Key information
The investment focus of the DJE - Dividende & Substanz is on equities with a high dividend payout ratio and solid balance sheets. When selecting shares, the fund management additionally pays attention to an investor-friendly corporate policy with capital returns and share buybacks (total shareholder return). The fund invests globally and free of benchmark constraints. It pursues an active value approach that focuses on companies' value-retention characteristics and fundamentals. In addition, investments can also be made in fixed and variable-interest securities. When selecting individual stocks, the companies are analysed according to quantitative and qualitative criteria. The focus is not only on earnings figures, but also on a comprehensive range of balance sheet ratios, which are of decisive importance for the selection of substantial companies.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
| ISIN: | LU0159550150 |
| WKN: | 164325 |
| Category: | Global Equity Funds |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 5 |
| Type of Share: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (19/01/2021): | 1.244,54 Mio EUR |
| TER p.a. (30/12/2019): | 1,87 % |
| Reference Index: | 100% MSCI World EUR |
Fees
| Initial Charge: | 5,00 % |
| Management Fee p.a.: | 1,67 % |
| Custodian Fee p.a.: | 0,10 % |
| Advisory Fee p.a.: | 0,35 % |
| Performance Fee p.a.: | up to 10% of the increase in Fund assets in excess of 6% (Hurdle Rate) , High Water Mark over preceding 5 years. |
Ratings & Awards (19/01/2021)
| Morningstar*: |
|
Top Country Allocation (30/12/2020) |
|
|---|---|
| United States | 28,46 % |
| Germany | 16,93 % |
| France | 10,72 % |
| Switzerland | 9,72 % |
| Hong Kong | 9,17 % |
| Denmark | 8,34 % |
| Cayman Islands | 7,56 % |
Asset Allocation (19/01/2021) |
|
|---|---|
| Stocks | 98,85 % |
| Cash | 1,15 % |
Investment approach
The particular importance of dividend payments is often underestimated. In the long run, dividends offer the highest contribution to the overall performance of an equity investment as reinvested dividends achieve a considerable compound interest-effect. Therefore the DJE- Dividende & Substanz prefers equities with high yields. Anyway, the possibility of obtaining the highest possible yield is not decisively, but the achievement of sustainable and in the best case increasing yields (see graphic). This is supported by a low distribution quota. Empirical analyses proofed especially in a difficult market environment that high-yield titles offer much more stability than titles with a low dividend, as the dividend is able to soften temporarily losses. The calculation is easy and clear: good substance, excellent balance structure as well as a high dividend return in combination with the highest possible secured profit situation increases the chances to achieve a sustainable investment success.
Chances
- 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
- Participation in the growth opportunities of the global stock markets unconstrained of benchmark index parameters
- Attractive level of global dividend-paying securities
Risks
- Currency risks resulting from a high proportion of foreign investments
- Issuer country and credit risks
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Proven investment approach to date is no guarantee of future investment success
Monthly Commentary
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 will 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. In this market environment the DJE - Dividende & Substanz gained 2.39%. Its benchmark index,100% MSCI World EUR, rose by 1.12% in Euro terms. In December two thirds of all sectors of the global equity market performed 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 also performed well. On the other hand, the sectors retail, construction & materials, real estate, utilities and telecom suffered slight losses in December. During the month under review, the fund benefited mainly from the sectors technology and utilities. In addition strong value contributions also came from the sectors industry, construction & materials and real estate. Encouraging individual stock results came from the laminate manufacturer Kingboard Laminates (Hong Kong), the battery manufacturer Samsung SDI (South Korea), the mining group Rio Tinto (UK/Australia), the wind turbine manufacturer Vestas Wind Systems and energy supplier Orsted (both from Denmark) and semiconductor manufacturer Taiwan Semiconductor Manufacturing (Taiwan). On the other hand, the sectors healthcare and telecommunications as well as the luxury and consumer staples sectors slowed down the fund’s performance. The weakest stocks results were delivered by the biotechnology company BioNTech (Mainz, Germany), the reinsurance company Hannover Re (Hannover, Germany), the IT company group Alibaba (China) and the conglomerate CK Hutchison Holdings (Hong Kong). Regionally the best value contributions came mainly from South Korea and Taiwan but also from Denmark and Austria. During the month the fund management reduced the sectors healthcare, utilities, insurance and food & beverages. On the other hand increased were the sectors chemicals, basic materials and industrials. Regionally the fund management reduced the allocations of China, Germany, Switzerland and the USA. On the other hand stocks from the UK, Denmark and South Korea in particular were increased. As a result of these adjustments the fund's equity exposure decreased from 99.71% previous month to 98.48%. The cash ratio increased from 0.29% to 1.51%. As of month-end, U.S. and Hong Kong dollar-denominated securities were currency hedged.
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Prospectus & Reports
Further Documents
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.