Key information
The fund invests globally, primarily in equities and bonds, and completely independent from benchmark requirements. The asset allocation of is based on the FMM methodology with equities being the main focus. The FMM-Fonds was launched in 1987 it was the first fund managed by an independent asset manager in Germany. FMM stands for the following market indicators: fundamental, monetary and market sentiment. The fund invests both in value stocks and in promising growth companies. All the companies are required to meet the strict analytical criteria of the FMM methodology.
Responsible manager since inception
Key information
ISIN: | DE0008478116 |
WKN: | 847811 |
Category: | Fund EUR Aggressive Allocation - Global |
Minimum Equity: | 60% |
Partial Exemption of Income ¹: | 30% |
VG/KVG: | DJE Investment S.A. |
Fund Manager: | DJE Kapital AG |
Risk Category: | 3 |
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: | 17/08/1987 |
Fund currency: | EUR |
Fund Size (24/04/2024): | 629,28 Mio EUR |
Ongoing Charges p.a. (31/12/2020): | 1,62% |
Reference Index: | MSCI World |
Fees
Initial Charge: | 5,000% |
Management Fee p.a.: | 1,550% |
Custodian Fee p.a.: | 0,030% |
Advisory Fee p.a.: | 0,00% |
Ratings & Awards (24/04/2024)
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): | A |
ESG-Qualityrating (0-10): | 7,056 |
Environment Rating (0-10): | 6,048 |
Social Rating (0-10): | 5,623 |
Governance-Rating(0-10): | 5,877 |
ESG rating in comparison group (0% lowest, 100% highest value): | 76,100% |
Peergroup: |
Mixed Asset EUR Agg - Global
(431 Fonds) |
Coverage rate ESG rating: | 84,567% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 218,294 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/03/2024
- 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 vs. Reference Index
Rolling performance in %
Risk metrics (24/04/2024) |
|
---|---|
Standard Deviation (1 years): | 8,00% |
Tracking Error (1 years): | 11,37% |
Value at Risk (99% / 20 days): | -5,01% |
Maximum Drawdown (1 year): | -3,90% |
Sharpe Ratio (1 years): | 0,20 |
Correlation (1 years): | 0,35 |
Beta (1 years): | 0,33 |
Treynor Ratio (1 years): | 4,67 |
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 28/03/2024
Top Country Allocation in % of Fund Volume (28/03/2024) |
|
---|---|
United States | 31,80% |
Germany | 24,66% |
Japan | 9,38% |
Ireland | 4,17% |
France | 3,51% |
Asset allocation in % of the fund volume (28/03/2024) |
|
---|---|
Stocks | 75,06% |
Bonds | 11,69% |
Certificates | 9,64% |
Cash | 2,61% |
Funds | 1,00% |
Investment strategy
The FMM-Fonds is an investment concept which is managed independently of any benchmark constraints with the aim to achieve an optimal risk/reward profile. The basis is the three-dimensional FMM-methodology, which was developed by Dr Jens Ehrhardt and has a proven track record of approx. 50 years. According to the methodology the following factors are taken into account: (F)undamental factors like micro- and macroeconomic data for corporations and economies, but also (M)onetary and technical (M)arket aspects such as sentiment which are often neglected by other fund managers. Fundamental factors play a more important role in the long-term strategic orientation of the portfolio than, for example, technical market factors. The latter are more significant for the fund’s short-term, tactical positioning. In normal market phases, the FMM-Fonds focuses on current trends. In extreme situations (such as during euphoric phases), the fund can also follow an anticyclical investment strategy.
Chances
- Flexible, asset-managing management through active adjustment of the fund structure to capital market conditions
- Experienced fund manager following an investment approach based on fundamental, monetary and market-technical analysis (FMM), which has a proven track record since DJE was founded in 1974
- Participation in the growth opportunities of the global stock markets unconstrained of benchmark index parameters
Risks
- The FMM method does not guarantee investment success
- Bonds are subject to price risks when interest rates rise, as well as country risks and the credit and liquidity risks of their issuers
- The value of an investment can go up or down and you may not get back the amount invested.
- Equity prices may exhibit strong volatility depending on market conditions
Target group
Der Fonds eignet sich für Anleger
- who have a medium- to long-term investment horizon and wish to rely on an experienced manager for all decisions on allocation
- who wish to diversify their investments globally across a wide variety of sectors
- who are seeking a fund with an asset management approach
Der Fonds eignet sich nicht für Anleger
- who seek safe returns
- who are not prepared to accept any volatility
- who wish to be fully invested in the equity market at all times
Monthly Commentary
In March, the stock markets were largely able to continue their bullish trend from the previous months. The rise in the stock markets in the first quarter was due to good or improving economic data, which turned out better than widely expected. These include continued solid figures from the US labor market, an improving purchasing managers' index for services in the euro area and fiscal stimulus in China, which should help achieve the growth target. This transformed the initial fears of recession into the hope that a soft landing for the major economic regions was still possible. As a result, interest rate cut expectations, which were still very high at the beginning of the year, have now shifted to the middle of the year. Especially since consumer prices in the USA rose again in February. Accordingly, the US Federal Reserve remained cautious and wants to wait for further data. In March, the European Central Bank signaled a first possible interest rate cut in June. The price of gold rose by 9.08% to USD 2,229.87/troy ounce, reaching a new record high. The FMM-Fonds gained 4.08% in this market environment. Its benchmark index, MSCI World (EUR), rose 3.02%. In March, all sectors of the global MSCI World stock index developed positively. The energy, credit institutions and basic materials sectors achieved particularly high growth. The lowest increases came from the consumer goods & services, travel & leisure and automobile sectors. Over the course of the month, the fund management adjusted the sector allocation and increased the weighting of the credit institutions, basic materials, insurance and utilities sectors. In return, the healthcare, industrial and technology sectors were reduced. The fund's equity quota rose from 70.84% to 75.06%. On the bond side, the fund was able to benefit primarily from high-quality European and US corporate bonds, whose risk premiums compared to high-quality government bonds decreased. The bond ratio fell from 13.68% to 11.69%. The certificate quota rose from 7.33% to 9.64%. Liquidity fell to 2.61% (previous month: 7.14%).
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Prospectus & Reports
PRIIP Documents
Further Documents
Should the currency of a financial instrument or financial service not correspond with your reference currency then the rate of return could vary due to currency fluctuations. This information does neither take account of any specific or future investment objectives nor the financial or tax situation nor any other individual needs of the individual investor. No express or implied warranties, representations, or endorsements with respect to the information given shall be made.
All information given is for personal use only. No units of the Fund may be offered, sold or distributed in the USA. ACOLIN Fund Services AG, Leutschenbachstraße 50, CH-8050 Zurich acts as the Swiss Representative (the "Swiss Representative") for the Fund. Paying Agent in Switzerland ( the "Swiss Paying Agent") is ODDO-BHF (Schweiz) AG, Schulhausstrasse 6, CH-8002 Zurich. The relevant documents such as the prospectus, the key investor information document (KIIDs), the statutes or the fund contract as well as the annual and semi-annual reports may be obtained free of charge from the Swiss Representative.