DJE - Dividende & Substanz I (EUR)
- As at:
- 468.69 EUR
- 468.69 EUR
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.