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 (10/05/2021):||234,59 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 (10/05/2021)
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||21,01 %|
|Tracking Error (2 years):||10,14 %|
|Value at Risk (99% / 20 days):||-12,57 %|
|Maximum Drawdown (1 year):||-11,18 %|
|Sharpe Ratio (2 years):||1,25|
|Correlation (2 years):||0,82|
|Beta (2 years):||0,79|
|Treynor Ratio (2 years):||32,98|
Top Country Allocation (30/04/2021)
Asset Allocation (30/04/2021)
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)
March developed very favorably for the European stock markets, achieving partly considerable gains. Good economic indicators reflected the confidence that with the progressing vaccinations in China and the USA, the Corona-related restrictions will soon be behind us giving the stock markets a tailwind. In the euro area the Purchasing Managers' Index for industry jumped 4.5 points to 62.4, its highest level since 1997 and the ECB raised its inflation expectations for the year as a whole to 1.5%. In this market environment the DJE - Mittelstand & Innovation rose only 0.10%. Its benchmark index, 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, 10% AUSTRIAN TRADED ATX Index, increased 3.57%. In March the fund benefited from its investments into the sectors industry, real estate and healthcare. The best results of individual stocks came from the Munich-based internet retailer Westwing, the Swiss real estate company Peach Property, the Austrian automotive supplier and plastics processor Polytec Group and the Sixt Group from Pullach near Munich (car rental, car sharing, driving services and leasing). On the other hand the fund's price performance was adversely affected primarily by the sectors information technology, financial services, telecommunications and non-cyclical consumer goods sectors. Disappointing on the other side was the performance of the Göppingen-based technology company TeamViewer, the Lübeck-based technology company network for the credit, real estate and insurance industries Hypoport, the Luxembourg-based online retailer Global Fashion Group and the German financial portal operator Wallstreet:Online. During the month the fund management reduced in particular the sectors technology and financial services. On the other hand it slightly increased the weighting of the industrials and real estate sectors in particular. Regionally it reduced the allocations of the Netherlands and Switzerland in particular but increased German positions. Because of these adjustments the equity ratio fell from 99.09% previous month to 96.06%.
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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.