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: | LU0229080576 |
WKN: | A0F565 |
Category: | Fund Europe Flex-Cap Equity |
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: | distribution |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 21/05/2008 |
Fund currency: | EUR |
Fund Size (01/07/2024): | 49,06 Mio EUR |
TER p.a. (29/12/2023): | 0,91 % |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,650 % |
Custodian Fee p.a.: | 0,050 % |
Ratings & Awards (01/07/2024)
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): | 8,276 |
Environment Rating (0-10): | 6,621 |
Social Rating (0-10): | 5,764 |
Governance-Rating(0-10): | 6,564 |
ESG rating in comparison group (0% lowest, 100% highest value): | 93,940 % |
Peergroup: |
Equity Europe
(1040 Fonds) |
Coverage rate ESG rating: | 99,325 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 109,274 |
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): | 12,68 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -7,83 % |
Maximum Drawdown (1 year): | -6,97 % |
Sharpe Ratio (2 years): | 0,49 |
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) |
|
---|---|
Germany | 26,69 % |
France | 17,65 % |
United Kingdom | 11,96 % |
Switzerland | 9,58 % |
Netherlands | 8,70 % |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Stocks | 99,11 % |
Cash | 0,90 % |
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
- Growth opportunities in the European stock markets
- The security selection is based on a fundamental, monetary and market-technical analysis – this FMM approach has a proven track record since 1974
- Fundamental analysis approach allows to find appropriate shares in every market phase
Risks
- Exchange rate risks
- Issuer country and credit risks
- Stock market prices may vary relatively strong due to market conditions
- Proven investment approach does not guarantee future investment success
Target group
Der Fonds eignet sich für Anleger
- with a medium to long-term investment horizon
- who require a high degree of flexibility in the structure of the portfolio
- who prefer European securities
Der Fonds eignet sich nicht für Anleger
- who seek safe returns
- who are not prepared to accept increased volatility
- with a short-term investment horizon
Monthly Commentary
The European stock markets performed favourably in May. The main driver behind this positive development was once again market expectations that the doves could prevail over the hawks when it comes to monetary policy. The markets have priced in the announced reduction in key interest rates in the eurozone and are hoping for possible further interest rate hikes by the European Central Bank. However, inflation in the eurozone rose to 2.6% year-on-year (from 2.4% in April) and core inflation rose from 2.7% to 2.9%. In addition, the Purchasing Managers' Index for the manufacturing sector in the eurozone surprisingly jumped from 45.7 to 47.3 points. Although this means that the index is still below the threshold value of 50, from which an expanding economy is expected, the sharp rise was achieved even without an interest rate cut. In addition, wages in the eurozone rose, which will contribute to inflation in the long term. While there had been hopes of several interest rate cuts by the ECB prior to these figures, the markets revised these expectations somewhat. The DJE - Europa gained 1.77% in this market environment. The property, financial services and insurance sectors in particular performed well thanks to better economic data and an increase in economic activity. The prospects of falling interest rates were also positive for the property sector. On the other hand, the food & beverages, basic materials and consumer goods & services sectors, among others, weighed on the fund's performance. Over the course of the month, the fund management increased the weighting of the healthcare, technology and industrial sectors, among others. At the same time, it reduced the weighting of the credit institutions, insurance and chemicals sectors, among others. As a result of the adjustments, the fund's investment ratio rose moderately from 98.04% to 98.38%.