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 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: | accumulation |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 27/01/2003 |
| Fund currency: | EUR |
| Fund Size (12/09/2024): | 1.132,48 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 (12/09/2024)
| 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): | 7,225 |
| Environment Rating (0-10): | 6,198 |
| Social Rating (0-10): | 5,413 |
| Governance-Rating(0-10): | 5,659 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 65,170% |
| Peergroup: |
Equity Global
(5624 Fonds) |
| Coverage rate ESG rating: | 96,212% |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 145,815 |
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 (12/09/2024) |
|
|---|---|
| Standard Deviation (2 years): | 9,20% |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -5,66% |
| Maximum Drawdown (1 year): | -8,31% |
| Sharpe Ratio (2 years): | 0,42 |
| 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) |
|
|---|---|
| United States | 32,04% |
| Germany | 12,03% |
| France | 6,60% |
| Switzerland | 6,40% |
| Japan | 6,03% |
Asset allocation in % of the fund volume (30/08/2024) |
|
|---|---|
| Stocks | 93,20% |
| Cash | 6,80% |
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
After a very volatile start to the month, international stock markets developed relatively calmly and predominantly positively in August. Weak US labor market data at the beginning of the month raised fears that the USA could slide into a recession. In addition, a (moderate) increase in key interest rates by the Bank of Japan threatened the usual interest rate differential business, the so-called yen carry trade. As a result, the Japanese stock index Topix suffered a daily loss of -12.2%. The other major markets also felt this and fell, although not as sharply. After August 5, however, the situation calmed down again. On the one hand, there was better economic and consumer data from the USA, and the US Federal Reserve confirmed the markets' expectations of interest rate cuts for September. In this market environment, the DJE - Dividende & Substanz rose by 1.94%. Worldwide, real estate and utilities stocks as well as consumer staples and pharmaceutical stocks were the best sectors in August, while energy and cyclical consumer stocks in particular disappointed. During the course of the month, the fund management adjusted the allocation and increased the weighting of the healthcare and insurance sectors, among others, and reduced the credit institutions sector, among others. The equity ratio rose from 89.06% to 93.20% as a result of the adjustments. Liquidity fell accordingly from 10.94% to 6.80%.