Key information
The focus of the fund is on carefully selected European equities. Security selection is not constrained or influenced by any market benchmark. The fund management follows a disciplined bottom-up scoring approach. In addition to quantitative factors such as valuation, momentum, and security & liquidity, the fund manager also takes into account qualitative criteria such as analyst assessment, and meetings with company representatives and sustainability. The 50 top European equities emerging from our bottom-up scoring process represent the main exposures of the fund. DJE - Europa aims for capital gains with a medium to long-term investment horizon.
Responsible manager since 01/01/2023
Responsible manager since 01/03/2024 as co-manager
Key information
ISIN: | LU0159550408 |
WKN: | 164316 |
Category: | Fund Europe Flex-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: | 27/01/2003 |
Fund currency: | |
Fund Size (26/03/2024): | 52,03 Mio |
TER p.a. (29/12/2023): | 1,79 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 1,420 % |
Custodian Fee p.a.: | 0,050 % |
Ratings & Awards (26/03/2024)
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): | 8,469 |
Environment Rating (0-10): | 6,776 |
Social Rating (0-10): | 5,855 |
Governance-Rating(0-10): | 6,638 |
ESG rating in comparison group (0% lowest, 100% highest value): | 95,120 % |
Peergroup: |
Equity Europe
(1025 Fonds) |
Coverage rate ESG rating: | 100,000 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 88,734 |
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 (26/03/2024) |
|
---|---|
Standard Deviation (2 years): | 13,19 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -8,41 % |
Maximum Drawdown (1 year): | -8,06 % |
Sharpe Ratio (2 years): | 0,02 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (29/02/2024) |
|
---|---|
Germany | 22,72 % |
France | 21,08 % |
United Kingdom | 13,19 % |
Switzerland | 10,62 % |
Netherlands | 9,34 % |
Asset Allocation (29/02/2024) |
|
---|---|
Stocks | 98,92 % |
Cash | 1,08 % |
Investment strategy
DJE's equity research and bottom-up scoring model are used to identify the 50 most promising equities in the European investment universe. In addition to quantitative criteria factors such as valuation, momentum, and security & liquidity, the fund manager also takes into account qualitative criteria such as analyst assessment, company meeting, and sustainability criteria. The fund management aims for aportfolio diversified across sectors and countries. The portfolio consists of approximately 50 to 60 equities that are selected independent from any benchmark.
Chances
- Fundamental analysis approach allows to find appropriate shares in every market phase
- The security selection is based on a fundamental, monetary and market-technical analysis – this FMM approach has a proven track record since 1974
- Growth opportunities in the European stock markets
Risks
- Exchange rate risks
- Stock market prices may vary relatively strong due to market conditions
- Issuer country and credit risks
- Proven investment approach does not guarantee future investment success
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 - Europa gained 0.98% in this market environment. The consumer discretionary sector made a strong contribution to performance. Despite the continuing economic headwinds, demand and a willingness to spend are present. Positive results also came from the Industrials sector, supported on the one hand by the continued strength of the US economy and on the other by signs of a possible economic recovery in Europe. The technology sector also posted encouraging corporate results in February, which were better than expected. On the other hand, the property sector in particular had a negative impact on the fund's performance. The still high interest rates weighed on the sector, especially as hopes of an early interest rate cut by the ECB were not realised, and outweighed the effects of supportive economic data. The energy sector was also one of the losers among the sectors in February. Although oil prices have stabilised somewhat, electricity and gas prices are still under pressure. Cautious demand is also acting as a brake. Finally, the telecommunications sector also disappointed. Expenses for raw materials and energy are weighing on companies, which are also switching to new technologies. At individual stock level, the strongest results came from the automotive group Stellantis, the fashion company Hermes and the electronics group Schneider Electric (all three in France). By contrast, the Norwegian energy group Equinor, the German property group Vonovia and the British mining group Anglo American, among others, weighed on the fund's performance. The fund management adjusted the sector allocation in February and significantly increased the weighting of the technology sector. It also increased its exposure to the consumer goods & services, media and financial institutions sectors. In return, it reduced the insurance, energy and industrial sectors, among others. As a result of the adjustments, the fund's equity allocation fell slightly from 99.46% to 98.92%. Liquidity rose accordingly to 1.08%.