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Gross performance*
Reported data relates to the past. The performances shown give no indication of future results. The value of units can vary. The performances shown do not take into account charges or subscription and redemption fees. Subscription fees will reduce the return on investment.
* The management fee, custodian bank fee and all other additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Distributions are reinvested. Performance is calculated using the BVI method, which means that the calculations do not include an issuing charge, transaction costs (such as order fees and brokerage fees), custodian bank fees or other management fees. Including the issuing surcharge would reduce performance.
Source : ETHENEA | All data as of: Friday, 30 August 2024
Master data
ISIN | LU0279509904 |
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Dividend policy | Distribution (A) |
Share class | Ethna-DEFENSIV (A) |
Bloomberg | ETHBNPB LX |
Investment company | ETHENEA Independent Investors S.A. (Société Anonyme) |
Investment category | Fixed income fund (OECD)⁶ |
Total net asset value | 279,12 m EUR |
Share classe volume | 98,93 m EUR |
Offering price | 138,91 EUR |
Nav Price | 135,52 EUR |
Share class currency | EUR |
Minimum investment amount | none |
Term | unlimited |
⁶ The Organisation for Economic Co-operation and Development (OECD) is an international economic research organisation, the members of which – mostly developed countries – all have a democratically elected government and a market economy.
Version date: Friday, 30 August 2024
The item "Cash" includes term deposits, call money and current/other accounts. Product types representing 3% or less of the net asset value are included under "Other". The item “Equities net” includes direct investments and exposure arising from equity derivatives | Source: ETHENEA | All data as of: Friday, 30 August 2024
Note: Further information and definitions of individual ratings (e.g. AAA, BB, etc.) can be found in a glossary on our website: https://www.ethenea.com/en-be/glossary/ | Source: ETHENEA | Version of : | Source: ETHENEA | All data as of: Friday, 30 August 2024
Time to maturity (in years) | Source: ETHENEA | All data as of: Friday, 30 August 2024
Source: ETHENEA | All data as of: Friday, 30 August 2024
Yields in %⁷
Year to date 2024 (01.01.2024 - 30.08.2024) | 4,93 |
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Since issuance, annualized yield | 3,45 |
5 years, annualized yield | 1,47 |
3 years, annualized yield | 1,62 |
30.08.2023 - 30.08.2024 | 9,03 |
30.08.2022 - 30.08.2023 | -2,13 |
30.08.2021 - 30.08.2022 | -1,64 |
30.08.2020 - 30.08.2021 | 2,98 |
30.08.2019 - 30.08.2020 | -0,45 |
⁷ Figures on returns relate to the past, give no indication of future results, and do not take into account any reorganisation. An overview of the risks associated with an investment in this fund is included in the prospectus. The portfolio’s net asset value depends entirely on market trends. The management fee, custodian bank fee and all other additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Distributions are reinvested. Performance is calculated using the BVI method, which means that the calculations do not include an issuing charge, transaction costs (such as order fees and brokerage fees), custodian bank fees or other management fees. Including the issuing surcharge would reduce performance.
⁸ The yield to maturity is the real return on an investment, expressed on an annual basis and taking all factors into account: purchase price, including charges; interim income (coupons, dividends); maturity; taxes and levies; amount repaid at maturity.
All data as of: Friday, 30 August 2024
Fees
Subscription fee | up to 2,50 % |
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Management fee | 0,80% p.a. |
Administration fee | 0,10% p.a. |
Redemption Fee | 0,00% p.a. |
Custodian fee | 0,05% p.a. |
Performance fee | none |
Ongoing charges
- Of which management fees |
1,16%
0,80% |
The "Ongoing costs" mentioned in this section do not include transaction costs. Detailed information on the costs and their impact on your investment can be found in the key Information document (PRIIPs-KID), the sales prospectus and the latest annual report.
The tax rate applicable to Belgian investors ("capital gains tax") is 30% and, if applicable, the withholding tax rate is 30%. The tax on stock exchange transactions related to exit from the sub-fund is 1.32% (max. EUR 4,000).
This fund is a mixed fund under Luxembourg law, in the form of a mutual fund (FCP) quoted in EUR and established for an indefinite period. Each year, your share of the dividends and/or interest received by the fund must be entered on your tax return. You will find more information on this in the prospectus. You can make a detailed calculation at https://www.ethenea.com/en-be/tax-calculator/. This instrument does not provide tax advice. It serves only to help you calculate income. You must always work carefully and make the usual necessary checks, which are your responsibility. The results obtained are based on the data that you enter. Under no circumstances shall ETHENEA Independent Investors S.A. be held liable for any error or omission.
Key figures
Annualised volatility⁹ | 2,55% |
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Sharpe ratio¹⁰ | 1,86 |
Average rating¹¹ | Between A and A+ |
Modified duration¹² | 3,3 (3,07) |
Average current yield¹³ p.a. | 4,1% |
Average YTM¹³ p.a. | 3,67% |
⁹ Volatility is a risk indicator showing the degree of fluctuation in a fund’s price over a given period. Volatility is calculated as a standard deviation based on daily returns over 250 days.
¹⁰ The Sharpe ratio is the quotient of the excess return (= return on the fund minus return on a risk-free asset) and the established volatility. When calculating the excess return, we use the EONIA Total Return index to determine the return on a risk-free asset.
¹¹ Note: You will find more information along with definitions of individual ratings (e.g. AAA, BB) in the form of a glossary here.
¹² Effective duration
¹³ Figures on returns relate to the past. Past performance is no indication of future results.
Version date: Friday, 30 August 2024
Risk Indicator
The risk indicator is based on the assumption that you will hold the product 5 years. If you cash in the investment early, the actual risk may be significantly different and you may get back less.
The overall risk indicator helps you assess the risk associated with this product compared to other products. It shows how likely you are to lose money on this product because the markets develop in a certain way or because we are unable to pay you out.
We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you. Be aware of currency risk: You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
Other risks not included in the risk indicator may be materially relevant:
• Liquidity risk
• Operational risks
For more information, please refer to the prospectus. This product does not include protection against future market developments, so you could lose all or part of the invested capital.
Opportunities
• A professional Portfolio Management Team with many year of experience.
• Participation in positive performance of bond markets.
• Reduction of value fluctuations by spreading the investment capital over a large number of individual securities (diversification¹⁴).
• Active risk management and hedging transactions (emphasis on capital preservation).
• Active portfolio management with the aim of delivering positive returns, even in a weak market phase.
• Stability and continuity by focusing on fixed income securities.
Risks
• Market, sector and company-related price losses in the fund’s bonds investments; also as a result of a general rise in yields and/or increase in yield premiums for specific bond issuers.
• General, geographical and geopolitical country risks; these include the risk that an issuer of a bond, despite being solvent, cannot fulfil its obligations due to an inability or unwillingness on the part of a particular country to transfer funds to another country.
• Issuer, counterparty credit and default risk due to investing in bonds and hedging trades; these include the risk of insolvency due to issuer or counterparty debt overload or illiquidity. A total loss of the affected investment instrument is possible.
• Exchange rate risks through investing in foreign currencies or bonds denominated in a foreign currency.
• The investor suffers a loss if they sell the fund units at less than the purchase price.
For detailed information on the opportunities and risks of investing in the fund, please refer to the sales prospectus.
¹⁴ Diversification : This means that the fund may invest in different securities across different business sectors, whose prices are non-correlated. The aim is to reduce risks.
Version date: Friday, 30 August 2024
Further information
Custodian bank | DZ PRIVATBANK S.A. |
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Country of incorporation | Luxemburg |
Inception date | 02/04/2007 |
Business year end | 31.12. |
Version date: Friday, 30 August 2024
Please read the key information documents (PRIIPs-KIDs) and sales prospectus before investing in the fund. The sales prospectus or key information documents (PRIIPs-KIDs), annual and semi-annual reports, and NAV are available free of charge in French from the finance department of DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxemburg, which can also be contacted in the event of a complaint. Complaints may also be submitted to the Financial Ombudsman (Ombudsfin), North Gate II, Avenue Roi Albert II, 8, 1000 Brussels, Tel.: +32 2 545 77 70, Fax: +32 2 545 77 79, E-mail: ombudsman@ombudsfin.be in writing or via an online form available at www.ombudsfin.be/fr/particuliers/introduire-une-plainte/. Official sales documents are also available from the promoter, DEUTSCHE BANK AG, Brussels branch, Marnixlaan 13-15, B-1000 Brussels, and you can find them at the bottom of this page.
Documents
Announcements to unitholders
Annual report
Dividend announcements
Key Information Document (PRIIPs-KID)
Sales prospectus
Semi-annual report
This is a marketing communication. It is for information purposes only and provides the addressee with guidance on our products, concepts and ideas. This does not form the basis for any purchase, sale, hedging, transfer or mortgaging of assets. None of the information contained herein constitutes an offer to buy or sell any financial instrument nor is it based on a consideration of the personal circumstances of the addressee. It is also not the result of an objective or independent analysis. ETHENEA makes no express or implied warranty or representation as to the accuracy, completeness, suitability, or marketability of any information provided to the addressee in webinars, podcasts or newsletters. The addressee acknowledges that our products and concepts may be intended for different categories of investors. The criteria are based exclusively on the currently valid sales prospectus. This marketing communication is not intended for a specific group of addressees. Each addressee must therefore inform themselves individually and under their own responsibility about the relevant provisions of the currently valid sales documents, on the basis of which the purchase of shares is exclusively based. Neither the content provided nor our marketing communications constitute binding promises or guarantees of future results. No advisory relationship is established either by reading or listening to the content. All contents are for information purposes only and cannot replace professional and individual investment advice. The addressee has requested the newsletter, has registered for a webinar or podcast, or uses other digital marketing media on their own initiative and at their own risk. The addressee and participant accept that digital marketing formats are technically produced and made available to the participant by an external information provider that has no relationship with ETHENEA. Access to and participation in digital marketing formats takes place via internet-based infrastructures. ETHENEA accepts no liability for any interruptions, cancellations, disruptions, suspensions, non-fulfilment, or delays related to the provision of the digital marketing formats. The participant acknowledges and accepts that when participating in digital marketing formats, personal data can be viewed, recorded, and transmitted by the information provider. ETHENEA is not liable for any breaches of data protection obligations by the information provider. Digital marketing formats may only be accessed and visited in countries in which their distribution and access is permitted by law. For detailed information on the opportunities and risks associated with our products, please refer to the current sales prospectus. The statutory sales documents (sales prospectus, key information documents (PRIIPs-KIDs), semi-annual and annual reports), which provide detailed information on the purchase of units and the associated risks, form the sole authoritative and binding basis for the purchase of units. The aforementioned sales documents in German (as well as in unofficial translations in other languages) can be found at www.ethenea.com and are available free of charge from the investment company ETHENEA Independent Investors S.A. and the custodian bank, as well as from the respective national paying or information agents and from the representative in Switzerland. The paying or information agents for the funds Ethna-AKTIV, Ethna-DEFENSIV and Ethna-DYNAMISCH are the following: Austria, Belgium, Germany, Liechtenstein, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg; France: CACEIS Bank France, 1-3 place Valhubert, F-75013 Paris; Italy: State Street Bank International – Succursale Italia, Via Ferrante Aporti, 10, IT-20125 Milano; Société Génerale Securities Services, Via Benigno Crespi, 19/A - MAC 2, IT-20123 Milano; Banca Sella Holding S.p.A., Piazza Gaudenzio Sella 1, IT-13900 Biella; Allfunds Bank S.A.U – Succursale di Milano, Via Bocchetto 6, IT-20123 Milano; Spain: ALLFUNDS BANK, S.A., C/ Estafeta, 6 (la Moraleja), Edificio 3 – Complejo Plaza de la Fuente, ES-28109 Alcobendas (Madrid); Switzerland: Representative: IPConcept (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich; Paying Agent: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, CH-8022 Zürich. The paying or information agents for HESPER FUND, SICAV - Global Solutions are the following: Austria, Belgium, France, Germany, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg; Italy: Allfunds Bank S.A.U – Succursale di Milano, Via Bocchetto 6, IT-20123 Milano; Switzerland: Representative: IPConcept (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich; Paying Agent: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, CH-8022 Zürich. The investment company may terminate existing distribution agreements with third parties or withdraw distribution licences for strategic or statutory reasons, subject to compliance with any deadlines. Investors can obtain information about their rights from the website www.ethenea.com and from the sales prospectus. The information is available in both German and English, as well as in other languages in individual cases. Explicit reference is made to the detailed risk descriptions in the sales prospectus. This publication is subject to copyright, trademark and intellectual property rights. Any reproduction, distribution, provision for downloading or online accessibility, inclusion in other websites, or publication in whole or in part, in modified or unmodified form, is only permitted with the prior written consent of ETHENEA. Copyright © 2024 ETHENEA Independent Investors S.A. All rights reserved.