Key information
The sub-fund invests primarily in securities and in units of investment funds ("target funds"). The term "securities" includes fixed-interest bonds traded on regulated markets (including zero bonds), variable-interest bonds, convertible bonds and bonds with warrants with options on securities, and equities, equity index certificates, share basket certificates and certificates.
Key information
ISIN: | LU0377287643 |
WKN: | A0Q6BJ |
Category: | Balanced Funds - Flexible |
Minimum Equity: | 25% |
Partial Exemption of Income ¹: | 15% |
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: | accumulation |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 01/08/2008 |
Fund currency: | EUR |
Fund Size (16/05/2024): | 186,99 Mio EUR |
TER p.a. (29/12/2023): | 1,14 % |
Reference Index: | - |
Fees
Initial Charge: | 7,000 % |
Management Fee p.a.: | 0,850 % |
Custodian Fee p.a.: | 0,070 % |
Advisory Fee p.a.: | 0,30 % |
Performance Fee p.a.: 10% of the positive performance of the unit value, provided that 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 [high water mark principle]. I.e. an additional remuneration [performance fee] only accrues again when the net reduction in value achieved has been fully offset. 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. |
no esg data available
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (16/05/2024) |
|
---|---|
Standard Deviation (2 years): | 7,01 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -4,44 % |
Maximum Drawdown (1 year): | -3,60 % |
Sharpe Ratio (2 years): | -0,06 |
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) |
|
---|---|
Luxembourg | 95,11 % |
Germany | 2,29 % |
United States | 0,95 % |
United Kingdom | 0,92 % |
France | 0,56 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Funds | 95,11 % |
Bonds | 4,71 % |
Cash | 0,18 % |
Investment strategy
Chances
- Experienced fund manager with an analytical approach that has been tried and tested for many years
- Efficient mixture of equities and bonds with strategic risk diversification
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
Risks
- Currency risks resulting from the portfolio’s foreign investments
- Price risks of bonds when interest rates rise
- Previously proven investment approach does not guarantee future investment success
- Issuer country, credit and liquidity risks
- Equities may be subject to significant price falls
Target group
Der Fonds eignet sich für Anleger
- who wish to take advantage of opportunities in both the equity and bond segments
- with a medium to long-term investment horizon
- who seek flexibility in portfolio design
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility
- with a short-term investment horizon
- who seek safe returns
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.