DJE - Alpha Global PA (EUR)

DJE - Alpha Global PA (EUR) Header Image
As at:
237.80 EUR
247.31 EUR

Monthly Commentary

The international stock markets made progress in September and were able to increase for the most part. The German share index DAX gained 4.09%, outperforming the broad European share index Stoxx Europe 600, which gained 3.60%. In the USA, 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 growth of the equity markets. The European Central Bank resumed its EUR 20 billion monthly bond purchase program 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. In addition, market participants hoped that the trade conflict between the US and China could possibly lead to a provisional deal, as both sides described the resumed talks as constructive. However, the majority of economic indicators disappointed. For example, the US ISM Manufacturing Purchasing Managers' Index fell just below the 50-point mark. Its German counterpart reached a ten-year low of 41.4 points. In this market environment, the DJE - Alpha Global rose by 0.91%. In September, almost all sectors of the MSCI World developed positively. The highest price gains were achieved by the credit institutions, insurance, oil & gas and automotive sectors. In addition, the construction & materials, chemicals and utilities sectors also recorded price gains. The weakest results were recorded in the food & beverages, healthcare and travel & leisure sectors. The fund benefited particularly from its stock selection in the underweighted credit institutions and healthcare sectors. Further positive momentum came from positions in the higher-weighted construction & materials sector. Individual stocks such as the Finnish financial group Nordea Bank, the US chemicals group Albemarle, the Hong Kong chemicals group Kingboard Holdings and the Essen-based energy utility RWE achieved particularly strong results. By contrast, the fund's overall performance was adversely affected above all by stock selection in the commodities sector and exposure to the weaker media, travel & leisure and retail sectors. At the level of individual stocks, the fund's performance was adversely affected by the Internet group Prosus, the US system catering company Starbucks, the Indian financial services group Housing Development Finance and the Hong Kong real estate company Great Eagle Holdings. Over the course of the month, the fund management reduced its exposure to the healthcare and insurance sectors. The Technology and Financial Services divisions expanded slightly. At country level, German and French positions were slightly increased. In return, the British exposure was slightly reduced. As a result of the adjustments, the equity ratio fell from 75.92% in the previous month to 74.52%. The bond ratio also fell from 14.48% in the previous month to 13.54%. The cash ratio thus increased to 11.94% (9.59% in the 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.