DJE - Absolut (P)
As at: 16/05/2012
| ISIN: | LU0159548683 |
| WKN: | 164315 |
| Bloomberg: | DJEABSP LX |
| Reuters: | LU0159548683.LUF |
| Asset Class: | European Equity Funds - General |
| Investment Company: | DJE Investment S.A. |
| Advisor: | DJE Kapital AG |
| Risk Category: | 3 |
| Type of Share: | Accumulation |
| Financial Year: | 01/07 - 30/06 |
| Launch Date: | 27/01/2003 |
| Fund Size (30/04/2012): | 203.97m EUR |
| TER p.a. (30/06/2011): | 1.82% |
| Reference Index: | 75% MSCI Europe, 25% JP Morgan GBI Global unhedged ECU |
Fund manager
Dr. Jens Ehrhardt
| Initial Charge: | 5.00% |
| Management Fee p.a.: | 1.32% |
| Custodian Fee p.a.: | 0.05% |
| Advisory Fee p.a.: | 0.30% |
| Performance Fee p.a.: | Performance fee of 10% p.a. of fund's outperformance over the MSCI Europe Index. |
Investment Strategy
The investment focus of DJE - Absolut is on securities from European issuers. The fund managers have complete freedom in the selection of asset classes within this region. It is therefore possible for investments to be entirely in equities or entirely in bonds. Instruments such as convertible bonds may also be used. The fund managers make active use of the cash weighting to manage risk, which can help to mitigate the effects of negative market developments. This degree of freedom is a particular strategic advantage in periods of high volatility on the markets, as it gives managers the ability to act as asset managers and to position themselves accordingly in different market environments.
| Morningstar RatingTMOverall *: |  |
Monthly Fund Manager's Commentary
In April the European stock markets remained in its gloomy mood. The MSCI World in EUR lost 0.77%. The Stoxx 600 for the most important equities suffered a loss of 2.29%. On the contrary the US market, mirrored by S & P 500 in Euro, increased 0.70%. The development of the Asian markets varied too. The Nikkei 225 lost 2.48 % but the Hang Seng Index for shares registered in HongKong increased by 3.50 %. The reason for the poor development may have been the considerably weak European Purchasing Manager Index. A further factor was the significant burden of the Spanish and Greece banking system. Recent studies indicate the total failure risk of 70% of the Spanish property loans with a volume of 323 billion Euros. However, the Chinese economic indicator slightly recovered. Whereas the US economic indicator ECRI declined the second time in a row. Because of the substantial correction of the European equity market on one hand and on the other side the compared to bonds favorable valuated shares, have improved the outlook for a successful entry for investments into shares.
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 (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.
*) © 2012 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.