DJE - Alpha Global PA (EUR)

DJE - Alpha Global PA (EUR) Header Image
As at:
255.87 EUR
266.10 EUR

Monthly Commentary

January began well for the stock markets. This was partly thanks to the "Phase One" trade agreement between the USA and China, a strong start to the accounting season in the USA, better industrial production figures from China and higher purchasing manager indices for industry in Germany and the euro zone. But then the outbreak of the corona virus took the wind out of the stock markets' sails. The novelty of the virus and its rapid spread unsettled the markets. As a result, the prices of oil and industrial metals, such as copper, fell significantly. In contrast, gold was in demand as a safe haven. In this market environment the value of the DJE - Alpha Global rose 0.66%. In January the sectors of the global stock market developed mixed: while almost half of the sectors recorded price gains, the other sectors suffered price losses. Among the winners were the sectors utilities, technology and financial services. The losers included not only the oil & gas, basic materials and chemicals segments, but also the banking and automotive sectors. In the month under review the fund benefited above all from its positions in the sectors utilities, real estate, healthcare and financial services. Particularly pleasing results were achieved by individual stocks such as the Essen-based energy utility RWE, the US chemicals group Albemarle, the New York investment company Blackstone and the US online mail order company Amazon. By contrast the automotive, financial institutions, travel & leisure and oil & gas sectors had a negative impact on the fund's overall performance. At the individual stock level, the Hong Kong technology supplier Kingboard Holdings, the French automotive supplier Valeo, the Basel-based travel retailer Dufry and the French oil company Total, among others, had a negative impact on the performance. During of the month the fund management slightly increased its investments in the technology and healthcare sectors, among others. In return the food & beverage sector, among others, was reduced. Regionally German and US positions were increased. Because of these adjustments the equity allocation rose slightly from 84.68% to 85.87. The bond allocation also increased slightly from 11.81% i previous month to 12.37%. The cash ratio declined to 1.40% (3.51% previous month).

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.