![Maerkte-DJE-Anleger-Webinar](/globalassets/productdetail/mobil/de000a3engf3_en.jpg)
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 01/03/2024
Key information
ISIN: | DE000A3ENGF3 |
WKN: | A3ENGF |
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: | 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: | 01/03/2024 |
Fund currency: | EUR |
Fund Size (01/07/2024): | 640,54 Mio EUR |
Reference Index: | MSCI World |
Fees
Management Fee p.a.: | 0,650% |
Custodian Fee p.a.: | 0,030% |
Advisory Fee p.a.: | 0,00% |
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): | 7,144 |
Environment Rating (0-10): | 6,128 |
Social Rating (0-10): | 5,647 |
Governance-Rating(0-10): | 5,963 |
Coverage rate ESG rating: | 92,713% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 245,235 |
Portfolio allocation according to ESG rating of individual securities
Report date: 28/06/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
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 28/06/2024
Top Country Allocation in % of Fund Volume (28/06/2024) |
|
---|---|
Germany | 24,33% |
United States | 23,82% |
Japan | 11,98% |
France | 3,71% |
Ireland | 3,58% |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Stocks | 74,87% |
Cash | 13,19% |
Bonds | 8,84% |
Certificates | 2,26% |
Funds | 0,85% |
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.
![Investment approach](/globalassets/investmentconcept/de000a3engf3_en_dje_ffm-methode_eng_270619.png)
Chances
- 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
- Flexible, asset-managing management through active adjustment of the fund structure to capital market conditions
Risks
- 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
- 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 FMM method does not guarantee investment success
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 wish to be fully invested in the equity market at all times
- who are not prepared to accept any volatility
Monthly Commentary
The stock markets in Europe and North America performed well in May and were able to largely offset the losses from the previous month. The main driver behind this positive development was once again market expectations that the doves could prevail over the hawks in monetary policy. Weaker labour market data eased concerns that the US economy could overheat. In addition, US inflation fell from 3.5% to 3.4% in April, while core inflation (excluding energy and food) fell from 3.8% to 3.6% - both year-on-year. This rekindled hopes of interest rate cuts by the Fed before the end of the year, especially as the markets have firmly priced in a key interest rate cut by the European Central Bank in June. However, the rally on the stock markets began to stutter around the middle of the month. This was due, among other things, to a rise in inflation in the eurozone from 2.4% to 2.6% and a jump in the Purchasing Managers' Index for the manufacturing sector in the eurozone from 45.7 to 47.3 points. The markets then revised their interest rate expectations. The vast majority of sectors on the global equity market performed positively. The strongest results came from the technology, utilities and insurance sectors. By contrast, the automotive, travel & leisure and energy sectors ended the month of May in negative territory. Encouraging individual stock results came from Munich Re, Allianz, Deutsche Telekom and the Canadian mining company Nutrien, among others. On the other hand, the performance of the German-American industrial gases manufacturer Linde, the US food company General Mills, the Japanese pharmaceutical company Takeda Pharmaceutical and the South African gold mining company Gold Fields, among others, had a negative impact. Over the course of the month, the fund management significantly increased the weighting of the technology, utilities, financial institutions and industrial sectors. In return, it reduced the energy sector and significantly reduced the gold certificate. The equity allocation rose from 66.94% to 71.97%. The bond ratio remained almost unchanged at 11.01% (previous month: 11.30%). The certificate ratio (gold) fell from 7.72% to 2.27%. The liquidity of the fund rose slightly from 13.52% to 14.22%