Key information
The investment focus of DJE - Mittelstand & Innovation is on high-growth and innovative companies from Germany, Austria and Switzerland. The active mix of structural, cyclical and potential growth stocks leads to a structured and balanced growth approach. With 50 - 80 individual stocks, the fund offers a concentrated investment strategy based on high-quality stock selection with a focus on the fundamental data of the companies. The DJE - Mittelstand & Innovation is an equity fund managed by a medium-sized company that invests in medium-sized companies (hidden champions) and offers an innovative capital investment in addition to an attractive risk/reward profile.
Responsible manager since 01/10/2022
Key information
| ISIN: | LU1227570055 |
| WKN: | A14SK0 |
| Category: | Equity Funds (Small/Mid Cap) - DE, AT, CH |
| 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: | 03/08/2015 |
| Fund currency: | EUR |
| Fund Size (07/12/2023): | 92,42 Mio EUR |
| TER p.a. (30/12/2022): | 2,05% |
| Reference Index: | - |
Fees
| Initial Charge: | 5,000% |
| Management Fee p.a.: | 1,650% |
| Custodian Fee p.a.: | 0,090% |
|
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 (07/12/2023)
| Morningstar*: |
|
|
Awards: €uro Eco Rating A Finanzen Verlag, Mountain View 2023 |
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): | A |
| ESG-Qualityrating (0-10): | 6,572 |
| Environment Rating (0-10): | 5,309 |
| Social Rating (0-10): | 4,866 |
| Governance-Rating(0-10): | 6,337 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 20,090% |
| Peergroup: |
Equity Europe Sm&Mid Cap
(224 Fonds) |
| Coverage rate ESG rating: | 87,904% |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 39,654 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/11/2023
Perfomance Chart
Performance in Percent
Risk metrics (07/12/2023) |
|
|---|---|
| Standard Deviation (2 years): | 17,99% |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -12,27% |
| Maximum Drawdown (1 year): | -13,78% |
| Sharpe Ratio (2 years): | -1,04 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Top Country Allocation (30/11/2023) |
|
|---|---|
| Germany | 64,96% |
| Switzerland | 18,81% |
| Austria | 8,00% |
| Sweden | 2,82% |
| Netherlands | 1,75% |
Asset Allocation (30/11/2023) |
|
|---|---|
| Stocks | 96,33% |
| Cash | 3,67% |
Investment strategy
The investment focus of the equity fund investing in the regions Germany, Austria and Switzerland is on high-growth and innovative companies (hidden champions). In terms of market capitalisation, the fund focuses on small and mid cap companies. An active bottom-up approach is pursued, which mainly focuses on the fundamental data of the companies. The fund gives preference to equities with high earnings growth, whereby sustained growth and stability of corporate earnings are key investment criteria. A balanced risk/reward profile with low maximum drawdown and low volatility is aimed for.
Chances
- With over 1,500 companies, the German-speaking region is the core region of the "hidden champions" (unknown companies with a leading market position).
- The Mittelstand is the innovation, technology and economic engine of the D-A-CH region.
- Small and medium-sized companies usually have a higher growth potential than large corporations.
- The D-A-CH region is characterised by a stable domestic economy, high legal security and export strength, spread across many sectors.
Risks
- In addition to market price risks (equity, interest rate and currency risks), there are country and creditworthiness risks, e.g. a recession of the European economies.
- Share prices can fluctuate relatively strongly due to market, currency and individual value factors.
- Small and medium-sized companies are traded less on the stock exchanges than large corporations. Their share prices can therefore fluctuate more than those of large companies.
Monthly Commentary
October was a weak month for international and especially European equities. The month was mainly characterised by the attack on Israel by the Palestinian terrorist organisation Hamas. From a market perspective, the main concern was whether this could lead to a major escalation and there was a significant reaction in several assets. Gold was in demand as a safe haven. Another negative factor for equities was the mixed reporting season so far. In the eurozone, inflation fell more sharply than expected from 4.3% to 2.9% in October (compared to the same month of the previous year), mainly due to the fall in energy and food prices. The majority of market participants no longer expect the European Central Bank to raise interest rates, especially as the eurozone economy contracted slightly by -0.1% in the third quarter compared to the previous quarter. In addition, the purchasing managers' indices in the eurozone fell further in October to 47.8 points for the services sector and 43.0 points for the manufacturing sector, putting them deep in recessionary territory. This makes a recession in the eurozone increasingly likely. Against this market backdrop, DJE - Mittelstand & Innovation lost -5.78%. In October, the fund benefited from its exposure to the media, automotive and property sectors. On the other hand, the technology, industrial and healthcare sectors weighed on performance. The strongest individual stocks included the German entertainment service provider Eventim, the Austrian catering company Do&Co and the German software developer Mensch und Maschine. By contrast, the German technology company Süss Microtec, the German service provider for the semiconductor industry Aixtron and the Swiss packaging manufacturer SIG Group, among others, performed disappointingly. The fund management increased the weighting of the healthcare, real estate, food & beverages, travel & leisure and media sectors over the course of the month. In return, it reduced the energy, technology and chemicals sectors. As a result of the adjustments, the fund's investment ratio rose from 93.42% to 100.07%. Liquidity fell accordingly to -0.07%.
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