DJE - Concept I (EUR) Header Image
Minimum investment: 95,000 EUR
As at:
256.90 EUR
256.90 EUR

Monthly Commentary

With the exception of the major Asian indices the stock markets continued to recover in May. On one hand the declining numbers of new Corona infections in Asia, Europe and the USA led to faster than expected relaxation of protective measures. On the other hand, the stock markets in the euro zone, China and Japan received fiscal policy support. Leading indicators signaled hope for a recovery, e.g. the purchasing managers' indices for industry and services in the USA and the euro zone increased. However, "hard" economic data such as industrial production and new orders showed double-digit declines. In addition, tensions between the USA and China flared up again. As expected the German economy contracted by 2.2% in the first quarter and the US economy slumped by 5.0%. The ongoing escape into the "safe haven" gold made the precious metal more expensive, from USD 1,705 to USD 1,732. In this market environment the price of the DJE - Concept fell -1.05% and the benchmark index (75% MSCI World, 25% REX 1 year Performance Index) rose 2.49%. In May about three quarters of the sectors of the global stock market performed positively: The highest price gains were recorded by the sectors basic materials, construction & materials, chemicals and financial services. Technology, industrials, automobiles and retail were also among the strong sectors. But the sectors real estate, financial institutions, insurance, telecommunications, oil & gas recorded slight price declines. The fund's performance was negatively affected by the sectors cyclical consumer goods and financial services in particular. At the level of individual stocks the Hong Kong real estate company Great Eagle and the US pharmaceutical and biotechnology company Gilead were particularly disappointing. On the other hand, the sectors utilities, technology and telecommunications provided positive momentum for the fund's performance. Particularly pleasing individual contributions were made by, among others, the Chinese internet company, the Australian gold mining company Evolution Mining, the Japanese pharmaceutical company Ono Pharmaceutical and the Essen-based energy group E.ON. Over the course of the month the fund management increased its exposure into the sectors utilities, household goods, industry and real estate. In return, positions in the basic materials, travel & leisure and retail sectors were reduced. Regionally holdings in Hong Kong were reduced and the proportion of U.S. stocks was slightly reduced. In contrast, German stocks were slightly increased. As a result of these adjustments the equity ratio fell from 68.53% previous month to 66.46%. At the end of the month stocks denominated in US and Hong Kong dollar were partially hedged against currency risks.

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.