Key information
The focus of DJE - Dividende & Substanz is on shares of companies with stable high dividend payouts and strong substance. The fund management also pays attention to an investor-friendly corporate policy with capital returns and share buybacks (total shareholder return). The fund invests internationally, independently of index specifications, and pursues an active value approach that focuses on the intrinsic value and fundamentals of the companies. 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. Key earnings ratios as well as a comprehensive range of balance sheet ratios are decisive for the selection of companies with strong substance. The stock selection aims at an above-average dividend yield relative to the market. However, the fund may also include stocks that do not currently pay a dividend.
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 (01/02/2023): | 1.331,26 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 (01/02/2023)
| 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 |
ESG Data
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 8,521 |
| Environment Rating (0-10): | 6,099 |
| Social Rating (0-10): | 5,541 |
| Governance-Rating(0-10): | 5,792 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 65,470 % |
| Peergroup: |
Equity Global
(5143 Fonds) |
| Coverage rate ESG rating: | 92,145 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 216,219 |
Report date: 31/01/2023
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 10,70 % |
| Tracking Error (2 years): | 10,69 % |
| Value at Risk (99% / 20 days): | -6,80 % |
| Maximum Drawdown (1 year): | -13,94 % |
| Sharpe Ratio (2 years): | 0,26 |
| Correlation (2 years): | 0,45 |
| Beta (2 years): | 0,50 |
| Treynor Ratio (2 years): | 5,46 |
Top Country Allocation (31/01/2023) |
|
|---|---|
| Germany | 20,39 % |
| United States | 18,88 % |
| France | 9,63 % |
| Switzerland | 5,64 % |
| Cayman Islands | 4,62 % |
Asset Allocation (31/01/2023) |
|
|---|---|
| Stocks | 99,44 % |
| Cash | 0,56 % |
Investment approach
High-dividend shares are a source of recurring income, but their importance is often underestimated. In the long term, dividends are often the strongest contributor to share performance, because reinvested dividends benefit from the compound interest effect. For this reason, shares with above-average dividend yields are favoured in DJE - Dividende & Substanz. However, the decisive factor is not the amount, but above all a stable, ideally rising dividend payment. A low payout ratio helps here. Analyses have shown that high-dividend stocks can be more robust in difficult market phases than low-dividend stocks, as a dividend can act as a buffer to cushion temporary price losses. After all, good substance and balance sheet quality as well as a high dividend yield with an earnings situation that is as secure as possible increase the chance of sustained investment success. The stock selection aims at an above-average dividend yield relative to the market. However, the fund may also include stocks that do not currently pay a dividend.
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
Most stock markets developed negatively in December. Falling energy prices caused inflation rates to decline on both sides of the Atlantic. The noticeable easing of inflation enabled the central banks to soften somewhat their very aggressive monetary policy in December with several interest rate hikes of 75 basis points. Both the ECB and the Fed raised key rates by "only" 50 basis points. The abrupt end of the zero-Covid strategy of China surprised the markets. Independent estimations now suggest that there are around one million new infections and over 5,000 deaths per day. As the Chinese production and demand have meanwhile been impacted concerns are raising that global supply chains could again come under stress. Each sector of the global stock market closed in the red. The sectors automotive, technology and retail generated the biggest losses. Whereas the sectors insurance, basic materials and utilities lost the least. In this market environment the DJE - Dividende & Substanz fell by -2.95%. Its benchmark index MSCI World lost -2.95%. The largest gains for the performance were delivered by the sectors real estate, energy, utilities and industrial. The strongest individual stock results were delivered by the Danish pharmaceutical group Novo Nordisk, the Hong Kong real estate company Great Eagle Holdings and the German reinsurer Hannover Re. Burdening on the other hand was the performance of sectors technology, basic materials and oil & gas The weakest individual stock results came from the Norwegian energy company Equinor, the German pharmaceutical company Bayer and the U.S. company Corteva, which produces chemicals and seeds for agriculture. During the month the fund management increased the sectors insurance, energy and utilities. Reduced was on the other side the technology sector, which is particularly affected by the sharp rise in interest rates, as well as chemicals, telecommunications and industry. Regionally reduced were the allocations of Germany and U.S, whereas French and Danish prices were increased. Overall the fund's equity allocation decreased from 88.70% to 81.25%. Correspondingly the cash ratio increased from 11.30% to 18.75%.