
Key information
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
Key information
ISIN: | LU0383655254 |
WKN: | A0Q8D2 |
Category: | Global Equity Funds |
VG/KVG: | DJE Investment S.A. |
Fund Manager: | DJE Kapital AG |
Risk Category: | 4 |
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: | 05/07/2010 |
Fund currency: | CHF |
Fund Size (21/09/2023): | 1.178,99 Mio |
TER p.a. (30/12/2022): | 1,95 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 1,420 % |
Custodian Fee p.a.: | 0,100 % |
Ratings & Awards (21/09/2023)
Awards: Scope Award 2022 Best Asset Manager Dividend Equities in Germany, Austria and Switzerland 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): | 7,287 |
Environment Rating (0-10): | 6,132 |
Social Rating (0-10): | 5,385 |
Governance-Rating(0-10): | 5,771 |
ESG rating in comparison group (0% lowest, 100% highest value): | 75,260 % |
Peergroup: |
Equity Global
(5445 Fonds) |
Coverage rate ESG rating: | 95,351 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 175,389 |
Portfolio allocation according to ESG rating of individual securities
Report date: 31/08/2023
Perfomance Chart
Performance in Percent
Risk metrics (21/09/2023) |
|
---|---|
Standard Deviation (2 years): | 10,99 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -7,23 % |
Maximum Drawdown (1 year): | -5,78 % |
Sharpe Ratio (2 years): | -0,43 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (31/08/2023) |
|
---|---|
United States | 29,48 % |
Germany | 14,32 % |
France | 7,25 % |
Switzerland | 3,86 % |
Denmark | 3,84 % |
Asset Allocation (31/08/2023) |
|
---|---|
Stocks | 84,62 % |
Cash | 15,38 % |
Investment approach
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.

Chances
- 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.
Risks
- 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.
Monthly Commentary
The stock markets suffered from a slight summer lull in August. The economic data and indicators for Germany and China were disappointing, so that investor sentiment in both regions deteriorated further and European and Asian indices mostly fell. In contrast, the US stock market was relatively stable, as most market participants expected a so-called “soft landing” – a slowdown in the economy without a recession. The US economic data only points to a slowdown in economic growth. With inflation at 3.2% approaching the US Federal Reserve's (Fed) 2% target, the majority of market participants no longer expect another interest rate hike in September. However, the heads of the Fed and ECB left the question of further interest rate steps open at the annual central bank meeting in Jackson Hole. The DJE – Dividende & Substanz fell by -1.35% in this market environment. Around three quarters of all sectors on the global stock market performed negatively. Only the energy, telecommunications, healthcare, retail and insurance sectors recorded positive results. On the other hand, the banking, consumer goods & services, basic materials, utilities and automobile sectors in particular delivered negative results. In August, the fund particularly benefited from the healthcare, insurance and financial services sectors. In contrast, the utilities, banks and real estate sectors negatively impacted the fund's performance. The strongest individual stock results came from the Danish pharmaceutical group Novo Nordisk and the US pharmaceutical company Eli Lilly as well as the US payment service provider VISA. However, performance was negatively affected by, among others, the German vehicle manufacturer Dr. Ing. Porsche AG, the conglomerate CK Hutchinson Holdings, which is listed on the Hong Kong Stock Exchange, and the Hong Kong laminates manufacturer Kingboard Holdings. The fund management increased the weightings in the healthcare sector, among others, over the course of the month. In return, it reduced the technology and industrial sectors. As a result of the adjustments, the fund's equity quota fell from 90.14% to 84.62%. As a result, liquidity increased from 9.86% to 15.38%.