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 |
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: | |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 17/08/1987 |
Fund currency: | |
Fund Size (27/03/2024): | 634,90 Mio |
Ongoing Charges p.a. (31/12/2020): | 1,62% |
Reference Index: | 100% 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 (27/03/2024)
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): | 7,022 |
Environment Rating (0-10): | 6,230 |
Social Rating (0-10): | 5,562 |
Governance-Rating(0-10): | 5,982 |
ESG rating in comparison group (0% lowest, 100% highest value): | 76,100% |
Peergroup: |
Mixed Asset EUR Agg - Global
(431 Fonds) |
Coverage rate ESG rating: | 87,762% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 169,887 |
Portfolio allocation according to ESG rating of individual securities
Report date: 29/02/2024
- 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
Risk metrics (27/03/2024) |
|
---|---|
Standard Deviation (1 years): | 7,75% |
Tracking Error (1 years): | 11,31% |
Value at Risk (99% / 20 days): | -4,86% |
Maximum Drawdown (1 year): | -3,90% |
Sharpe Ratio (1 years): | 0,17 |
Correlation (1 years): | 0,35 |
Beta (1 years): | 0,33 |
Treynor Ratio (1 years): | 4,05 |
Top Country Allocation (29/02/2024) |
|
---|---|
United States | 30,64% |
Germany | 22,57% |
Japan | 7,11% |
Norway | 5,57% |
Ireland | 4,00% |
Asset Allocation (29/02/2024) |
|
---|---|
Stocks | 70,84% |
Bonds | 13,68% |
Certificates | 7,33% |
Cash | 7,14% |
Funds | 1,02% |
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 more than 45 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
Monthly Commentary
In February, the stock markets retained their momentum from the previous month and developed very positively. A key performance driver behind this was the ongoing enthusiasm in the markets around the topic of artificial intelligence. In addition, there were predominantly good quarterly figures, robust data from the US labor market and increased purchasing managers' indices in the USA, which signal an expansionary economy. However, US inflation data was higher than expected, so the US Federal Reserve still had no reason to cut key interest rates. In the euro area, inflation continued to fall, and only the purchasing managers' index for services left recessionary territory. However, its counterpart for the manufacturing sector fell even lower. Experts believe that the ECB's first key interest rate cut is possible in June. It was noticeable on the bond markets that expectations of interest rate cuts were premature at the beginning of the year. Yields on high-quality government and corporate bonds rose noticeably. 10-year German government bonds yielded 25 basis points higher at 2.41% and their US counterparts yielded 34 basis points higher at 4.25%. The price of a troy ounce of gold rose 0.23% to $2,044.30. In this market environment, the FMM fund rose by 1.55%, its benchmark index MSCI World (EUR) rose by 4.60%. Most sectors within the global stock index MSCI World performed positively. The largest increases came from the retail, automotive, media and technology sectors. In contrast, the basic materials, telecommunications and food & beverage sectors developed negatively. At the individual stock level, the highest gains came from US infrastructure company Quanta Services, Japanese mechanical engineering company Ebara, German-American industrial gases group Linde and Danish pharmaceutical giant Novo Nordisk. On the other hand, performance was weighed down by, among others, the German utilities RWE and E.ON as well as the Danish logistics company AP Moeller Maersk. The fund management adjusted the allocation slightly. In the equity portfolio, it increased the weighting of the insurance, financial services and retail sectors, among others. In return, the technology, utilities and healthcare sectors in particular were reduced. The adjustments increased the equity quota from 67.64% to 70.84%. Due to the broad rise in yields on almost all types of bonds, the bond portfolio was unable to make a positive contribution to performance. The fund management reduced the bond ratio slightly from 14.46% to 13.68%. The certificate quota remained almost unchanged at 7.33% (previous month: 7.49%). Liquidity fell from 9.41% to 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.