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 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: | 01.01. - 31.12. |
Launch Date: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (30/04/2024): | 146,51 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 (30/04/2024)
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): | 6,833 |
Environment Rating (0-10): | 6,538 |
Social Rating (0-10): | 5,631 |
Governance-Rating(0-10): | 6,187 |
ESG rating in comparison group (0% lowest, 100% highest value): | 28,190 % |
Peergroup: |
Bond Global EUR
(635 Fonds) |
Coverage rate ESG rating: | 80,362 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 86,493 |
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 (30/04/2024) |
|
---|---|
Standard Deviation (1 years): | 3,03 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,88 % |
Maximum Drawdown (1 year): | -2,06 % |
Sharpe Ratio (1 years): | 0,65 |
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 | 34,23 % |
Italy | 19,89 % |
Germany | 17,56 % |
Netherlands | 7,01 % |
Sweden | 2,46 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Bonds | 94,91 % |
Cash | 5,09 % |
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
The rise on the stock markets in March, as in the first quarter as a whole, was fuelled by good or improving economic data, which turned out better than widely expected. This turned fears of recession into hopes that a soft landing in the major economic regions was still possible. Expectations of interest rate cuts, which were still very high at the beginning of the year, have therefore shifted to the middle of the year. Especially as consumer prices in the USA rose again in February. Inflation was 3.2% compared to the previous year; in January it was 3.1%. Accordingly, the US Federal Reserve remained cautious and intends to wait for further data. In turn, the European Central Bank signalled in March that it might cut interest rates for the first time in June. In the eurozone, inflation fell to 2.6% year-on-year in February (January: 2.8%). The shift in interest rate expectations led to varying results on the bond markets. Government bonds largely moved sideways: yields on 10-year government bonds fell by 11 basis points in Germany and by 5 basis points in the USA to 2.29% and 4.20% respectively. Hopes of an economic recovery benefited high-quality corporate bonds, whose yields fell by 11 basis points to 5.30% in the USA and by 20 basis points to 3.66% in Europe. High-yield US corporate bonds also benefited from this, with yields also falling by 20 basis points to 7.66%. In contrast, yields on high-yield European corporate bonds rose by 27 basis points to 7.56%, as the economic environment in the eurozone is not as stable as in the USA and key interest rates are not expected to be lowered until June - meaning that growth will continue to be more expensive to finance. In this market environment, DJE - Zins Global gained 1.04%. The fund benefited in particular from the fall in risk premiums on high-quality corporate bonds and US high-yield bonds. Over the course of the month, the fund management acquired a US corporate bond from the basic materials sector and a euro-denominated corporate bond from the travel & leisure sector. In addition, a euro-denominated bond from the chemicals sector was also subscribed. In order to capitalise on the positive momentum in corporate bonds and to benefit from falling interest rates in the future, the fund management increased the modified duration of the portfolio (including cash and derivatives) from 3.31% to 3.61%. There were no currency hedges at the end of the month.