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 (22/04/2024): | 187,05 Mio EUR |
TER p.a. (29/12/2023): | 1,14 % |
Reference Index: | - |
Fees
Initial Charge: | 7,000 % |
Management Fee p.a.: | 1,000 % |
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 (22/04/2024) |
|
---|---|
Standard Deviation (2 years): | 7,50 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -4,88 % |
Maximum Drawdown (1 year): | -3,60 % |
Sharpe Ratio (2 years): | -0,46 |
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 28/03/2024
Top Country Allocation in % of Fund Volume (28/03/2024) |
|
---|---|
Luxembourg | 94,21 % |
Germany | 2,26 % |
United States | 0,93 % |
United Kingdom | 0,91 % |
France | 0,55 % |
Asset allocation in % of the fund volume (28/03/2024) |
|
---|---|
Funds | 94,21 % |
Bonds | 4,64 % |
Cash | 1,14 % |
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
In March, the stock markets largely continued their bullish trend from the previous months. The German stock index DAX rose by 4.61% to a new record high. The broad European index Stoxx Europe 600 also performed well, rising by 3.65%. The US S&P 500 index also recorded growth of 3.14%. Hong Kong's Hang Seng Index, on the other hand, moved sideways with a gain of 0.18%. Overall, global equities, as measured by the MSCI World Index, rose by 3.12% - all index figures in euro terms. The rise on the stock markets in the first quarter was driven by good or improving economic data, which turned out better than widely expected. This turned fears of recession into hopes that a soft landing was still possible in the major economic regions. For example, the US economy grew by 3.1% year-on-year in the fourth quarter of 2023, contrary to expectations. The US labour market reported robust figures with continued job growth (excluding agriculture) and a stable low unemployment rate. In turn, the eurozone was able to grow by 0.1% year-on-year in the fourth quarter - also contrary to market expectations - and thus avoid a recession. The Purchasing Managers' Index for services reached 51.1 points in March, thus rising once again after February (50.2). This index is regarded as the most reliable economic barometer for the eurozone and suggests a modest economic recovery (values above 50 signal expansion). However, the index counterpart for the manufacturing sector fell to 45.7 points (previous month: 46.5), indicating that the eurozone economy is still struggling with the effects of the key interest rate hikes and the rise in electricity and energy prices. China has set itself a growth target of 5% for 2024. However, this target will be more difficult to achieve than in 2023 because the previous year, 2022, still suffered greatly from the consequences of China's zero-covid strategy. The Chinese government has therefore provided a fiscal stimulus. The increased spending is to be channelled into infrastructure measures on the one hand and strategic key areas such as "industries of the future" on the other. The aim is to reduce dependence on Western technologies. Another key factor behind the strong share performance was the boom in artificial intelligence, which on the other hand was reflected in relatively low market breadth - the US stock market was driven by just a few companies in the first quarter. Expectations of interest rate cuts, which were still very high at the beginning of the year, have since 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 different results on the bond markets. Yields on 10-year government bonds fell by 11 basis points in Germany and 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 in both the USA and Europe. In contrast, yields on high-yield European corporate bonds rose by 27 basis points to 7.56%. The price of gold rose by 9.08% to USD 2,229.87 per troy ounce.