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 |
| Type of Share: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (27/07/2021): | 1.464,45 Mio EUR |
| TER p.a. (30/12/2020): | 1,85 % |
| Reference Index: | 100% MSCI World EUR |
Fees
| Initial Charge: | 5,00 % |
| Management Fee p.a.: | 1,67 % |
| Custodian Fee p.a.: | 0,10 % |
|
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 (27/07/2021)
| 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): | 15,37 % |
| Tracking Error (2 years): | 11,42 % |
| Value at Risk (99% / 20 days): | -9,39 % |
| Maximum Drawdown (1 year): | -7,02 % |
| Sharpe Ratio (2 years): | 0,92 |
| Correlation (2 years): | 0,68 |
| Beta (2 years): | 0,63 |
| Treynor Ratio (2 years): | 22,46 |
Top Country Allocation (30/06/2021) |
|
|---|---|
| United States | 29,16 % |
| Germany | 19,18 % |
| Switzerland | 8,37 % |
| France | 7,25 % |
| Cayman Islands | 6,89 % |
Asset Allocation (30/06/2021) |
|
|---|---|
| Stocks | 99,54 % |
| Cash | 0,46 % |
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
In June most stock markets performed well. Although rising global inflation weighed on the markets, especially as investors now expect central banks to raise key interest rates sooner than 2023, the markets benefited from high expected corporate earnings growth in the second quarter and further improvements of economic indicators. In the USA and Europe business confidence and consumer confidence improved and purchasing managers' indices for the industrial and service sector rose or maintained their high level. In this market environment the price of DJE - Dividende & Substanz rose 2.79%. Its benchmark index, the MSCI World in euro terms, recorded a gain in height of 4.54%. In June a good two-thirds of the sectors of the global stock market performed positively. The technology sector recorded the highest price gains, followed by the sectors healthcare, energy and retail. The sectors real estate and automotive also delivered encouraging results. On the other hand, the sectors insurance, basic materials, credit institutions and travel & leisure suffered price losses. During the reporting period the fund benefited from the sectors healthcare, consumer cyclicals and information technology. In addition, positive momentum also came from the sectros telecommunications, financial services and real estate. The best individual stock results were delivered by the US online payment service PayPal, the Danish pharmaceutical company Novo Nordisk and the US online mail order company Amazon. On the other hand, the utilities and basic materials sector were the main detractors from fund performance in June. The weakest stock results came from the mining groups Anglo American (UK), Newmont Mining (USA) and Antofagasta (UK). During the month the fund management increased the sectors technology, industry, financials and healthcare. Reduced were the sectors insurance and chemicals. Regionally the fund management increased the allocations of the U.S. and Switzerland and reduced the one of Germany. The fund's equity allocation remained almost stable at 99.54% (99.73% previous month). Accordingly, the cash ratio was 0.46%, down from 0.27% previous month.
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Prospectus & Reports
Further Documents
Legal Information / Disclaimer:
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.