DJE Concept I Header Image
Minimum investment: 95,000 EUR
As at:
283.88 EUR
283.88 EUR

Monthly Commentary

European and German stocks had been supported till middle of the month by the weak Euro that fell down to 1.17 US-Dollar but afterward the situation in Europe damped. During the account season of the first quarter 2018 US enterprises reported much higher profits than European mainly because of the latest tax reforms. The purchase manager index dropped down to an 18-month-low, but the US purchase manager index reached a 44 month peak. In addition burdening was the forming of the Italian government that is not at all Europe friendly as well as the introduction of US import duties on steel and aluminium. In this market environment the DJE Concept was able to gain 1.61%. The corresponding benchmark (75 % MSCI World, 25 % REX 1 year Performance Index) closed with a surplus in height of 2.98%. The fund benefited from the Japanese human resources company TechnoPro, the packaging company Mondi, the pharmaceutical holding Shire and the German travel agent TUI. On the other side disappointing was the performance of Wacker Chemie and of the copper and smelting holding Aurubis, both German and the Japanese engineering companies DMG Mori and Ebara as well as the Danish operator of wind parks Orsted. During the month the fund management increased the position of the sectors travel & leisure, base material and household goods. Reduced were the sectors industry, cars, utilities and technology. In addition added was a gold certificate for hedging and balancing possibilities in difficult market periods. Because of these adjustments the share quota of the fund dropped significantly from 80.5% down to 66.7%. But the cash quota was risen from 4.7% up to 14.5%. The bond ratio was slight reduced from 11.2% to 10.2%. By month end 7% of the fund’s portfolio was invested in certificates and 1.6% in funds. The hedge of the Swiss Franc was totally resolved.

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.