FI ALPHA - DWS Concept DJE Alpha Renten Global LC

Transcription

FI ALPHA - DWS Concept DJE Alpha Renten Global LC
advertising material
FI ALPHA - DWS Concept DJE Alpha Renten Global LC
Factsheet per 20/10/2014
Investment Strategy
Bid:
Offer:
ISIN:
This fund focuses its investments on bonds from domestic and foreign issuers, participation certificates,
convertible bonds and warrant bonds. Domestic and foreign stocks may comprise up to 20% of fund
assets. This level can be tactically increased by 10% through the use of derivatives. Overall the fund
maintains a balanced mix of securities with the goal of achieving a reasonable return. The focus of
investments is on high-quality bonds. In selecting equities, the fund managers analyse companies using
quantitative and qualitative criteria.
111.10 EUR
113.33 EUR
LU0087412390
Fund Advisor
DJE Kapital AG
Performance in percent vs. Reference Index since inception (30/04/1998)
FI ALPHA - DWS Concept DJE Alpha Renten Global LC
Reference Index of the fund
100%
Responsible:
Dr. Jens Ehrhardt and Michael Schorpp
50%
Reference Index³
0%
70% JP Morgan GBI Global unhedged
ECU, 30% MSCI World¹
1998
2000
2002
2004
2006
2008
Data: Bloomberg, own illustration.
Top Country allocation in percent
of fund volume (30/09/2014)
1. Germany
2. United States
3. Netherlands
4. Luxembourg
5. France
22.41%
17.05%
9.52%
8.74%
7.47%
Asset allocation as a percentage of
assets under management
(30/09/2014)³
Bonds
Stocks
Cash
Other
80.74%
11.92%
5.91%
1.43%
2010
2012
2014
As at: 20/10/2014
The presented charts and tables concerning performance are based on our own calculations according to the gross performance (BVI) method³ and illustrate past development. Future results may vary both positively and negatively. The BVI method takes into account all costs incurred at the fund level (e.g. management fees), the net performance and the issue fee. Additional individual costs may be incurred at the customer level (e.g. custodian fees, commission and other charges). Model calculation (net): an
investor wishes to purchase shares for EUR 1,000. With a maximum issue surcharge of 2.00%, he has to spend a one-off amount of Euro 20.00 when making the purchase.
In addition, there may be custodian costs that reduce performance. The custodian costs are decided by your bank’s price list and service charges. Information regarding
past development is not a reliable indicator of future performance.
Top Ten Sectors in percent of fund volume (30/09/2014)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
FINANCIAL
CONSUMER, CYCLICAL
COMMUNICATIONS
GOVERNMENT
INDUSTRIAL
ENERGY
CONSUMER, NON-CYCLICAL
BASIC MATERIALS
UTILITIES
DIVERSIFIED
23.34%
15.04%
12.53%
11.19%
10.98%
6.23%
4.86%
3.96%
2.96%
0.93%
Ratings & Awards⁴
Morningstar Rating Overall²:
««««
€uro Fund Award 2013:
3rd Place, Balanced Fund Mainly Bonds,
10 years, Germany
¹ , ² see also on page 4
³ see also on
(www.dje.de/fonds/fondswissen/
glossar)
⁴ sources on homepage
(www.dje.de/DE_de/unternehmen/
auszeichnungen)
page 1 / 4 www.dje.com
Top Holdings in percent of fund volume (30/09/2014)
1. 5.000% INTL FINANCE CORP (5.0000%)
2. 10.000% INTL BK RECON & DEVELOP
(10.0000%)
3. 6.250% KFW (6.2500%)
4. 7.000% INTL BK RECON & DEVELOP
(7.0000%)
5. 6.000% EUROPEAN INVESTMENT BANK
(6.0000%)
6. 2.250% HEIDELBERGCEMENT FIN LUX
(2.2500%)
7. 5.983% DEUTSCHE POSTBANK IV
8. 4.250% SCHAEFFLER FINANCE BV
9. 4.747% ETHIAS SA (4.7470%)
10. 7.125% FREENET AG (7.1250%)
Dr. Jens Ehrhardt Gruppe Munich | Frankfurt | Cologne | Luxembour | Zurich
2.88%
2.65%
2.51%
2.42%
1.99%
1.82%
1.80%
1.60%
1.50%
1.41%
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FI ALPHA - DWS Concept DJE Alpha Renten Global LC
Performance in percent vs. Reference Index since inception last 5 years
Fund Facts
ISIN:
WKN:
Bloomberg:
Reuters:
Asset Class:
Investment
Company:
Advisor:
Risk Category³:
Type of Share:
Financial Year:
Launch Date:
Fund Size
(20/10/2014):
TER p.a.
(30/06/2013)³:
LU0087412390
974515
FIALPGR LX
LU0087412390.LUF
Balanced Funds Focus on Global
DWS Investment S.A.
fund (net) in consideration with the maximum issue surcharge of 2.00%
fund (gross) FI ALPHA - DWS Concept DJE Alpha Renten Global LC
Reference Index of the fund
15%
10%
5%
0%
DJE Kapital AG
2
Accumulation³
01/07 - 30/06
30/04/1998
20.10.09 –
20.10.10
20.10.10 –
20.10.11
20.10.11 –
20.10.12
20.10.12 –
20.10.13
20.10.13 –
20.10.14
Data: Bloomberg, own illustration. Calculated according to the BVI Bundesverband Investment und Asset Management e.V.) method, i.e. not taking
into account the front end load.
444.06 million EUR
As at: 20/10/2014
Model calculation: The front end load of EUR 20.00 (2.00%) on an initial investment of EUR 1000.00 over a typical investment period of five years immediately reduces the initial investment amount. In addition performance reducing annual individual security deposit costs may result. Past performance is not a reliable indicator of future returns.
1.35%
Performance vs. Reference Index in percent
Fees³
Initial Charge:
All-In-Fee p.a.:
2.00%
1.30%
Fund
Reference Index
1 Mo
YTD
1 Yr
3 Yrs
3 Yrs
(p.a.)
5 Yrs
5 Yrs
(p.a.)
SI
SI
(p.a.)
-1.92
0.79
2.78
20.46
6.40
25.45
4.64
117.29
4.82
-0.53
9.99
8.73
19.24
6.03
41.09
7.12
91.91
Contact
DJE Kapital AG
Tel.: +49 89 790453-0
E-Mail: [email protected]
www.dje.de
DWS Investment S.A.
Tel.: +49 1803 101110-11
E-Mail: [email protected]
www.dws.de
³ see also on
(www.dje.de/
fonds/fondswissen/glossar)
page 2 / 4 www.dje.com
4.03
As at: 20/10/2014
Risk Measures³
Standard Deviation (1 year)
Tracking Error (1 year)
Value at Risk (99% / 20 days)
Maximum Drawdown (1 year)
3.67%
4.08%
-2.31%
-2.98%
Sharpe Ratio (1 year)
Correlation (1 year)
Beta (1 year)
Treynor Ratio (1 year)
0.90
0.22
0.41
8.00
As at: 20/10/2014
Monthly Commentary
In September the FI ALPHA - DWS Concept DJE Alpha Renten Global fund closed with a monthly
performance of -0.05 per cent. The corresponding benchmark (70% JPM GBI Global Unhedged in EUR,
30% MSCI World) achieved 1.16 per cent. In September the volatile markets did not calm down as the
month was again negatively affected by geopolitical news. The sanctions against Russia were enhanced;
the US extended the air attacks on Iraq and thousands of protesters in Hong Kong ask for free elections.
Also economic data made an impact. At the beginning of the month China surprised with a weak purchase
manager index. Also the growth of the industrial production felt with 6.9 per cent on a fresh multi-year low.
Combined with an oversupply this news resulted in a pricing pressure within the industrial commodity and
the oil sector, whereby iron ore suffered mostly. The US economy showed, apart from weak consumer data
by month end, mainly positive signs, what on the other side fed the discussion of the pros and cons of an
interest increase which is expected for 2015. The central bank policy was focused in Europe as the ECB
may obviously launch a quantitative easing program. Final cuts of the discount rate in height of 10 bp and
the purchase of loan securitization were announced in September. Against this background, the news, that
the German ifo index showed a considerable slowdown in view of business outlook, was nearly not
recognized, even if this slowdown is a clear warning. In September the returns for the 10-year German
government bond increased during the month from 0.88% to 0.94%. The 10-year US American government
bond increased from 2.42% up to 2.49%. The new bond emissions of DIC AG a German property manager,
the German travel agent TUI AG and the French insurer Score SE were signed during the reporting period
for the FI ALPHA - DWS Concept DJE Alpha Renten Global. On the equity side the IPO of the Chinese
online retailer Alibaba Group was signed. Because of the insecure result of the presidential elections in
Brazil, Brazilian bonds were reduced. The structural orientation of foreign currency bonds, the focus on
corporate bonds with high yields and supranational bonds with a reasonable risk/ reward ratio as well as a
broad diversification remains unchanged. The currently weakness offers investors, who are not engaged at
the moment, excellent entry levels.
Dr. Jens Ehrhardt Gruppe Munich | Frankfurt | Cologne | Luxembour | Zurich
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FI ALPHA - DWS Concept DJE Alpha Renten Global LC
DJE Kapital AG
Investment Approach
The DJE Kapital AG has more than 40
years experience in wealth management
and is one of the leading bank
independent wealth and asset managers
in Germanspeaking Europe. Our
investment strategy is based on a
threedimensional approach, the FMMMethodology. It takes three views on the
stock exchange and financial markets:
fundamental, monetary and markettechnical.
The fund takes advantage of the cyclical interplay between the asset classes bonds and equities. The focus
is on international bonds, both corporate and government bonds, in various currencies. The fund also takes
advantage of selected opportunities on the equity markets. This allows it to diversify when bonds are
temporarily weak and to achieve a positive long-term performance. The allocation between equities, bonds
and cash as well as the analysis of the equity and bond markets is based on the FMM method, the proven
investment approach of DJE Kapital AG (for more information on the FMM method, please visit
www.dje.de). The broad diversification across different asset classes forms the basis for a favourable
risk/return ratio.
Selective opportunities arise from different asset class performances
Target Group
The fund is suitable for investors
+
with a medium to long-term investment
horizon
+
who seek broad investment
diversification to reduce risk
+
who wish to reduce risk compared to a
direct investment
The fund is not suitable for investors
-
with a short-term investment horizon
-
who seek safe returns
-
who are not prepared to accept
increased volatility
Source: Bloomberg
As at: 31/03/2014
Opportunities and Risks
Opportunities
+
Participation in a balanced portfolio of equities, bonds and foreign currencies
+
The fund frequently makes full use of the equity investment option to profit from rising equity markets
+
Our professional team takes advantage of the opportunities offered by volatile markets
Risks
page 3 / 4 www.dje.com
-
Equity prices may exhibit relatively strong fluctuations depending on market conditions
-
Issuer country and credit risks as well as currency risks
-
Price drops in the money and capital markets when interest rates rise
Dr. Jens Ehrhardt Gruppe Munich | Frankfurt | Cologne | Luxembour | Zurich
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FI ALPHA - DWS Concept DJE Alpha Renten Global LC
Legal Information / Disclaimer:
Figures subject to revision by the auditors on the reporting dates. The published information does not
constitute investment advice or a recommendation, but only provides a brief summary of the key features of
the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and
- if the annual report is older than eight months - the semi-annual report) for the respective investment
funds form the sole basis for the purchase of securities. The sales documents are available at no charge at
the respective fund company, the distribution company or at www.dje.de.
All data and estimates are indicative and may change at any time. This information is based on our
assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be
given for the accuracy of such information. All data are subject to change.
The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.)
method, i.e. without taking into account the subscription fee. Individual expenses such as fees,
commissions and other charges are not taken into account in the data and would have a detrimental effect
on the performance if they were. The subscription fees payable reduce the invested capital as well as the
performance depicted. Data on past performance are not a reliable indicator of future performance.
The tax treatment depends on the individual circumstances of the investor and may be subject to change.
Please see the prospectus for more detailed tax information.
In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may
receive reimbursements from costs charged to the funds by the investment companies in accordance with
the respective prospectuses.
The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer
or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or
offered for sale or sold to or for the account of US citizens or US persons resident in the USA.
This document and the information it contains may not be distributed in the USA. The distribution and
publication of this document and the offer or sale of units may also be subject to restrictions in other
jurisdictions.
¹) Benchmark source: MSCI. Neither MSCI nor any other third parties involved in compiling, calculating or
creating MSCI data or connected therewith offer any guarantee or assurance, explicitly or implicitly,
concerning this data or any results that stem from using this information. In particular, none of the parties
guarantee the independence, accuracy or completeness of the data, its general usability or its suitability for
a specific purpose. Without limitation of these conditions, MSCI, companies associated with MSCI and third
parties involved in compiling, calculating or creating MSCI data or connected therewith accept no liability
under any circumstances for loss, be it indirect, direct, special, consequential or of any other kind, including
a loss of earnings. Similarly, no liability is accepted for damage claims, even if you were informed of the
possibility of such losses. MSCI data may not be forwarded or distributed to third parties without the
express written permission of MSCI.
²) 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to
be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information. Past performance is no guarantee of future
results.
page 4 / 4 www.dje.com
Dr. Jens Ehrhardt Gruppe Munich | Frankfurt | Cologne | Luxembour | Zurich