![Maerkte-DJE-Anleger-Webinar](/globalassets/productdetail/mobil/lu0159551125_en.jpg)
Key information
The DJE - Short Term Bond, invests globally and draws on the various parts of global fixed income markets with a focus on short maturities and investment grade ratings. The fund primarily invests in bonds denominated in Euro. The fund invests in a selection of high-quality securities based on a thorough analysis of fundamental data in addition to broad market analysis in search for global yield opportunities. The fund is managed without any constraints on sectors, countries, credit ratings or benchmark indexes. With its global spectrum of short-dated bonds, the fund offers a balanced risk/reward profile and aims to achieve a positive performance.
Responsible manager since inception
Responsible manager since 19/07/2022 as co-manager
Key information
ISIN: | LU0159551125 |
WKN: | 164322 |
Category: | Fund EUR Diversified Bond - Short Term |
Minimum Equity: | - |
Partial Exemption of Income ¹: | - |
VG/KVG: | DJE Investment S.A. |
Fund Management: | DJE Kapital AG |
Risk Category: | 2 |
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: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (01/07/2024): | 275,07 Mio EUR |
TER p.a. (29/12/2023): | 0,63 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,430 % |
Custodian Fee p.a.: | 0,060 % |
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): | 6,779 |
Environment Rating (0-10): | 6,458 |
Social Rating (0-10): | 5,100 |
Governance-Rating(0-10): | 6,260 |
ESG rating in comparison group (0% lowest, 100% highest value): | 45,380 % |
Peergroup: |
Bond Global EUR
(639 Fonds) |
Coverage rate ESG rating: | 75,819 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 174,703 |
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 (2 years): | 1,99 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -1,18 % |
Maximum Drawdown (1 year): | -0,87 % |
Sharpe Ratio (2 years): | -0,01 |
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 | 32,58 % |
Germany | 24,97 % |
Netherlands | 8,00 % |
Italy | 6,60 % |
Finland | 3,28 % |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Bonds | 86,89 % |
Cash | 13,11 % |
Investment strategy
The focus is on bonds with short residual maturities, good liquidity and high-quality credit ratings. The strategy focuses on corporate and government bonds, mortgage bonds, profit participation certificates, zero-coupon bonds and variable-interest debt instruments. The DJE - Short Term Bond achieves a low currency risk by investing predominantly in EUR securities, whereby part of the fund assets can also be invested in foreign currency bonds. Active duration management using interest rate derivatives and management of residual maturities reduces the risk of interest rate changes. The balanced portfolio and the investment horizon geared to short maturities intends to avoid major fluctuations in the strategy and achieve a stable performance.
![Investment approach](/globalassets/investmentconcept/lu0159551125_en_shorttermbond_72dpi.jpg)
Chances
- Global bond fund with a focus on high-quality bonds with short maturities.
- Active interest rate, maturity and risk management.
- Moderate investment horizon offers an attractive risk-return profile.
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
- with a short to medium-term investment horizon
- who prefer selective securities picking by an experienced fund manager
- who wish to invest mainly in bonds with shorter maturities
Der Fonds eignet sich nicht für Anleger
- who prefer higher yields with correspondingly higher risk
- who are not prepared to accept even a low level of volatility
- with a very 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 3.10%, yields on 2-year German government bonds were 6 basis points higher than in the previous month. In contrast, yields on their US counterparts fell by 16 basis points to 4.87% 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 market backdrop, the DJE - Short Term Bond rose moderately by 0.03%. The fund benefited above all from the narrowing of risk premiums on high-yield European corporate bonds. By contrast, the performance of US bonds was negatively impacted by the weaker US dollar. Over the course of the month, the fund management reduced US Treasuries and sold two corporate bonds from the utilities and infrastructure sectors in order to take profits. 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 fell from 96.10% to 94.36%. The modified duration (including cash and derivatives) rose from 1.99% to 2.04%.