Key information
The fund invests globally, primarily in equities and bonds, and is free of benchmark constraints. The investment level of the individual asset classes is managed dynamically on the basis of the FMM method, with equities forming the investment focus most of the time. FMM-Fonds was launched in 1987 and was the first asset manager fund in Germany. FMM stands for fundamental, monetary and market analysis. The fund invest both in value stocks and in promising growth companies. All the companies are required to meet the strict analytical criteria of the FMM method.
Responsible manager since inception
Key information
| ISIN: | DE0008478116 |
| WKN: | 847811 |
| Category: | Global Equity Funds General |
| VG/KVG: | DJE Investment S.A. |
| Fund Manager: | DJE Kapital AG |
| Risk Category: | 3 |
| 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: | 17/08/1987 |
| Fund currency: | EUR |
| Fund Size (05/12/2023): | 510,60 Mio EUR |
| Ongoing Charges p.a. (31/12/2020): | 1,62% |
| Reference Index: | 100% MSCI World |
Fees
| Initial Charge: | 5,000% |
| Management Fee p.a.: | 1,550% |
| Custodian Fee p.a.: | 0,100% |
Ratings & Awards (05/12/2023)
| 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): | 7,325 |
| Environment Rating (0-10): | 6,182 |
| Social Rating (0-10): | 5,769 |
| Governance-Rating(0-10): | 6,060 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 50,000% |
| Peergroup: |
Mixed Asset EUR Agg - Global
(438 Fonds) |
| Coverage rate ESG rating: | 85,283% |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 254,137 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/11/2023
Perfomance Chart
Performance in Percent vs. Reference Index
Risk metrics (05/12/2023) |
|
|---|---|
| Standard Deviation (1 years): | 6,56% |
| Tracking Error (1 years): | 9,37% |
| Value at Risk (99% / 20 days): | -4,14% |
| Maximum Drawdown (1 year): | -4,76% |
| Sharpe Ratio (1 years): | 0,47 |
| Correlation (1 years): | 0,38 |
| Beta (1 years): | 0,34 |
| Treynor Ratio (1 years): | 9,09 |
Top Country Allocation (30/11/2023) |
|
|---|---|
| United States | 31,39% |
| Germany | 28,54% |
| Japan | 4,14% |
| Ireland | 3,70% |
| France | 2,22% |
Asset Allocation (30/11/2023) |
|
|---|---|
| Stocks | 63,93% |
| Cash | 17,25% |
| Certificates | 9,48% |
| Bonds | 9,34% |
Investment strategy
The FMM-Fonds is an investment concept which is managed independently of any benchmark with the effect of an optimized chance/risk ratio. The basis is the three-dimensional FMM-method, which was developed by Dr. Jens Ehrhardt and has been proven for over 45 years. This approach not only takes into account (F)undamental factors like micro- and macroeconomic data for corporations and economies, but also (M)onetary and technical (M)arket aspects, which are often neglected by other fund managers. Fundamental factors play a more important role in the long-term strategic orientation of the portfolio than, for example, technical market factors, which are of particular significance to the fund’s short-term, tactical positioning. In normal market phases, the FMM-Fonds focuses on current trends. In extreme situations (such as euphoric moods on the market), the main factors influencing trends can be countered with an anticyclical investment strategy.
Chances
- Flexible, asset-managing management through active adjustment of the fund structure to capital market conditions
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical analysis (FMM), which has a proven track record since DJE was founded in 1974
- Participation in the growth opportunities of the global stock markets unconstrained of benchmark index parameters
Risks
- The FMM method does not guarantee investment success
- Bonds are subject to price risks when interest rates rise, as well as country risks and the credit and liquidity risks of their issuers
- The value of an investment can go up or down and you may not get back the amount invested.
- Equity prices may exhibit strong volatility depending on market conditions
Monthly Commentary
The international stock markets mostly fell in October. The month was primarily marked by the attack on Israel by the Palestinian terrorist organization Hamas. From a market perspective, the biggest concern was whether this could lead to a major escalation, and there was a clear reaction across multiple assets. Gold was in demand as a safe haven. Another negative factor for stocks was the mixed reporting season so far. In addition, bonds have become a significant competitor for stocks due to the continued rise in yields. The US Federal Reserve kept interest rates in the range of 5.25 to 5.50%, despite the robust labor market and US economic growth of 4.9% compared to the second quarter. The US inflation rate was 3.7% in September, as in the previous month. This means that there is no need to raise interest rates for the time being unless the US economy continues to grow at this pace. In this market environment, the FMM-Fonds fell by -1.49%. Its benchmark index MSCI World (EUR) lost -2.94%. Only four sectors were able to develop positively on the global stock market: media, utilities, insurance as well as personal care, drugstores and grocery stores. The weakest sectors included automobiles, energy, banking, financial services, and construction and materials. The fund benefited primarily from its exposure to the utilities, technology and energy sectors. In contrast, the industrial, cyclical and non-cyclical consumer goods and financial service sectors, among others, weighed on the fund's performance. Strong contributions to performance were made by, among others, the South African gold mining company Gold Fields, the German copper recycling company Aurubis and the laminates manufacturer Kingboard Holdings from Hong Kong. On the other hand, disappointing results came from the Hamburg logistics company Hapag Lloyd, the Stuttgart automobile group Mercedes-Benz and the Frankfurt financial services provider DWS, among others. During the month, the fund management adjusted the sector allocation and increased the weighting of the utilities, energy, healthcare and technology sectors. On the other hand, it reduced the insurance, construction and materials and financial services sectors. The fund's equity quota increased slightly from 61.26% to 61.55%. In addition, it greatly increased the gold certificate from 0.97% to 5.15%. The bond ratio remained almost stable at 9.29% (previous month: 9.62%). The fund's liquidity fell from 28.15% to 24.0%.
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Should the currency of a financial instrument or financial service not correspond with your reference currency then the rate of return could vary due to currency fluctuations. This information does neither take account of any specific or future investment objectives nor the financial or tax situation nor any other individual needs of the individual investor. No express or implied warranties, representations, or endorsements with respect to the information given shall be made.
All information given is for personal use only. No units of the Fund may be offered, sold or distributed in the USA. ACOLIN Fund Services AG, Leutschenbachstraße 50, CH-8050 Zurich acts as the Swiss Representative (the "Swiss Representative") for the Fund. Paying Agent in Switzerland ( the "Swiss Paying Agent") is ODDO-BHF (Schweiz) AG, Schulhausstrasse 6, CH-8002 Zurich. The relevant documents such as the prospectus, the key investor information document (KIIDs), the statutes or the fund contract as well as the annual and semi-annual reports may be obtained free of charge from the Swiss Representative.