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DWS Concept DJE Alpha Renten Global LC

DWS Concept DJE Alpha Renten Global LC Header Image
As at:
126.51 EUR
129.05 EUR

Monthly Commentary

A recession in the global economy should be prevented at all costs. The major central banks around the world agree on this and are pulling in the same direction again. The US Federal Reserve lowered key interest rates and the European Central Bank reduced its deposit interest rate from -0.4% to -0.5% and announced an unlimited bond purchase program to provide the markets with additional liquidity. Even the trade conflict between the US and China eased somewhat in September. Equity markets recovered and government bond yields rose from their lows. The German stock index achieved a performance of 4.09%, the Standard % Poor's 500 of 2.51% in euro terms. The yield on 10-year German government bonds rose from -0.70% to -0.57%. In the USA, 10-year US government bonds yielded 1.66% at the end of October after 1.49% at the beginning of the month. This was also reflected in high quality corporate bonds with good credit ratings, and yields rose by 10 basis points. In this market environment, management reduced the average maturity to 2.96 years using derivatives. Long-term Australian government bonds were also reduced. The equity exposure, including derivatives, was actively managed in these slightly rising but still very volatile markets and at the end of the month, at 15.51%, was somewhat lower than in the previous month. In particular, the commodities, retail and technology sectors were reduced. The physical gold ratio remained broadly unchanged at 5.5%. Currency hedging was largely liquidated. The open foreign currency exposure was around 48%. The performance of the DWS Concept DJE Alpha Renten Global was -0.21% in the month under review.

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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.