DJE - Dividende & Substanz (P)
As at: 16/05/2012
| ISIN: | LU0159550150 |
| WKN: | 164325 |
| Bloomberg: | DJEDIVP LX |
| Reuters: | LU0159550150.LUF |
| Asset Class: | Global Equity Funds |
| 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): | 1,192.21m EUR |
| TER p.a. (30/06/2011): | 1.84% |
| Reference Index: | 100% MSCI World EUR |
Fund manager
Dr. Jan Ehrhardt
| Initial Charge: | 5.00% |
| Management Fee p.a.: | 1.32% |
| Custodian Fee p.a.: | 0.10% |
| Advisory Fee p.a.: | 0.30% |
| Performance Fee p.a.: | Performance fee of 10% p.a. of fund's outperformance over the MSCI World (EUR). |
Investment Strategy
The investment focus of DJE - Dividende & Substanz is on stocks that pay good dividends and have solid balance sheets. The fund invests internationally and independently of a benchmark, with the focus currently on European and Asian equities. Management takes an active value approach which focuses on companies' value-retention characteristics and fundamentals. In addition, the fund manager may also invest in fixed and variable-rate securities. In the selection of individual stocks, the fund manager analyses companies using quantitative and qualitative criteria. These criteria do not focus solely on earnings figures, but also on a broad range of balance sheet indicators that are crucial for the selection of financially strong companies.
| Morningstar RatingTMOverall *: |  |
| Telos Fondsrating: | AAA- |
| Deutscher Fondspreis 2012: | Outstanding (Top 3), Equity Dividend, 1 year |
Monthly Fund Manager's Commentary
The DJE-Dividende & Substanz developed in April with +1.01% (unit class P) better than its benchmark (MSCI World Euro -0.77%) or the German market compared to the DAX (-2.67%). This was supported by the favorable development of the HongKong markets (+2.62). The investment ratio was kept nearly unchanged and resulted by the end of the month in 90.80%. The weighting of the TOP 10 positions was slightly increased. With an average of 2.12% the development of the 10 titles was excellent. Only two equities made small losses, Hopewell Holdings and KT & G Corp. Especially favorable was the progress of Hannover Rück and Roche. Both companies published good quarterly results. The biggest proportion was delivered by Aberdeen Asset Management, who also published its quarterly figures, which lay above the estimations of the analysts. The price increased during the month up to 12.01%. In contrast the recently purchased titles of Metro and Imtech performed weak. However, during meetings with the directors of both companies our positive medium-term estimation was confirmed. During the month cyclical enterprises like banks (Hangseng Bank) or automobile stocks (Valeo) were sold in favor of the less cyclical consumer and pharmaceutical titles (Kimberly Clark). In April the European stock markets remained in its gloomy mood. 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. On the contrary the Chinese economic indicators improve slightly. But nevertheless the long term perspectives for the Chinese equity market remain excellent. Especially in view of the valuation, good opportunities may be generated. Meanwhile the stock market of Hong Kong and Shanghai are valuated only ten times higher than the expected profit for 2012, which means approximately one third lower as the average of the last 10 years. As shares compared to government bonds are historically considerably better valued, in view of the year as a whole, the opportunities in particularly for substantial shares are higher than the risk.
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.