Tri Style Fund (VT)

Tri Style Fund (VT) Header Image
As at:
16.19 EUR
17.00 EUR

Monthly Commentary

Almost all stock and bond markets reported positive results in June. The ECB extended the period during which key interest rates are not expected to rise till mid-2020 and will place further bond purchases in the region if the economy in the euro zone is not going pick up. The US Federal Reserve announced its willingness to react in order to support the US economy in view of the trade conflict between the US and China. Most market participants then expected the Fed to cut key rates in three steps by the end of the year. This gave the equity markets a tailwind and boosted the bond markets: Yields on government and corporate bonds declined which had a positive impact on price performance. In addition hopes of a minimal consensus in the US-China trade conflict returned as US President Trump announced a meeting with Chinese President Xi at the G20 summit in July and a follow-up of the talks interrupted at the end of May. In this market environment the Tri Style Fund gained 3.13% in June. All sectors of the MSCI Word Index performed well in June. The leaders were commodities, chemicals, automobiles and technology, which recorded the highest price gains. The fund benefited particularly from its higher-weighted positions in the strong commodities and technology sectors. The held target fund which invests in Asian equities also made a positive contribution to performance. Viewing individual stocks the strongest impetus came above all from the US conglomerate Berkshire Hathaway, the Walldorf-based software developer SAP, the Munich-based payment services company Wirecard and the British mining group Anglo American. By contrast the fund's overall performance was adversely affected above all by its involvement in the weaker telecommunications and utilities sectors. The Berlin-based housing company Deutsche Wohnen and the British detergent and household goods manufacturer Reckitt Benckiser were particularly disappointing. During the month the fund's management bought equities from the raw materials, industrial, technology and credit sectors. On the bond side, the fund management added a Mexican peso corporate bond from the banking sector to its portfolio. The physical gold certificate was increased. In return the target fund investing in Asia was reduced. Regionally the fund management reduced the proportion of US and German stocks. As a result of these adjustments the equity ratio rose from 53.2% previous month to 55.7%. The fund ratio fell from 12.3% to 9.3%. The proportion of bonds rose slightly from 29.3% to 29.9%. The cash ratio fell from 3.6% to 1.4%. The remaining allocation remained largely unchanged. At the end of the month securities denominated in US and Australian dollars, Swiss francs and British pounds were partially hedged.

Legal Information / Disclaimer:

Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change. The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance. The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information. In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses. The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA. This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.

*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.