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 (19/05/2022): | 1.423,44 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 (19/05/2022)
| 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): | 7,149 |
| Environment Rating (0-10): | 5,918 |
| Social Rating (0-10): | 5,465 |
| Governance-Rating(0-10): | 5,353 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 58,580 % |
| Peergroup: |
Equity Global
(4749 Fonds) |
| Coverage rate ESG rating: | 95,888 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 241,152 |
Report date: 29/04/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 10,88 % |
| Tracking Error (2 years): | 9,04 % |
| Value at Risk (99% / 20 days): | -6,56 % |
| Maximum Drawdown (1 year): | -10,61 % |
| Sharpe Ratio (2 years): | 1,14 |
| Correlation (2 years): | 0,55 |
| Beta (2 years): | 0,60 |
| Treynor Ratio (2 years): | 20,63 |
Top Country Allocation (29/04/2022) |
|
|---|---|
| United States | 24,41 % |
| Germany | 19,95 % |
| Switzerland | 6,83 % |
| Cayman Islands | 5,35 % |
| France | 4,99 % |
Asset Allocation (29/04/2022) |
|
|---|---|
| Stocks | 89,94 % |
| Cash | 10,06 % |
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
April was a difficult month for the stock markets. A whole range of risk factors weighed on the stock markets: the war in Ukraine and fears of further escalation weighed on sentiment and increased investor pessimism. Energy prices remained at a high level, but did not rise much further, mainly because demand from China's manufacturing industry declined significantly. In addition the lockdown in Shanghai caused a traffic jam in the busiest container port, which further strained the already tight global supply chains. Therefore price pressure on energy, many commodities and food remained high. Inflation rose to 8.5% in the US (in March) and 7.5% in the euro area compared to the same month last year, increasing pressure on central banks to raise key interest rates. In this market environment the price of the DJE - Dividende & Substanz corrected -1.64%. Its benchmark index, the MSCI World on a euro basis, lost -3.42%. On the international stock markets about one third of the sectors performed positively in April. The sectors food & beverages and personal care & pharmaceuticals recorded the highest gains. The sectors energy, utilities and healthcare also achieved positive results. The other sectors, however, suffered losses in April. The sectors media, technology, automotive, financial services and retail recorded the strongest price declines. The fund benefited in April from the two defensive sectors of food & beverages (good company figures) and healthcare (not cyclical) as well as utilities (high dividend yields). At the individual stock level the strongest value contributions came from the pharmaceutical company Novo Nordisk (Denmark), the telecommunications company Deutsche Telekom (Germany) and the food company Nestlé (Switzerland). On the other hand, the performance of the fund was negatively impacted by the results of the sectors technology (disappointing quarterly figures), basic materials (profit-taking; economic concerns weigh) and financial institutions (weak economy increases loan defaults; more provisions; weak investment banking, hardly any IPOs). Particularly disappointing on the equity side performed the US companies Amazon (online mail order), Alphabet (internet services; parent company of Google) and BlackRock (asset management). During the month the fund management reduced the weighting of the sectors technology, basic materials and telecommunications in particular. On the other hand, the health care sector was increased. Regionally US and positionsof the Asia-Pacific region were reduced and the Swiss allocation was increased. The fund's equity investments were reduced from 93.43% to 89.94%. Liquidity amounted to 10.06% after 6.57%.