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 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: | distribution |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 21/05/2008 |
Fund currency: | EUR |
Fund Size (18/09/2024): | 46,38 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 (18/09/2024)
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): | 8,206 |
Environment Rating (0-10): | 6,503 |
Social Rating (0-10): | 5,699 |
Governance-Rating(0-10): | 6,621 |
ESG rating in comparison group (0% lowest, 100% highest value): | 85,170% |
Peergroup: |
Equity Europe
(1045 Fonds) |
Coverage rate ESG rating: | 100,000% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 112,975 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/08/2024
- 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 (18/09/2024) |
|
---|---|
Standard Deviation (2 years): | 11,94% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -7,25% |
Maximum Drawdown (1 year): | -8,27% |
Sharpe Ratio (2 years): | 0,70 |
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 30/08/2024
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
---|---|
Germany | 26,92% |
France | 17,68% |
United Kingdom | 12,51% |
Netherlands | 10,25% |
Switzerland | 9,75% |
Asset allocation in % of the fund volume (30/08/2024) |
|
---|---|
Stocks | 98,78% |
Cash | 1,22% |
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 had a volatile start to August. Weak US labour market data at the beginning of the month gave rise to fears that the USA could slide into recession. In addition, a (moderate) key interest rate hike by the Bank of Japan jeopardised the usual interest rate differential business, the so-called yen carry trade. As a result, the Japanese share index Topix suffered a daily loss of -12.2%. The European stock markets also felt the impact and fell, albeit not as sharply. The situation calmed down again with better US economic data and a confirmation of interest rate cut expectations from the US Federal Reserve. In Europe, a positive signal came from the combined purchasing managers' index for services and manufacturing. This rose to 51.2 points in August (previous month: 50.2). This puts the index above the threshold value of 50 and signals a slightly expansive economy. However, the increase is solely attributable to the services component. As inflation in the eurozone fell to 2.2% in August (previous month: 2.6%), the markets are also anticipating a further interest rate cut by the European Central Bank. DJE - Europe gained 2.27% in this market environment. The fund benefited above all from sectors for which a falling interest rate environment is favourable, including real estate and insurance. The retail sector also made a positive contribution to the fund's performance. On the other hand, the fund's performance was negatively impacted by the basic materials (falling energy prices), automotive (weak sales figures and competitive pressure from China) and technology (some negative company figures and AI trend under observation) sectors. The fund management adjusted the allocation only moderately over the course of the month. Among other things, it increased the weighting of the healthcare, insurance and utilities sectors and reduced the energy and financial services sectors. At country level, Swiss stocks in particular were reduced and Dutch stocks were increased. The equity allocation remained almost stable at 98.78% (previous month: 98.96%).