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

Monthly Commentary

With few exceptions the international stock markets gained in December. A key factor was the "Phase One" trade agreement which the USA and China agreed on and which is to be signed in mid-January. It essentially means that the USA will waive the introduction of various announced import duties and that China will import more agricultural goods from the USA. In Europe market participants also reacted positively to the Conservative victory in the British general election. In Germany the ifo business climate index improved again but various German and European economic indicators continued to disappoint. In this market environment the price of the DJE - Dividende & Substanz rose 2.14%. Its benchmark index MSCI World increased 1.03% on a euro basis. In December almost all sectors of the global stock market performed positively. Only the sectors media, telecommunications, automotive and industrial suffered price losses in the month under review. The highest price gains were recorded in the sectors basic materials, oil & gas, technology and utilities. The highest performance contributions were delivered by the fund's positions in the sectors retail (underweight, no investment focus of the fund) and financial services (currently overweight investment focus). Viewing individual stocks the strongest value contributions came from the German copper producer Aurubis and the US software and hardware manufacturer Apple. On the other hand, the fund's overall performance was impacted by its investments in the sectors telecommunication (currently slightly underweight) and automotive (currently neutrally weighted in the fund). Viewing individual stocks the French automotive supplier Valeo and the US film producer Walt Disney affected the performance negatively. During the month the fund management increased its exposure to the technology, credit institutions and commodity sector. However it reduced its investments in the sectors food & beverages and telecommunications. Regionally the fund management increased its US investments. On the other hand, it reduced positions in Germany and France. The remaining country allocation remained virtually unchanged. Because of these adjustments the equity allocation increased and the fund was fully invested at month-end. There were no currency hedges against the euro at the end of the month.

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.