DWS Concept DJE Responsible Invest LD
- As at:
- 211.78 EUR
- 222.38 EUR
With few exceptions, the international stock markets gained in December. By contrast, the bond markets were under pressure, as can be seen from the yields on high-quality 10-year government bonds. Their yield rose from -0.36% to -0.19% in Germany and from 1.81% to 1.92% in the USA. An important factor in the rising stock markets was the "Phase One" trade agreement that the USA and China agreed on. This essentially means that the US will waive various announced import duties and that China will import more agricultural goods from the US. In Europe, market participants also reacted positively to the British Conservatives' victorious outcome of 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 value of DWS Concept DJE Responsible Invest fell by -0.45%. On the equities side, the strongest performance contributions came primarily from positions in the financial services (slightly overweight in the fund) and energy (underweight in the fund) sectors. On the other hand, the consumer and industrial sectors impacted the Fund's performance. Among the countries, Hong Kong stocks were particularly disappointing in the portfolio. Over the course of the month, the fund management reduced the chemicals and technology sectors slightly and expanded the retail sector somewhat. At country level, German stocks in particular were reduced. As a result of the adjustments, the fund's equity allocation rose slightly to 70.27% (69.25% in the previous month). The bond allocation remained almost stable at 28.00% (28.53% in the previous month). At the end of the month, stocks denominated in US and Hong Kong dollars were partially hedged against currency risks.