The investment focus of DJE - Mittelstand & Innovation is on high-growth and innovative companies from Germany, Austria and Switzerland. The active mix of structural, cyclical and potential growth stocks leads to a structured and balanced growth approach. With 50 - 80 individual stocks, the fund offers a concentrated investment strategy based on high-quality stock selection with a focus on the fundamental data of the companies. The DJE - Mittelstand & Innovation is an equity fund managed by a medium-sized company that invests in medium-sized companies (hidden champions) and offers an innovative capital investment in addition to an attractive risk/reward profile.
Responsible manager since 01/01/2019
|Category:||Equity Funds (Small/Mid Cap) - DE, AT, CH|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (27/07/2021):||247,96 Mio EUR|
|TER p.a. (30/12/2020):||1,99 %|
|Reference Index:||30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Preis Index, 10% AUSTRIAN TRADED ATX Index|
|Initial Charge:||5,00 %|
|Management Fee p.a.:||1,65 %|
|Custodian Fee p.a.:||0,09 %|
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 (27/07/2021)
Refinitiv Lipper Fund Award
1st place in Germany, Austria and Switzerland in the category "Equity Europe Small & Mid Cap" over 5 years
€uro Fund Award 2019
3rd place over 3 years in the category "Equities Europe Small Caps"
€uro Fund Award 2018
1st place over 1 year in the category "Equities Europe Small Caps"
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||20,85 %|
|Tracking Error (2 years):||10,31 %|
|Value at Risk (99% / 20 days):||-12,35 %|
|Maximum Drawdown (1 year):||-11,18 %|
|Sharpe Ratio (2 years):||1,39|
|Correlation (2 years):||0,82|
|Beta (2 years):||0,79|
|Treynor Ratio (2 years):||36,94|
Top Country Allocation (30/06/2021)
Asset Allocation (30/06/2021)
The investment focus of the equity fund investing in the regions Germany, Austria and Switzerland is on high-growth and innovative companies (hidden champions). In terms of market capitalisation, the fund focuses on small and mid cap companies. An active bottom-up approach is pursued, which mainly focuses on the fundamental data of the companies. The fund gives preference to equities with high earnings growth, whereby sustained growth and stability of corporate earnings are key investment criteria. A balanced risk/reward profile with low maximum drawdown and low volatility is aimed for.
- With more than 1500 enterprises the German speaking region forms the core region of the Hidden Champions.
- Germany, Austria and Switzerland are equipped with: robust domestic markets, strong exports (diversification), excellent legal security.
- Therefore, investments into to the DJE – Mittelstand & Innovation equity fund may suffer price losses. All details regarding risks are given in the sales prospectus.
- If shares are used as long-term investment they offer outstanding returns. But the prices may fluctuate because of the market situation or because of the development of the single title.
- There are also countries with risks apart from market price risks (equity, interest, currency risk) like country or credit risks (comeback of a recession in Europe)
The European stock market made good progress in June. Rising inflation in Europe and worldwide burdened the markets - in the euro zone, the inflation rate rose from 1.6% to 1.9% year-on-year, while the core rate (excluding energy and food) remained unchanged at 0.9%. But the European Central Bank left key interest rates unchanged, confirmed its bond-buying program and raised its inflation forecast for 2021 from 1.5% to 1.9%. On the other hand, markets benefited from high expected corporate earnings growth in the second quarter. In addition the majority of economic indicators in the euro zone increased; for example, business confidence improved, the purchasing managers' index for services rose significantly and its counterpart for industry remained stable at a high level. In this market environment the price of the DJE - Mittelstand & Innovation remained almost stable with a slight minus in height of -0.17%. Its benchmark index, 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, 10% AUSTRIAN TRADED ATX Index, increased by 1.20%. The fund benefited in June mainly from the sectors consumer cyclical and healthcare. The best individual stock results came from the Berlin-based food retailer HelloFresh and the Luxembourg-based online retailer Global Fashion Group. On the other hand, the fund price performance was mainly impacted by the sectors telecommunication, information technology and financial services. Particularly disappointing was the price performance of the Berlin-based financial portal Wallstreet:Online, the Linz-based software company Fabasoft, the Pullach-based mobility company Sixt (car rental, car sharing, driving services, leasing) and the Munich-based internet retail company Westwing. During the month the fund management increased the sectors healthcare, financial services and real estate. It reduced the weighting of various sectors, including household goods and retail. Regionally increased were the allocations of Germany and Switzerland in particular. Reduced was the Austrian allocation. As a result of these adjustments the equity weighting rose from 96.27% previous month to 98.59%.
Print optimized factsheet
Prospectus & Reports
Legal Information / Disclaimer:
Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de. All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change. The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance. The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information. In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses. The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA. This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.
*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.