The fund focuses on carefully selected companies in the European region. Stock selection is index-independent, follows a bottom-up approach and focuses on fundamental factors such as market positioning, earnings and balance sheet potential, valuation, management quality and sustainability criteria. The fund offers a combination of quality European equities and high earnings growth stocks (so-called hidden champions) and invests in listed companies of all sizes. A responsible business model and the stability of corporate earnings are particularly important. The DJE - Europe thus aims for capital growth with a medium to long-term investment horizon.
Responsible manager since 01/08/2019
Responsible manager since 01/12/2018
|Category:||European Equity Funds - General|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (18/06/2021):||111,33 Mio EUR|
|TER p.a. (30/12/2020):||1,99 %|
|Reference Index:||Fondsauflage - 31.10.2014: 75% MSCI Europe 25% JPM GBI Global Unhedged in EUR Seit 01.11.2014: 100% MSCI Europe EUR Net Total Return|
|Initial Charge:||5,00 %|
|Management Fee p.a.:||1,67 %|
|Custodian Fee p.a.:||0,05 %|
Performance Fee p.a.:
10% of the [Hurdle: exceeding 6% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus.
Ratings & Awards (18/06/2021)
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||19,95 %|
|Tracking Error (2 years):||8,98 %|
|Value at Risk (99% / 20 days):||-12,44 %|
|Maximum Drawdown (1 year):||-8,15 %|
|Sharpe Ratio (2 years):||0,59|
|Correlation (2 years):||0,85|
|Beta (2 years):||0,80|
|Treynor Ratio (2 years):||14,58|
Top Country Allocation (31/05/2021)
|United Kingdom||11,75 %|
Asset Allocation (31/05/2021)
The growth dynamics of European companies, especially the "hidden champions", is the focus of the strategy. In accordance with the growth approach, the fund management combines companies with structural, cyclical and potential growth. The selection process of individual stocks follows a consistent bottom-up approach and is based on fundamental factors such as market positioning, balance sheet and earnings potential, valuation, management quality and sustainability criteria. The fund management attaches importance to a balanced mix of European quality stocks and hidden champions and selects the most promising stocks from its point of view. The portfolio, which contains around 60 to 80 equity positions, is managed independently of index guidelines.
- Fundamental analysis approach allows to find appropriate shares in every market phase
- The security selection is based on a fundamental, monetary and market-technical analysis – this FMM approach has a proven track record of over 45 years
- Growth opportunities in the European stock markets
- Proven investment approach does not guarantee future investment success
- Exchange rate risks
- Issuer country and credit risks
- Stock market prices may vary relatively strong due to market conditions
The European stock market performed well in May because of better-than-expected earnings reported by companies for the first quarter of 2021 and of statements by the central banks of the euro area and the USA reassuring investors as the expansionary monetary policy will be continued with reference to financial stability. Finally the majority of economic indicators also increased including the purchasing managers' indices for industry and services as well as exports, which rose for the eleventh month in a row and the ifo business climate index. In this market environment the price of the DJE - Europa corrected by -0.48% in May. Its benchmark index (100% MSCI Europe EUR Net Total Return) gained 2.56%. In the month under review the fund benefited primarily from the stock selection in the underweighted real estate sector. The sectors construction & materials and industry also delivered pleasing contributions to the fund's performance. The strongest individual stock contributions came from, among others, the Metzingen-based fashion company Hugo Boss, the Swiss photovoltaic industry company Meyer Burger, the Bonn-based logistics company Deutsche Post and the Berlin-based housing company Deutsche Wohnen. Negative impulses came mainly from the sectors information technology, telecommunications, health care and cyclical consumer goods. Disappointing was the performance of the stocks of the Danish medical technology company Ambu, the Swedish video game holding Enad Global 7 and the Dutch online pharmacy group Shop Apotheke Europe. During the month the fund's management added titles to various sectors, including chemicals, industrials, automobiles and household goods. On the other hand, it reduced the sectros technology and retail in particular. Regionally German and British positions in particular were increased. The fund's equity ratio remained almost stable at 98.90% (98.31% previous month).
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Prospectus & Reports
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 (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.
*) © 2016 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.