The fund focuses on carefully selected companies in the European region. Stock selection is index-independent, follows a bottom-up approach and focuses on fundamental factors such as market positioning, earnings and balance sheet potential, valuation, management quality and sustainability criteria. The fund offers a combination of quality European equities and high earnings growth stocks (so-called hidden champions) and invests in listed companies of all sizes. A responsible business model and the stability of corporate earnings are particularly important. The DJE - Europe thus aims for capital growth with a medium to long-term investment horizon.
Responsible manager since 01/08/2019
Responsible manager since 01/12/2018
|Category:||European Equity Funds - General|
|VG/KVG:||DJE Investment S.A.|
|Fund Manager:||DJE Kapital AG|
|Type of Share:||distribution|
|Financial Year:||01.01. - 31.12.|
|Fund Size (10/05/2021):||105,56 Mio EUR|
|TER p.a. (30/12/2020):||0,93%|
|Reference Index:||Fondsauflage - 31.10.2014: 75% MSCI Europe 25% JPM GBI Global Unhedged in EUR Seit 01.11.2014: 100% MSCI Europe EUR Net Total Return|
|Management Fee p.a.:||0,65%|
|Custodian Fee p.a.:||0,05%|
Ratings & Awards (10/05/2021)
Performance in Percent vs. Reference Index
|Standard Deviation (2 years):||20,18%|
|Tracking Error (2 years):||8,81%|
|Value at Risk (99% / 20 days):||-12,56%|
|Maximum Drawdown (1 year):||-8,31%|
|Sharpe Ratio (2 years):||0,61|
|Correlation (2 years):||0,86|
|Beta (2 years):||0,81|
|Treynor Ratio (2 years):||15,15|
Top Country Allocation (30/04/2021)
Asset Allocation (30/04/2021)
The growth dynamics of European companies, especially the "hidden champions", is the focus of the strategy. In accordance with the growth approach, the fund management combines companies with structural, cyclical and potential growth. The selection process of individual stocks follows a consistent bottom-up approach and is based on fundamental factors such as market positioning, balance sheet and earnings potential, valuation, management quality and sustainability criteria. The fund management attaches importance to a balanced mix of European quality stocks and hidden champions and selects the most promising stocks from its point of view. The portfolio, which contains around 60 to 80 equity positions, is managed independently of index guidelines.
- 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 of over 45 years
- Fundamental analysis approach allows to find appropriate shares in every market phase
- 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
March developed very favorably for the European stock markets, some of them posted significant gains. Good economic indicators reflect confidence that with the progress of vaccinations in China and the US Corona-related constraints will soon be history providing the stock markets a tailwind. In the euro zone, the Purchasing Managers' Index for industry jumped by 4.5 points to 62.4, its highest level since 1997 and the ECB raised its inflation expectations for the year as a whole to 1.5%. In this market environment the price of the DJE - Europa rose 1.49% in March. Its benchmark index (100% MSCI Europe EUR Net Total Return) gained 6.46%. The fund benefited in the reporting month mainly from the overweight in the construction & materials sector. The strongest individual stock contributions came from, among others, the Stuttgart-based car and commercial vehicle manufacturer Daimler, the German-American industrial gases producer Linde and the Norwegian aluminum producer Norsk Hydro. Negative impulses came mainly from the sectors cyclical consumer goods, financials, and healthcare. Furthermore, because of its underweight the fund was unable to benefit from the good performance of the consumer staples segment. With regard to the individual stock level the London Stock Exchange, a London-based stock exchange and financial information company, Hypoport, a technology company network for the credit, real estate and insurance industries and Asetek, a Danish technology company (computer liquid cooling systems) performed particularly disappointing. During the month the fund management increased positions in the financial institutions sector, among others. At the same time it reduced the weighting of the sectors financial services, healthcare and industry in particular. Regionally the German allocation was reduced and the British increased. Because of these adjustments the fund's equity weighting fell from 99.69% previous month to 96.89%.
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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