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DWS Concept DJE Responsible Invest LD

DWS Concept DJE Responsible Invest LD Header Image
As at:
211.78 EUR
222.38 EUR

Monthly Commentary

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.

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.