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- DWS Invest Corporate Green Bonds XD
ISIN: LU1873225707 | Valor: 43735035
Issue price
94.91 EUR
As of: Mar 08, 2024
Redemption price
94.91 EUR
As of: Mar 08, 2024
Total AuM of Fund
247.65 M EUR
As of: Mar 08, 2024
Shareclass
XD
Category
Bond Funds
Currency
EUR
Risk indicator (SRI)
2 of 7
Factsheet PRIIPS KID
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- Management
- Fund Facts
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- MiFID II
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Overview
Strategy
Investment focus
The objective of the investment policy of DWS Invest Corporate Green Bonds is to achieve capital appreciation that exceeds the benchmark Bloomberg Barclays MSCI Euro Corporate GreenBond 5% Capped Index. The sub-fund will mainly invest in green bonds issued by corporates where the use of proceeds is limited to projects with environmental and/or climate benefits (use of proceeds bonds).
Possible material risks of funds in this risk class
The fund is intended for the growth-oriented investor seeking returns higher than those from capital-market interest rates, with capital growth generated primarily through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest-rate and currency risks, as well as default risks, all of which can result in loss of capital.
Risk note: The investment fund shows increased volatility due to its composition/the techniques used by the fund management, i.e. unit prices may be subject to stronger downward or upward fluctuations even within short periods of time.
Morningstar Category™
EUR Corporate Bond
Briefing
Financial weather last 3 Months | |
---|---|
Category | Bond Funds |
Subcategory | Corporate Bonds |
Investor Profile | Income-oriented |
Fundmanager | Bernhard Birkhäuser |
Total Assets (in Mio.) | 247.65 EUR |
Current Costs (as of: 31/12/2023) | 0.280% |
Morningstar Overall Rating™ (as of: 31/01/2024) | |
Lipper Leaders (as of: 31/01/2024) |
Explanations and model calculation
Acceptance: An investor would like to purchase units for 1000 Euro. Since the fund does not have an issue surcharge, he must pay 1000 euros for it. The gross value development (BVI method) takes into account all costs incurred at fund level, the net value development also takes into account the front-end load; further costs may be incurred at investor level (e.g. custody account costs). Since there is no front-end load, the gross/net performance is identical in each year. Past performance is not a reliable indicator of future performance.
Performance
Performance Chart
- Performance
- Price Chart
Download whole history
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Performance(at 08/03/2024)
Period | Accumulated | Yearly |
1 Month | 1.02% | - |
---|---|---|
3 Months | 2.17% | - |
6 Months | 5.52% | - |
Current year | 0.51% | - |
1 Year | 9.21% | 9.21% |
3 Years | -4.37% | -1.48% |
5 Years | 0.57% | 0.11% |
Since inception | 1.65% | 0.3% |
Performance in the past 12-month periods(at 08/03/2024)[1]
Period | Gross |
---|---|
08/03/2023 - 08/03/2024 | 9.21% |
08/03/2022 - 08/03/2023 | -7.98% |
08/03/2021 - 08/03/2022 | -4.84% |
08/03/2020 - 08/03/2021 | 1.03% |
08/03/2019 - 08/03/2020 | 4.1% |
15/10/2018 - 08/03/2019 | 1.07% |
1. The performance refers to the indicated 12-month periods. On days that fall on a holiday or weekend, the price of the previous day and their latest trading price available is used and in these days no conclusion is possible.
Explanations and model calculation
Acceptance: An investor would like to purchase units for 1000 Euro. Since the fund does not have an issue surcharge, he must pay 1000 euros for it. The gross value development (BVI method) takes into account all costs incurred at fund level, the net value development also takes into account the front-end load; further costs may be incurred at investor level (e.g. custody account costs). Since there is no front-end load, the gross/net performance is identical in each year. Past performance is not a reliable indicator of future performance.
Benchmark data source: TF Datastream; data source for indices: Thomson Reuters and its licensors.
The fact that the price fixing by the custodian bank on the last trading day of a month for some funds can be up to ten hours the time difference between fund price determination and benchmark price determination for some funds, may result in over- and undersigning of the fund performance in comparison to the benchmark performance at the end of the month in the event of strong market movements during this period (so-called "pricing effect").
Portfolio
Largest Holdings (Bonds) (as of: 31/01/2024)[1]
Engie S.A. | 3.60 |
---|---|
Danske Bank A/S | 2.80 |
Mizuho Financial Group Inc. | 2.30 |
Telefonica Emisiones S.A.U. | 2.20 |
Skandinaviska Enskilda Banken AB | 2.20 |
Volkswagen International Finance N.V. | 2.10 |
DNB Bank ASA | 1.80 |
ProLogis International Funding II S.A. | 1.80 |
BNP Paribas S.A., Paris | 1.80 |
ABN AMRO Bank N.V., Amsterdam | 1.70 |
1. Gross weight, not adjusted for any positions in derivatives and certificates.
2. The bond credit rating follows a restrictive approach according to worst-of logic. "Worst-of" means that in the event of a difference in rating between the rating agencies, the worse / stricter approach is used. By default, the rating agencies S&P, Moody’s and Fitch are deposited. For deviating rating logics, please refer to the sales prospectus.
3. incl. forward exchange contracts, negative and positive values reflect the expected performance.
Figures in percent of fund volume unless otherwise stated.
Management
Bernhard Birkhäuser
Other funds by this fund manager
DWS Invest Corporate Green Bonds TFC
LU1956017633 / DWS20VDWS Invest Corporate Green Bonds LD
LU1873225616 / DWS2X0DWS Invest Corporate Green Bonds LC
LU1982200609 / DWS21NDWS Invest Corporate Green Bonds FD
LU1873225533 / DWS2XZDWS Invest Corporate Green Bonds ND
LU1914384265 / DWS2ZZ
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Current comment
The first month 2024 was a mixed one for capital markets: Most economic indicators supported the soft-landing scenario, but geopolitics caused worries, as the tensions in the Middle East might cause supply chains constraints to reappear. Energy prices also remained volatile. January was characterized by the substantial new issuance volumes: For the first time ever, Sovereigns, agencies and corporates issued more than €300bn. This flood of new paper was taken up very well by the markets, and one Spanish government bond issue order book set the record for the largest order book ever. On the corporate side, there was also plenty of cash looking to get invested. Order books were on average four times oversubscribed. Subsequently, allocations were on the lower side and secondary markets held up without much repricing. The hunt for yield continued. This was exemplified through risk compression with particularly subordinated debt outperforming. The EUR iBoxx Corporate All returned 0.10% in January. While Financials advanced by 0.27%, Non-Financials returned -0.02%, with the latter underperforming slightly. Corporates overall strongly outperformed German bunds, which returned -0.80%.
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Previous comments
12/2023: What a difference a year makes: Had the FED been outright hawkish in December 2022, the tone afte...
What a difference a year makes: Had the FED been outright hawkish in December 2022, the tone after the December 2023 FED meeting brought a pivotal change: While central bank rates itself have been kept unchanged, the FED admitted that they might be done with hiking and that 2024 should finally bring lower rates. And while the ECB tried to be less market friendly citing ongoing risks to price stability and the intention to reduce their security holding next year, the markets clearly followed the FED: All risk markets and corporate bonds in particular advanced as investors tried to capture attractive all-in yields before it is too late. And as new issue activity dried down for seasonal reasons early in December, secondary markets were well supported, and spreads tightened slightly but steady. While subordinated and HY debt was particularly sought after, most issuers recorded tighter spreads, as investors’ interest was met by low inventory of traders going into year end. The EUR iBoxx Corporate All returned 2.76% in December. While Financials advanced by 2.57%, Non-Financials returned +2.89%, Corporates overall slightly underperformed German bunds, which returned 3.46%.
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11/2023: FOMO (fear of missing out) has arrived in fixed income markets: After central banks have paused h...
FOMO (fear of missing out) has arrived in fixed income markets: After central banks have paused hiking in November and inflation surprised on the downside, investors eagerly tried to capture the rally in rates and credits. Following the end of the earnings blackout period at the beginning of the month, issuance sprung back to life in the second half with healthy levels of new supply. Most of the new issue order books were oversubscribed multiple times leaving limited new issue premia on the deals. On the other hand, as market participants were still looking for opportunities to invest cash (on the back of significant inflows into the asset class), the secondary market was well supported, and decreasing yields exerted additional pressure to put the money to work: As a result, all market segments tightened during the month, with financials outperforming their non-financial peers in spread terms. The EUR iBoxx Corporate All returned 2.34% in November. While Financials advanced by 2.21%, non-financials returned +2.43%, with the latter outperforming financials. Corporates overall slightly underperformed German bunds, which returned 2.58%.
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10/2023: October was a weak month for risk markets: In particular, the attack by Hamas on Israel added to ...
October was a weak month for risk markets: In particular, the attack by Hamas on Israel added to concerns regarding geopolitical tensions and a wider escalation. Oil prices increased noticeably following the attack, which does not bode well for the hope for less inflationary pressure. Simultaneously, the beginning of the earnings season revealed several companies with lower growth rates or profit warnings. While central banks appear to be nearing the end of recent path of rate hikes, macroeconomic data gave little room to support the hope of upcoming rate cuts anytime soon.In the nervous market new issuance activity hit the lowest level for an October since 2008 when the Great Financial Crisis unfolded. The few new issues that did come, came at a large discount, causing secondary bonds to widen. With the disappointing companies results coupled with macro unpredictability and geopolitical turmoil October led to wider spreads.The EUR iBoxx Corporate All returned 0,43% in October. While Financials advanced by 0.47, Non-Financials returned +0.40%, with the latter again underperforming Financials. Corporates outperformed like German bunds significantly, which returned +0.31%.
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09/2023: Central banks played a crucial role for credit markets in September: While the U.S. Fed did pause...
Central banks played a crucial role for credit markets in September: While the U.S. Fed did pause in hiking, their guidance for the months to come disappointed investors, which moved the timing of expected rate cuts towards the second half of 2024. At the same time, the ECB hiked rates further and their wording gives credit to the expectation of higher rates for longer. Oil prices extended their rising trend, dampening the hope for relief on the inflation front. The resulting significant rise in interest rates hampered risk sentiment. Conversely, the strong new issue activity after the summer pause was met by solid investor demand for attractive new issues, which – on the back of higher benchmark interest rates – are looking increasingly attractive not only in spread terms, but also with all-in yields not seen in more than a decade. So underlying support for the asset class appears to be intact.On a broad index level, the EUR iBoxx Corporate All returned -0.88% in September. While Financials declined by -0.58%, non-Financials returned -1.10%, with the latter again underperforming Financials. Corporates outperformed like German bunds significantly, which returned -2.33%.
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08/2023: August did not offer comfort to either risk assets or to corporate bonds: Apart from increased ra...
August did not offer comfort to either risk assets or to corporate bonds: Apart from increased rate volatility, several other credit relevant factors caused credit spreads to widen. Fitch downgraded the U.S. Credit rating from AAA to AA+, turning market participants focus to budget deficits again. In Europe, inflation remains sticky and is decreasing slower than anticipated by the European Central Bank (ECB). Economic growth rates remain subdued, China's property sector experienced further trouble. While most of the month was rather quiet in terms of new issue activity, the last couple of days brought a flurry of new issues including multi tranches and corporate hybrid deals amounting to a total volume of close to EUR 30bn. All of it has been absorbed fairly easily with mostly good oversubscription level, although the new issue concessions caused some additional widening, especially in non-Financials.
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Fund Facts
General information
Management company | DWS Investment S.A. |
---|---|
Investment company | DWS Invest SICAV |
Currency | EUR |
Launch date | 15/10/2018 |
Total Assets | 247.65 M EUR |
Fund assets (share class) | 25.93 M EUR |
Distribution policy | Distribution |
Fiscal year | 01.01. - 31.12. |
Transparency according to Regulation (EU) 2019/2088 | Article 9 Financial product has sustainable investment as its objective (please find further information in the Downloads section) |
Savings Plan | No |
Risk indicator (SRI) | 2 of 7 |
Order Cutoff Time[1] | 16:00 |
Swing Pricing | Yes |
Portfolio Turnover Rate[2] | -1.66% |
Expense
Front-end Load[3] | 0.00% |
---|---|
Management Fee | 0.200% |
Plus performace-related fee | No |
Current Costs (PRIIPs) | 0.300% |
Plus performance-related fee (current fiscal year) | N/A |
Plus performance-related fee from securities lending returns | N/A |
Tax and income data
Interim profit[4] | EUR |
---|---|
Last earnings usage | 08/03/2024 |
Earnings usage | Distribution |
Amount | 2.06 EUR |
Details & History
Date | 08/03/2024 | 10/03/2023 | 04/03/2022 | 05/03/2021 | 06/03/2020 | 08/03/2019 | |
---|---|---|---|---|---|---|---|
Distribution policy | Distribution | Distribution | Distribution | Distribution | Distribution | Distribution | |
Price | 94.91 | 89.39 | 99.23 | 104.15 | 103.79 | 100.70 | |
Amount | 2.06 | 1.61 | 0.84 | 0.78 | 1.05 | 0.37 | |
Taxable private property[5] | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Taxable business property[5] | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Currency | EUR | EUR | EUR | EUR | EUR | EUR |
Ratios (3 Years)[6]
Volatility 3 yr | 3.88% |
---|---|
Maximum drawdown | -15.06% |
VaR (99 % / 10 Days) | 1.59% |
Sharpe Ratio 3 yr | -0.47 |
Information Ration 3 yr | 0.72 |
Correlation Coefficient 3y | 0.98 |
Alpha 3y | 0.70% |
Beta factor | 0.87 |
Tracking Error | 1.50% |
1. The specified time refers to the previous day.
2. The Portfolio Turnover Rate is based on the most recent published annual report.
For Luxembourg mutual funds, the portfolio turnover ratio figures are calculated using the following method:
Turnover rate = ((Sum 1 - Sum 2)/M)*100
The following applies: Sum 1 = Total of all securities transactions (purchases and sales) made in the reference period in fund currency; Sum 2 = Total of all unit certificate transactions (issues and redemptions) made in the reference period in fund currency; M = Average net assets of the fund. The portfolio turnover ratio may be negative if the sum of all unit certificate transactions exceeds the sum of all securities transactions in the reference period.
3. Based on the gross investment amount: 0.00% based on the gross investment amount corresponds to approx. 0.00% based on the net investment amount.
4. An equalisation of income was taken into account when determining the interim profit value.
5. Before taking into account any creditable foreign withholding tax.
6. As of date: 31/01/2024
Downloads
Name | Category | Locations | Date | Type | Size |
---|---|---|---|---|---|
Mandatory sales documents | |||||
Past Performances DWS Invest Corporate Green Bonds XD | Past performance | EN | Nov 2023 | 80.6 KB | |
PRIIPs KID DWS Invest Corporate Green Bonds XD | PRIIPS KID | IT | Nov 2023 | 86.1 KB | |
Past Performances DWS Invest Corporate Green Bonds XD | Past performance | IT | Nov 2023 | 80 KB | |
PRIIPs KID DWS Invest Corporate Green Bonds XD | PRIIPS KID | EN | Nov 2023 | 84.5 KB | |
Past Performances DWS Invest Corporate Green Bonds XD | Past performance | FR | Nov 2023 | 80.7 KB | |
PRIIPs KID DWS Invest Corporate Green Bonds XD | PRIIPS KID | DE | Nov 2023 | 87.5 KB | |
PRIIPs KID DWS Invest Corporate Green Bonds XD | PRIIPS KID | FR | Nov 2023 | 88.6 KB | |
Past Performances DWS Invest Corporate Green Bonds XD | Past performance | DE | Nov 2023 | 82.4 KB | |
DWS Invest (CH-Edition) | Sales prospectus | DE | Nov 2023 | 13 MB | |
Publikation Prospkektänderung DWS Invest zum 21.11.2023 | Legal notice to shareholders | DE | Oct 2023 | 463.1 KB | |
Previous Performance Scenarios DWS Invest Corporate Green Bonds XD | Previous Performance Scenarios | DE | Jun 2023 | 44.2 KB | |
DWS Invest SICAV (CH-Edition) | Semi-annual report | DE | Jun 2023 | 10.5 MB | |
Previous Performance Scenarios DWS Invest Corporate Green Bonds XD | Previous Performance Scenarios | FR | Jun 2023 | 44.2 KB | |
Previous Performance Scenarios DWS Invest Corporate Green Bonds XD | Previous Performance Scenarios | IT | Jun 2023 | 44.2 KB | |
Previous Performance Scenarios DWS Invest Corporate Green Bonds XD | Previous Performance Scenarios | EN | Jun 2023 | 44.2 KB | |
Publikation Prospektänderung DWS Invest zum 05.06.2023 | Legal notice to shareholders | DE | May 2023 | 246.7 KB | |
Publikation Einladung Generalversammlung DWS Invest zum 26.04.2023 | Legal notice to shareholders | DE | Apr 2023 | 96 KB | |
DWS Invest SICAV, 12/22 | Annual report | DE | Dec 2022 | 17.2 MB | |
DWS Invest (CH-Edition) | Annual report | DE | Dec 2022 | 31.8 MB | |
Reporting | |||||
DWS Invest Corporate Green Bonds | Factsheet | EN | Jan 2024 | 264.9 KB | |
DWS Invest Corporate Green Bonds | Factsheet | DE | Jan 2024 | 266.2 KB | |
Sustainability-related disclosures | |||||
Annex to the pre-contractual information pursuant to SFDR | Disclosure Annex to the sales prospectus | EN | Nov 2023 | 781.2 KB | |
Anhang zum Verkaufsprospekt gemäß Offenlegungsverordnung | Disclosure Annex to the sales prospectus | DE | Nov 2023 | 1.8 MB | |
Publication pursuant to SFDR - Summary | SFDR Summary | EN | Nov 2023 | 212.9 KB | |
Veröffentlichung gemäß Offenlegungsverordnung – Einzelheiten | SFDR Document | DE | Nov 2023 | 282.8 KB | |
Publication pursuant to SFDR - Details | SFDR Document | EN | Nov 2023 | 283.3 KB | |
Veröffentlichung gemäß Offenlegungsverordnung – Zusammenfassung | SFDR Summary | DE | Nov 2023 | 217.2 KB | |
Statement on Principal Adverse Impacts of Investment Decisions on Sustainability Factors - DWS Investment S.A | PAI Statement | EN | Jul 2023 | 577.6 KB | |
Erklärung zu den wichtigsten nachteiligen Auswirkungen von Investitionsentscheidungen auf Nachhaltigkeitsfaktoren gemäß Offenlegungsverordnung - Zusammenfassung | PAI Summary | DE | Jun 2023 | 361.3 KB | |
Statement on principle adverse impacts of investment decisions on sustainability factors pursuant to SFDR - Summary | PAI Summary | EN | Jun 2023 | 348.9 KB | |
Annex to the periodic report pursuant to SFDR | Disclosure Annex to the periodic report | EN | Apr 2023 | 1 MB | |
Anhang zum Jahresbericht gemäß Offenlegungsverordnung | Disclosure Annex to the periodic report | DE | Apr 2023 | 846.6 KB |
MiFID II
Target Market[4]
Investor type | Private client Professional client Eligible counterparty |
---|---|
Knowledge & experience | Basic knowledge and/or experience Extended knowledge and/or experience extensive knowledge and/or experience |
Financial loss-bearing capacity | Investor can tolerate losses (up to the total invested amount) |
Risk indicator (SRI) [1] | 2 |
Investment objectives | Capital appreciation Income |
Minimum investment horizon | Medium-term (3 - 5 years) |
Sustainability preferences | Financial instrument according to Article 2 No. 7b & 7c as per MiFID II Delegated Regulation (EU) 2017/565 |
Minimum proportion invested in environmentally sustainable investments within the meaning of the Taxonomy [2] | 0% |
Minimum proportion invested in sustainable investments within the meaning of the SFDR [3] | 80% |
Consideration of Principle Adverse Impacts (PAIs) | Yes |
Costs and fees
Total ongoing costs of the product | 0.569% p.a. |
---|---|
thereof ongoing costs | 0.280% p.a. |
thereof transaction costs | 0.289% p.a. |
thereof incidental costs (performance fee)[5] | 0.000% p.a. |
As of date: 27/02/2024
1. Change to the risk methodology as of December 31, 2022. Find more information here
2. Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088
3. Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector
4. A negative Target Market is not classified for this fund. The grey Target Market is not displayed on this site.
5. For information on whether a performance fee is agreed in the product, please refer to the investment terms in the sales prospectus. Estimates of performance fees are marked with a higher degree of uncertainty, as the remuneration amount is dependent on the specific performance of the investment in the future. Furthermore, it should be noted that past performance is not a valid indicator for future performance. Detailed conditions regarding the performance-related remuneration can also differ from fund to fund.