Key information
DJE - Zins & Dividende is a multi-asset fund managed independently from any benchmark. The fund aims for absolute returns with the help of conservative drawdown management. On the equity side, the fund invests primarily in equities with above-average dividend yields. The investment objective is to invest across asset classes and generate regular income from fixed income instruments, supplemented by capital gains and dividends on the equity side. The selection criteria for companies are recurring dividend payments as well as investor-friendly corporate policies such as stock buybacks. While the focus is on dividend paying stocks, the fund may also invest in companies that do not currently pay a dividend. The fund's flexible investment approach allows it to adapt quickly to changing market conditions. To reduce volatility, at least 50% of the fund is invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
ISIN: | LU0553169458 |
WKN: | A1C7Y9 |
Category: | Fund EUR Moderate Allocation - Global |
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: | 06/12/2010 |
Fund currency: | EUR |
Fund Size (15/05/2024): | 3.797,21 Mio EUR |
TER p.a. (29/12/2023): | 1,59 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 1,370 % |
Custodian Fee p.a.: | 0,060 % |
Ratings & Awards (15/05/2024)
Morningstar*: |
|
Awards: Mountain View Fund Awards 2023 Winner in the category "Mixed Funds Global Balanced" |
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): | 6,814 |
Environment Rating (0-10): | 6,436 |
Social Rating (0-10): | 5,019 |
Governance-Rating(0-10): | 5,713 |
ESG rating in comparison group (0% lowest, 100% highest value): | 16,490 % |
Peergroup: |
Mixed Asset EUR Bal - Global
(776 Fonds) |
Coverage rate ESG rating: | 89,074 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 155,731 |
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 (15/05/2024) |
|
---|---|
Standard Deviation (2 years): | 6,33 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -3,90 % |
Maximum Drawdown (1 year): | -3,04 % |
Sharpe Ratio (2 years): | 0,35 |
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 | ||
---|---|---|---|
LINDE PLC | 1.72% | MCDONALD'S CORP (2.625%) | 2.49% |
VISA INC-CLASS A SHARES | 1.60% | MEX BONOS DESARR FIX RT | 2.04% |
TAIWAN SEMICONDUCTOR MANUFAC | 1.57% | ANGLO AMERICAN CAPITAL (2.625%) | 1.66% |
HANNOVER RUECKVERSICHERU-REG | 1.49% | NORWEGIAN GOVERNMENT (1.75%) | 1.66% |
ALPHABET INC-CL C | 1.43% | NESTLE HOLDINGS INC (4.00%) | 1.46% |
JPMORGAN CHASE & CO | 1.42% | US TREASURY (2.625%) | 1.42% |
META PLATFORMS INC-CLASS A | 1.33% | FRAPORT AG (1.8750%) | 1.41% |
AMAZON.COM INC | 1.31% | NIKE INC (2.40%) | 1.41% |
NOVO NORDISK A/S-B | 1.27% | DEUTSCHE LUFTHANSA AG (3.00%) | 1.33% |
INDITEX | 1.25% | META PLATFORMS INC (3.85%) | 1.27% |
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 | 43,26 % |
Germany | 14,45 % |
France | 4,72 % |
United Kingdom | 4,28 % |
Cayman Islands | 3,36 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Bonds | 50,29 % |
Stocks | 48,82 % |
Cash | 0,89 % |
Investment strategy
The objective of DJE - Zins & Dividende is to generate a steady return – even in volatile markets. On the fixed income side, the fund invests primarily in debt instruments from sovereign issuers and corporates with investment-grade ratings. On the equity side, the fund relies on the established DJE dividend strategy. We believe that dividends can make a strong contribution to performance over time due to the compound interest effect. Time-series analysis shows that only around half of the equity returns are due to capital gains. The other half is attributable to dividends. The fund aims for an above-average dividend yield relative to the broader market. However, the fund may also include stocks that do not currently pay a dividend. The asset allocation is flexible and is adjusted depending on market environment. To reduce volatility, at least 50% of the fund are invested in bonds. Equity exposure fluctuates between 25% and 50%. Currency risks can be hedged opportunistically.
Chances
- Possible share price gains are complemented by interest income from international bonds and dividend distributions.
- The portfolio is continuously adjusted to the changing market environments.
- Regular returns from interest and dividends can serve as a buffer in the event of stock market slumps.
- The balanced fund aims for a steady positive performance with low volatility in all market environments.
Risks
- Bonds are subject to price risks if interest rates rise, as well as country risks and the creditworthiness and liquidity risks of their issuers.
- The income from interest and dividends is not guaranteed.
- There is a currency risk for euro investors in securities not denominated in euros.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- The value of an investment may rise or fall and investors may not get back the amount invested.
Target group
Der Fonds eignet sich für Anleger
- who wish to take advantage of opportunities in both the equity and bond segments
- who seek flexibility in portfolio design
- with a medium to long-term investment horizon
Der Fonds eignet sich nicht für Anleger
- who seek safe returns
- who are not prepared to accept increased volatility
- with a short-term investment horizon
Monthly Commentary
After a strong first quarter, the international stock markets largely went into reverse in April. The stock markets were primarily burdened by the development of US inflation. In March, the inflation rate rose to 3.5% (February: 3.1%) compared to the same month in the previous 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. As the equity markets corrected, risk premiums for corporate bonds and US high-yield bonds widened on the bond markets and interest rates for high-quality government bonds rose. The DJE - Zins & Dividende fell by -1.37% 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 came from the property, media, telecommunications and consumer goods & services sectors. The fund benefited in particular from its exposure to the energy, utilities and healthcare sectors. On the one hand, the oil price, which has risen in the meantime, and, on the other, well-performing obesity products from selected pharmaceutical companies contributed to this. Performance was weighed down primarily by the consumer goods & services, financial services and technology sectors. The latter suffered from the rising interest rate environment. The fund management increased the weighting of the energy and financial institutions sectors, among others, and reduced the industrials and technology sectors, where some gains were realised. As a result, the fund's equity allocation fell moderately from 49.36% to 48.82%. On the bond side, the broad rise in yields weighed on the fund's performance. One exception was European high-yield bonds, which benefited from the intact expectations of interest rate cuts in Europe. The fund management reduced its exposure to short-dated US government bonds in favour of longer-dated corporate bonds from the technology and mining sectors. As a result of the adjustments, the modified duration of the bond portfolio (including cash and derivatives) fell from 3.38% to 3.31%. At 50.29%, the bond ratio remained almost unchanged compared to the previous month (49.65%). Liquidity totalled 0.89% at the end of the month. The currency hedge of the US dollar against the euro was cancelled, but the partial hedge of the Hong Kong dollar against the US dollar was retained.