The investment focus of the DJE - Dividende & Substanz is on equities with a high dividend payout ratio and solid balance sheets. When selecting shares, the fund management additionally pays attention to an investor-friendly corporate policy with capital returns and share buybacks (total shareholder return). The fund invests globally and free of benchmark constraints. It pursues an active value approach that focuses on companies' value-retention characteristics and fundamentals. In addition, investments can also be made in fixed and variable-interest securities. When selecting individual stocks, the companies are analysed according to quantitative and qualitative criteria. The focus is not only on earnings figures, but also on a comprehensive range of balance sheet ratios, which are of decisive importance for the selection of substantial companies.
Responsible manager since inception
Responsible manager since 01/07/2019
|Category:||Global Equity Funds|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||accumulation|
|Financial Year:||01.01. - 31.12.|
|Fund Size (22/07/2021):||1.458,48 Mio|
|TER p.a. (30/12/2020):||2,17%|
|Reference Index:||100% MSCI World EUR|
|Management Fee p.a.:||1,42%|
|Custodian Fee p.a.:||0,10%|
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||15,84%|
|Tracking Error (2 years):||11,32%|
|Value at Risk (99% / 20 days):||-9,75%|
|Maximum Drawdown (1 year):||-7,09%|
|Sharpe Ratio (2 years):||0,81|
|Correlation (2 years):||0,69|
|Beta (2 years):||0,65|
|Treynor Ratio (2 years):||19,64|
Top Country Allocation (30/06/2021)
Asset Allocation (30/06/2021)
In a world (almost) without interest rates, high-dividend shares represent a source of steady income. Nevertheless, the importance of dividend payments is underestimated. In the long term, dividends provide the highest contribution to the overall performance of an equity investment, because reinvested dividends generate a considerable compound interest effect. Therefore, shares with high yields are preferred in DJE - Dividende & Substanz. However, it is not the highest dividend yield that is decisive here, but above all a sustained and ideally rising dividend payment. A low payout ratio helps here. Empirical analyses have shown that high-dividend stocks can be a more stable form of investment in difficult market phases than low-dividend stocks, since a dividend can act as a buffer to cushion temporary price losses. The calculation is simple and obvious: good substance, excellent balance sheet quality as well as a high dividend yield with an earnings situation that is as secure as possible increase the chance of achieving sustained investment success.
- Participation in the growth opportunities of the global stock markets unconstrained of benchmark index parameters
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical (FMM) analysis, which has a proven track record of over 45 years
- Attractive level of global dividend-paying securities
- Issuer country and credit risks
- Proven investment approach to date is no guarantee of future investment success
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Currency risks resulting from a high proportion of foreign investments
In June most stock markets performed well. Although rising global inflation weighed on the markets, especially as investors now expect central banks to raise key interest rates sooner than 2023, the markets benefited from high expected corporate earnings growth in the second quarter and further improvements of economic indicators. In the USA and Europe business confidence and consumer confidence improved and purchasing managers' indices for the industrial and service sector rose or maintained their high level. In this market environment the price of DJE - Dividende & Substanz rose 3.06%. Its benchmark index, the MSCI World in euro terms, recorded a gain in height of 4.54%. In June a good two-thirds of the sectors of the global stock market performed positively. The technology sector recorded the highest price gains, followed by the sectors healthcare, energy and retail. The sectors real estate and automotive also delivered encouraging results. On the other hand, the sectors insurance, basic materials, credit institutions and travel & leisure suffered price losses. During the reporting period the fund benefited from the sectors healthcare, consumer cyclicals and information technology. In addition, positive momentum also came from the sectros telecommunications, financial services and real estate. The best individual stock results were delivered by the US online payment service PayPal, the Danish pharmaceutical company Novo Nordisk and the US online mail order company Amazon. On the other hand, the utilities and basic materials sector were the main detractors from fund performance in June. The weakest stock results came from the mining groups Anglo American (UK), Newmont Mining (USA) and Antofagasta (UK). During the month the fund management increased the sectors technology, industry, financials and healthcare. Reduced were the sectors insurance and chemicals. Regionally the fund management increased the allocations of the U.S. and Switzerland and reduced the one of Germany. The fund's equity allocation remained almost stable at 99.54% (99.73% previous month). Accordingly, the cash ratio was 0.46%, down from 0.27% previous month.
Legal Information / Disclaimer:
The collective investment scheme ("the Fund"), is a fund on a contractual basis under the law of Luxembourg. Regarding the publication of performance data of the Fund it should be noted that the historic performance does not represent an indicator for the current or future performance and the performance data do not take account of the commissions and costs incurred on the issue and redemption of units. First Independent Fund Services Ltd., Klausstrasse 33, CH-8008 Zurich acts as the Swiss Representative (the "Swiss Representative") and NPB Neue Privat Bank Ltd., Limmatquai 1, P.O. Box, CH-8022 Zurich acts as the Paying Agent in Switzerland ( the "Swiss Paying Agent") for the Fund. Copies of the prospectus (incl. management regulations), the Key Investor Information Document, as well as annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative in Zurich.
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