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DWS Concept DJE Alpha Renten Global LC

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As at:
124.52 EUR
127.01 EUR

Monthly Commentary

The DWS Concept DJE Alpha Renten Global Fund had a positive performance in height of 2.25% in June. Dovish statements of most central banks and thus the prospect of interest rate cuts influenced investors positively. The global stock markets performed extremely well in June. The Euro Stoxx 50 index gained 5.89%, while the S&P 500 index rose 5.04% in euro terms. The MSCI World Index in euro increased 4.61%. As a result the equity quota including equity funds was increased significantly up to 24.36%. Derivatives were actively used for quota management. As a result of the announced tendency of interest rate cuts the weightings in the financial service sector were significantly reduced. The commodity, personal household goods and utilities sector, on the other hand, increased considerably. Parallel to the development on the equity markets spreads on corporate bonds narrowed significantly. Yields on high-yield bonds fell from 4.23% to 3.61% in Europe and from 6.62% to 5.87% in America. At the same time investors were able to enjoy rising prices for government bonds. While the yield on 10-year German government bonds fell from -0.2% to -0.33%, the yield on 10-year US Treasuries fell from 2.07% to 2.0% at the end of the month. Supranational bonds with the best ratings were purchased in Mexican Pesos. This created a small weighting of developing countries within the portfolio. The background is a possible friendly solution regarding the border dispute between the USA and Mexico and a not too strong US Dollar. Both should support the performance in Peso. In the bond portfolio Norwegian government bonds were sold and exchanged for Italian and American government bonds. The prices of 10-year Italian government bonds rose significantly despite the dispute with the EU over the size of the government deficit. As a result the yield fell from 2.56% to 2.10%. In the high-yield area a small position was sold due to a deterioration in the rating from a risk/return perspective. The average remaining term in the bond portfolio as a whole increased significantly to 4.75 years. The US dollar was fully hedged in the reporting period. The open foreign currency exposure at the end of June was 2.5%.

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.