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 (05/06/2023): | 1.219,82 Mio EUR |
| TER p.a. (30/12/2022): | 1,88 % |
| 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 (05/06/2023)
| 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 |
All ESG information presented here relates to the fund portfolio shown and is sourced from MSCI ESG Research, a leading provider of environmental, social and governance analysis and ratings.
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 8,350 |
| Environment Rating (0-10): | 6,240 |
| Social Rating (0-10): | 5,583 |
| Governance-Rating(0-10): | 5,776 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 75,140 % |
| Peergroup: |
Equity Global
(5399 Fonds) |
| Coverage rate ESG rating: | 93,190 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 203,589 |
Portfolio allocation according to ESG rating of individual securities
Report date: 31/05/2023
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 10,46 % |
| Tracking Error (2 years): | 11,00 % |
| Value at Risk (99% / 20 days): | -6,78 % |
| Maximum Drawdown (1 year): | -9,75 % |
| Sharpe Ratio (2 years): | -0,12 |
| Correlation (2 years): | 0,42 |
| Beta (2 years): | 0,47 |
| Treynor Ratio (2 years): | -2,72 |
Top Country Allocation (31/05/2023) |
|
|---|---|
| United States | 25,94 % |
| Germany | 20,00 % |
| France | 8,43 % |
| Denmark | 5,76 % |
| United Kingdom | 4,53 % |
Asset Allocation (31/05/2023) |
|
|---|---|
| Stocks | 95,36 % |
| Cash | 4,64 % |
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
Compared to the turbulent previous month (bank quake), April was quiet. At most, the mood on the markets was weighed down by the expectation of further interest rate hikes by the central banks, but not too much either: The majority of market participants expected the US Federal Reserve and the ECB to raise their key interest rates by 25 basis points each at their meetings at the beginning of May in view of the continued high inflation. In addition, there were concerns that the US government deficit could exceed the statutory debt ceiling if Republicans and Democrats could not agree to raise the ceiling. This discussion weighed on the US dollar. In this market environment, the DJE - Dividende & Substanz rose by 0.62%. Its benchmark index, the MSCI World, fell by -0.02%. In the global equity markets, insurance, travel & leisure, consumer staples (with recently also stronger pricing power) and healthcare performed well. Commodities, automobiles, consumer cyclicals and industrials, on the other hand, underperformed. The fund benefited primarily from its exposure to the financials, healthcare and consumer staples sectors. In contrast, the technology and consumer discretionary sectors weighed on fund performance. At the individual stock level, the strongest results came from the German reinsurer Hannover Re and the pharmaceutical companies Eli Lilly (USA) and Novo Nordisk (Denmark). Performance was weighed down by the German holding MYT Netherlands Parent (Mytheresa), the German semiconductor manufacturer Infineon and the US agricultural machinery group Deere & Co. The fund's management increased its exposure to the telecom, utilities, oil & gas, financial services and healthcare sectors over the month as the reporting season turned out better than expected and there is a chance of a soft landing of the US economy (i.e. no recession) given the declining inflation data in the US and a robust labour market. The adjustments increased the equity allocation from 87.40% to 94.95%. Correspondingly, liquidity decreased from 12.60% to 5.05%.