The assets of the fund are invested in accordance with the principle of risk diversification in equities and equity-related securities, as for example in participation certificates and warrants on securities, as well as in bonds, convertible and warrant bonds and other fixed-income securities (including zero bonds) and other permitted assets.
Responsible manager since inception
|Category:||Multi Asset Funds|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||accumulation|
|Financial Year:||01.01. - 31.12.|
|Fund Size (19/01/2021):||114,53 Mio EUR|
|TER p.a. (30/12/2019):||1,25 %|
|Reference Index:||75% MSCI World, 25% REX 1 year Performance Index|
|Management Fee p.a.:||0,95 %|
|Custodian Fee p.a.:||0,06 %|
|Advisory Fee p.a.:||0,35 %|
Ratings & Awards (19/01/2021)
Performance in Percent vs. Reference Index
Top Country Allocation (30/12/2020)
|United States||13,78 %|
|United Kingdom||7,55 %|
|Korea, Republic Of||7,02 %|
|Cayman Islands||6,81 %|
|Hong Kong||5,82 %|
Asset Allocation (19/01/2021)
The DJE - Concept is an investment concept which is managed independently of any benchmark with the effect of an optimized chance/risk ratio. The basis is the three-dimensional FMM-method, which was developed by Dr. Jens Ehrhardt and has been proven for over 45 years. This approach not only takes into account (F)undamental factors like micro- and macroeconomic data for corporations and economies, but also (M)onetary and technical (M)arket aspects, which are often neglected by other fund managers. Fundamental factors play a more important role in the long-term strategic orientation of the portfolio than, for example, technical market factors, which are of particular significance to the fund’s short-term, tactical positioning. In normal market phases, the DJE Concept focuses on current trends. In extreme situations (such as an euphoric mood on the market), the main factors influencing trends can be countered with an anticyclical investment strategy.
- Efficient mixture of equities and bonds with strategic risk diversification
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical (FMM) analysis, which has a proven track record of over 45 years
- Equities may be subject to significant price falls
- Currency risks resulting from the portfolio’s foreign investments
- Issuer country, credit and liquidity risks
- Price risks of bonds when interest rates rise
In December the relief rally of previous month continued - albeit more moderately. Corona continued to dominate the last month of the year in negative and positive terms. In Europe many governments imposed tighter lockdown measures, on the other hand, several Covid 19 vaccines were approved and vaccination started in the UK. Stock markets received additional tailwinds from central banks, which increased and extended their bond-buying programs (ECB) or plan to continue until employment and inflation improve (Fed). In Europe and China, leading indicators and economic data pointed to a revival of the economy, while in the USA indicators declined slightly. A good sign of a reviving economy came from the oil price: Brent crude cost more than $50 per barrel for the first time since March 2020. As a result bond markets showed a mixed performance. In Germany yields on 10-year Bunds was virtually unchanged at -0.57%, while yields on their US counterparts rose from 0.84% to 0.91%. Corporate bonds showed a friendly trend worldwide at the end of the year. The price of gold rose from US$1,774 to US$1,898 per ounce. In this market environment the price of the DJE - Concept rose 3.29%. Its benchmark, 75% MSCI World, 25% REX 1 year Performance Index, advanced by 0.91%.In December two thirds of the sectors of the global stock market developed positively. The highest price gains in December were recorded by the sectors basic materials, automotive and media. In addition the sectors financial services, technology, banking, household goods and oil & gas, among others, also performed well. In December the fund benefited in particular from its investments into the sectors industry and information technology sectors. Individual stocks such as the batteries and accumulators division (Samsung SDI) and the electronics division (Samsung Electronics) of the South Korean Samsung Group as well as the Chinese solar glass manufacturer Xinyi Solar performed particularly well. Negative for the fund’s performance was the performance of titles of the sectors telecommunications and consumer cyclical. At the individual stock level the IT group Alibaba and the internet company Tencent (both from China) as well as the Mainz-based biotechnology company BioNTech performance particularly disappointing. During the month the fund management mainly increased positions in the sectors basic materials, industrials and chemicals. On the other hand, it reduced its investments mainly in the sectors healthcare, insurance and oil & gas. Regionally the weighting of the USA in particular was increased and that of Germany reduced. Therefore the equity allocation increased from 79.82% i previous month to 86.89%. The certificate on physical gold increased slightly from 1.16% to 1.66%. The cash ratio decreased from 15.07% to 11.44%. As of month-end, U.S. and Hong Kong dollar-denominated securities were currency hedged.
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.