DJE - Dividende & Substanz P (EUR)
- As at:
- 410.20 EUR
- 430.71 EUR
In April the stock markets were able to recover some of the losses of previous month. Investors reacted with relief to the declining number of new corona infections and the gradual easing of restrictions on people and trade in China, Europe and the USA. In addition, the continued very expansive monetary and fiscal policies of the major central banks and governments were positive for the markets. The start to the balance sheet season in the USA was also better than expected. On the other hand, economic indicators such as purchasing managers' indices, business climate or consumer confidence in the USA and Europe fell sharply. On the other hand, there were confident signals from China in this respect. In this market environment, the price of the DJE - Dividende & Substanz rose 6.32%. Its benchmark index MSCI World increased 11.00% in euro terms. In April all sectors of the global equity market performed well, with the largest gains being recorded by the sectors oil & gas, basic materials, retail, technology and automobiles. Other strong sectors also included financial services, chemicals, healthcare, travel & leisure and media. The fund benefited in particular from its stock selection within the sectors of basic materials, telecommunications, technology and cyclical consumer goods. In terms of individual stocks the strongest value contributions came from the French automotive supplier Valeo, the US mining company Newmont, the US online payment service PayPal and the US online mail order company Amazon. On the other hand, the fund's performance in the month under review was mainly affected by negative results of individual stocks such as the Japanese railway company West Japan Railway, the Essen-based energy utility E.ON and the Augsburg-based real estate investment company Patrizia. During the month the fund's management increased its investments, particularly in the sectors healthcare, basic materials, technology and industry. However, positions in the sectors utilities, household goods and chemicals were reduced. Regionally the fund management increased its US investments. As a result of these adjustments the fund's equity exposure increased to 85.52% from 81.99% previous month. The cash ratio decreased from 18.01% to 14.48%. At the end of the month there was no currency hedging against the euro.