Key information
The fund invests primarily worldwide in listed bonds of all types. In addition, the subfund's assets may invest up to 50% 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.<br><br>NOTE: Units of this unit class may only - be acquired and held by investors who fulfil the requirements of §44 a para. 7 sentence 1 of the German Income Tax Act or by comparable foreign investors with their registered office and management in a state providing administrative and recovery assistance or - be acquired and held within the framework of retirement provision or basic pension contracts that have been certified in accordance with §§ 5 or 5a of the German Retirement Provision Contracts Certification Act.
Key information
ISIN: | LU0194682679 |
WKN: | A0B524 |
Category: | Fund EUR Moderate Allocation |
Minimum Equity: | - |
Partial Exemption of Income ¹: | - |
VG/KVG: | DJE Investment S.A. |
Fund Management: | DJE Kapital AG |
Risk Category: | 3 |
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: | 01.07. - 30.06. |
Launch Date: | 15/07/2004 |
Fund currency: | EUR |
Fund Size (16/05/2024): | 49,37 Mio EUR |
TER p.a. (30/06/2023): | 0,60 % |
Reference Index: | - |
Fees
Initial Charge: | 6,000 % |
Management Fee p.a.: | 0,320 % |
Custodian Fee p.a.: | 0,070 % |
Advisory Fee p.a.: | 0,16 % |
Ratings & Awards (16/05/2024)
Morningstar*: |
|
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): | AA |
ESG-Qualityrating (0-10): | 7,276 |
Environment Rating (0-10): | 6,697 |
Social Rating (0-10): | 5,483 |
Governance-Rating(0-10): | 5,951 |
ESG rating in comparison group (0% lowest, 100% highest value): | 68,060 % |
Peergroup: |
Mixed Asset EUR Cons - Global
(598 Fonds) |
Coverage rate ESG rating: | 88,677 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 106,414 |
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): | 5,86 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -3,54 % |
Maximum Drawdown (1 year): | -2,26 % |
Sharpe Ratio (2 years): | 0,62 |
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 Ten Holdings in % of Fund Volume
Equity Portfolio | Portfolio ex Equities | ||
---|---|---|---|
INDITEX | 1.73% | KFW (4.125%) | 3.34% |
LINDE PLC | 1.73% | NORWEGIAN GOVERNMENT (1.50%) | 2.36% |
TAIWAN SEMICONDUCTOR-SP ADR | 1.71% | INTL FINANCE CORP (7.00%) | 2.25% |
VISA INC-CLASS A SHARES | 1.62% | BELGIUM KINGDOM (3.0000%) | 2.05% |
HANNOVER RUECKVERSICHERU-REG | 1.58% | BUONI POLIENNALI DEL TES (3.35%) | 2.01% |
AMAZON.COM INC | 1.44% | DJE-ASIEN-XP | 1.87% |
JPMORGAN CHASE & CO | 1.44% | MCDONALD'S CORP (2.625%) | 1.71% |
ALPHABET INC-CL C | 1.43% | FRAPORT AG (1.8750%) | 1.63% |
ELI LILLY & CO | 1.33% | MSCI INC (3.25%) | 1.56% |
NORDEA BANK ABP | 1.18% | NIKE INC (2.40%) | 1.50% |
Current status: 30/04/2024
When buying a fund, one acquires shares in the said fund, which invests in securities such as shares and/or in bonds, but not the securities themselves.
Top Country Allocation in % of Fund Volume (30/04/2024) |
|
---|---|
United States | 34,66 % |
Germany | 17,64 % |
Netherlands | 3,56 % |
Italy | 3,45 % |
Norway | 3,32 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Bonds | 49,10 % |
Stocks | 42,95 % |
Cash | 4,90 % |
Funds | 3,05 % |
Investment strategy
Chances
- 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
- proven
- monetary and market analysis this FMM approach has proven its worth for approx. 50 years.
- The selection and weighting of asset classes and securities is based on the fundamental
Risks
- 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
Target group
Der Fonds eignet sich für Anleger
Der Fonds eignet sich nicht für Anleger
Monthly Commentary
After a strong first quarter, the international stock markets largely went into reverse in April. The development of US inflation was a particular burden, but Iran's attack on Israel also briefly caused high volatility. The German stock index DAX closed the month down -3.03%, while the broad European share index Stoxx Europe 600 fell by only -1.52%. In the USA, the S&P 500 fell by -3.11%. By contrast, Hong Kong's Hang Seng Index provided a counterpoint, rising by 8.63%. Overall, global equities, as measured by the MSCI World, fell by -2.86% - all index figures in euro terms. With the correction on the equity markets, risk premiums on corporate bonds and US high-yield bonds widened on the bond markets and interest rates on 10-year US Treasuries rose. The equity markets were burdened above all by the development of US inflation. In March, the inflation rate rose to 3.5% (February: 3.1%) compared to the same month last year. Core inflation, excluding the more volatile prices for food and energy, remained unchanged from the previous month at 3.8%. The US labour market remained stable in March with over 300,000 new jobs created. And 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. As a result, expectations for interest rate cuts in the US declined even further and largely changed to the view that the US key interest rate plateau would remain at the current level of 5.25 to 5.50% for the time being. For the eurozone, however, the markets continue to expect a rate cut, which is expected to be announced at the June meeting of the European Central Bank. Inflation data supported these expectations, as inflation in the eurozone fell from 2.6% in February to 2.4% in March and stagnated at this level in April (compared to the same month in the previous year). Core inflation fell from 2.9% to 2.7%. The greatest inflationary pressure in the eurozone recently came from the services sector at 3.7% year-on-year. The Purchasing Managers' Index for this sector has been in expansionary territory since February of this year, i.e. above the threshold of 50 points, and rose to 53.3 (from 52.9) points in April. In contrast, the Purchasing Managers' Index for the manufacturing sector has remained stable in recessionary territory since August 2022 and currently stands at 45.7 points. In China, the official purchasing managers' index weakened slightly to 50.4 points, but remained in positive territory (previous month: 50.8). Its counterpart for services fell to 51.2 in April after 53.0 points in March. The Chinese economy grew more strongly than expected in the first quarter at 5.3% compared to the previous year and 1.6% compared to the previous quarter. Growth in fixed asset investments, tax relief and strong exports were the main drivers behind this. What kept the markets on tenterhooks in the middle of the month was Iran's attack on Israel and Israel's response, which caused the VIX volatility index to spike to its highest level of the year and drove up the price of oil. The price of Brent crude was around USD 87 at the beginning of the month and reached USD 92 around the time of the attack, but fell back to USD 86 at the end of the month. Gold was also in high demand. Over the month as a whole, the price of a troy ounce rose by 2.53% to USD 2,286.25, but was quoted at USD 2,390 in the meantime.