Key information
DJE - Zins 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 levels in both government and corporate bonds as well as maturities are actively managed. Foreign currency bonds are hedged depending on market conditions.
Responsible manager since inception
Responsible manager since 09/03/2023 as co-manager
Key information
ISIN: | LU0159549574 |
WKN: | 164319 |
Category: | Fund Global Bond - EUR Biased |
Minimum Equity: | - |
Partial Exemption of Income ¹: | - |
VG/KVG: | DJE Investment S.A. |
Fund Manager: | DJE Kapital AG |
Risk Category: | 2 |
This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
Type of Share: | distribution |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (18/09/2024): | 150,41 Mio EUR |
TER p.a. (29/12/2023): | 1,45% |
Reference Index: | - |
Fees
Initial Charge: | 2,000% |
Management Fee p.a.: | 1,050% |
Custodian Fee p.a.: | 0,060% |
Performance Fee p.a.: 10% of the [Hurdle: exceeding 3% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
Ratings & Awards (18/09/2024)
Morningstar*: |
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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): | 6,613 |
Environment Rating (0-10): | 6,303 |
Social Rating (0-10): | 5,639 |
Governance-Rating(0-10): | 6,154 |
ESG rating in comparison group (0% lowest, 100% highest value): | 19,600% |
Peergroup: |
Bond Global EUR
(648 Fonds) |
Coverage rate ESG rating: | 80,499% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 62,590 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/08/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (18/09/2024) |
|
---|---|
Standard Deviation (1 years): | 2,97% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,81% |
Maximum Drawdown (1 year): | -1,27% |
Sharpe Ratio (1 years): | 1,16 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/08/2024
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
---|---|
United States | 35,95% |
Italy | 20,49% |
Germany | 14,12% |
Netherlands | 6,94% |
Sweden | 2,47% |
Asset allocation in % of the fund volume (30/08/2024) |
|
---|---|
Bonds | 90,28% |
Cash | 9,72% |
Investment strategy
DJE - Zins Global invests worldwide in a broadly diversified portfolio of high-quality government and corporate bonds. High-yield and emerging market bonds can be added. The selection of individual bonds depends largely on a fundamental assessment of the debtor's solvency and the corresponding yield valuation. The fund management emphasises a balanced mix of bonds with an attractive risk/reward ratio and strives to achieve an appropriate return. The currency risk of securities not denominated in euros can be partially or fully hedged depending on the market situation. The fund thus offers easy access to the global bond market and can serve as a basic investment.
Chances
- Global bond fund with a focus on high-quality bonds.
- Active interest rate, maturity and risk management.
- Broad diversification across countries, sectors, issuers and credit ratings.
Risks
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
- Bonds are subject to price risks when interest rates rise.
- Bonds are also subject to country risks and the creditworthiness and liquidity risks of their issuers.
Target group
Der Fonds eignet sich für Anleger
- who seek to benefit from a broad universe of investment opportunities in the bond sector
- with a medium- to long-term investment horizon
- who prefer selective securities picking by an experienced fund manager
Der Fonds eignet sich nicht für Anleger
- who prefer higher yields with correspondingly higher risk
- who are not prepared to accept any volatility
- with a short-term investment horizon
Monthly Commentary
August began with disappointing labour market data from the US, which raised fears that the country could slide into recession after all. The markets took this as a signal to the US Federal Reserve (Fed) to initiate interest rate cuts in order to stabilise the economy. As a result, the US dollar weakened. At the same time, the Bank of Japan raised its key interest rate from 0.10% to 0.25% on 31 July, which was actually moderate. This strengthened the Japanese yen. Both of these factors - an appreciating yen and a depreciating US dollar - jeopardised the interest rate differential business, the so-called yen carry trade, which has now become commonplace. This involved investors borrowing money at low interest rates in Japan in order to invest in markets with higher yields, e.g. the USA. The stock markets reacted to this with high daily losses, starting in Japan, and volatility spikes similar to those seen in March 2020 when the coronavirus pandemic began. However, the situation calmed down again after 5 August. This was partly due to positive US economic and consumer data and partly to the Bank of Japan announcing that it would refrain from further interest rate hikes if the financial markets were unstable. In addition, Fed Chairman Jerome Powell confirmed the markets' interest rate expectations at the annual central bank meeting in Jackson Hole, also against the backdrop of a further fall in US inflation (from 3.0% in June to 2.9% in July). From then on, the stock markets slowly but steadily began to develop positively again. Inflation in the eurozone fell to 2.2% in August (previous month: 2.6%). The markets are therefore also anticipating a further interest rate cut by the European Central Bank. The bond markets reacted differently to the market turbulence and the renewed high expectations of interest rate cuts. The yield on 10-year German government bonds only fell from 2.30% to 2.29%, while the yield on their US counterparts fell somewhat more sharply, by 13 basis points (bp) to 3.90%. Yields on high-quality corporate bonds also fell more sharply in the USA (by 20 bp to 4.94%) than in Europe (by 3 bp to 3.46%). Only high-yield bonds performed better in Europe: their yields fell by 34 bp to 6.23%, while in the USA they fell by 29 bp to 7.30%. Against this market backdrop, DJE - Zins Global rose by 0.59%. The fund benefited from falling yields, particularly on short-dated European and US government bonds. The risk premiums on corporate bonds rose briefly with the market correction on the equity markets, but fell again over the course of the month and dropped below the previous month's level, which also benefited the fund. On the other hand, the US dollar depreciated against the euro, which had a negative impact on the performance of bonds denominated in US dollars. Over the course of the month, the fund management adjusted the allocation slightly and swapped US government bonds with short maturities for their counterparts with longer maturities. At the same time, the fund management lowered the modified duration of the portfolio (including cash and derivatives) from 4.94% to 4.83% in order to reduce the portfolio risk. At the same time, the fund management increased the currency hedging of US dollar-denominated securities from 40% to just under 64%. The bond ratio fell from 93.44% to 90.28% and liquidity rose from 6.55% to 9.72% in view of new issues to be subscribed in September.