DJE - Asia High Dividend PA (EUR)Distribution Share Class
As at: 16/05/2013
|Asset Class:||Asia/Pacific (ex Japan) Equity Funds General|
|Investment Company:||DJE Investment S.A.|
|Advisor:||DJE Kapital AG|
|Type of Share:||Distribution|
|Financial Year:||01/07 - 30/06|
|Fund Size (30/04/2013):||236.05m EUR|
|TER p.a. (30/06/2012):||1.88%|
|Reference Index:||100% MSCI Daily TR AC Far East Ex J|
Dr. Jan Ehrhardt
|Management Fee p.a.:||1.30%|
|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 (All Country) Far East ex. Japan Index.|
The fund focuses on equities and equity-like securities from the Asia-Pacific region excluding Japan. With a medium-to long-term investment horizon, the fund purchases equities with fundamentally favourable valuations whose dividends - based on above-average dividend yields - are expected to make a high and reliable contribution to the overall performance of the fund. With DJE - Asien High Dividend, the proven DJE dividend strategy is focused on Asia. Without reference to a benchmark, the fund uses independent research to identify high-value, frequently family-run companies which are often in a better position to cope with difficult market conditions. The fund is actively managed. This means that even high cash positions can be established with the aim of stabilising performance.
|Morningstar RatingTMOverall *:|
Monthly Fund Manager's Commentary
In April the Asian equity markets mainly closed in the red. Especially the Chinese and South Korean markets registered losses. Calculated in Euro the Hang Seng and the Shanghai Composite dipped 0.61 per cent respectively 3.41 per cent. Slightly better was the development of the south Korean (Kospi: 3.59 per cent). The fund price of the DJE Asia High Dividend was able to hold up well in this difficult environment. The fund price (unit class P) performed in the period under review with+ 0.72 % better than its benchmark (-0.80 %). This was supported by the pleasing development of highly weighted titles. The highest performance contributions were archived by the Singaporean telecommunication company M1 as well as from Malayan Banking. Furthermore encouraging was the performance of the Chinese supermarket and brewery holding China Resources and of the Chinese watch retailer Hengdeli. In accordance with the favorable valuation and the improving business outlooks, the fund management increased the positions of Hengdeli. Also purchased were titles of the Chinese company Sichuan Expressway and Peak Sports. Sold were titles of the Chinese IT Holding Digital China and of the Chinese jewelry retailer Luk Fook. As well reduced was the investment into the Taiwan based chip producer Taiwan Semiconductor. The investment quota of the fund was 88 per cent by month end. The risk/reward ratio of the Chinese investment region remains favorable as China ensures plenty of liquidity by increasing the money quantity (M1) nearly 12 per cent. Therefore economic growth and company profits for 2013 are well supported.
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.