DJE LUX SICAV - DJE Vermögensmanagement (P)
As at: 16/05/2013
|Asset Class:||Global Balanced Funds - Flexible|
|Investment Company:||DJE Investment S.A.|
|Advisor:||DJE Kapital AG|
|Type of Share:||Accumulation|
|Financial Year:||01/01 - 31/12|
|Fund Size (30/04/2013):||13.38m EUR|
|TER p.a. (31/12/2012):||2.51%|
|Reference Index:||50% MSCI Daily TR Net World USD, 50% JPM GBI GBI Global Unhedged in EUR|
|Management Fee p.a.:||1.60%|
|Custodian Fee p.a.:||0.10%|
|Advisory Fee p.a.:||0.30%|
|Performance Fee p.a.:||Performance fee of 10% of funds performance in excess of 4% p.a. (Hurdle) with High Water Mark.|
DJE LUX SICAV - DJE Vermögensmanagement is a fund designed according to an asset management concept. This means that the fund has a very high degree of flexibility regarding the selection of asset classes. For example, the fund can invest in equities, bonds, certificates, investment funds, ETFs (exchange-traded funds) or cash in any proportion it sees fit. The weighting of the asset classes is based on the current assessment of the macroeconomic situation. The individual positions are mainly chosen on the basis of fundamental factors. The goal is an optimal risk/return structure. Sustainability factors are also taken into account.
|Morningstar RatingTMOverall *:|
|€uro Fund Award 2011:||2nd Place, Balanced Funds (Equity and Bonds), 1 year, Germany|
Monthly Fund Manager's Commentary
In April the international stock markets registered a moderate profit of 0.22 % compared to the MSCI Euro. The European markets performed better, measured by the Stoxx 600 (+1.00%) or the DAX (+1.52%). Due to the weak US Dollar (-2.56 %), the only possibility for an Euro investor to archive a profit with US ( S&P 500 0,79%) or Hong Kong equities (HSI -0.61%) was currency hedging. Since at the beginning of the month the inflows of fresh investors money towards USA and Japan continued, by month end the first ETF outflows were registered since 22 weeks. Japan, on the other side, attracted further money and the Nikkei archived a five-year high. The economic data in the US cooled down. After a weak purchasing manager index at the beginning of the month, poor US job data forced a Euro eruption. The Japanese Yen, however, dropped on particular days 3.47 per cent, after the announcement of the BoJ to extend the bond purchasing program even to longer maturities. In Germany the ifo- a measure of business sentiment - declined again. The ECB prepared a rate cut by explicitly pointing out the weakness of the European economy. The prices adapted accordingly. The IMF and international finance politicians ask for economic stimulation not only money printing, but the Bundesbank still refuses the purchase of government bonds by the ECB. At least one of the highest risks for the recovering of the Eurozone is banned by forming the Italian government. Because of the expected rebalancing, the middle term outlooks for equities are still attractive from the valuation point of view. The highest contribution to the fund performance was archived by Sampo, Roche and Renault. Schroders increased in April 10 per cent, Renault benefited from its partnership with the Japanese car producer Nissan. New invested was into Danone and Enel. Furthermore, the fund management took place in the new emission of the German special chemical supplier Evonik Industries. In addition further titles of Gildemeister were added to the existing portfolio. The investment quota was 90 per cent by the end of the month.
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 (Key Investor Information Document, 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.
*) © 2013 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.