Investment approach

The DJE - Concept is an investment concept which is managed independently of any benchmark with the effect of an optimized chance/risk ratio. The basis is the three-dimensional FMM-method, which was developed by Dr. Jens Ehrhardt and has been proven for over 45 years. This approach not only takes into account (F)undamental factors like micro- and macroeconomic data for corporations and economies, but also (M)onetary and technical (M)arket aspects, which are often neglected by other fund managers. Fundamental factors play a more important role in the long-term strategic orientation of the portfolio than, for example, technical market factors, which are of particular significance to the fund’s short-term, tactical positioning. In normal market phases, the DJE Concept focuses on current trends. In extreme situations (such as an euphoric mood on the market), the main factors influencing trends can be countered with an anticyclical investment strategy.

Monthly Commentary

In May, as in the months before, share prices initially continued to decline, but turned around in the course of the month and were able to recover some of the losses. The change of direction on the stock markets was accompanied by a changing assessment of risks on the part of market participants. Initially, the focus was on inflation risks, but in the course of the month increasing growth concerns gained more attention. As growth risks came more into focus, market participants' hopes for a less aggressive increase in US key interest rates in the coming months increased. The bond markets in the USA and Europe reacted differently to interest rate expectations. US government bonds outperformed in May as more cautious rate hikes were now expected. Their European counterparts, on the other hand, weakened against the backdrop of further rising inflation and several expected rate hikes by the ECB. Gold also fell. The price of a troy ounce fell by -2.69% to 1,837.35 US dollars. In this market environment, the value of the DJE - Concept corrected by -0.71%. Its benchmark index (75% MSCI World, 25% REX 1 year Performance Index) fell by -1.47%. On the international stock markets, only just under a third of the sectors performed positively in May. By far the highest price gain was recorded by the energy sector. In addition, the credit institutions, telecommunications and chemicals sectors, among others, achieved positive results. The majority of sectors, on the other hand, suffered losses in May. The Retail, Real Estate, Personal Care & Pharmaceuticals, Automotive and Food & Beverage sectors saw the largest declines. At the individual stock level, the fund benefited in May primarily from the good results of the Finnish energy supplier Fortum, the Austrian construction company Strabag, the French petroleum company Total Energies and the Bonn-based telecommunications company Deutsche Telekom. On the other hand, negative impulses came mainly from the Basel-based pharmaceutical group Roche and the two German companies Sto (building materials, construction chemicals) and Aurubis (copper production and recycling). The fund's management increased its holdings in the utilities, oil & gas and telecommunications sectors in particular over the course of the month. On the other hand, it reduced the health care, insurance, basic materials, credit institutions and food & beverages sectors in particular. At the country level, the weighting of Germany was increased first and foremost, while that of the USA was reduced. The equity quota was reduced from 47.16% in the previous month to 41.58%. In return, the bond quota was raised to 30.25% (22.09% in the previous month). The liquidity ratio was 27.18% (30.76% in the previous month).

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