Key information
The investment focus of DJE - Mittelstand & Innovation is on high-growth, small- and mid-cap equities from Germany, Austria, and Switzerland. The diversification between structural, cyclical, and potential growth opportunities aims to deliver attractive risk-adjusted returns by investing in innovative niche players and “hidden champions”. The fund invests in a diversified portfolio of 50-80 equities identified through a disciplined fundamental analysis of the companies. DJE - Mittelstand & Innovation is an innovative investment solution for investors that are looking for a growth fund with an attractive risk-reward profile.
Responsible manager since 01/10/2022
Key information
| ISIN: | LU1227570055 |
| WKN: | A14SK0 |
| Category: | Fund Europe Small-Cap Equity |
| Minimum Equity: | 51% |
| Partial Exemption of Income ¹: | 30% |
| VG/KVG: | DJE Investment S.A. |
| Fund Management: | DJE Kapital AG |
| Risk Category: | 4 |
| 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. |
| Launch Date: | 03/08/2015 |
| Fund currency: | EUR |
| Fund Size (12/09/2024): | 72,33 Mio EUR |
| TER p.a. (29/12/2023): | 1,97 % |
| Reference Index: | - |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,650 % |
| Custodian Fee p.a.: | 0,060 % |
|
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 (12/09/2024)
| Morningstar*: |
|
|
Awards: €uro Eco Rating A Finanzen Verlag, Mountain View Q2 2023 |
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): | A |
| ESG-Qualityrating (0-10): | 6,802 |
| Environment Rating (0-10): | 5,371 |
| Social Rating (0-10): | 4,784 |
| Governance-Rating(0-10): | 6,471 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 14,420 % |
| Peergroup: |
Equity Europe Sm&Mid Cap
(215 Fonds) |
| Coverage rate ESG rating: | 77,042 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 43,701 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/08/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (12/09/2024) |
|
|---|---|
| Standard Deviation (2 years): | 14,28 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -9,08 % |
| Maximum Drawdown (1 year): | -10,60 % |
| Sharpe Ratio (2 years): | 0,02 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/08/2024
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
|---|---|
| Germany | 66,96 % |
| Switzerland | 13,86 % |
| Sweden | 4,10 % |
| Netherlands | 3,46 % |
| Austria | 3,37 % |
Asset allocation in % of the fund volume (30/08/2024) |
|
|---|---|
| Stocks | 98,52 % |
| Cash | 0,87 % |
| Bonds | 0,61 % |
Investment strategy
The fund focuses on high-growth and innovative companies (“hidden champions”) in the DACH region (Germany, Austria, and Switzerland). In terms of market capitalisation, the fund mainly invests in small- and mid-cap companies. We have an active bottom-up approach that primarily focuses on fundamental analysis of the companies. The fund invests in equities with high, sustainable, and stable earnings growth. The aim is an attractive risk-reward profile with low maximum drawdown and low volatility.
Chances
- The Mittelstand is the innovation, technology and economic engine of the D-A-CH region.
- With over 1,500 companies, the German-speaking region is the core region of the "hidden champions" (unknown market leaders).
- The D-A-CH region is characterised by a stable domestic economy, high legal security and export strength, spread across many sectors.
- Small and medium-sized companies usually have a higher growth potential than large corporations.
Risks
- In addition to market price risks (equity, interest rate and currency risks), there are country and creditworthiness risks, e.g. a recession of the European economies.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Small and medium-sized companies are traded less on the stock exchanges than large corporations. Their share prices can therefore fluctuate more than those of large companies.
Target group
Der Fonds eignet sich für Anleger
- who would like to invest in medium-sized companies
- with a medium-to-long term investment horizon
- who prefer European titles
Der Fonds eignet sich nicht für Anleger
- who will not accept any increased value
- with a short-term investment horizon
- who seek safe yields
Monthly Commentary
The European stock markets had a volatile start to August. Weak US labour market data at the beginning of the month gave rise to fears that the USA could slide into recession. In addition, a (moderate) key interest rate hike by the Bank of Japan jeopardised the usual interest rate differential business, the so-called yen carry trade. As a result, the Japanese share index Topix suffered a daily loss of -12.2%. The European stock markets also felt the impact and fell, albeit not as sharply. The situation calmed down again with better US economic data and a confirmation of interest rate cut expectations from the US Federal Reserve. In Europe, a positive signal came from the combined purchasing managers' index for services and manufacturing. This rose to 51.2 points in August (previous month: 50.2). This puts the index above the threshold value of 50 and signals a slightly expansive economy. However, the increase is solely attributable to the services component. As inflation in the eurozone fell to 2.2% in August (previous month: 2.6%), the markets are also anticipating a further interest rate cut by the European Central Bank. Against this market backdrop, the DJE - Mittelstand & Innovation fell by -2.62%. At sector level, the picture within the European investment region was positive in August. The best performing sectors in relative terms were telecommunications (overweight in the fund), healthcare (overweight in the fund) and energy (underweight in the fund). On the other hand, the consumer discretionary (underweight in the fund), financial services (underweight in the fund) and technology (overweight in the fund) sectors were particularly disappointing. Overall, the sector weighting had a positive effect on the fund's price performance relative to the benchmark index. At individual stock level, the highest performance contributions came from LEG Immobilien, CTRS Eventim and TAG Immobilien (all Germany). By contrast, Bilfinger, Nexus and Mensch und Maschine in particular had a negative impact. The fund management adjusted the allocation over the course of the month: The overweight in the chemicals sector was increased. The overweight in the travel and leisure, media and technology sectors was reduced. The underweight was reduced in the drugstores & grocery shops, food & beverages and retail sectors. The underweight was increased in the commodities and industrial goods & services sectors. The equity allocation rose from 94.69% to 98.52% as a result of the adjustments.