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: | LU0159550150 |
WKN: | 164325 |
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 (01/07/2024): | 1.162,45 Mio EUR |
TER p.a. (29/12/2023): | 1,88 % |
Reference Index: | - |
Fees
Initial Charge: | 5,000 % |
Management Fee p.a.: | 1,670 % |
Custodian Fee p.a.: | 0,060 % |
Performance Fee p.a.: 10% of the [Hurdle: exceeding 6% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
Ratings & Awards (01/07/2024)
Morningstar*: |
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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): | 7,387 |
Environment Rating (0-10): | 6,196 |
Social Rating (0-10): | 5,442 |
Governance-Rating(0-10): | 5,771 |
ESG rating in comparison group (0% lowest, 100% highest value): | 72,760 % |
Peergroup: |
Equity Global
(5635 Fonds) |
Coverage rate ESG rating: | 95,481 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 144,849 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/06/2024
- 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 (01/07/2024) |
|
---|---|
Standard Deviation (2 years): | 9,36 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -5,77 % |
Maximum Drawdown (1 year): | -5,18 % |
Sharpe Ratio (2 years): | 0,44 |
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 28/06/2024
Top Country Allocation in % of Fund Volume (28/06/2024) |
|
---|---|
United States | 37,96 % |
Germany | 11,36 % |
France | 6,86 % |
Japan | 5,46 % |
Switzerland | 5,36 % |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Stocks | 98,68 % |
Cash | 1,32 % |
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
- 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.
- Dividends offer regular income potential in addition to possible share price gains and can thus mitigate possible price losses.
Risks
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Dividends are a voluntary payment by companies and therefore not guaranteed. They can rise, fall or be cancelled altogether.
- 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 wish to reduce risk compared to a direct investment
- who seek to focus their equity investments on stocks that pay dividends
- with a medium to long-term investment horizon
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility
- with a short-term investment horizon
- who seek safe returns
Monthly Commentary
The stock markets in Europe and North America performed well in May and were able to largely offset the losses from the previous month. The main driver behind this positive development was once again market expectations that the doves could prevail over the hawks in monetary policy. Weaker labour market data eased concerns that the US economy could overheat. In addition, US inflation fell from 3.5% to 3.4% in April, while core inflation (excluding energy and food) fell from 3.8% to 3.6% - both year-on-year. This rekindled hopes of interest rate cuts by the Fed before the end of the year, especially as the markets have firmly priced in a key interest rate cut by the European Central Bank in June. However, the rally on the stock markets began to stutter around the middle of the month. This was due, among other things, to a rise in inflation in the eurozone from 2.4% to 2.6% and a jump in the Purchasing Managers' Index for the manufacturing sector in the eurozone from 45.7 to 47.3 points. The markets then revised their interest rate expectations. The DJE - Dividende & Substanz gained 1.65% in this market environment. The vast majority of sectors on the global equity market performed positively. The strongest results came from the technology, utilities and insurance sectors. By contrast, the automotive, travel & leisure and energy sectors ended the month of May in negative territory. The strongest individual stock results came from the US technology companies NVIDIA and Apple as well as the Swiss building materials manufacturer Holcim. On the other hand, the US software providers Salesforce and Intuit and the German-American industrial gases group Linde, among others, were disappointing. The fund management adjusted the allocation slightly and increased the weighting of the technology, healthcare and retail sectors. In return, it reduced the sectors insurance, credit institutions and chemicals, among others. As a result of the adjustments, the equity allocation fell slightly from 98.38% to 96.96%.