DJE - Dividende & Substanz P (EUR) Header Image
As at:
410.20 EUR
430.71 EUR

Monthly Commentary

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.

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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.