DJE - Alpha Global PA (EUR)

DJE - Alpha Global PA (EUR) Header Image
As at:
250.70 EUR
260.73 EUR

Monthly Commentary

In December the international stock market gained with few exceptions (Australia, Thailand). The German stock index DAX rose moderately 0.10%, while the broad European index Stoxx Europe 600 increased 2.06%. In the USA the S&P 500 Index rose 0.91% and the Hang-Seng Index (Hong Kong) climbed 5.49%. The global MSCI World Index rose 0.94% - all index data in euro terms. A key factor of the rising equity market was the "Phase One" trade agreement which the USA and China agreed on and which is to be signed in mid-January. It essentially means that the US will forego the introduction of various announced import duties and China will import more agricultural goods from the US. In Europe market participants also reacted positively to the Conservative victory in the British general election. In Germany the ifo business climate index improved again but various German and European economic indicators continued to disappoint. In this market environment the value of the DJE - Alpha Global rose 1.54%. In December almost all sectors of the global equity market performed positively. Only the media, telecommunications, automotive and industrial sectors suffered price losses in the month under review. The highest price gains were achieved by the basic materials, oil & gas, technology and utilities sectors. The fund benefited in particular from its positions in the sectors basic materials, real estate and chemical. In addition the construction & materials and financial institutions sector contributed encouraging results to the fund's performance. Individual stocks such as the Hong Kong technology supplier Kingboard Holdings, the Chinese Internet company Tencent, the US gold mining group Newmont Goldcorp and the South Korean electronics group Samsung achieved particularly strong results. Anyway the sectors automotive, media, telecommunication and food & beverages had a negative impact on the fund's overall performance. Viewing individual stocks the French automotive supplier Valeo, the Munich-based payment services company Wirecard and the US film producer Walt Disney, among others, had a negative impact on performance. During the course of the month the fund management increased its exposure to the technology sector. But the industrial sector was reduced slightly. Regionally British positions were increased while German and US positions were reduced. Because of these adjustments the equity exposure remained almost stable at 84.68% (84.77% previous month). The bond ratio declined to 11.81% from 13.01% previous month. The cash ratio rose from 2.23% to 3.51%.

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.