Fundamental Factors

Fundamental research is decisive for our long-term asset allocation, which focuses on individual companies and their key figures. The analysts of DJE Kapital AG do not only look at earnings ratios, but also company value metrics and thus choose particularly solid companies with strong balance sheets.

The quality of the company's management is also closely scrutinised:

• Do they have sufficient industry experience? Have they proven themselves in times of crisis?
• This critical assessment is no ivory tower exercise, but is carried out through on-site, face-to-face discussions with the company's management.

Thus, the analysts develop a good feel for the prospects of individual companies. Taking industry sector comparisons and historical context into account, our experience allows us to draw good conclusions on the fair value of a company.

We then take a broad economic view of the markets. For a given country, we look at areas such as economic growth, infrastructure and balance of payments. Is the social, political and legal environment reliable? Only if the analysts get positive answers to all these issues DJE Kapital AG will invest in the country's equities.