the effects of the higher oil price will be visible. Continued liquidity from the major central banks provided further tailwind for the stock markets in December. In addition the leading economic indicators for the euro zone improved: the business climate improved and the purchasing managers' indices for industry and services increased. In Germany the former reached its highest level in three years. In addition new orders for the German industry rose for the 6th consecutive month, industrial production increased again and exports expanded slightly. Also in China some of the economic data showed a significant increase; for example, exports climbed by a whopping 21% year-on-year - a consequence of the newly established Asia-Pacific free trade area. A good sign of a reviving economy also came from the oil price. Brent crude rose from $47 to $51 per barrel, topping $50 for the first time since March 2020. In the USA the Congress agreed on a new Corona aid package worth $892 billion from which each US citizen will receive a one-off direct payment of $600. On the other hand various economic indicators in the USA declined including purchasing managers' indices, retail sales and consumer spending. Government lawsuits concerning monopolies against various internet giants in the USA and China also had a negative impact, particularly on the technology sector. In this environment bond markets showed a mixed performance. In Germany yields of 10-year Bunds remained virtually unchanged at -0.57% while yields on their US counterparts rose from 0.84% to 0.91%. The price of gold increased from US$1,774 to US$1,898 per troy ounce.
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.