The focus of DJE - Dividende & Substanz is on shares of companies with stable high dividend payouts and strong substance. The fund management also pays attention to an investor-friendly corporate policy with capital returns and share buybacks (total shareholder return). The fund invests internationally, independently of index specifications, and pursues an active value approach that focuses on the intrinsic value and fundamentals of the companies. In addition, investments can also be made in fixed and variable interest securities. When selecting individual stocks, the companies are analysed according to quantitative and qualitative criteria. Key earnings ratios as well as a comprehensive range of balance sheet ratios are decisive for the selection of companies with strong substance. The stock selection aims at an above-average dividend yield relative to the market. However, the fund may also include stocks that do not currently pay a dividend.
Responsible manager since inception
Responsible manager since 01/07/2019
|Category:||Global Equity Funds|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|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.|
|Fund Size (01/12/2022):||1.400,97 Mio|
|TER p.a. (30/12/2021):||2,09 %|
|Reference Index:||100% MSCI World EUR|
|Management Fee p.a.:||1,420 %|
|Custodian Fee p.a.:||0,100 %|
Ratings & Awards (01/12/2022)
Scope Award 2022
Best Asset Manager Dividend Equities in Germany, Austria and Switzerland
Recognised with the top AAA rating in Citywire's fund manager ratings
|MSCI ESG RATING (AAA-CCC):||AAA|
|Environment Rating (0-10):||6,095|
|Social Rating (0-10):||5,578|
|ESG rating in comparison group (0% lowest, 100% highest value):||66,350 %|
|Coverage rate ESG rating:||92,084 %|
|Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales):||177,012|
Report date: 30/11/2022
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||11,78 %|
|Tracking Error (2 years):||11,06 %|
|Value at Risk (99% / 20 days):||-7,35 %|
|Maximum Drawdown (1 year):||-16,30 %|
|Sharpe Ratio (2 years):||0,59|
|Correlation (2 years):||0,44|
|Beta (2 years):||0,54|
|Treynor Ratio (2 years):||12,99|
Top Country Allocation (30/11/2022)
|United States||19,02 %|
Asset Allocation (30/11/2022)
High-dividend shares are a source of recurring income, but their importance is often underestimated. In the long term, dividends are often the strongest contributor to share performance, because reinvested dividends benefit from the compound interest effect. For this reason, shares with above-average dividend yields are favoured in DJE - Dividende & Substanz. However, the decisive factor is not the amount, but above all a stable, ideally rising dividend payment. A low payout ratio helps here. Analyses have shown that high-dividend stocks can be more robust in difficult market phases than low-dividend stocks, as a dividend can act as a buffer to cushion temporary price losses. After all, good substance and balance sheet quality as well as a high dividend yield with an earnings situation that is as secure as possible increase the chance of sustained investment success. The stock selection aims at an above-average dividend yield relative to the market. However, the fund may also include stocks that do not currently pay a dividend.
- Dividends offer regular income potential in addition to possible share price gains and can thus mitigate possible price losses.
- Attractive level of global dividend stocks.
- Participation in the growth opportunities of global equity markets independent of benchmark index specifications.
- Experienced fund manager with an approach based on fundamental, monetary and market analysis (FMM) that has proven itself since 1974.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Previously proven investment approach does not guarantee future investment success.
- Dividends are a voluntary payment by companies and therefore not guaranteed. They can rise, fall or be cancelled altogether.
- Currency risks due to a high foreign share in the portfolio.
Most international stock markets experienced a brilliant comeback in October after a deep red third quarter. Hopes of a less aggressive monetary policy by the central banks in the USA and Europe were an important catalyst for the soaring share prices. This was reinforced by the price of gas, which fell significantly in an above-average warm October. However inflation rates, which remained very high, dashed this hope. In the euro area inflation rose to 10.7%, the highest level since the creation of the euro and in the USA to 8.2% compared to the same month last year. In this market environmen, the price of the DJE - Dividende & Substanz rose by 2.90%. Its benchmark index MSCI World gained 6.16% on a euro basis. On the international stock markets, all sectors - with the exception of basic materials and real estate - performed positively in October. By far the highest price gains were recorded by the energy sector, followed by media, industry, credit institutions and insurance. The strongest performance contributions of the fund came from the energy (oil price increase), health care and credit institutions sectors. The sector’s basic materials and household goods also contributed positive results. At the individual stock level, the strongest value contributions came from the three energy companies Chevron (USA), TotalEnergies (France) and Equinor (Norway). No sector in the fund performed negatively in October either, although the telecom and cyclical and non-cyclical consumer sectors (low consumer confidence due to high inflation) underperformed. Particularly disappointing at the individual stock level were the results of the technology company Meta Platforms (including Facebook, Instagram, WhatsApp and Messenger/USA) w - on the one hand, its quarterly figures were disappointing and, on the other, its investment costs for Metaverse, the next generation of the Internet, had risen sharply. In addition two Hong Kong companies, CK Hutchison (conglomerate; including telecommunications, infrastructure) and Kingboard Holdings (investment holding company; primarily laminate and chemical product manufacturing and distribution), whose results were burdened by sales by foreign investors in China and Hong Kong affected the fund price. During the month the fund's management increased primarily the sectors technology, healthcare and financial institutions. In addition the sectors basic materials, oil & gas and industrial were increased. Regionally mainly the allocations of the USA, Germany and France were increased. The equity allocation was increased from 81.14% to 91.14% due to the expected technical recovery (bear market rally). Liquidity fell accordingly from 18.86% to 8.86%.