Key information
DJE - Multi Asset & Trends is a dynamic global multi-asset fund. The diversified portfolio of approximately 50 to 70 equities and between 20 to 40 bonds is managed independent from any benchmark. The fund management pursues a thematic approach to benefit from current and long-term trends, including digital transformation, demographics & health, and clean technologies. The strategy targets companies with stable business models and above-average growth prospects, combined with reasonable valuations. Additional diversification is achieved by investing in up to 10% of the portfolio in gold. The fund seeks to exploit global opportunities to generate an attractive performance.
Responsible manager since 23/01/2017
Key information
ISIN: | LU0159549145 |
WKN: | 164317 |
Category: | Fund EUR Flexible Allocation - Global |
Minimum Equity: | 51% |
Partial Exemption of Income ¹: | 30% |
VG/KVG: | DJE Investment S.A. |
Fund Management: | DJE Kapital AG |
Risk Category: | 4 |
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): | 295,13 Mio EUR |
TER p.a. (29/12/2023): | 1,86 % |
Reference Index: | - |
Fees
Initial Charge: | 4,000 % |
Management Fee p.a.: | 1,600 % |
Custodian Fee p.a.: | 0,060 % |
Performance Fee p.a.: 10% of the unit value development, 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 (16/05/2024)
Morningstar*: |
|
Awards: Scope Award 2023 Best Fund in the category "Mixed Fund Global Flexible" in Switzerland |
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): | 6,969 |
Environment Rating (0-10): | 6,126 |
Social Rating (0-10): | 5,278 |
Governance-Rating(0-10): | 5,799 |
ESG rating in comparison group (0% lowest, 100% highest value): | 35,730 % |
Peergroup: |
Mixed Asset EUR Agg - Global
(431 Fonds) |
Coverage rate ESG rating: | 87,084 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 120,238 |
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): | 9,10 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -5,60 % |
Maximum Drawdown (1 year): | -4,20 % |
Sharpe Ratio (2 years): | 0,48 |
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 | ||
---|---|---|---|
ALPHABET INC-CL C | 2.80% | INVESCO PHYSICAL GOLD ETC | 7.19% |
ALLIANZ SE-REG | 2.22% | UNITED MEXICAN STATES (4.875%) | 2.42% |
MICROSOFT CORP | 2.04% | BUONI POLIENNALI DEL TES (4.20%) | 1.75% |
AMAZON.COM INC | 1.99% | NORWEGIAN GOVERNMENT (1.75%) ( | 1.31% |
NOVO NORDISK A/S-B | 1.62% | US TREASURY (4.875%) | 1.29% |
LINDE PLC | 1.62% | US TREASURY N/B | 0.93% |
HANNOVER RUECKVERSICHERU-REG | 1.60% | MSCI INC (4.00%) | 0.86% |
DEUTSCHE BOERSE AG | 1.45% | US TREASURY (3.50%) | 0.83% |
TOTAL ENERGIES SE | 1.37% | SOFTBANK GROUP CORP (2.8750%) | 0.82% |
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 | 40,86 % |
Germany | 14,43 % |
Japan | 9,39 % |
France | 4,62 % |
United Kingdom | 4,57 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Stocks | 66,81 % |
Bonds | 23,58 % |
Certificates | 7,84 % |
Cash | 1,78 % |
Investment strategy
The asset allocation of the DJE - Multi Asset & Trends fund follows a consistent bottom-up approach. It is based on fundamental factors such as market positioning, balance sheet and earnings potential, valuation, management quality, and sustainability criteria. The fund management takes a flexible approach to asset classes and allocates across sectors and countries with the aim of managing risk and capitalising on opportunities that arise. Gold is an asset class that has a low correlation with equities and bonds and provides additional stability; it can represent up to 10% of the fund. With the growth-oriented risk-reward profile and broad diversification across different asset classes, the fund aims for attractive returns combined with low volatility.
Chances
- The cash quota (up to 49%) can be used flexibly in order to cushion difficult market phases as much as possible.
- Equities enable participation in the growth opportunities of the global equity markets independently of benchmark index specifications.
- Flexible addition of bonds (up to 50%) and other securities such as certificates on precious metals (up to 10% gold) possible.
- Offensive, theme-oriented, global multi-asset fund with ongoing adjustment of its portfolio to the expected market situation.
Risks
- Bonds are subject to price risks when interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
- An investment in precious metals is subject to fluctuations in value.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
Target group
Der Fonds eignet sich für Anleger
- who wish to reduce risk through broad diversification of investments
- with a medium to long-term investment horizon
- who wish to reduce risk compared to a direct investment
Der Fonds eignet sich nicht für Anleger
- who seek safe returns
- with a short-term investment horizon
- who are not prepared to accept increased volatility
Monthly Commentary
After a strong first quarter, the international stock markets largely went into reverse in April. The German share 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. 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. 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 in June. The markets were also kept on tenterhooks by Iran's attack on Israel and the Israeli response, which caused the VIX volatility index to spike to its highest level of the year and briefly drove up the oil price. The price of gold also continued to rise: over the course of the month, the troy ounce gained 2.53% to USD 2,286.25, but traded at USD 2,390 in the meantime. With the correction on the equity markets, risk premiums for corporate bonds and US high-yield bonds widened on the bond markets and interest rates for 10-year US Treasuries rose. The DJE - Multi Asset & Trends fell by -1.31% in this market environment. On the global equity market, only four sectors were able to escape the negative trend and end the month with a positive result: Basic Materials, Utilities, Energy and Food & Beverages. The weakest results were delivered by the property, media, telecommunications and consumer goods & services sectors. On the other hand, the fund benefited in particular from its stock selection in the property sector. The personal care, drugstore & food, energy and basic materials sectors also delivered pleasing results. The strongest individual stocks included the British-South African mining group Anglo American, the property developer China Resources Land and the internet group Tencent (both China). By contrast, the Indonesian bank Rakyat Indonesia, the US financial services provider MSCI and the Japanese temporary employment agency TechnoPro (specialising in the technology sector) were among the disappointing performers. Among other things, the fund management increased the weighting of the insurance and energy sectors and reduced the technology and financial services sectors. As a result, the equity allocation fell moderately from 68.03% to 66.81%. On the bond side, the broad rise in yields weighed on the fund's performance. Nevertheless, the bond ratio remained almost unchanged at 23.57% (previous month: 23.41%). The gold certificate made a positive contribution to performance. The fund management increased the precious metal ratio from 7.05% to 7.84%. The fund's liquidity rose from 1.51% to 1.78%.