
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 (17/05/2022): | 480,45 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 (17/05/2022)
Morningstar*: |
|
ESG Data
MSCI ESG RATING (AAA-CCC): | AA |
ESG-Qualityrating (0-10): | 7,761 |
Environment Rating (0-10): | 5,711 |
Social Rating (0-10): | 5,880 |
Governance-Rating(0-10): | 5,794 |
ESG rating in comparison group (0% lowest, 100% highest value): | 67,670 % |
Peergroup: |
Mixed Asset EUR Agg - Global
(365 Fonds) |
Coverage rate ESG rating: | 94,375 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 293,136 |
Report date: 29/04/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
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---|---|
Standard Deviation (1 years): | 8,94 % |
Tracking Error (1 years): | 12,55 % |
Value at Risk (99% / 20 days): | -5,64 % |
Maximum Drawdown (1 year): | -5,49 % |
Sharpe Ratio (1 years): | 0,87 |
Correlation (1 years): | 0,27 |
Beta (1 years): | 0,32 |
Treynor Ratio (1 years): | 24,34 |
Top Country Allocation (29/04/2022) |
|
---|---|
Germany | 24,65 % |
United States | 21,69 % |
Bermuda | 6,40 % |
Canada | 6,05 % |
Italy | 5,76 % |
Asset Allocation (29/04/2022) |
|
---|---|
Stocks | 65,52 % |
Cash | 19,09 % |
Bonds | 15,39 % |
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
- Participation in the growth opportunities of the global stock markets unconstrained of benchmark index parameters
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical (FMM) analysis, which has a proven track record of over 45 years
- Flexible and systematic management due to active adjustment of the fund structure to conditions on the capital markets
Risks
- Price risks for bonds, particularly when interest rates on the capital markets rise
- Issuer country and credit risks
- The FMM method does not guarantee investment success
- Equity prices may exhibit strong volatility depending on market conditions
Monthly Commentary
April was a difficult month for the stock markets. A whole range of risk factors weighed on the stock markets: the war in Ukraine and fears of further escalation weighed on sentiment and increased investor pessimism. Energy prices remained at a high level, but did not rise much further, mainly because demand from China's manufacturing industry declined significantly. In addition, the lockdown in Shanghai caused a traffic jam in the busiest container port, which further strained the already tight global supply chains. Thus, price pressure on energy, many commodities and food remained high. Inflation rose to 8.5% in the US (in March) and 7.5% in the euro area compared to the same month last year, increasing pressure on central banks to raise key interest rates. High interest rate expectations and growing government debt weighed on the bond market. Interest rates on ten-year German government bonds rose from 0.55% to 0.94%, and their US counterparts yielded 59 basis points higher at 2.93% as of the end of April. In this market environment the price of the FMM Fund corrected -1.63%. Its benchmark index, the MSCI World, fell -3.81%. On the international stock markets, about one third of the sectors performed positively in April. The highest gains were recorded by the sectors food & beverage and personal care & pharmaceuticals. The sectors energy, utilities and healthcare also achieved positive results. The other sectors, however, suffered losses in April. The sectors media, technology, automotive, financial services and retail suffered the largest declines. At the individual stock level the fund benefited in April primarily from the good results of the Danish pharmaceutical company Novo Nordisk, the Swiss food company Nestlé, the Essen-based energy supplier RWE and the Finnish financial group Nordea Bank. On the other hand, negative impulses came mainly from the two US companies Alphabet (internet services; parent company of Google) and Quanta Services (provider of infrastructure solutions for energy supply and oil and natural gas companies) as well as the Essen-based energy supplier E.ON. During the month the fund management reduced the technology sector in particular. On the other hand it increased various sectors, including healthcare, insurance, utilities, telecommunications, food & beverages and credit institutions. Regionally the allocation of the USA was reduced while the share of German and Canadian stocks was increased. The equity ratio rose from 62.80% previous month to 65.52%. The bond quota remained almost stable at 15.39% (15.88% previous month). Liquidity amounted to 19.09% after 21.31%.