Key information
The investment focus of the DJE - Dividende & Substanz is on equities with a high dividend payout ratio and solid balance sheets. When selecting shares, the fund management additionally pays attention to an investor-friendly corporate policy with capital returns and share buybacks (total shareholder return). The fund invests globally and free of benchmark constraints. It pursues an active value approach that focuses on companies' value-retention characteristics and fundamentals. In addition, investments can also be made in fixed and variable-interest securities. When selecting individual stocks, the companies are analysed according to quantitative and qualitative criteria. The focus is not only on earnings figures, but also on a comprehensive range of balance sheet ratios, which are of decisive importance for the selection of substantial companies.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
| ISIN: | LU0159550150 |
| WKN: | 164325 |
| Category: | Global Equity Funds |
| 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: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (04/10/2022): | 1.332,58 Mio EUR |
| TER p.a. (30/12/2021): | 1,92 % |
| Reference Index: | 100% MSCI World EUR |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,670 % |
| Custodian Fee p.a.: | 0,100 % |
|
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 (04/10/2022)
| Morningstar*: |
|
|
Awards: Scope Award 2022 Best Asset Manager Dividend Equities in Germany, Austria and Switzerland AAA Recognised with the top rating AAA in Citywire's fund manager rating €uro Fund Award 2021 3rd place over 1 year in the category "Equity Funds International Dividends". |
ESG Data
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 8,365 |
| Environment Rating (0-10): | 5,870 |
| Social Rating (0-10): | 5,507 |
| Governance-Rating(0-10): | 5,752 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 68,230 % |
| Peergroup: |
Equity Global
(5068 Fonds) |
| Coverage rate ESG rating: | 89,699 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 181,114 |
Report date: 30/09/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 11,88 % |
| Tracking Error (2 years): | 10,40 % |
| Value at Risk (99% / 20 days): | -7,46 % |
| Maximum Drawdown (1 year): | -16,28 % |
| Sharpe Ratio (2 years): | 0,50 |
| Correlation (2 years): | 0,54 |
| Beta (2 years): | 0,57 |
| Treynor Ratio (2 years): | 10,45 |
Top Country Allocation (30/09/2022) |
|
|---|---|
| United States | 18,81 % |
| Germany | 16,71 % |
| France | 5,64 % |
| Switzerland | 5,18 % |
| Denmark | 4,72 % |
Asset Allocation (30/09/2022) |
|
|---|---|
| Stocks | 81,15 % |
| Cash | 18,86 % |
Investment approach
In a world (almost) without interest rates, high-dividend shares represent a source of steady income. Nevertheless, the importance of dividend payments is underestimated. In the long term, dividends provide the highest contribution to the overall performance of an equity investment, because reinvested dividends generate a considerable compound interest effect. Therefore, shares with high yields are preferred in DJE - Dividende & Substanz. However, it is not the highest dividend yield that is decisive here, but above all a sustained and ideally rising dividend payment. A low payout ratio helps here. Empirical analyses have shown that high-dividend stocks can be a more stable form of investment in difficult market phases than low-dividend stocks, since a dividend can act as a buffer to cushion temporary price losses. The calculation is simple and obvious: good substance, excellent balance sheet quality as well as a high dividend yield with an earnings situation that is as secure as possible increase the chance of achieving sustained investment success.
Chances
- Experienced fund manager with an approach based on fundamental, monetary and market analysis (FMM) that has proven itself since 1974.
- Attractive level of global dividend stocks.
- Participation in the growth opportunities of global equity markets independent of benchmark index specifications.
- Dividends offer regular income potential in addition to possible share price gains and can thus mitigate possible price losses.
Risks
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Dividends are a voluntary payment by companies and therefore not guaranteed. They can rise, fall or be cancelled altogether.
- Currency risks due to a high foreign share in the portfolio.
- Previously proven investment approach does not guarantee future investment success.
Monthly Commentary
August showed two faces on the stock markets: Until around the middle of the month most stock exchanges were able to continue the recovery of previous month. In the second half of the month they lost what they had achieved and slipped into negative territory. The main reason for this was the appearance of U.S. Federal Reserve Chairman Jerome Powell, who declared at the annual central bank meeting in Jackson Hole (U.S.A.) a war on inflation also at the expense of growth and the labor market. Therefore market participants expected further interest rate hikes and the stock markets began to decline noticeably. In this market environment the price of the DJE - Dividende & Substanz fell by -0.29%. Its benchmark index, the MSCI World in euro terms, lost -2.99%. On the international stock markets, only a quarter of the sectors performed positively in August. The highest price gains were recorded by the sectors energy and insurance. The sectors utilities, personal care & pharmaceuticals and basic materials achieved weaker but still positive results. The sectors consumer goods & services, healthcare and technology suffered the highest losses. In August the fund benefited in particular from the very good results of the energy sector and the encouraging contributions from the insurance sector. Positive performance contributions came from the basic materials sector. At the individual stock level the strongest value contributions came from the Canadian mining company Nutrien, the German reinsurance group Hannover Re and the US seed and agrochemicals company Corteva. Anyway titles of the sectors healthcare, technology and chemicals burdened the performance in August. Stocks of the Danish companies A. P. Moeller Maersk (logistics and transport, shipbuilding, marine and aviation) and Novo Nordisk (pharmaceuticals) as well as the South African gold mining company Gold Fields performed particularly disappointing. During the month the fund management increased the sectors utilities and chemicals. The sectors healthcare and technology were reduced. Regionally the U.S. and Germany allocation were increased. The equity ratio rose from 86.24% previous month to 89.32%. Liquidity decreased from 13.76% to 10.68%.