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 (06/12/2021):||240,62 Mio EUR|
|TER p.a. (30/12/2020):||0,94 %|
|Reference Index:||30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Preis Index, 10% AUSTRIAN TRADED ATX Index|
|Management Fee p.a.:||0,650 %|
|Custodian Fee p.a.:||0,090 %|
Ratings & Awards (06/12/2021)
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||22,24 %|
|Tracking Error (2 years):||10,60 %|
|Value at Risk (99% / 20 days):||-13,39 %|
|Maximum Drawdown (1 year):||-11,90 %|
|Sharpe Ratio (2 years):||1,14|
|Correlation (2 years):||0,81|
|Beta (2 years):||0,83|
|Treynor Ratio (2 years):||30,64|
Top Country Allocation (30/11/2021)
Asset Allocation (30/11/2021)
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.
- 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.
- 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)
The European stock market performed well in October and was able to compensate the losses of previous month. Positive quarterly figures were reported by around two-thirds of the companies listed in the broad European equity index Stoxx Europe 600. Additionally the prospect of an expected robust economy with normalizing inflation in the coming year brightened the mood on the markets. This was complemented by the expectation that the US Federal Reserve would only cautiously tighten the liquidity tap, while the European Central Bank would maintain its expansionary monetary policy. These factors were more important than concerns about continued supply bottlenecks and rising commodity prices. In this market environment the price of the DJE - Mittelstand & Innovation rose 1.26%. Its benchmark index, 30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, 10% AUSTRIAN TRADED ATX Index, gained 2.93%. At the sector level the fund benefited in October from titles of the sectors utilities, real estate, industrials and healthcare. At the individual stock level the best results came from the IT service provider and software developer for the financial and insurance sector as well as the industrial sector GFT Technologies (Stuttgart), the wind and solar park developer Energiekontor (Bremen) and the real estate company Deutsche Industrie REIT (Potsdam). On the other hand, the fund price development was impaired primarily by the sectors telecommunication, luxury consumer goods and financial services. Among the individual stocks particularly disappointing was the performance of the two software companies TeamViewer (remote maintenance/Göppingen) and Exasol (database management/Nuremberg) as well as the online retailer Global Fashion Group (clothing/Luxembourg) were. During the month the fund management reduced primarily the sectors retail and real estate. On the other hand it increased the weighting of the sectors financial services and industry. Regionally the weighting of Switzerland in particular was increased. The equity ratio was 98.02% at the end of the month (98.42% 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.
The management company of the funds is DJE Investment S.A., Distributor is the DJE Kapital AG. A summary of investors' rights can be obtained free of charge in English in electronic form on DJE‘s website at www.dje.de/summary-of-investor-rights. The funds described in this marketing document may have been notified for distribution in different EU Member States. Investors' attention is drawn to the fact that the relevant management company may decide to withdraw the arrangements it has made for the distribution of the units of its funds in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.