Key information
The fund invests globally, primarily in equities and bonds, and is free of benchmark constraints. The investment level of the individual asset classes is managed dynamically on the basis of the FMM method, with equities forming the investment focus most of the time. FMM-Fonds was launched in 1987 and was the first asset manager fund in Germany. FMM stands for fundamental, monetary and market analysis. The fund invest both in value stocks and in promising growth companies. All the companies are required to meet the strict analytical criteria of the FMM method.
Responsible manager since inception
Key information
| ISIN: | DE0008478116 |
| WKN: | 847811 |
| Category: | Global Equity Funds General |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 5 |
| This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
| Type of Share: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 17/08/1987 |
| Fund currency: | EUR |
| Fund Size (01/12/2022): | 485,86 Mio EUR |
| Ongoing Charges p.a. (31/12/2020): | 1,62 % |
| Reference Index: | 100% MSCI World |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,550 % |
| Custodian Fee p.a.: | 0,100 % |
Ratings & Awards (01/12/2022)
| Morningstar*: |
|
ESG Data
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 8,397 |
| Environment Rating (0-10): | 5,666 |
| Social Rating (0-10): | 6,049 |
| Governance-Rating(0-10): | 6,238 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 67,670 % |
| Peergroup: |
Mixed Asset EUR Agg - Global
(365 Fonds) |
| Coverage rate ESG rating: | 96,005 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 173,974 |
Report date: 30/11/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (1 years): | 10,11 % |
| Tracking Error (1 years): | 15,94 % |
| Value at Risk (99% / 20 days): | -6,53 % |
| Maximum Drawdown (1 year): | -11,51 % |
| Sharpe Ratio (1 years): | -0,03 |
| Correlation (1 years): | 0,31 |
| Beta (1 years): | 0,29 |
| Treynor Ratio (1 years): | -0,97 |
Top Country Allocation (30/11/2022) |
|
|---|---|
| United States | 33,03 % |
| Germany | 32,23 % |
| South Africa | 3,65 % |
| Norway | 2,85 % |
| Canada | 2,11 % |
Asset Allocation (30/11/2022) |
|
|---|---|
| Stocks | 69,40 % |
| Bonds | 15,88 % |
| Cash | 13,82 % |
| Funds | 0,90 % |
Investment approach
The FMM-Fonds is an investment concept which is managed independently of any benchmark with the effect of an optimized chance/risk ratio. The basis is the three-dimensional FMM-method, which was developed by Dr. Jens Ehrhardt and has been proven for over 45 years. This approach not only takes into account (F)undamental factors like micro- and macroeconomic data for corporations and economies, but also (M)onetary and technical (M)arket aspects, which are often neglected by other fund managers. Fundamental factors play a more important role in the long-term strategic orientation of the portfolio than, for example, technical market factors, which are of particular significance to the fund’s short-term, tactical positioning. In normal market phases, the FMM-Fonds focuses on current trends. In extreme situations (such as euphoric moods on the market), the main factors influencing trends can be countered with an anticyclical investment strategy.
Chances
- Flexible, asset-managing management through active adjustment of the fund structure to capital market conditions
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical analysis (FMM), which has a proven track record since DJE was founded in 1974
- Participation in the growth opportunities of the global stock markets unconstrained of benchmark index parameters
Risks
- The FMM method does not guarantee investment success
- Bonds are subject to price risks when interest rates rise, as well as country risks and the credit and liquidity risks of their issuers
- The value of an investment can go up or down and you may not get back the amount invested.
- Equity prices may exhibit strong volatility depending on market conditions
Monthly Commentary
Most international stock markets experienced a brilliant comeback in October after a deep red third quarter. Hopes for a less aggressive monetary policy by the central banks in the USA and Europe were an important catalyst for the soaring share prices. This was reinforced by the price of gas, which fell significantly in an above-average warm October. However inflation rates, which remained very high, dashed this hope. In the euro area inflation rose to 10.7%, the highest level since the creation of the euro and in the USA to 8.2% compared to the same month last year. At the bond markets yields on high-quality government and corporate bonds continued to rise, with only high-yield bonds yielding lower than previous month. In this market environment the price of the FMM Fund increased by 3.49%. Its benchmark index, the MSCI World, rose by 6.06%. On the international stock markets all sectors - with the exception of basic materials and real estate - performed positively in October. By far the highest price gains were recorded by the energy sector, followed by media, industry, credit institutions and insurance. At the individual stock level, the strongest value contributions in the fund came from the telecommunications company Deutsche Telekom (Germany), the agricultural and food company Bunge (Bermuda) and the insurance group Allianz (Germany). The most disappointing individual stocks on the other hand were the Hong Kong investment holding companies Hon Kwok Land Investment (mainly real estate), Great Eagle Holdings (mainly hotel operations) and Kingmaker Footwear (mainly shoe production and sales). During the month, the fund's management increased its exposure to the sectors insurance, healthcare and oil & gas. On the other hand, it reduced the weighting of telecommunications, utilities and construction & materials. Regionally the shares of US and German stocks were increased. At the end of the month the equity quota was increased to 64.16% (57.92% previous month). The bond quota was reduced from 16.82% to 15.86%. Liquidity was reduced from 25.26% to 19.43%.