Key information
The fund invests primarily in equities, bonds and other securities. In terms of securities selection, preference is given to investments in European issuers, whereby the focus in terms of stock selection is on issuers whose registered office is in the Federal Republic of Germany. Depending on the market situation and the assessment of the investment advisor, stocks or bonds may be overweighted.
Key information
ISIN: | LU0159520088 |
WKN: | 164313 |
Category: | Fund EUR Moderate Allocation - Global |
Minimum Equity: | 51% |
Partial Exemption of Income ¹: | 30% |
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: | 01.07. - 30.06. |
Launch Date: | 06/01/2003 |
Fund currency: | EUR |
Fund Size (30/04/2024): | 42,90 Mio EUR |
TER p.a. (30/06/2023): | 1,05 % |
Reference Index: | - |
Fees
Initial Charge: | 5,000 % |
Management Fee p.a.: | 0,720 % |
Custodian Fee p.a.: | 0,070 % |
Advisory Fee p.a.: | 0,30 % |
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): | AA |
ESG-Qualityrating (0-10): | 7,109 |
Environment Rating (0-10): | 6,263 |
Social Rating (0-10): | 5,395 |
Governance-Rating(0-10): | 5,941 |
ESG rating in comparison group (0% lowest, 100% highest value): | 64,430 % |
Peergroup: |
Mixed Asset EUR Bal - Global
(776 Fonds) |
Coverage rate ESG rating: | 89,542 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 130,883 |
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 (2 years): | 5,43 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -3,48 % |
Maximum Drawdown (1 year): | -2,85 % |
Sharpe Ratio (2 years): | -0,36 |
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 | 2.56% | KFW (4.125%) | 3.40% |
ALLIANZ SE-REG | 2.00% | BUONI POLIENNALI DEL TES (3.35%) | 3.13% |
MICROSOFT CORP | 1.86% | US TREASURY (3.50%) | 1.96% |
AMAZON.COM INC | 1.78% | US TREASURY (2.625%) | 1.92% |
LINDE PLC | 1.58% | US TREASURY (1.875%) | 1.80% |
NOVO NORDISK A/S-B | 1.46% | APPLE INC (4.30%) (4.3000%) | 1.28% |
HANNOVER RUECKVERSICHERU-REG | 1.45% | NORWEGIAN GOVERNMENT (1.75%) ( | 1.16% |
DEUTSCHE BOERSE AG | 1.31% | CATERPILLAR FINL SERVICE (5.40%) | 1.10% |
LOREAL | 1.23% | AMERICAN EXPRESS CO (2.50%) | 1.09% |
APPLE INC | 1.18% | NESTLE HOLDINGS INC (4.00%) | 1.08% |
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 | 37,22 % |
Germany | 18,54 % |
Japan | 7,57 % |
France | 6,76 % |
Netherlands | 4,59 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Stocks | 59,53 % |
Bonds | 38,53 % |
Cash | 1,94 % |
Investment strategy
Chances
- Growth opportunities for the globally active European top groups
- Efficient mix of shares and bonds
- Asset management character through active risk management
Risks
- Country, credit and liquidity risks of issuers
- Shares bear the risk of stronger price declines
- Price risks of bonds when interest rates rise
Target group
Der Fonds eignet sich für Anleger
- with a medium to long-term investment horizon
- who wish to take advantage of opportunities in both the equity and bond segments
- who seek flexibility in portfolio design
Der Fonds eignet sich nicht für Anleger
- with a short-term investment horizon
- who are not prepared to accept increased volatility
- 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.