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: | LU0229080659 |
WKN: | A0F566 |
Category: | Fund Global Bond - EUR Biased |
Minimum Equity: | - |
Partial Exemption of Income ¹: | - |
VG/KVG: | DJE Investment S.A. |
Fund Manager: | 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: | 18/01/2007 |
Fund currency: | EUR |
Fund Size (16/05/2024): | 144,82 Mio EUR |
TER p.a. (29/12/2023): | 0,70% |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,430% |
Custodian Fee p.a.: | 0,060% |
Ratings & Awards (16/05/2024)
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 (16/05/2024) |
|
---|---|
Standard Deviation (1 years): | 3,02% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,85% |
Maximum Drawdown (1 year): | -1,97% |
Sharpe Ratio (1 years): | 1,04 |
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
- Active interest rate, maturity and risk management.
- Global bond fund with a focus on high-quality bonds.
- Broad diversification across countries, sectors, issuers and credit ratings.
Risks
- Bonds are also subject to country risks and the creditworthiness and liquidity risks of their issuers.
- Bonds are subject to price risks when interest rates rise.
- In the case of securities not denominated in euros, there is a currency risk for euro investors.
Target group
Der Fonds eignet sich für Anleger
- with a medium- to long-term investment horizon
- who prefer selective securities picking by an experienced fund manager
- who seek to benefit from a broad universe of investment opportunities in the bond sector
Der Fonds eignet sich nicht für Anleger
- who prefer higher yields with correspondingly higher risk
- with a short-term investment horizon
- who are not prepared to accept any volatility
Monthly Commentary
The bond markets were volatile in April. 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. The stock markets were weighed down by the fact that hopes of an imminent cut in key interest rates in the USA in view of the further rise in inflation (from 3.1% to 3.5% in March) turned into expectations that the current interest rate plateau would have to be maintained for some time to come. For the eurozone, however, the markets continue to expect a first rate cut in June, as inflation is still on the retreat here - the inflation rate stagnated at 2.4% in April and core inflation fell from 2.9% to 2.7% (both compared to the same month last year). However, with the correction on the equity markets, most bonds performed negatively: yields on European corporate bonds rose by 26 basis points and those on US corporate bonds by 43 basis points. US high-yield bonds also yielded 45 basis points higher at 8.11%. High-quality government bonds also performed negatively: 10-year German government bonds yielded 19 basis points higher at 2.58% and their US counterparts 38 basis points higher at 4.68%. European high-yield bonds were a positive outlier, benefiting from the continued intact expectations of interest rate cuts in the eurozone. Their yield fell by 61 basis points to 6.95%. Against this market backdrop, the DJE - Zins Global fell by -0.24%. The fund's performance was negatively impacted by the broad rise in yields across almost all bond types. The devaluation of the Mexican peso also weighed on the fund's performance. On the other hand, the fund benefited from the appreciation of the US dollar against the euro. Over the course of the month, the fund management subscribed to a new issue of a US corporate bond from the commodities sector. In return, it reduced corporate bonds from the telecommunications, finance and technology sectors. As a result of the adjustments, the proportion of corporate bonds fell in favour of higher liquidity - the fund's liquidity rose from 2.80% to 5.09%. The fund management reduced the modified duration of the fund from 3.62% to 3.33% due to the increased risk premiums. The fund's total investment ratio fell from 97.20% to 94.91%.