Key information
DJE - Dividende & Substanz focuses on companies with stable and attractive dividends as well as strong balance sheets. The fund management also takes into account additional shareholder-friendly corporate policies such as stock buybacks (total shareholder return). The fund invests globally and independent from any market benchmarks. Security selection is driven by a combination of quantitative and qualitative analysis and assessment of companies. We consider a broad range of indicators and financials statement figures and ratios in our investment decisions. The overall portfolio aims for an above-average dividend yields relative to the broader market; however, the fund may also invest in equities that do not currently pay a dividend.
Responsible manager since inception
Responsible manager since 01/07/2019 as co-manager
Key information
ISIN: | LU0159551042 |
WKN: | 164326 |
Category: | Fund Global Equity Income |
Minimum Equity: | 51% |
Partial Exemption of Income ¹: | 30% |
VG/KVG: | DJE Investment S.A. |
Fund Management: | DJE Kapital AG |
Risk Category: | 4 |
This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
Type of Share: | accumulation |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (15/05/2024): | 1.139,97 Mio EUR |
TER p.a. (29/12/2023): | 1,66 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 1,420 % |
Custodian Fee p.a.: | 0,060 % |
Ratings & Awards (15/05/2024)
Morningstar*: |
|
All ESG information presented here relates to the fund portfolio shown and is sourced from MSCI ESG Research, a leading provider of environmental, social and governance analysis and ratings.
MSCI ESG RATING (AAA-CCC): | AA |
ESG-Qualityrating (0-10): | 7,312 |
Environment Rating (0-10): | 6,101 |
Social Rating (0-10): | 5,397 |
Governance-Rating(0-10): | 5,723 |
ESG rating in comparison group (0% lowest, 100% highest value): | 72,070 % |
Peergroup: |
Equity Global
(5550 Fonds) |
Coverage rate ESG rating: | 95,998 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 167,873 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/04/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (15/05/2024) |
|
---|---|
Standard Deviation (2 years): | 10,42 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -6,54 % |
Maximum Drawdown (1 year): | -5,15 % |
Sharpe Ratio (2 years): | 0,22 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/04/2024
Top Country Allocation in % of Fund Volume (30/04/2024) |
|
---|---|
United States | 34,52 % |
Germany | 13,01 % |
France | 8,97 % |
Switzerland | 4,71 % |
Japan | 4,18 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Stocks | 98,38 % |
Cash | 1,62 % |
Investment strategy
High-dividend stocks are a source of recurring income, but their importance is often underestimated. In the long term, dividends often make the biggest contribution to stock portfolio performance, as reinvested dividends facilitate the compounding effect. This is why stocks with above-average dividend yields are the focus of the DJE - Dividende & Substanz fund. When selecting high dividend stocks, a stable, increasing dividend payment is more important than the absolute level of the current dividend yield. Historical data shows that high-dividend stocks can be more stable in difficult market phases relative to low-dividend stocks. Hence, dividends can act as a buffer to mitigate temporary capital losses. This is mainly because stable businesses with strong balance sheets and high dividend yields as well as protective entry barriers to their markets and products increase the chance of long-term investment success. The stock selection of the portfolio aims for an above-average dividend yield relative to the broader market; however, the fund may also invest in equities that do not currently pay a dividend.
Chances
- Dividends offer regular income potential in addition to possible share price gains and can thus mitigate possible price losses.
- Experienced fund manager with an approach based on fundamental, monetary and market analysis (FMM) that has proven itself since 1974.
- Attractive level of global dividend stocks.
- Participation in the growth opportunities of global equity markets independent of benchmark index specifications.
Risks
- Dividends are a voluntary payment by companies and therefore not guaranteed. They can rise, fall or be cancelled altogether.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Currency risks due to a high foreign share in the portfolio.
- Previously proven investment approach does not guarantee future investment success.
Target group
Der Fonds eignet sich für Anleger
- who seek to focus their equity investments on stocks that pay dividends
- with a medium to long-term investment horizon
- who wish to reduce risk compared to a direct investment
Der Fonds eignet sich nicht für Anleger
- who seek safe returns
- with a short-term investment horizon
- who are not prepared to accept increased volatility
Monthly Commentary
After a strong first quarter, the international stock markets largely went into reverse in April. The development of US inflation was a particular burden. In March, the inflation rate rose to 3.5% (February: 3.1%) compared to the same month in the previous year. The US economy grew by 1.6% in the first quarter compared to the previous quarter - weaker than expected, but significantly stronger than the eurozone, whose economy grew by 0.3% and was thus able to avoid a technical recession. As a result, expectations for interest rate cuts in the US declined even further and largely changed to the view that the US key interest rate plateau would remain at the current level of 5.25 to 5.50% for the time being. For the eurozone, however, the markets continue to expect a rate cut in June. The markets were also kept on tenterhooks by Iran's attack on Israel and the Israeli response, which caused the VIX volatility index to spike to its highest level of the year and briefly drove up the oil price. In this market environment, the DJE - Dividende & Substanz fell by -1.54%. On the global equity market, only four sectors were able to escape the negative trend and end the month with a positive result: Basic Materials, Utilities, Energy and Food & Beverages. The weakest results came from the property, media, telecommunications and consumer goods & services sectors. The strongest performance contributions for the fund came from the utilities, energy and healthcare sectors. The latter benefited on the one hand from a temporary rise in the oil price and on the other hand from well-performing obesity products. The performance of the telecommunications, financial services and technology sectors in particular had a negative impact. In general, the environment of rising interest rates had a negative impact, and companies in the technology sector presented some disappointing quarterly figures. At individual stock level, the best results came from the property company Great Eagle Holdings and the laminate manufacturer Kingboard Laminates (both from Hong Kong) as well as the German fashion company MYT Netherlands Parent. By contrast, the German reinsurance company Hannover Re, the US service provider Uber Technologies and the US internet company Meta Platforms, among others, performed disappointingly. The fund management made moderate adjustments to the allocation over the course of the month. It increased the weighting of the financial institutions, industrials, energy and retail sectors and reduced the technology and financial services sectors. As a result, the equity allocation fell slightly from 98.88% to 98.38%. Liquidity rose accordingly to 1.62%. At the end of the month, stocks denominated in Hong Kong dollars were hedged against the US dollar.