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: | LU0159550580 |
WKN: | 164320 |
Category: | Fund Global Bond - EUR Biased |
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: | |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 27/01/2003 |
Fund currency: | |
Fund Size (27/03/2024): | 149,38 Mio |
TER p.a. (29/12/2023): | 1,49% |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,900% |
Custodian Fee p.a.: | 0,060% |
Ratings & Awards (27/03/2024)
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): | 6,520 |
Environment Rating (0-10): | 5,652 |
Social Rating (0-10): | 5,839 |
Governance-Rating(0-10): | 5,864 |
ESG rating in comparison group (0% lowest, 100% highest value): | 32,200% |
Peergroup: |
Bond Global EUR
(618 Fonds) |
Coverage rate ESG rating: | 80,732% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 64,555 |
Portfolio allocation according to ESG rating of individual securities
Report date: 29/02/2024
- 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
Risk metrics (27/03/2024) |
|
---|---|
Standard Deviation (1 years): | 3,09% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,93% |
Maximum Drawdown (1 year): | -2,07% |
Sharpe Ratio (1 years): | 0,35 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (29/02/2024) |
|
---|---|
United States | 36,98% |
Italy | 25,64% |
Germany | 13,82% |
Netherlands | 6,69% |
Sweden | 2,36% |
Asset Allocation (29/02/2024) |
|
---|---|
Bonds | 97,92% |
Cash | 2,08% |
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
- Broad diversification across countries, sectors, issuers and credit ratings.
- Global bond fund with a focus on high-quality bonds.
- Active interest rate, maturity and risk management.
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.
Monthly Commentary
It became apparent on the bond markets in February that hopes of early key interest rate cuts were exaggerated. In the USA, inflation proved more stubborn than expected. For January, economists had expected inflation to fall to 2.9% compared to the same month last year, but inflation was 3.1% and core inflation (excluding energy and food) was 3.9%. The international stock markets posted strong gains, and there were also robust figures from the US labor market, as over 350,000 new jobs were created in February and the unemployment rate remained consistently low at 3.7%. In addition, the two purchasing managers' indices for services and manufacturing as leading indicators in the USA rose significantly and point to an expanding economy. Given the positive economic data, a recession in the USA should no longer be an issue this cycle. The US Federal Reserve (Fed) wants to avoid a recession on the one hand, but on the other hand wants to bring inflation towards its target of 2.0%. If developments continue like this, key interest rates are likely to be lowered later - possibly not until June - and not as often as expected. If inflation does not fall permanently to 2.0%, the Fed is likely to stop cutting interest rates again. In the euro area, the purchasing managers' index for services left recessionary territory. However, the manufacturing index unexpectedly fell even lower in February. This means that the euro area economy is likely to remain stationary in the first quarter of 2024. The inflation rate in the euro area rose by only 2.6% in February compared to the same month last year - in January it was 2.8%. This means that inflation is moving in the direction desired by the European Central Bank. If the inflation rate gets even closer to the 2% inflation target in the coming months, the ECB is likely to cut interest rates. It would be the first interest rate cut since March 2016. For these reasons, yields on 2-year German and US government bonds rose sharply. In the USA they returned 4.62%, 41 basis points higher than in the previous month and in Germany they returned 47 basis points at 2.90%. This meant that the yield curve became more inverted again because the rise in yields on 10-year government bonds was smaller. The yield on high-quality corporate bonds rose almost in parallel in the euro area and the USA, reaching 29 and 30 basis points, respectively. Only high-yield bonds developed in the opposite direction: While the yield on European high yields fell by 21 basis points to 7.29%, it rose slightly by 7 basis points to 7.86% on their US counterparts. In this market environment, the DJE – Zins Global fell by #f#2024,02,29. The fund benefited from the narrowing risk premiums on high-quality, high-yield corporate bonds. In contrast, the broad rise in yields on most types of bonds weighed on the fund. During the month, the fund management reduced one bond from the utilities sector and purchased a USD-denominated bond from the pharmaceutical sector. In addition, fund management shortened the fund's duration by reducing longer-dated bonds to counteract the risk posed by rising yields. The modified duration (including cash and derivatives) remained almost unchanged at 3.31% (previous month: 3.29%). At the end of the month, the currency hedging of securities denominated in US dollars against the euro was largely reduced.