Key information
The DJE - Short Term Bond, invests globally and draws on the various parts of global fixed income markets with a focus on short maturities and investment grade ratings. The fund primarily invests in bonds denominated in Euro. The fund invests in a selection of high-quality securities based on a thorough analysis of fundamental data in addition to broad market analysis in search for global yield opportunities. The fund is managed without any constraints on sectors, countries, credit ratings or benchmark indexes. With its global spectrum of short-dated bonds, the fund offers a balanced risk/reward profile and aims to achieve a positive performance.
Responsible manager since inception
Responsible manager since 19/07/2022 as co-manager
Key information
ISIN: | LU0159549814 |
WKN: | 164321 |
Category: | Fund EUR Diversified Bond - Short Term |
Minimum Equity: | - |
Partial Exemption of Income ¹: | - |
VG/KVG: | DJE Investment S.A. |
Fund Management: | 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 (16/05/2024): | 294,33 Mio EUR |
TER p.a. (29/12/2023): | 0,72 % |
Reference Index: | - |
Fees
Initial Charge: | 1,000 % |
Management Fee p.a.: | 0,530 % |
Custodian Fee p.a.: | 0,060 % |
Ratings & Awards (16/05/2024)
Morningstar*: |
|
Awards: €uro Fund Award 2024 1st place over 10 years in the category "Bonds Euroland/Short-term" |
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): | 7,034 |
Environment Rating (0-10): | 6,805 |
Social Rating (0-10): | 5,485 |
Governance-Rating(0-10): | 6,230 |
ESG rating in comparison group (0% lowest, 100% highest value): | 38,900 % |
Peergroup: |
Bond Global EUR
(635 Fonds) |
Coverage rate ESG rating: | 79,252 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 138,526 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/04/2024
- 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 (16/05/2024) |
|
---|---|
Standard Deviation (2 years): | 2,21 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,34 % |
Maximum Drawdown (1 year): | -0,79 % |
Sharpe Ratio (2 years): | -0,13 |
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 30/04/2024
Top Country Allocation in % of Fund Volume (30/04/2024) |
|
---|---|
United States | 37,81 % |
Germany | 24,42 % |
Netherlands | 7,02 % |
Italy | 6,20 % |
Finland | 3,06 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Bonds | 96,10 % |
Cash | 3,90 % |
Investment strategy
The focus is on bonds with short residual maturities, good liquidity and high-quality credit ratings. The strategy focuses on corporate and government bonds, mortgage bonds, profit participation certificates, zero-coupon bonds and variable-interest debt instruments. The DJE - Short Term Bond achieves a low currency risk by investing predominantly in EUR securities, whereby part of the fund assets can also be invested in foreign currency bonds. Active duration management using interest rate derivatives and management of residual maturities reduces the risk of interest rate changes. The balanced portfolio and the investment horizon geared to short maturities intends to avoid major fluctuations in the strategy and achieve a stable performance.
Chances
- Global bond fund with a focus on high-quality bonds with short maturities.
- Moderate investment horizon offers an attractive risk-return profile.
- Active interest rate, maturity and risk management.
Risks
- Bonds are also subject to country risks and the creditworthiness and liquidity risks of their issuers.
- Bonds are subject to price risks when interest rates rise.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
Target group
Der Fonds eignet sich für Anleger
- who prefer selective securities picking by an experienced fund manager
- with a short to medium-term investment horizon
- who wish to invest mainly in bonds with shorter maturities
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept even a low level of volatility
- who prefer higher yields with correspondingly higher risk
- with a very short-term investment horizon
Monthly Commentary
The bond markets were volatile in April. The US economy grew by 1.6% in the first quarter compared to the previous quarter - weaker than expected, but significantly stronger than the eurozone, whose economy grew by 0.3% and was thus able to avoid a technical recession. The stock markets were weighed down by the fact that hopes of an imminent cut in key interest rates in the USA in view of the further rise in inflation (from 3.1% to 3.5% in March) turned into expectations that the current interest rate plateau would have to be maintained for some time to come. For the eurozone, however, the markets continue to expect a first rate cut in June, as inflation is still on the retreat here - the inflation rate stagnated at 2.4% in April and core inflation fell from 2.9% to 2.7% (both compared to the same month last year). However, with the correction on the equity markets, most bonds performed negatively: yields on European corporate bonds rose by 26 basis points and those on US corporate bonds by 43 basis points. US high-yield bonds also yielded 45 basis points higher at 8.11%. High-quality government bonds also performed negatively: 10-year German government bonds yielded 19 basis points higher at 2.58% and their US counterparts 38 basis points higher at 4.68%. European high-yield bonds were a positive outlier, benefiting from the continued intact expectations of interest rate cuts in the eurozone. Their yield fell by 61 basis points to 6.95%. In this market environment, the DJE - Short Term Bond fell by -0.13%. The fund's performance was negatively impacted by the broad rise in yields across almost all bond types. The devaluation of the Mexican peso also weighed on the fund's performance. On the other hand, the fund benefited from the appreciation of the US dollar against the euro. Over the course of the month, the fund management purchased a short-dated US corporate bond from the financials sector as well as short-dated US Treasury Bills. In return, it sold euro-denominated corporate bonds from the energy and telecommunications sectors. No new issues were subscribed as there were hardly any bonds with short maturities on offer. As a result of the adjustments, the fund's investment ratio fell slightly from 97.13% to 96.10%. In addition, the fund management reduced the modified duration of the portfolio (including derivatives and cash) from 2.23% to 1.99%.