The focus of DJE - Dividende & Substanz is on shares of companies with stable high dividend payouts and strong value. 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. Investments can also be made in fixed interest and floating-rate securities. When selecting stocks, we analyze companies with regard to quantitative and qualitative criteria. Key earnings figures and a comprehensive range of balance sheet ratios are decisive for the selection of companies with strong value. The stock selection aims for 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 as co-manager
|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:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (07/12/2023):||1.130,66 Mio EUR|
|TER p.a. (30/12/2022):||1,96 %|
|Initial Charge:||5,000 %|
|Management Fee p.a.:||1,670 %|
|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 (07/12/2023)
Scope Award 2022
Best Asset Manager Dividend Equities in Germany, Austria and Switzerland
Recognised with the AA 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|
|Environment Rating (0-10):||6,248|
|Social Rating (0-10):||5,464|
|ESG rating in comparison group (0% lowest, 100% highest value):||69,860 %|
|Coverage rate ESG rating:||97,329 %|
|Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales):||169,979|
Portfolio allocation according to ESG rating of individual securities
Report date: 30/11/2023
Performance in Percent
Risk metrics (07/12/2023)
|Standard Deviation (2 years):||10,69 %|
|Tracking Error (1 years):||-|
|Value at Risk (99% / 20 days):||-7,07 %|
|Maximum Drawdown (1 year):||-5,62 %|
|Sharpe Ratio (2 years):||-0,56|
|Correlation (1 years):||-|
|Beta (1 years):||-|
|Treynor Ratio (1 years):||-|
Top Country Allocation (30/11/2023)
|United States||31,29 %|
|Cayman Islands||4,26 %|
Asset Allocation (30/11/2023)
High-dividend stocks are a source of recurring income, but their importance is often underestimated. In the long term, dividends often make the biggest contribution to share performance, as reinvested dividends benefit from the compound interest effect. This is why stocks with above-average dividend yields are preferred in DJE - Dividende & Substanz. However, the decisive factor here is not the amount, but above all a stable, ideally increasing dividend payment. A low payout ratio also helps. Analyses have shown that high-dividend stocks can be more robust in difficult market phases than low-dividend stocks, as dividends can act as a buffer to mitigate temporary price losses. This is because good value and balance sheet quality as well as a high dividend yields, together with an earnings situation hedged as far as possible, increase the chance of sustained investment success. The stock selection aims for an above-average dividend yield relative to the market. However, the fund may also include stocks that do not currently pay a dividend.
- Attractive level of global dividend stocks.
- Experienced fund manager with an approach based on fundamental, monetary and market analysis (FMM) that has proven itself since 1974.
- Participation in the growth opportunities of global equity markets independent of benchmark index specifications.
- Dividends offer regular income potential in addition to possible share price gains and can thus mitigate possible price losses.
- Dividends are a voluntary payment by companies and therefore not guaranteed. They can rise, fall or be cancelled altogether.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Previously proven investment approach does not guarantee future investment success.
- Currency risks due to a high foreign share in the portfolio.
The international stock markets fell for the most part in October. The month was dominated by the attack on Israel by the Palestinian terrorist organisation Hamas. From a market perspective, the main concern was whether this could lead to a major escalation and there was a clear reaction in several assets. Gold was in demand as a safe haven. Another negative factor for equities was the mixed reporting season so far. Bonds have also become a notable competitor for equities due to the further rise in yields. The US Federal Reserve left key interest rates at the range of 5.25 to 5.50%, despite the robust labour market and US economic growth of 4.9% compared to the second quarter. The US inflation rate was 3.7% in September, as in the previous month. This means that there is no need to raise interest rates for the time being, unless the US economy continues to grow at this rate. Against this backdrop, the DJE - Dividende & Substanz fell by -2.11%. Only four sectors on the global equity market performed well: Media, Utilities, Insurance and Personal Care, Drug and Food Stores. The weakest sectors included automobiles, energy, banks, financial services and construction and materials. The fund benefited in particular from its exposure to the technology, utilities and telecommunications sectors. By contrast, the basic materials (weak demand from China), oil and gas (falling oil price) and financial services sectors weighed on the fund's performance. At individual stock level, the strongest results came from the Hong Kong laminate manufacturer Kingboard Laminates, the Danish pharmaceutical giant Novo Nordisk and the US software group Microsoft. In contrast, the US energy company Chevron, the German medical technology manufacturer Fresenius and the US speciality chemicals company Albemarle, among others, performed disappointingly. Over the course of the month, the fund management positioned the portfolio more defensively and significantly reduced the equity allocation. It increased its exposure to the insurance, chemicals and financial institutions sectors in particular. On the other hand, it reduced the healthcare, technology, energy, industrials and financial services sectors, among others. At country level, the proportion of US stocks in particular fell. The proportion of German and French equities was also reduced. In contrast, the proportion of stocks from Asia was increased. As a result of the adjustments, the fund's investment ratio fell from 80.23% to 72.31%. The fund's liquidity rose from 19.77% to 27.69%. At the end of the month, stocks denominated in Hong Kong dollars were currency-hedged against the US dollar.
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Prospectus & Reports
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