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 (22/06/2022): | 83,70 Mio EUR |
| TER p.a. (30/12/2021): | 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 (22/06/2022)
| Morningstar*: |
|
ESG Data
| MSCI ESG RATING (AAA-CCC): | AAA |
| ESG-Qualityrating (0-10): | 8,740 |
| Environment Rating (0-10): | 6,403 |
| Social Rating (0-10): | 5,781 |
| Governance-Rating(0-10): | 5,773 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 51,910 % |
| Peergroup: |
Equity Europe
(1102 Fonds) |
| Coverage rate ESG rating: | 98,184 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 195,206 |
Report date: 31/05/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 14,30 % |
| Tracking Error (2 years): | 9,28 % |
| Value at Risk (99% / 20 days): | -9,11 % |
| Maximum Drawdown (1 year): | -20,43 % |
| Sharpe Ratio (2 years): | 0,26 |
| Correlation (2 years): | 0,65 |
| Beta (2 years): | 0,76 |
| Treynor Ratio (2 years): | 4,98 |
Top Country Allocation (31/05/2022) |
|
|---|---|
| Germany | 28,15 % |
| France | 17,55 % |
| United Kingdom | 14,13 % |
| Switzerland | 12,83 % |
| Netherlands | 5,25 % |
Asset Allocation (31/05/2022) |
|
|---|---|
| Stocks | 98,34 % |
| Cash | 1,66 % |
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
In May, as in the months before, share prices initially continued to decline, but turned around in the course of the month and were able to recover some of the losses. The change in direction on the stock markets was accompanied by a changing assessment of risks. Initially, the focus was on inflation risks, but in the course of the month growth concerns gained increased attention, and with them the hope of only a cautious increase in key interest rates. Inflationary pressures in the euro area rose to 8.1% year-on-year in May. In April it was 7.5%. Market participants therefore assumed a first interest rate hike by the European Central Bank in July and a total of four interest rate steps amounting to 25 basis points in the current year. In this market environment, the value of the DJE - Europa declined by -0.62%. Its benchmark index (100% MSCI Europe EUR Net Total Return) ended the month with a performance of -0.78%. The fund benefited mainly from its exposure to the telecommunications, energy and utilities sectors in May. The strongest individual stock contributions came from the Swedish media group Embracer Group, the French oil company Total Energies and the Norwegian oil and gas company Equinor. On the other hand, negative impulses came mainly from the financial services and cyclical and non-cyclical consumer goods sectors. At the individual stock level, the Dortmund-based provider of charging solutions for electric vehicles Compleo, the Swiss specialty chemicals company Sika and the French trade and logistics service provider Hermes International were particularly disappointing. Over the course of the month, the fund's management increased its holdings slightly, especially in the financial institutions and technology sectors, while reducing its holdings in the health care sector. At the country level, the weighting of Great Britain in particular was slightly reduced. On the other hand, the share of French and Swiss stocks was slightly increased. The equity ratio of the fund rose to 98.34% (95.99% in the previous month).