The assets of the fund are invested in accordance with the principle of risk diversification in equities and equity-related securities, as for example in participation certificates and warrants on securities, as well as in bonds, convertible and warrant bonds and other fixed-income securities (including zero bonds) and other permitted assets.
Responsible manager since inception
|Category:||Multi Asset Funds|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|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.|
|Fund Size (21/09/2021):||115,56 Mio EUR|
|TER p.a. (30/12/2020):||1,21 %|
|Reference Index:||75% MSCI World, 25% REX 1 year Performance Index|
|Management Fee p.a.:||0,95 %|
|Custodian Fee p.a.:||0,06 %|
Ratings & Awards (21/09/2021)
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||12,06 %|
|Tracking Error (2 years):||9,73 %|
|Value at Risk (99% / 20 days):||-7,47 %|
|Maximum Drawdown (1 year):||-4,67 %|
|Sharpe Ratio (2 years):||0,72|
|Correlation (2 years):||0,62|
|Beta (2 years):||0,60|
|Treynor Ratio (2 years):||14,47|
Top Country Allocation (31/08/2021)
|United States||13,57 %|
Asset Allocation (31/08/2021)
The DJE - Concept 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 DJE Concept focuses on current trends. In extreme situations (such as an euphoric mood on the market), the main factors influencing trends can be countered with an anticyclical investment strategy.
- Efficient mixture of equities and bonds with strategic risk diversification
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
- 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
- Equities may be subject to significant price falls
- Currency risks resulting from the portfolio’s foreign investments
- Issuer country, credit and liquidity risks
- Price risks of bonds when interest rates rise
Even though August tends to be considered to be a modest stock market month the international stock markets made good progress with a few exceptions. They benefited from the fact that, despite high inflation rates, the U.S. Federal Reserve considered an immediate tapering of bond purchases to be premature in view of the labor market. Rising inflation had little impact on the gold price on a monthly basis, which remained virtually unchanged at USD 1,815/troz. Yields of high-quality U.S. government bonds, which had risen more sharply in anticipation of a change in strategy by the Fed fell again slightly at the end of the month. The ECB announced that the monetary policy will remain expansionary until the inflation rate target in height of 2% will be reached for a certain period. Market participants were also relieved that the wave of infection of the delta variant of the coronavirus had probably reached its plateau in August and renewed restrictive measure do not need to be feared. On the other hand, continued supply bottlenecks in the industry and subdued expectations in the retail sector due to rising prices weighed on companies' optimism. In this market environment, the price of the DJE - Concept increased 1.81%. Its benchmark index (75% MSCI World, 25% REX 1 year Performance Index) gained 2.21%. In August a good three quarters of the sectors of the global stock market performed positively. The highest price gains were recorded by the sectors insurance, technology and financial services, followed by the sectors media and utilities. On the other hand, the basic materials sector and the automotive industry in particular suffered price losses. In August the fund benefited in particular from the sectors healthcare and utilities. Particularly pleasing results were achieved by individual stocks such as the Mainz-based biotechnology company BioNTech, the Essen-based energy supplier E.ON, the US IT company Alphabet (parent of Google), the US provider of infrastructure solutions for energy supply and oil and natural gas companies Quanta Services and the Swiss pharmaceuticals group Roche. On the other hand, negative for the fund’s performance was the development of the sectors basic materials and real estate. Viewing individual stocks the Hamburg-based copper producer Aurubis, the Kassel-based mining company K+S, the Hong Kong-based Kingboard Holdings (laminates) and Hon Kwok Land (investment) as well as the Swiss travel booking and hotel rating portal HolidayCheck performed particularly disappointing. The fund management reduced various sectors during the month like basic materials, technology and industrials. On the other hand it increased the utilities sector in particular. Regionally reduced were the allocations of Germany and the USA. The equity allocation decreased to 65.84% (80.18% previous month). Liquidity increased from 19.82% to 34.16%. US and Hong Kong dollar denominated prices were 100% currency hedged as of month-end.
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Prospectus & Reports
The source of all information and responsible for the content and preparation is DJE Kapital AG, unless otherwise stated.
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 funds is DJE Investment S.A., Distributor is the DJE Kapital AG. A summary of investors' rights can be obtained free of charge in English in electronic form on DJE‘s website at Summary of investor rights. 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.