DJE - Zins & Dividende: Our core investment with a 15-year track record

Andreas Weichert

The original idea was to create an investment solution for risk-conscious investors by combining four sources of return: interest and dividends for recurring income, together with the potential for capital gains from equities and bonds. The first share class of DJE - Zins & Dividende was launched in December 2010. The fund is managed by its initiator, Dr Jan Ehrhardt, who was named Fund Manager of the Year 2025,* together with co-fund manager Stefan Breintner.

DJE - Zins & Dividende is celebrating its 15th anniversary. The XP share class (LU0553171439) of the balanced global multi-asset fund was launched in December 2010.** The fund invests at least 50% of its assets in bonds at all times, while its equity allocation may range from 25% to a maximum of 50%. This flexible allocation across asset classes is designed to generate recurring income from interest and dividends, as well as potential capital gains from equities and bonds, while keeping volatility as low as possible.

Within the bond portfolio, the focus is on high-quality sovereign and corporate bonds, most of which carry an investment-grade rating. On the equity side, the fund management team looks for regular dividend payments and shareholder-friendly corporate policies, such as share buybacks. Security selection targets an above-average dividend yield relative to the broader market, while selected growth stocks may complement the equity allocation.

Security selection and portfolio allocation combine top-down and bottom-up analysis within a systematic six-stage scoring process. Currency risks are hedged depending on market conditions. The portfolio is managed actively and independently of benchmark constraints.

This investment approach has enabled the fund to navigate a wide range of market environments and major crises since its launch in December 2010. These include structurally challenging periods such as the eurozone sovereign debt crisis of 2011–2012, the downturn in China in 2015–2016 and the period of high, at times double-digit, inflation in 2022. More recent events include the COVID-19 pandemic from 2020 to 2022, the war in Ukraine from 2022 onwards and the so-called “Liberation Day” in April 2025, when the US imposed tariffs worldwide. Thanks to disciplined risk management, the fund generally recorded smaller losses than its peer group during such periods.

 

Drawdown: DJE - Zins & Dividende, 2011-2025***

Lower drawdowns than the Morningstar peer group “EUR Cautious Allocation – Global” in most periods from 2011 to 2025.

to the Fundsprofile of DJE - Zins & Dividende

The fund has been managed since inception by Dr Jan Ehrhardt, a member of the Management Board of DJE Kapital AG and the fund’s initiator. Among other responsibilities, he manages DJE’s dividend strategies. In recognition of his above-average investment performance, Börsenmedien AG—which publishes titles including Börse Online, €uro and €uro am Sonntag—named him “Fund Manager of the Year 2025”. Since 2019, he has been supported by Stefan Breintner, Head of Research at DJE, as co-fund manager.

 

“We deliberately chose the fund’s name because, with around 50% in bonds and generally just under 50% in equities, it focuses on stable income from interest and dividends,” says Dr Jan Ehrhardt. “After 15 years of low interest rates, the outlook for bonds is considerably brighter today. Years of headwinds have now turned into tailwinds, and the bonds held by the fund once again offer attractive yields. The fund has also proved resilient in an environment in which value and dividend stocks tended to face significant challenges,” Dr Ehrhardt adds.

 

“The fund’s strategic approach—the flexible allocation between equities and bonds, combined with the targeted selection of securities that we consider promising—is likely to become even more important in the years ahead. We can respond actively to changing market conditions and, in particular, anticipate longer-term capital-market cycles. This clearly differentiates us from passive strategies. Our approach offers an attractive risk–return profile, active risk management and effective diversification designed to avoid potential concentration risks,” adds Stefan Breintner.

Above-average returns and below-average risk over ten years compared with the Morningstar peer group “EUR Cautious Allocation – Global”.

 

 

 

*Source: Börsenmedien AG, January 2025 Awards and many years of experience do not guarantee investment success.

 

**The other two share classes I and PA were only launched on February 10, 2011.

 

***Source: Morningstar Direct, DJE Kapital AG. DJE - Zins & Dividende XP (EUR) compared to the Morningstar peer group "EAA Fund EUR Moderate Allocation - Global". Period Fig. 1: 01.01.2011 to 30.11.2025. Period Fig. 2: 01.12.2015 to 30.11.2025. The funds are actively managed by DJE and, if a benchmark index is specified, without reference to it. The charts and tables on performance shown are based on our own calculations and were calculated according to the BVI method and illustrate past performance. Past performance is not indicative of future returns. The gross performance (BVI method) takes into account all costs incurred at fund level (e.g. the management fee), while the net performance also includes the front-end load. Further costs may be incurred individually at client level (e.g. custody account fees, commissions and other charges). Model calculation (net): An investor wishes to purchase units for EUR 1,000. With a maximum front-end load of 0.00%, he must pay a one-off fee of EUR 0.00 on purchase. In addition, custody account costs may be incurred which reduce the performance. The custody account costs can be found in your bank's list of prices and services.

 

 

Legal information

This is a marketing advertisement. Please read the sales prospectus for the fund in question and the PRIIPs KID before making a final investment decision. This also contains detailed information on opportunities and risks. These documents are available free of charge in German at www.dje.de under the fund in question. A summary of investor rights is available free of charge in German in electronic form on the website at www.dje.de/de/zusammenfassung-der-anlegerrechte. All information published here is for your information only, is subject to change at any time and does not constitute investment advice or any other recommendation. The statements contained in this document reflect the current assessment of DJE Kapital AG. The opinions expressed may change at any time without prior notice. All information in this overview has been compiled with due care in accordance with the state of knowledge at the time of preparation. However, no guarantee and no liability can be assumed for the accuracy and completeness.