DJE - Dividende & Substanz P (EUR) Header Image
ISIN:
LU0159550150
As at:
17/07/2019
Bid:
418.44 EUR
Offer:
439.36 EUR

Monthly Commentary

In June the European stock market - like almost all stock markets worldwide - posted a positive result. The equity markets received a tailwind from the central banks: the ECB extended the period during which key interest rates are not expected to rise till mid-2020 and will place further bond purchases in the region if the economy in the euro zone is not going pick up. The US Federal Reserve announced its willingness to react in order to support the US economy in view of the trade conflict between the US and China. Most market participants then expected the Fed to cut key rates in three steps by the end of the year. In addition hopes of a minimal consensus in the US-China trade dispute returned as US President Trump announced a meeting with Chinese President Xi at the G20 summit in July and a follow-up to the talks interrupted in late May. In this market environment the value of the DJE - Dividende & Substanz rose 3.59%. Its benchmark index MSCI World increased 4.17% in euro terms. All sectors of the MSCI performed well in June. Over the month the fund benefited mainly from its investments in the higher-weighted financial services, chemicals, household goods and construction & materials sector. Viewing individual stocks the strongest value contributions to the overall performance came from the asset manager Blackrock (USA), investment company Blackstone (USA) and telecommunications company Veon. The selection of equities in the real estate sector had a particularly negative impact. The fund's overall performance was adversely affected above all by its positioning in the Hong Kong real estate company Great Eagle, the Berlin housing company Deutsche Wohnen as well as in the US pharmaceutical group Ely Lilly. During the reporting period the fund management reduced its investments in the banking and real estate sector. In return it expanded the commodity sector in particular gold mining stocks, chemicals and household goods. Regionally the fund management increased its exposure in Europe (mainly Germany, France and Switzerland). As a result of these adjustments the fund's equity exposure rose from 90.9% previous month to 96.1%. The cash ratio fell from 9.1% to 3.9%. At the end of the month US and Hong Kong dollar denominated assets were partially hedged.

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.