Key information
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
Key information
| ISIN: | LU1227570055 |
| WKN: | A14SK0 |
| Category: | Equity Funds (Small/Mid Cap) - DE, AT, CH |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 6 |
| Type of Share: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 03/08/2015 |
| Fund currency: | EUR |
| Fund Size (14/01/2021): | 207,30 Mio EUR |
| TER p.a. (30/12/2019): | 2,06 % |
| Reference Index: | 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Preis Index, 10% AUSTRIAN TRADED ATX Index |
Fees
| Initial Charge: | 5,00 % |
| Management Fee p.a.: | 1,65 % |
| Custodian Fee p.a.: | 0,09 % |
| Advisory Fee p.a.: | 0,35 % |
| Performance Fee p.a.: | up to 10% of the increase in Fund assets in excess of 6% (Hurdle Rate) , High Water Mark over preceding 5 years. |
Ratings & Awards (14/01/2021)
| Morningstar*: |
|
Top Country Allocation (30/12/2020) |
|
|---|---|
| Germany | 66,75 % |
| Switzerland | 7,69 % |
| Austria | 6,57 % |
| Netherlands | 4,75 % |
| Sweden | 4,59 % |
| Luxembourg | 4,08 % |
Asset Allocation (14/01/2021) |
|
|---|---|
| Stocks | 96,38 % |
| Cash | 3,63 % |
Investment approach
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 sustainable 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.
Chances
- Germany, Austria and Switzerland are equipped with: robust domestic markets, strong exports (diversification), excellent legal security.
- 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.
Risks
- 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.
- 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)
Monthly Commentary
In December the relief rally of previous month continued - albeit more moderately. Corona continued to dominate the last month of the year in negative and positive terms. In Europe many governments imposed tighter lockdown measures, on the other hand, several Covid 19 vaccines were approved and vaccination started in the UK. Stock markets received additional tailwinds from central banks which increased and extended their bond-buying programs (ECB) or plan to continue until employment and inflation will improve (Fed). In Europe and China leading indicators and economic data pointed to a revival of the economy while in the USA indicators declined slightly. In this market environment the DJE - Mittelstand & Innovation gained 6.24%. Its benchmark, 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Preis Index, 10% AUSTRIAN TRADED ATX Index, rose by 5.44%. In December the fund benefited in particular from titles of the cyclical consumer and financial services sector. In addition the sectors industry, healthcare and telecommunication delivered strong contributions to the fund's performance. The best stock results came from the Hessian high-tech and mechanical engineering company PVA TePla, the Berlin-based food retailer HelloFresh, the Lübeck-based technology company network for the credit, real estate and insurance industries Hypoport and the automotive supplier Hella from Lippstadt. On the other hand, the fund’s price performance was burdened by the sectors non-cyclical consumer goods and information technology. The shares of the Luxembourg-based IT service provider Solutions 30, the semiconductor manufacturer AMS AG headquartered in Styria and the Potsdam-based real estate company Deutsche Industrie Reit performed particularly disappointing. During the month the fund management reduced especially in the sectors technology and healthcare sectors. On the other hand it increased the weighting of the retail and automotive sectors in particular. Regionally it slightly reduced the Germany allocation. As a result of these adjustments the equity weighting fell slightly from 97.01% i previous month to 96.72%.
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Prospectus & Reports
Further Documents
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.