Dr. Jan Ehrhardt (left) and Stefan Breintner manage the DJE - Dividende & Substanz fund.
What matters when markets fluctuate? Quality that pays off. The DJE – Dividende & Substanz stands for a clear and unemotional, but above all consistently implemented investment approach: investing globally in companies that impress with reliable dividends and solid fundamentals. It is not short-term opportunities that matter, but active, long-term management that combines stability, profitability, and growth. This creates a portfolio that deliberately focuses on quality—and aims to generate lasting value from it.
Dividends and Intrinsic Value as a Dual Engine
The fund’s name serves as both its strategy and guiding principle. In the fund management’s view, “dividend” means far more than just a high payout. What matters is their quality: companies must be able to generate their dividends from free cash flow and, ideally, increase them over the years. This continuity is seen as a sign of a robust business model and disciplined corporate management.
With a current dividend yield of around 3.0% and a free cash flow yield of 5.2%, the fund deliberately positions itself above the global stock market, whose benchmarks stand at approximately 2.0% and 4.5%, respectively. The dividend is viewed not only as current income but also as a sign of financial strength—a factor that can help mitigate portfolio volatility, particularly during more volatile market phases.