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 |
| 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 (19/05/2022): | 135,93 Mio EUR |
| TER p.a. (30/12/2021): | 2,00 % |
| Reference Index: | 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Preis Index, 10% AUSTRIAN TRADED ATX Index |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,650 % |
| Custodian Fee p.a.: | 0,090 % |
|
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 (19/05/2022)
| Morningstar*: |
|
|
Awards: Refinitiv Lipper Fund Award 2021 1st place in Germany, Austria and Switzerland in the category "Equity Europe Small & Mid Cap" over 5 years €uro-ECO-Rating 2021 Grade A |
ESG Data
| MSCI ESG RATING (AAA-CCC): | A |
| ESG-Qualityrating (0-10): | 7,085 |
| Environment Rating (0-10): | 5,291 |
| Social Rating (0-10): | 5,111 |
| Governance-Rating(0-10): | 5,583 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 20,000 % |
| Peergroup: |
Equity Europe Sm&Mid Cap
(215 Fonds) |
| Coverage rate ESG rating: | 76,974 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 105,354 |
Report date: 29/04/2022
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics |
|
|---|---|
| Standard Deviation (2 years): | 15,51 % |
| Tracking Error (2 years): | 10,58 % |
| Value at Risk (99% / 20 days): | -9,74 % |
| Maximum Drawdown (1 year): | -29,23 % |
| Sharpe Ratio (2 years): | 0,48 |
| Correlation (2 years): | 0,64 |
| Beta (2 years): | 0,71 |
| Treynor Ratio (2 years): | 10,38 |
Top Country Allocation (29/04/2022) |
|
|---|---|
| Germany | 67,28 % |
| Switzerland | 17,02 % |
| Austria | 6,01 % |
| Netherlands | 3,12 % |
| Luxembourg | 2,77 % |
Asset Allocation (29/04/2022) |
|
|---|---|
| Stocks | 99,33 % |
| Cash | 0,67 % |
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 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.
Chances
- With over 1,500 companies, the German-speaking region is the core region of the "hidden champions" (unknown companies with a leading market position).
- The Mittelstand is the innovation, technology and economic engine of the D-A-CH region.
- Small and medium-sized companies usually have a higher growth potential than large corporations.
- The D-A-CH region is characterised by a stable domestic economy, high legal security and export strength, spread across many sectors.
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.
Monthly Commentary
In April a whole range of risk factors weighed on the stock markets. The war in Ukraine and fears of further escalation weighed on sentiment and increased investor pessimism. Energy prices remained high and global supply chains remained strained, exacerbated by the lockdown in Shanghai and congestion at the busiest container port. Therefore price pressures on energy, many commodities and food remained high. Inflation in the euro area rose to 7.5% compared to the same month last year. The European Central Bank left its key interest rates at 0.0%, but ECB President Christine Lagarde said they were "very much on the way to normalizing" monetary policy. Forecasts are for a first hike of 25 basis points in July and three more rate hikes at this level could follow by the end of the year. In this market environment the DJE - Mittelstand & Innovation declined by -5.29%. Its benchmark index, 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, 10% AUSTRIAN TRADED ATX Index, corrected by -3.38%. The fund benefited in April from the good results of the sectors oil & gas, telecommunications and household goods. At the individual stock level, encouraging performance contributions came from the German companies Scout24 (online marketplace), K+S (mining; fertilisers and salts) and Encavis (utilities; renewable energies; solar parks and onshore wind farms). On the other hand, the fund price performance was mainly affected by the sectors healthcare, financial services and industry. Particularly disappointing among the individual stocks was the performance of the two German companies Hypoport (parent company of technology companies for the credit, real estate and insurance industries) and Medios AG (pharmaceuticals) as was the Swiss Peach Property Group (real estate). During the month the fund's management increased the sectors automotive and utilities in particular. On the other hand it reduced the sectors healthcare, financial services and technology. Regionally the allocations of Austria, the Netherlands and Germany were increased in particular. On the other hand, Swiss stocks were reduced. The equity ratio rose to 99.33% at the end of the month (96.71% previous month).