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: | 5 |
| 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 (30/03/2023): | 1.238,11 Mio |
| TER p.a. (30/12/2022): | 1,95 % |
| Reference Index: | 100% MSCI World EUR |
Fees
| Management Fee p.a.: | 1,420 % |
| Custodian Fee p.a.: | 0,100 % |
Ratings & Awards (30/03/2023)
|
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): | 8,077 |
| Environment Rating (0-10): | 6,259 |
| Social Rating (0-10): | 5,606 |
| Governance-Rating(0-10): | 5,730 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 63,440 % |
| Peergroup: |
Equity Global
(5257 Fonds) |
| Coverage rate ESG rating: | 91,325 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 231,180 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/02/2023
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 10,77 % |
| Tracking Error (2 years): | 11,20 % |
| Value at Risk (99% / 20 days): | -6,96 % |
| Maximum Drawdown (1 year): | -13,87 % |
| Sharpe Ratio (2 years): | -0,05 |
| Correlation (2 years): | 0,40 |
| Beta (2 years): | 0,48 |
| Treynor Ratio (2 years): | -1,12 |
Top Country Allocation (28/02/2023) |
|
|---|---|
| Germany | 19,47 % |
| United States | 14,23 % |
| France | 9,08 % |
| Denmark | 5,24 % |
| Switzerland | 5,19 % |
Asset Allocation (28/02/2023) |
|
|---|---|
| Stocks | 87,54 % |
| Cash | 12,46 % |
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
After the strong start to the year, the global markets largely moved sideways in February. Above all, rising core inflation (excluding the components energy and food) with slightly falling overall inflation at the same time worried the stock markets because interest rate expectations also rose again as a result. In this market environment, the DJE - Dividende & Substanz fell by -0.52%. Its benchmark index MSCI World (EUR) lost -0.18%. On the global equity market, just under half of the sectors performed positively. The best performing sectors were automobiles, construction & materials and technology. On the other hand, the Basic Materials (which declined due to China's cautious growth target), Real Estate and Consumer Goods & Services sectors were the main losers. In February, the fund benefited from its exposure to the financial institutions sector. The sector is benefiting from the current environment of rising interest rates. The healthcare and oil & gas sectors also contributed positively to the fund's performance. On the other hand, the basic materials sector, among others, weighed on the fund. The sector suffered from the lower-than-expected growth target for China this year. In addition, the real estate - due to rising interest rates - and retail sectors detracted from performance. The strongest individual stocks included the Finnish financial group Nordea, the Danish pharmaceutical group Novo Nordisk and the Spanish bank Banco Bilbao Vizcaya Argentaria. On the other hand, the German e-commerce company My Theresa (fashion) as well as the British commodities group Anglo American and the South African gold mining company Gold Fields, among others, weighed on the fund's performance. Over the month, the fund's management increased its weighting in the industrials and financials sector. On the other hand, it reduced its exposure to the technology, insurance, healthcare and basic materials sectors, among others. At the country level, the share of US and German stocks in particular declined. As a result of the adjustments, the investment ratio fell from 99.44% to 87.54%. Correspondingly, liquidity increased from 0.56% to 12.46%. The currency hedge against the US dollar was dissolved.