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: | LU0159549574 |
WKN: | 164319 |
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: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (01/07/2024): | 138,77 Mio EUR |
TER p.a. (29/12/2023): | 1,45% |
Reference Index: | - |
Fees
Initial Charge: | 2,000% |
Management Fee p.a.: | 1,050% |
Custodian Fee p.a.: | 0,060% |
Performance Fee p.a.: 10% of the [Hurdle: exceeding 3% p.a.] unit value performance, provided 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 of the last 5 years [High Water Mark Principle]. 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. |
Ratings & Awards (01/07/2024)
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): | 6,609 |
Environment Rating (0-10): | 6,308 |
Social Rating (0-10): | 5,464 |
Governance-Rating(0-10): | 6,154 |
ESG rating in comparison group (0% lowest, 100% highest value): | 32,710% |
Peergroup: |
Bond Global EUR
(639 Fonds) |
Coverage rate ESG rating: | 78,790% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 95,032 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/06/2024
- 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 (01/07/2024) |
|
---|---|
Standard Deviation (1 years): | 2,98% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,87% |
Maximum Drawdown (1 year): | -1,44% |
Sharpe Ratio (1 years): | 0,24 |
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 28/06/2024
Top Country Allocation in % of Fund Volume (28/06/2024) |
|
---|---|
United States | 36,19% |
Italy | 20,70% |
Germany | 17,26% |
Netherlands | 7,40% |
Sweden | 2,59% |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Bonds | 94,67% |
Cash | 5,33% |
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
- Global bond fund with a focus on high-quality bonds.
- Active interest rate, maturity and risk management.
- Broad diversification across countries, sectors, issuers and credit ratings.
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.
Target group
Der Fonds eignet sich für Anleger
- who seek to benefit from a broad universe of investment opportunities in the bond sector
- with a medium- to long-term investment horizon
- who prefer selective securities picking by an experienced fund manager
Der Fonds eignet sich nicht für Anleger
- who prefer higher yields with correspondingly higher risk
- who are not prepared to accept any volatility
- with a short-term investment horizon
Monthly Commentary
The bond markets performed very unevenly in May. The main reason for this was the expectations of interest rate cuts in the US, which first emerged and then faded again from the middle of the month. The US Federal Reserve (Fed) announced its intention to sell fewer government bonds and thus to take a somewhat less steep path for its quantitative tightening in future. At the same time, Fed Chairman Jerome Powell said that an interest rate hike was unlikely to be the next step. In addition, the inflation rate fell more sharply than expected in April from 3.5% to 3.4% and core inflation (excluding food and energy) from 3.8% to 3.6% - both compared to the previous year. This rekindled hopes of interest rate cuts by the Fed before the end of the year, especially as the markets have firmly priced in a key interest rate cut by the European Central Bank in June. In the eurozone, however, the purchasing managers' index for the manufacturing sector in the eurozone rose surprisingly from 45.7 to 47.3 points. Although this means that the index is still below the threshold value of 50 from which an expanding economy is to be expected, the sharp rise was achieved even without an interest rate cut. In addition, wages in the eurozone rose, which will contribute to inflation in the long term. And in May, inflation in the eurozone rose again from 2.4% to 2.6% year-on-year. Core inflation also rose from 2.7% to 2.9%. While there had been hopes of several interest rate cuts by the ECB prior to these figures, the markets revised these expectations somewhat. The bond markets reacted very differently to this. In Europe, yields on high-quality government bonds rose slightly. At 2.66%, 10-year German government bonds yielded 8 basis points higher than in the previous month. In contrast, yields on their US counterparts fell by 18 basis points to 4.50% because Powell said an interest rate hike was unlikely. The yield on high-quality European corporate bonds remained virtually unchanged from the previous month at 3.92%, while their US counterparts were 21 basis points lower at 5.52%. European high-yield bonds benefited the most from the prospect of a key interest rate cut by the ECB in June. Their yield fell by 34 basis points to 6.61%, while that of their US counterparts fell by only 11 basis points to 8.00%. Against this backdrop, the DJE - Zins Global fell by -0.22%. The fund benefited above all from the narrowing of risk premiums on high-quality and high-yield European corporate bonds. By contrast, the depreciation of the US dollar against the euro weighed on the performance of US bonds, while the weaker Mexican peso weighed on the performance of Mexican government bonds. The rise in yields on German government bonds also had a negative impact on the fund's performance. The fund management reduced US Treasuries over the course of the month in order to build up liquidity. On the other hand, it bought a Polish government bond in order to further diversify the bond spectrum and currency exposure. As a result of the adjustments, the fund's investment ratio rose from 94.91% to 96.84%. The modified duration (including cash and derivatives) fell from 3.33% to 3.12%.