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

Monthly Commentary

In October the international stock markets performed mainly pleasing. The markets were driven above all by expectations of a provisional settlement in the trade conflict between the USA and China although the important issues of subsidies and Chinese state-owned companies were left out. In Europe, the British government and the EU surprisingly agreed on a Brexit agreement, which also had a positive effect on the mood on the stock markets. Expectations of a further interest rate cut by the US Federal Reserve (Fed) also boosted equity markets. At the end of October the Fed cut key interest rates 25 basis points to between 1.50% and 1.75%. As a result the US dollar depreciated by just under 2% against the euro. The German ifo business climate index remained at a ten-year low of 96.4 points, the purchasing managers' index for euro zone industry remained unchanged at 45.7 points in the contracting range, and industrial production fell -2.8% year-on-year. In this market environment the value of the DJE - Europe fell -0.46% in October. Its benchmark index MSCI Europe Net Total Return rose 0.86%. Negative contributions to fund performance came mainly from the technology, healthcare and utility sectors (all currently overweighted investment focuses of the fund) as well as from the real estate segment (overweighted, no investment focus). At the level of individual stocks the British service provider NMC Health, the international brewery Anheuser-Busch-InBev with headquarters in Belgium, the German diagnostics company Qiagen and the French automobile manufacturer Renault were particularly disappointing. On the other hand the fund benefited from its exposure to the overweight construction & materials sector and its stock selection in the industry, oil & gas and telecommunications sectors (currently underweight sectors of the fund). Particularly pleasing individual results came from the Swiss chemical industry company Sika, the Stuttgart-based automobile manufacturer Daimler, the Swedish plastics group Trelleborg and the Hamburg-based copper producer Aurubis. During the month the fund management reduced its investments primarily in the sectors food & beverage and healthcare. On the other hand it slightly increased the weighting of the credit institutions, chemicals and technology sector. Regionally French and German positions in particular were expanded. In return reduced were mainly Dutch and Swiss stocks. Because of these adjustments the fund's equity exposure fell slightly from 98.63% previous month to 97.83%. The cash ratio rose to 2.17% (previous month 1.37%).

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.