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 (01/02/2023): | 189,99 Mio EUR |
| TER p.a. (30/12/2021): | 1,96 % |
| 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 (01/02/2023)
| Morningstar*: |
|
|
Awards: AAA Recognised with the top AAA rating in Citywire's fund manager ratings |
ESG Data
| MSCI ESG RATING (AAA-CCC): | A |
| ESG-Qualityrating (0-10): | 6,718 |
| Environment Rating (0-10): | 5,542 |
| Social Rating (0-10): | 5,172 |
| Governance-Rating(0-10): | 5,036 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 27,430 % |
| Peergroup: |
Equity Asia Pacific ex Japan
(678 Fonds) |
| Coverage rate ESG rating: | 83,929 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 142,042 |
Report date: 31/01/2023
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 13,33 % |
| Tracking Error (2 years): | 9,50 % |
| Value at Risk (99% / 20 days): | -8,92 % |
| Maximum Drawdown (1 year): | -24,96 % |
| Sharpe Ratio (2 years): | -0,62 |
| Correlation (2 years): | 0,72 |
| Beta (2 years): | 0,64 |
| Treynor Ratio (2 years): | -12,87 |
Top Country Allocation (31/01/2023) |
|
|---|---|
| Cayman Islands | 24,00 % |
| Japan | 15,69 % |
| China | 13,32 % |
| Hong Kong | 12,37 % |
| Bermuda | 6,73 % |
Asset Allocation (31/01/2023) |
|
|---|---|
| Stocks | 93,80 % |
| Cash | 6,20 % |
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 December the Asian stock markets declined in some cases significantly. Positive exceptions were Hong Kong and Thailand. The abrupt end of the zero-Covid strategy of China surprised the markets. Independent estimations now suggest that there are around one million new infections and over 5,000 deaths per day. In the short term China's turnaround with regard to its Corona policy will have a negative impact on the economy, for example through declining figures for consumption, new orders and a weaker purchasing managers' index. China's manufacturing sector is facing short-term disruptions in production and demand as well as labor shortfalls triggered by the rise in Covid cases. Beyond China market participants are concerned that global supply chains could again come under stress. However, China's economy is expected to pick up significantly - probably in the second quarter - because of the opening up after an initially difficult phase providing positive impetus for the global economy. In this market environment DJE - Asien held its ground with a moderate loss of -0.37%. Its benchmark index (100% MSCI Daily TR AC Far East Ex Japan) lost -2.82%. At sector level the picture was mixed in December. Communications, real estate and non-consumer staples that are all highly weighted in the portfolio posted the strongest gains. The sectors technology, energy and construction & materials suffered the largest price losses. These sectors are lowly weighted in the portfolio. Overall the fund's sector weighting relative to the benchmark index had a positive impact on the performance. The highest performance contributors came from real estate company Great Eagle Holding (Hong Kong), the real estate and infrastructure group Guangdong Investment (Hong Kong), the technology group Alibaba (China) and the sportswear manufacturer Anta Sports (China). Burdening for the fund performance on the other hand were positions in the electronic group Samsung SDI (South Korea), the bank HDFC (India), the semiconductor producer TMSC (Taiwan) and the laminate manufacturer Kingboard Laminates (Hong Kong). During the month the fund management increased its already high weighting of the sectors consumer goods & services and retail. In addition the insurance sector was increased from an underweight to an overweight. But the industrial sector was reduced and the underweight of the technology sector was further expanded. Regionally the fund management increased the proportion of Chinese titles listed in Hong Kong. Reduced was on the other side Japanese, Taiwanese, Indian and South Korean stocks. Overall the fund's equity allocation declined from 92.17% to 87.64%. Correspondingly the cash ratio increased from 7.83% to 12.36%.