DJE LUX SICAV - DJE Vermögensmanagement (P)
As at: 16/05/2012
| ISIN: | LU0305675109 |
| WKN: | A0MU42 |
| Bloomberg: | DJPANDP LX |
| Reuters: | LU0305675109.LUF |
| Asset Class: | Global Balanced Funds - Flexible |
| Investment Company: | DJE Investment S.A. |
| Advisor: | DJE Kapital AG |
| Risk Category: | 3 |
| Type of Share: | Accumulation |
| Financial Year: | 01/01 - 31/12 |
| Launch Date: | 18/07/2007 |
| Fund Size (30/04/2012): | 28.98m EUR |
| TER p.a. (31/12/2011): | 2.37% |
| Reference Index: | 50% MSCI Daily TR Net World USD, 50% JP Morgan GBI Global unhedged ECU |
Fund manager
Christian Wolff
| Initial Charge: | 5.00% |
| 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. |
Investment Strategy
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 DJE LUX SICAV DJE Vermögensmanagement lost 1.83 %. Since the beginning of the year the fund achieved a positive growth of 8.39%. On the equity side the prices of Drillisch, Aurubis, Fred Olsen and CeWe Color performed well. Unpleasant on the other side was the development of Kingboard Chemicals, Joyou, Metro and Eurokai. We purchased Aurubis shares and sold a part of our CeWe Color portfolio. On balance, the bonds performance did only register some price changes. However, we purchased again IVG-convertible bonds, after totally selling it in the meantime before a price drop. This transaction was profitable as a whole. The remaining bonds are corporate bonds, from which the majority are high yield bonds which carry a higher risk. Our SPDR Gold Trust gold exposure remained unchanged in value and volume. Furthermore, the macro-economic situation is still extremely tense owing to the high governmental debts. A real solution is not visible yet. However, it seems that the politicians accept the inevitability of taking difficult measurements instead of denying facts or shuffle the guilt off onto the speculators. The majority of the EZB still supports the opinion of irrational markets in order to justify the continuing public finance. But on the other hand more and more countries like to move away from the strict budgetary discipline. The question still is which exchanged traded assets benefit in this environment. In view of the high risk for an increasing inflation, the funds management still believes that shares, apart from temporally loses, are not the worst alternative in the long-term run. We also refrain from government titles from the Euro area.
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.