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: | ODDO BHF Asset Management GmbH |
| 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 (06/12/2021): | 471,71 Mio EUR |
| TER p.a. (31/12/2018): | 1,60 % |
| Reference Index: | 100% MSCI World |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,550 % |
| Custodian Fee p.a.: | 0,100 % |
Ratings & Awards (06/12/2021)
| Morningstar*: |
|
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (1 years): | 8,90 % |
| Tracking Error (1 years): | 10,47 % |
| Value at Risk (99% / 20 days): | -5,50 % |
| Maximum Drawdown (1 year): | -4,75 % |
| Sharpe Ratio (1 years): | 1,62 |
| Correlation (1 years): | 0,22 |
| Beta (1 years): | 0,37 |
| Treynor Ratio (1 years): | 38,45 |
Top Country Allocation (30/11/2021) |
|
|---|---|
| Germany | 21,72 % |
| United States | 19,99 % |
| Denmark | 6,35 % |
| Italy | 6,17 % |
| Finland | 4,73 % |
Asset Allocation (30/11/2021) |
|
|---|---|
| Stocks | 70,52 % |
| Bonds | 6,28 % |
| Moneymarket | 5,32 % |
| Funds | 1,47 % |
| Other | 0,40 % |
Investment approach
The FMM fund 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
In October the international stock markets were able to compensate the losses of previous month and performed well because of the positive quarterly balance sheets in the USA and Europe. Additionally the prospect of an expected robust economy with normalizing inflation in the coming year brightened the mood on the markets. This was complemented by the expectation that the US Federal Reserve would only cautiously tighten the liquidity tap, while the European Central Bank would maintain its expansionary monetary policy. These factors were more important than concerns about continued supply bottlenecks and rising commodity prices. Inflationary pressures therefore remained high for the time being. On the bond side inflationary pressures and expected liquidity tightening in the US caused interest rates to rise. 10-year German government bonds rose from -0.20% to -0.11%. Their US counterparts yielded 1.55%, 6 basis points higher than previous month. Gold was able to benefit somewhat from the ongoing inflation. The price of the troy ounce rose by around 1.7% to US$1,789. In this market environment the price of the FMM Fund rose 1.42%. Its benchmark index, the MSCI World, gained 5.88% In October, all sectors of the global equity market, except telecommunications, performed positively. The automotive sector recorded the highest price gains. In addition, several other sectors ended the month with strong results, including financial services, technology, energy, consumer goods & services, banks and utilities. The fund benefited from its investments into the sectors food & beverage, technology and industry during the month. At the individual stock level the strongest performance contributions came from the Danish pharmaceutical company Novo Nordisk, the US holding Alphabet (Google parent company) and the Essen-based energy supplier RWE. On the other hand the fund was unable to benefit from the good results of the sectors energy and utilities, whose contributions moved sideways in the fund. In particular disappointing was the performance of the individual stocks the US pharmaceuticals and biotechnology company Gilead Sciences, the Tokyo brewery group Asahi and the Viennese construction company Strabag. Reduced was especially the industry sector. Regionally increased were the allocation of the US, Italy, Germany and Danemark, among others. The fund's equity exposure rose to 74.02% (64.77% i previous month). Liquidity decreased from 19.04% to 7.90%. There were no currency hedges in the fund at the end of the month.
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Prospectus & Reports
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.
The management company of the fund is ODDO BHF Asset Management GmbH. Distributor is ODDO BHF Asset Management GmbH and the DJE Kapital AG. A summary of investors' rights can be obtained free of charge in English in electronic form at https://am.oddo-bhf.com/uk/en/non_professional_investors/infos_reglementaire_gmbH. The funds described in this marketing document may have been notified for distribution in different EU Member States. Investors' attention is drawn to the fact that the relevant management company may decide to withdraw the arrangements it has made for the distribution of the units of its funds in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.