DJE - Asien High Dividend (P)
As at: 16/05/2012
| ISIN: | LU0374456654 |
| WKN: | A0Q5KZ |
| Bloomberg: | DJASHDP LX |
| Reuters: | LU0374456654.LUF |
| Asset Class: | Asia/Pacific (ex Japan) Equity Funds General |
| Investment Company: | DJE Investment S.A. |
| Advisor: | DJE Kapital AG |
| Risk Category: | 4 |
| Type of Share: | Accumulation |
| Financial Year: | 01/07 - 30/06 |
| Launch Date: | 01/08/2008 |
| Fund Size (30/04/2012): | 198.27m EUR |
| TER p.a. (30/06/2011): | 2.11% |
| Reference Index: | 100% MSCI Daily TR AC Far East Ex J |
Fund manager
Dr. Jan Ehrhardt
| Initial Charge: | 5.00% |
| 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. |
Investment Strategy
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 March the development of the Asian stock market was mainly weak. Especially under pressure was the stock exchange of Hong Kong, compared with the Hang Seng Index and the Chinese stock markets, compared with the Shanghai Composite Index with a price lose in height of 5.1% respectively 6.7% (EUR). This development was based on the Chinese announcement of the decline of the expected growth from 8 % to 7.5%. In addition China may hang on longer as expected to its restrictive monetary policy as due to official announcements a lowering of the interest rate is owing to the remaining inflation risk not possible. Within the fund's portfolio of 49 titles the highly weighted Korean tobacco company KT & G Corp (+13.53%) as well as the Asiatic food company Super Group (+8,54%), which we bought to the portfolio in February, performed pleasant. On the other side disappointing was the development of the toll-road operator Sichuan Expressway (-21.94%) as well as pharmaceutical company China Shineway Pharmaceutical (-20.11%). China Shineway published quarterly figures above expectations, but with a disappointing outlook for 2012. The funds management reduced the investment ratio during the reporting period down to 73%. Sold were for example titles of the Chinese supermarket/brewery company China Resources, pharmaceutical company China Shineway Pharmaceutical and Sino Biopharma. Purchased were titles of the Taiwanese chip producer Taiwan Semiconductor and the Chinese telecommunication group China Mobil. The Chinese stock market is still slowed down by the maintaining restrictive monetary policy. In March large sales of Asiatic emerging market funds handicapped the performance. 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.
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.