Key information
DJE - Asien invests in equities with strong substance and growth in the Asia-Pacific region. In its search for promising stocks, the fund management focuses on companies with attractive fundamental valuations. In addition, the fund management pays attention to an investor-friendly corporate policy with capital returns and share buybacks (shareholder return). The fund invests free of index specifications and uses DJE Research's many years of experience and in-depth knowledge of the Asian markets to generate positive performance.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
| ISIN: | LU0374456654 |
| WKN: | A0Q5KZ |
| Category: | Asia/Pacific (ex Japan) Equity Funds General |
| 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: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 01/08/2008 |
| Fund currency: | EUR |
| Fund Size (05/06/2023): | 138,41 Mio EUR |
| TER p.a. (30/12/2022): | 2,06 % |
| Reference Index: | 100% MSCI Daily TR AC Far East Ex Japan |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,650 % |
| 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: AAA Recognised with the top AAA rating in Citywire's fund manager ratings |
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): | 7,298 |
| Environment Rating (0-10): | 5,682 |
| Social Rating (0-10): | 5,604 |
| Governance-Rating(0-10): | 5,069 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 35,910 % |
| Peergroup: |
Equity Asia Pacific ex Japan
(685 Fonds) |
| Coverage rate ESG rating: | 80,609 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 151,665 |
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): | 12,94 % |
| Tracking Error (2 years): | 9,90 % |
| Value at Risk (99% / 20 days): | -8,83 % |
| Maximum Drawdown (1 year): | -19,09 % |
| Sharpe Ratio (2 years): | -1,00 |
| Correlation (2 years): | 0,68 |
| Beta (2 years): | 0,62 |
| Treynor Ratio (2 years): | -21,04 |
Top Country Allocation (31/05/2023) |
|
|---|---|
| Japan | 25,99 % |
| Cayman Islands | 18,92 % |
| China | 10,89 % |
| Hong Kong | 8,78 % |
| Bermuda | 7,48 % |
Asset Allocation (31/05/2023) |
|
|---|---|
| Stocks | 95,96 % |
| Cash | 4,04 % |
Investment approach
DJE - Asia focuses on equities with strong substance and growth as well as companies with stable and promising business models from the Asia-Pacific region. The RCEP free trade zone, which was established in 2020, is the largest in the world in terms of its share of global GDP and is expected to contribute to the region's dynamic growth (see chart). The investment process combines fundamental top-down (FMM) and bottom-up analysis. This is to ensure that both opportunities and risks are identified in a timely manner. In the fund, preference is given to companies with attractive earnings growth. The decisive investment criteria include sustained growth, stability of corporate earnings as well as innovative strength and a leading competitive position. The fund management actively controls the investment quotas in regions, countries, sectors or companies of the Asian economic area free of index specifications.
Chances
- Excellent demographic developments make long-term growth in investments in Asia possible
- The conditions for expansion in many Asian domestic economies, such as China, continue to exist
- Traditionally higher dividend payments mean that the fund can take advantage of the compounding effect of reinvested dividends
Risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Currency risks resulting from a high proportion of foreign investments
- Issuer country and credit risks
Monthly Commentary
In April, the Asian stock markets developed differently. While India, Japan and South Korea performed positively in local currency, the markets in Thailand, China and Taiwan declined in local currency. In China, the Caixin purchasing managers' index for the manufacturing sector also fell unexpectedly. The leading indicator fell slightly from 50.0 to 49.5 points. New orders and exports declined. The DJE - Asien fell -1.97% against this market backdrop. Its benchmark index (100% MSCI Daily TR AC Far East Ex Japan) lost -4.57%. Relatively the best performing sectors were energy (underweight in the fund) and health care and financial services (both underweight in the fund). The largest price losses were suffered by the communication services (overweight in the fund), consumer discretionary (underweight in the fund) and technology (underweight in the fund) sectors. Overall, the sector weighting in the fund had a positive effect compared to the benchmark index in April. At the individual stock level, the highest performance contributions came from the Chinese companies CK Hutchison Holdings (conglomerate) and PICC Property & Casualty Company (insurance) as well as the Indian financial conglomerate Housing Development Finance Corporation. On the other hand, the positions of the sporting goods manufacturer Anta Sports Products and the IT group Alibaba Group (both China) and the battery manufacturer Samsung SDI (South Korea), among others, had a negative impact. Over the course of the month, the fund management increased the overweight in the industrial goods & services, insurance and real estate sectors. In addition, the underweight in the oil & gas and automotive sectors was reduced. Conversely, the underweight in the consumer goods & services, technology and banking sectors was increased. At the country level, the share of Japan and Hong Kong increased. The share of Chinese and Korean stocks, on the other hand, declined. Despite the adjustments, the equity allocation remained almost unchanged at 98.17% (previous month: 98.15%). Accordingly, the fund's liquidity declined to 1.83%.