Key information
The investment focus of DJE - Mittelstand & Innovation is on high-growth, small- and mid-cap equities from Germany, Austria, and Switzerland. The diversification between structural, cyclical, and potential growth opportunities aims to deliver attractive risk-adjusted returns by investing in innovative niche players and “hidden champions”. The fund invests in a diversified portfolio of 50-80 equities identified through a disciplined fundamental analysis of the companies. DJE - Mittelstand & Innovation is an innovative investment solution for investors that are looking for a growth fund with an attractive risk-reward profile.
Responsible manager since 01/10/2022
Key information
ISIN: | LU1227571020 |
WKN: | A14SK2 |
Category: | Fund Europe Small-Cap Equity |
VG/KVG: | DJE Investment S.A. |
Fund Manager: | 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: | |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 03/08/2015 |
Fund currency: | |
Fund Size (27/03/2024): | 90,64 Mio |
TER p.a. (29/12/2023): | 0,98 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,650 % |
Custodian Fee p.a.: | 0,060 % |
Ratings & Awards (27/03/2024)
Morningstar*: |
|
Awards: €uro Eco Rating A Finanzen Verlag, Mountain View Q2 2023 |
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): | A |
ESG-Qualityrating (0-10): | 6,576 |
Environment Rating (0-10): | 5,245 |
Social Rating (0-10): | 5,109 |
Governance-Rating(0-10): | 6,252 |
ESG rating in comparison group (0% lowest, 100% highest value): | 14,750 % |
Peergroup: |
Equity Europe Sm&Mid Cap
(217 Fonds) |
Coverage rate ESG rating: | 89,603 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 48,064 |
Portfolio allocation according to ESG rating of individual securities
Report date: 29/02/2024
- 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
Risk metrics (27/03/2024) |
|
---|---|
Standard Deviation (2 years): | 17,26 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -11,33 % |
Maximum Drawdown (1 year): | -13,11 % |
Sharpe Ratio (2 years): | -0,43 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (29/02/2024) |
|
---|---|
Germany | 67,64 % |
Switzerland | 14,57 % |
Austria | 6,14 % |
Netherlands | 4,51 % |
France | 2,60 % |
Asset Allocation (29/02/2024) |
|
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Stocks | 98,60 % |
Cash | 1,41 % |
Investment strategy
The fund focuses on high-growth and innovative companies (“hidden champions”) in the regions Germany, Austria, and Switzerland. In terms of market capitalisation, the fund mainly invests in small- and mid-cap companies. We have an active bottom-up approach that primarily focuses on fundamental analysis of the companies. The fund invests in equities with high, sustainable, and stable earnings growth. The aim is an attractive risk-reward profile with low maximum drawdown and low volatility.
Chances
- Small and medium-sized companies usually have a higher growth potential than large corporations.
- The Mittelstand is the innovation, technology and economic engine of the D-A-CH region.
- With over 1,500 companies, the German-speaking region is the core region of the "hidden champions" (unknown companies with a leading market position).
- The D-A-CH region is characterised by a stable domestic economy, high legal security and export strength, spread across many sectors.
Risks
- Small and medium-sized companies are traded less on the stock exchanges than large corporations. Their share prices can therefore fluctuate more than those of large companies.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- In addition to market price risks (equity, interest rate and currency risks), there are country and creditworthiness risks, e.g. a recession of the European economies.
Monthly Commentary
The European stock markets moved in opposite directions in February. While the stock markets in Germany, France, Sweden and Denmark, among others, recorded strong gains, the stock markets in Austria, Norway, Finland and Spain fell. In the eurozone, the Purchasing Managers' Index for services left the recessionary zone. By contrast, its counterpart for the manufacturing industry sank even lower. The eurozone economy is therefore likely to continue to tread water in the first quarter of 2024. In line with this, the German ifo business climate index is also stagnating at a low level; expectations are pessimistic, particularly in the manufacturing sector, and the order situation is declining. Inflation in the eurozone fell further in February to 2.6% compared to the same month in the previous year (January: 2.8%), fuelling hopes of a key interest rate cut in the coming months. The DJE - Mittelstand & Innovation fell by -0.45% in this market environment. The media, industrial and automotive sectors contributed the most to the fund's performance. On the other hand, the technology, healthcare and property sectors, among others, had a negative impact on the fund, the latter mainly due to disappointed hopes of early interest rate cuts. At individual stock level, the highest gains came from the German event service provider Eventim, the Austrian caterer Do&Co and the German automotive supplier SAF Holland. By contrast, the German CompuGroup (software for the healthcare sector), the German optician chain Fielmann and the Swiss pharmaceutical distributor DocMorris were among the disappointing performers. The fund management adjusted the sector allocation slightly over the course of the month. Among other things, it increased the weighting of the industrials and chemicals sectors, as a cyclical turnaround is expected. It also increased the healthcare sector. In return, it reduced the Technology, Travel & Leisure and Telecommunications sectors. The equity allocation remained virtually unchanged at 98.59% (previous month: 98.41%). The fund's liquidity fell accordingly to 1.41%.