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

Monthly Commentary

The international stock markets made progress in September and were able to increase mostly. Monetary policy played a major role in this. The European Central Bank resumed its EUR 20 billion monthly bond purchase program and lowered the deposit interest rate from -0.4% to -0.5%. After the end of July, the US Federal Reserve again lowered its key interest rate by 25 basis points to between 1.75% and 2.0%, and in China the central bank reduced its minimum reserve rate for banks for the third time. In addition, market participants hoped that the trade conflict between the US and China could possibly lead to a provisional deal, as both sides described the resumed talks as constructive. However, the majority of economic indicators disappointed. For example, the US ISM Manufacturing Purchasing Managers' Index fell just below the 50-point mark. Its German counterpart reached a ten-year low of 41.4 points. The bond markets came under pressure in September. The yield on ten-year German government bonds rose by 13 basis points to -0.57%, and the yield on ten-year US Treasuries climbed from 1.50% to 1.67%. The gold price corrected by -3.72% from USD 1,529 to USD 1,472. Against this market background, the value of the DJE - Dividende & Substanz rose by 0.36% in September. Its benchmark index MSCI World rose by 0.36% in euro terms. In September, almost all sectors of the MSCI World performed well. The highest price gains were recorded by the credit institutions, insurance, oil & gas and automotive sectors. In addition, the construction & materials, chemicals and utilities sectors, among others, also recorded price gains. The weakest results were recorded in the food & beverages, healthcare and travel & leisure sectors. Positive impetus for the performance of the fund came above all from positions in the strong credit institutions and insurance sectors. However, due to its underweight in these sectors, the fund was not able to fully benefit from their price gains. In addition, the overall performance was adversely affected by its overweight exposure to the weak food & beverage and household goods sectors. At the individual stock level, the strongest value contributions to overall performance came from the Swiss pharmaceutical group Roche and the US investment company Blackrock, among others. Negative contributions came from the Hong Kong real estate group Great Eagle and the US system catering company Starbucks, among others. Over the course of the month, the fund management expanded its activities in the credit institutions, chemicals, oil & gas, technology and industrial sectors. In return, it reduced its holdings in the household goods, insurance and healthcare sectors. At the country level, the fund management reduced its exposure slightly in the USA and Switzerland, among other countries. On the other hand, it increased its exposure to German and French stocks. As a result of the adjustments, the fund's equity exposure rose from 89.05% in the previous month to 94.41%. The cash ratio fell from 10.95% to 5.59%. There was no currency hedging against the euro at the end of the month.

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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.