DJE - Euro Renten XP (EUR)

DJE - Euro Renten XP (EUR) Header Image
Minimum investment: 3,000,000 EUR
ISIN:
LU0211481055
As at:
02/06/2020
Bid:
965.88 EUR
Offer:
965.88 EUR

Monthly Commentary

In April the further expansion of the safety nets that had already been put in place by governments and central banks in March led to a rally on the stock markets. And the bond markets also developed positively. The yield on 10-year German government bonds fell from -0.47% to -0.59%. By contrast the yield on their Italian counterparts rose from 1.52% to 1.76%. While the yields of high-quality government bonds fell only slightly, high-yield corporate bonds made a price jump as their yields fell significantly in Europe by 262 basis points to 6.92%. Yields on high quality corporate bonds also narrowed in Europe by 66 basis points to 1.19%. In this market environment the DJE - Euro Renten rose slightly 0.75%. In April, the fund benefited above all from the positive performance of corporate bonds and the slight decline in yields on high-quality government bonds. On the other hand, the increase in the yield of Italian government bonds impacted the performance of the fund. During the month the fund management slightly increased the proportion of European corporate bonds. On the other hand, it sold Slovakian government bonds with long maturities to reduce portfolio risk. In addition, it exchanged a 10-year French government bond for a 30-year one. As a result of these adjustments the bond ratio fell to 92.96% from 97.21% previous month. Thanks to active duration management by the fund management the modified duration remained stable at 4.10% (4.10% previous month) in a volatile market environment.

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 www.dje.de. 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.