Key information
The fund focuses on carefully selected companies in the European region. Stock selection is index-independent, follows a bottom-up approach and focuses on fundamental factors such as market positioning, earnings and balance sheet potential, valuation, management quality and sustainability criteria. The fund offers a combination of quality European equities and high earnings growth stocks (so-called hidden champions) and invests in listed companies of all sizes. A responsible business model and the stability of corporate earnings are particularly important. The DJE - Europe thus aims for capital growth with a medium to long-term investment horizon.
Responsible manager since 01/12/2018
Key information
| ISIN: | LU0159550408 |
| WKN: | 164316 |
| Category: | European Equity Funds - General |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 6 |
| 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 (20/01/2022): | 102,97 Mio EUR |
| TER p.a. (30/12/2020): | 1,77 % |
| Reference Index: | Fondsauflage - 31.10.2014: 75% MSCI Europe 25% JPM GBI Global Unhedged in EUR Seit 01.11.2014: 100% MSCI Europe EUR Net Total Return |
Fees
| Management Fee p.a.: | 1,420 % |
| Custodian Fee p.a.: | 0,050 % |
Ratings & Awards (20/01/2022)
| Morningstar*: |
|
ESG Data
| MSCI ESG RATING (AAA-CCC): | AAA |
| ESG-Qualityrating (0-10): | 8,998 |
| Environment Rating (0-10): | 6,700 |
| Social Rating (0-10): | 5,684 |
| Governance-Rating(0-10): | 5,726 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 61,530 % |
| Peergroup: |
Equity Europe
(1084 Fonds) |
| Coverage rate ESG rating: | 95,705 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 196,795 |
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 20,39 % |
| Tracking Error (2 years): | 9,57 % |
| Value at Risk (99% / 20 days): | -12,82 % |
| Maximum Drawdown (1 year): | -8,92 % |
| Sharpe Ratio (2 years): | 0,46 |
| Correlation (2 years): | 0,83 |
| Beta (2 years): | 0,81 |
| Treynor Ratio (2 years): | 11,61 |
Top Country Allocation (30/12/2021) |
|
|---|---|
| Germany | 28,39 % |
| France | 18,44 % |
| Switzerland | 16,98 % |
| United Kingdom | 10,60 % |
| Netherlands | 5,63 % |
Asset Allocation (30/12/2021) |
|
|---|---|
| Stocks | 99,46 % |
| Cash | 0,54 % |
Investment approach
The growth dynamics of European companies, especially the "hidden champions", is the focus of the strategy. In accordance with the growth approach, the fund management combines companies with structural, cyclical and potential growth. The selection process of individual stocks follows a consistent bottom-up approach and is based on fundamental factors such as market positioning, balance sheet and earnings potential, valuation, management quality and sustainability criteria. The fund management attaches importance to a balanced mix of European quality stocks and hidden champions and selects the most promising stocks from its point of view. The portfolio, which contains around 60 to 80 equity positions, is managed independently of index guidelines.
Chances
- Fundamental analysis approach allows to find appropriate shares in every market phase
- The security selection is based on a fundamental, monetary and market-technical analysis – this FMM approach has a proven track record of over 45 years
- Growth opportunities in the European stock markets
Risks
- Exchange rate risks
- Stock market prices may vary relatively strong due to market conditions
- Issuer country and credit risks
- Proven investment approach does not guarantee future investment success
Monthly Commentary
The European stock market performed well in December, more than compensating its losses from previous month. In seasonal terms the stock market benefited from a good development towards the end of the year, following the price slump from the end of November. All sectors benefited from this except automobiles and retail. In the euro zone the inflation rate rose to 4.9% at the end of November compared to the same month a year earlier. Nevertheless, the European Central Bank left its expansionary monetary policy unchanged. In this market environment the price of the DJE - Europa rose by 3.94% in December. Its benchmark index (100% MSCI Europe EUR Net Total Return) gained 5.71%. The fund benefited in particular from the sectors construction & materials and energy. The strongest individual stock contributions came from Hapag-Lloyd (transportation & logistics/Hamburg), AP Moeller-Maersk (transportation & logistics, shipbuilding, aviation/Denmark), Nokia (telecommunications/Finland) and Schneider Electric (electrical engineering/France), among others. On the other hand, negative impulses came mainly from the luxury and consumer staples sectors as well as the healthcare sector. At the individual stock level Shop Apotheke (online pharmacy/Netherlands), BioNTech (biotechnology/Mainz) and Vestas Wind Systems (wind turbine manufacturer/Denmark) performed particularly disappointing. No significant changes were made to the sector allocation during the month. Regionally the fund management increased the allocation of France, the UK and Switzerland in particular. On the other hand, it slightly reduced the allocation of Germany. The fund's equity allocation remained virtually stable at 99.46% (99.50% 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.
The management company of the funds is DJE Investment S.A., Distributor is the DJE Kapital AG. A summary of investors' rights can be obtained free of charge in English in electronic form on DJE‘s website at www.dje.de/summary-of-investor-rights. The funds described in this marketing document may have been notified for distribution in different EU Member States. Investors' attention is drawn to the fact that the relevant management company may decide to withdraw the arrangements it has made for the distribution of the units of its funds in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.