DJE - Dividende & Substanz I (EUR) Header Image
Minimum investment: 75,000 EUR
As at:
468.69 EUR
468.69 EUR

Monthly Commentary

In September equity markets declined across a broad front with a few exceptions such as Switzerland, Sweden and Japan. The markets were mainly burdened by a second Corona wave that emerged internationally. The hot phase of the US presidential election campaign also caused uncertainty among investors, partly due to the discussion about potentially manipulative absentee ballots and a possibly uneven handover of office in the event of an election victory by challenger Joe Biden. On the other hand most economic indicators in the US, Europe and China improved including industrial production, new orders and industrial purchasing managers' indices. In this market environment the DJE - Dividend & Substanz - declined by -3.48%. In September almost two thirds of the sectors of the global stock market showed a negative performance. The oil & gas sector suffered the highest price falls, followed by the sectors financial institutions, technology, insurance and financial services. The sectrors automotive, travel & leisure, retail and real estate also posted slightly negative figures. On the other hand the chemicals sector recorded price gains. The sectors household goods, industry, utilities and telecommunications, among others, also posted slight gains. The performance of the fund was burdened by the sectors insurance and financial services in the month under review. The weakest single stock results came from the Russian mining company Polymetal, the Munich-based insurance group Allianz and the US social media platform Facebook. Anyway, the fund's performance benefited from stock selection in the sectors cyclical and non-cyclical consumer staples and oil & gas. With regard to individual stocks the strongest contributions came from the US sports goods manufacturer Nike, the Hong Kong-based chemical industry company Kingboard Laminates, the Chinese infrastructure company Zhejiang Expressway and the Danish wind turbine manufacturer Vestas Wind Systems. During the month the fund management reduced its investments into the sectors financial services and technology. But the sectors industry and household goods were slightly increased. Regionally the Germany and the US allocations were reduced. But Swiss and Danish stocks were slightly increased. As a result of these adjustments the fund's equity ratio decreased to 95.34% from 98.63% previous month. The cash ratio rose from 1.37% to 4.99%. The currency hedge for securities denominated in US dollar was dissolved in the reporting period.

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.