DJE - Europa I (EUR) Header Image
Minimum investment: 75,000 EUR
As at:
375.48 EUR
375.48 EUR

Monthly Commentary

In July there were positive monetary signals for the stock markets. The European Central Bank announced that it would leave key interest rates at 0% or possibly lower them further, and indicated its readiness for a new bond purchase program. The resumption of talks in the trade conflict between the US and China had a positive impact on market sentiment, as had merger and acquisition activity on both sides of the Atlantic. However, the vast majority of economic data in Europe fell short of expectations; for example, the purchasing managers' index for the euro area fell further from 47.6 to 46.4, its lowest level in six years. In addition, the probability of a brexit without an agreement increased. In return, yields on 10-year German government bonds fell further by twelve basis points to -0.44%. In this market environment, the value of the DJE - Europe remained stable in July with a plus of 0.03%. Its benchmark index MSCI Europe Net Total Return rose moderately by 0.30%. Due to its slight underweight compared to the index, the fund was not able to fully benefit from the good performance of the basic consumption sector. Negative impulses also came from the underweighted industrial and non basic consumer goods sectors as well as from the basic materials sector (slightly overweighted). The weakest single stock contributions came from the flight component manufacturer FACC based in Austria, the Swiss chemical industry company Sika and the German wholesale and retail group Metro. The strongest performance drivers of the fund in the month under review were the technology, healthcare and utilities sectors. The German biotechnology company Morphosys, the Belgian-American brewery group Anheuser-Busch and the British mobile phone company Vodafone Group made the highest individual contributions to the fund's performance. Over the course of the month, the fund management slightly increased its investments in various sectors, including technology, food & beverages and utilities. On the other hand, the weighting declined slightly, especially in the credit institutions, oil & gas and industrial sectors. As a result of the adjustments, the fund's equity exposure fell slightly from 99.33% in the previous month to 98.97%. The cash ratio rose from 0.67% to 1.03%.

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.