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 (21/10/2021): | 1.500,66 Mio EUR |
| TER p.a. (30/12/2020): | 1,85 % |
| 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 (21/10/2021)
| Morningstar*: |
|
|
Awards: 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". |
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 15,36 % |
| Tracking Error (2 years): | 11,10 % |
| Value at Risk (99% / 20 days): | -9,36 % |
| Maximum Drawdown (1 year): | -5,23 % |
| Sharpe Ratio (2 years): | 0,96 |
| Correlation (2 years): | 0,70 |
| Beta (2 years): | 0,64 |
| Treynor Ratio (2 years): | 23,05 |
Top Country Allocation (30/09/2021) |
|
|---|---|
| United States | 29,83 % |
| Germany | 16,40 % |
| France | 7,30 % |
| Denmark | 7,09 % |
| Switzerland | 6,65 % |
Asset Allocation (30/09/2021) |
|
|---|---|
| Stocks | 95,25 % |
| Cash | 4,75 % |
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 following an investment approach based on fundamental, monetary and market-technical (FMM) analysis, which has a proven track record of over 45 years
- Participation in the growth opportunities of the global stock markets unconstrained of benchmark index parameters
- Attractive level of global dividend-paying securities
Risks
- Currency risks resulting from a high proportion of foreign investments
- Issuer country and credit risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Proven investment approach to date is no guarantee of future investment success
Monthly Commentary
September was a weak month for the global stock markets. The headwinds on the stock markets were caused by a combination of problems that overshadowed the positive economic environment and good company figures: The difficulties of the Chinese real estate group Evergrande burdened the stock market in China, which has often been the target of government regulatory intervention. Supply bottlenecks continued to affect production in industrialized countries and rising commodity prices kept up inflationary pressure. This increased market participants' concerns that the US Federal Reserve (Fed) might adopt a tighter policy sooner than expected. In this market environment the price of the DJE - Dividende & Substanz corrected by -3.80%. Its benchmark index MSCI World on a euro basis recorded a minus in height of -2.51%. In September only three sectors of the global equity market performed positively. The highest price gains were recorded by the energy sector. The credit institutions and automotive sectors also posted good results. All other sectors suffered losses. The largest declines were recorded in the sectros basic materials, construction & materials and utilities. The highest contributions to the fund’s performance during the month came from the energy sector. The best individual stock performances was delivered by the French oil company TotalEnergies, Finnish financial group Nordea Bank, US biotechnology company Moderna and Canadian mining company Nutrien, among others. But the sectors technology, basic materials and financial services burdened the fund’s performance in September. At the equity level the weakest results came from the US investment firm BlackRock, the Swiss building materials producer Holcim, the Bonn-based postal and logistics company Deutsche Post and the Hong Kong real estate group Great Eagle. During the month the fund management reduced the sectors financial services, healthcare, chemicals and construction & materials. On the other hand, positions in the food & beverages sector were increased. Regionally the fund management mainly reduced the US allocation. The fund's equity exposure declined to 95.25% (97.58% previous month). Accordingly the cash ratio was 4.75% after 2.42% previous month.
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Prospectus & Reports
Further Documents
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.