DJE - Alpha Global PA (EUR)

DJE - Alpha Global PA (EUR) Header Image
As at:
238.32 EUR
247.85 EUR

Monthly Commentary

In October the international stock markets performed mainly well. The broad European stock index Stoxx Europe 600 advanced by 0.92%. In the USA the S&P 500 index fell slightly by -0.18%. The Hang-Seng index (Hong Kong) rose by 0.89%. Overall equities worldwide measured by the MSCI World Index rose by 0.22% - all index data on a euro basis. The markets were driven primarily by expectations of a provisional settlement in the US-China trade dispute although the important issues of subsidies and Chinese state-owned companies were left out. In Europe the British government and the EU surprisingly agreed on a Brexit agreement which also had a positive impact on stock market sentiment. Expectations of a further interest rate cut by the US Federal Reserve (Fed) also boosted equity markets. At the end of October the Fed cut key interest rates by 25 basis points to between 1.50% and 1.75%. Therefore the US dollar depreciated by just under 2% against the euro. On the other hand, the majority of economic indicators in the USA, the euro zone and China declined. In this market environment the performance of the DJE - Alpha Global remained stable at -0.00%. In October the majority of the sectors of the MSCI World developed positively but more than a third ended the month with price losses. The highest price gains were recorded in the automotive, healthcare, construction & materials and technology sector. On the other hand, the food & beverage, oil & gas, travel & leisure, utilities, media and insurance sectors suffered higher price losses. The fund benefited particularly from its positions in the credit institutions, construction & materials and automotive sectors. Particularly strong results were achieved by individual stocks such as the Swiss chemical industry company Sika, the French automotive supplier Valeo, the US technology group Apple and the Walldorf-based software manufacturer SAP. On the other hand, the industry, healthcare, household goods and food & health sector in particular had a negative impact on the overall result of the fund. At the level of individual stocks, the performance was adversely affected by the Munich payment services company Wirecard, the US chemicals group Albemarle and the French food group Danone. Over the course of the month, the fund management increased its involvement in sectors such as industry, chemicals, insurance, technology and financial services. In return, the food & beverage, healthcare and oil & gas divisions were reduced. Regionally German and French positions were slightly increased. On the other hand the exposure in the USA and Great Britain was slightly reduced. Because of these adjustments the equity exposure rose from 74.52% previous month to 76.45%. The bond ratio remained virtually stable at 13.39% (13.54% previous month). The cash ratio fell from 11.94% previous month to 10.16%.

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.