Key information
The focus of the fund is on carefully selected European equities. Security selection is not constrained or influenced by any market benchmark. The fund management follows a disciplined bottom-up scoring approach. In addition to quantitative factors such as valuation, momentum, and security & liquidity, the fund manager also takes into account qualitative criteria such as analyst assessment, and meetings with company representatives and sustainability. The 50 top European equities emerging from our bottom-up scoring process represent the main exposures of the fund. DJE - Europa aims for capital gains with a medium to long-term investment horizon.
Responsible manager since 01/01/2023
Responsible manager since 01/03/2024 as co-manager
Key information
ISIN: | LU0159548683 |
WKN: | 164315 |
Category: | Fund Europe Flex-Cap Equity |
Minimum Equity: | 51% |
Partial Exemption of Income ¹: | 30% |
VG/KVG: | DJE Investment S.A. |
Fund Management: | 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: | 27/01/2003 |
Fund currency: | EUR |
Fund Size (16/05/2024): | 51,13 Mio EUR |
TER p.a. (29/12/2023): | 2,00 % |
Reference Index: | - |
Fees
Initial Charge: | 5,000 % |
Management Fee p.a.: | 1,670 % |
Custodian Fee p.a.: | 0,050 % |
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 (16/05/2024)
Morningstar*: |
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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): | 8,287 |
Environment Rating (0-10): | 6,612 |
Social Rating (0-10): | 5,727 |
Governance-Rating(0-10): | 6,506 |
ESG rating in comparison group (0% lowest, 100% highest value): | 89,430 % |
Peergroup: |
Equity Europe
(1022 Fonds) |
Coverage rate ESG rating: | 99,698 % |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 127,190 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/04/2024
- 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 (16/05/2024) |
|
---|---|
Standard Deviation (2 years): | 13,36 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -8,39 % |
Maximum Drawdown (1 year): | -8,14 % |
Sharpe Ratio (2 years): | 0,26 |
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 30/04/2024
Top Country Allocation in % of Fund Volume (30/04/2024) |
|
---|---|
Germany | 26,14 % |
France | 20,32 % |
United Kingdom | 12,12 % |
Switzerland | 9,67 % |
Netherlands | 7,17 % |
Asset allocation in % of the fund volume (30/04/2024) |
|
---|---|
Stocks | 98,04 % |
Cash | 1,96 % |
Investment strategy
DJE's equity research and bottom-up scoring model are used to identify the 50 most promising equities in the European investment universe. In addition to quantitative criteria factors such as valuation, momentum, and security & liquidity, the fund manager also takes into account qualitative criteria such as analyst assessment, company meeting, and sustainability criteria. The fund management aims for aportfolio diversified across sectors and countries. The portfolio consists of approximately 50 to 60 equities that are selected independent from any benchmark.
Chances
- The security selection is based on a fundamental, monetary and market-technical analysis – this FMM approach has a proven track record since 1974
- Fundamental analysis approach allows to find appropriate shares in every market phase
- Growth opportunities in the European stock markets
Risks
- Proven investment approach does not guarantee future investment success
- Exchange rate risks
- Issuer country and credit risks
- Stock market prices may vary relatively strong due to market conditions
Target group
Der Fonds eignet sich für Anleger
- with a medium to long-term investment horizon
- who require a high degree of flexibility in the structure of the portfolio
- who prefer European securities
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
The majority of European stock markets experienced a setback in April, although there were also positive exceptions in the form of the Swiss, UK, Austrian and Scandinavian markets. Contrary to expectations, the eurozone economy avoided a technical recession in the first quarter and grew by 0.3% compared to the previous year. However, the stock markets were burdened by the fact that hopes of an imminent reduction in key interest rates in the USA turned into expectations of having to live with the current interest rate plateau for even longer in view of the further rise in inflation. For the eurozone, however, the markets continue to expect a first rate cut in June, as inflation is still on the decline here - the inflation rate stagnated at 2.4% in April and core inflation fell from 2.9% to 2.7% (both compared to the same month last year). The greatest inflationary pressure in the eurozone recently came from the services sector, which grew by 3.7% year-on-year. The Purchasing Managers' Index for this sector has been in expansionary territory since February of this year, i.e. above the threshold of 50 points, and rose to 53.3 (from 52.9) points in April. In contrast, the Purchasing Managers' Index for the manufacturing sector has remained stable in recessionary territory since August 2022 and currently stands at 45.7 points, signalling a shrinking economy. What also kept the markets on tenterhooks was Iran's attack on Israel and the Israeli response, which caused the VIX volatility index to spike to its highest level of the year and briefly drove up the oil price. In this market environment, the DJE - Europe fell by -2.38%. The automotive, technology and financial services sectors had a particularly negative impact on performance, partly due to poor corporate news and quarterly figures as well as reduced profit forecasts for automotive companies, and partly due to the environment of rising interest rates, which weighed on the technology sector. On the other hand, the energy, basic materials and food & beverages sectors performed particularly well. Energy and basic materials benefited from the rise in commodity prices in the meantime. Industrial and precious metals also rose. The fund management adjusted the fund's allocation over the course of the month and increased the weighting of the healthcare, energy and chemicals sectors in particular, while reducing the technology and financial services sectors, among others. At country level, the proportion of German stocks increased, while the proportion of British and Dutch stocks fell. At 98.04%, the equity allocation remained largely unchanged compared to the previous month (98.20%). Liquidity rose to 1.96%.