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 |
| Type of Share: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (04/08/2021): | 114,94 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.: | 1,42 % |
| Custodian Fee p.a.: | 0,05 % |
Ratings & Awards (04/08/2021)
| Morningstar*: |
|
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 19,96 % |
| Tracking Error (2 years): | 9,12 % |
| Value at Risk (99% / 20 days): | -12,30 % |
| Maximum Drawdown (1 year): | -8,37 % |
| Sharpe Ratio (2 years): | 0,78 |
| Correlation (2 years): | 0,84 |
| Beta (2 years): | 0,81 |
| Treynor Ratio (2 years): | 19,38 |
Top Country Allocation (30/07/2021) |
|
|---|---|
| Germany | 31,55 % |
| France | 16,24 % |
| Switzerland | 11,75 % |
| Denmark | 10,64 % |
| United Kingdom | 8,46 % |
Asset Allocation (30/07/2021) |
|
|---|---|
| Stocks | 98,50 % |
| Cash | 1,50 % |
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 made good progress in June. Rising inflation in Europe and worldwide burdened the markets - in the euro zone, the inflation rate rose from 1.6% to 1.9% year-on-year, while the core rate (excluding energy and food) remained unchanged at 0.9%. But the European Central Bank left key interest rates unchanged, confirmed its bond-buying program and raised its inflation forecast for 2021 from 1.5% to 1.9%. On the other hand, markets benefited from high expected corporate earnings growth in the second quarter. In addition, the majority of economic indicators in the euro zone increased; for example business confidence improved, the purchasing managers' index for services rose significantly, and its counterpart for industry remained stable at a high level. In this market environment the price of the DJE - Europa rose 0.98% in June. Its benchmark index (100% MSCI Europe EUR Net Total Return) gained 1.70%. The fund benefited in the month under review mainly from the highly weighted cyclical consumer goods sector. In addition stock selection in the lowly weighted sectors financial services and real estate delivered positive contributions to fund’s price performance. The strongest individual stock contributions came from, among others, the Berlin-based online mail order company Zalando, the Swiss photovoltaic industry company Meyer Burger and the Mainz-based biotechnology company BioNTech. On the other hand, negative momentum came mainly from the sectors telecommunications, construction & materials and energy. Particularly disappointing was the price performance of the British airline EasyJet, the major British bank HSBC and the Pullach-based mobility group Sixt. During the month, the fund management added to various sectors, including food & beverages, healthcare and financial services. On the other hand, it reduced the sectors chemicals, household goods and industry in particular. Regionally German positions were reduced. On the other hand, the allocations of France, Switzerland and Denmark rose. The fund's equity quota decreased slightly to 97.67% (98.90% previous month).
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Prospectus & Reports
Further Documents
Legal Information
The source of all information and responsible for the content and preparation is DJE Kapital AG, unless otherwise stated.
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 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.