DJE INVEST - Lux Select

DJE INVEST - Lux Select Header Image
Minimum investment: 75,000 EUR
ISIN:
LU0159520088
As at:
12/11/2019
Bid:
201.47 EUR
Offer:
211.54 EUR

Monthly comment of the Management Company

Upwards, that was the prevailing direction that prices on the international stock markets took in September. The German share index DAX gained 4.09%, outperforming the broad European share index Stoxx Europe 600, which gained 3.60%. In the US, the S&P 500 index advanced by 2.51% and the Hong Kong Hang-Seng index also rose by 2.25%. The global share index MSCI World rose by 2.74% in September - all index figures in euro terms. Monetary policy played a major role in the recovery of the equity markets. The European Central Bank resumed its EUR 20 billion monthly bond purchase program, which was indefinite for the time being, and lowered the deposit interest rate from -0.4% to -0.5%. After the end of July, the US Federal Reserve again lowered its key interest rate by 25 basis points to between 1.75% and 2.0%, and in China the central bank reduced its minimum reserve rate for banks for the third time. While the ECB thus continues to operate in financial crisis mode and is trying to move low inflation towards its target of 2.0%, the measures taken by the central banks in the USA and China are aimed at providing the market with more liquidity and supporting the economy against the backdrop of the trade conflict. The trade conflict between the US and China eased slightly in September, which was also very well received by the markets. Although the US put its 15% tariffs on additional Chinese imports into effect, talks were resumed and described by both sides as "constructive". Other measures already announced were suspended for the time being, and both the US and China spoke of a possible provisional conclusion. Market sentiment also improved with the unexpectedly rapid formation of a new government coalition in Italy under Prime Minister Conte and the participation of the five-star movement and the Social Democrats, as well as the passing of a law in the UK banning the government from an unregulated Brexit. In the US, real estate and labour market data improved and inflation rose and approached the Federal Reserve's target of 2.0%. In the US, the ISM Manufacturing Purchasing Managers' Index fell to 49.1 points, indicating a shrinking economy, and consumer confidence also fell sharply. In Germany, the purchasing managers' index for the manufacturing sector reached a ten-year low of 41.4 points, while its counterpart from the euro zone fell to 45.6 points. Incoming orders and industrial production also declined. Only German exports rose slightly.

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.