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DWS Concept DJE Alpha Renten Global LC

DWS Concept DJE Alpha Renten Global LC Header Image
ISIN:
LU0087412390
As at:
20/08/2019
Bid:
125.83 EUR
Offer:
128.35 EUR

Monthly Commentary

Market participants rewarded the dovish statements of the US Federal Reserve (FED) and the European Central Bank (ECB) by pricing the prospect of interest rate cuts into the markets with purchases. However, the high expectations of investors were not met to the extent expected by the central banks. The price fireworks that started the first weeks of the month did not continue until the end of the month. Index levels thus ended at lower levels after their highs in the course of the month. The MSCI World Index in euro ended the month up 2.71%. The S&P 500 index in euros rose by 3.42%, while the Euro Stoxx 50 index closed at -0.20% and the DAX at -1.69%. Spreads on corporate bonds in Europe narrowed, while American bonds remained almost unchanged. Investment grade bond yields in Europe fell from 0.54% to 0.33%. At the same time, investors in Germany were able to enjoy rising government bond prices. While the yield on 10-year German government bonds fell from -0.33% to -0.42%, the yield on 10-year US Treasuries rose from 2.0% to 2.05% at the end of the month. The prices of 10-year Italian government bonds continued to rise, supported by deaf comments from the ECB. As a result, yields fell from 2.10% to 1.59%. The equity exposure, including equity funds and derivatives, was actively managed in this market environment. It stood at 17.00% at the end of July (18.09% in the previous month). The overweighting in the commodities sector has been reduced. On the other hand, a small overweight in the food sector has been built up. The underweights in the retail and technology sectors have been reduced. Overall, the fund was positioned somewhat more conservatively. In the bond portfolio, high-yield corporate bonds that have performed well so far - from a risk/return perspective - were sold, and in return German government bonds with longer maturities were topped up. The modified duration, based on the total fund, was 3.53% at the end of July. US dollar hedging was halved in the reporting period. The open foreign currency exposure at the end of July was 33.3%. The performance of the DWS Concept DJE Alpha Renten Global Fund was 1.13% in July.

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 www.dje.de. 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.