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|
|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.|
|Fund Size (21/10/2021):||241,82 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:||5,000 %|
|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 (21/10/2021)
Refinitiv Lipper Fund Award 2021
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):||21,00 %|
|Tracking Error (2 years):||10,19 %|
|Value at Risk (99% / 20 days):||-12,51 %|
|Maximum Drawdown (1 year):||-11,18 %|
|Sharpe Ratio (2 years):||1,32|
|Correlation (2 years):||0,82|
|Beta (2 years):||0,79|
|Treynor Ratio (2 years):||34,81|
Top Country Allocation (30/09/2021)
Asset Allocation (30/09/2021)
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)
In September the European stock market was under pressure. The headwinds on the stock markets were caused by a combination of problems that overshadowed the positive economic environment and good corporate figures: supply bottlenecks continued to affect production in the industrialized countries and rising commodity prices caused persistent inflationary pressure. This increased market participants' concerns that the US Federal Reserve (Fed) could adopt a more restrictive course sooner than expected. For Europe, on the other hand, market participants expect monetary policy to remain expansionary. The difficulties of the Chinese real estate company Evergrande also had a negative impact on the market sentiment as negative influences are feared. In this market environment the price of the DJE - Mittelstand & Innovation fell -5.32%. Its benchmark index, 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, 10% AUSTRIAN TRADED ATX Index corrected -4.03%. At sector level the fund only benefited from its investments in to the financial services sector in September. The best results of individual stocks were delivered by the mobility group Sixt (car rental, car sharing and driving service brokerage/Pullach), Erste Group Bank (Vienna), which belongs to the Austrian savings bank group, the IT company SUSE (open source solutions for companies/Luxembourg) and the IT service provider S&T (Vienna). On the other hand, the fund's price performance was mainly affected by the sectors cyclical consumer goods, construction & materials, technology and utilities. Particularly disappointing was the performance of stocks of the two technology companies Asetek (liquid cooling solutions for computer systems/Denmark) and Exasol (database management software/Nuremberg) as well as of the internet retailer Westwing Group (Munich) and the online pharmacy Shop Apotheke (Netherlands). During the month the fund management reduced especially the retail sector. On the other hand it increased the sectors technology and real estates. Regionally the Germany allocation was increased in particular. The equity ratio was 98.42% at the end of the month (97.17% previous month).
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Prospectus & Reports
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.