DJE Lux - DJE Multi Flex

DJE Lux - DJE Multi Flex Header Image
Minimum investment: 3,000,000 EUR
ISIN:
LU0346993305
As at:
13/11/2019
Bid:
164.79 EUR
Offer:
174.68 EUR

Monthly comment of the Management Company

In October the international stock markets performed mainly well. The markets were driven above all by expectations of a provisional settlement in the trade conflict between the USA and China although the important issues of subsidies and Chinese state-owned companies were left out. In Europe the British government and the EU surprisingly agreed on a Brexit agreement which also had a positive effect on the mood on the stock markets. Expectations of a further interest rate cut by the US Federal Reserve (Fed) also boosted the equity markets. At the end of October the Fed cut key interest rates by 25 basis points to between 1.50% and 1.75%. Therefore the US dollar depreciated by just under 2% against the euro and the gold price rose from USD 1,474 to USD 1,510 per troy ounce. On the other hand, the majority of economic indicators in the USA, the euro zone and China declined. The consolidation phase on the bond markets continued in October. Yields on high-quality 10-year government bonds rose slightly in the euro zone and the USA. In this market evironment the value of the DJE Lux - DJE Multi Flex rose 0.48% in October. Its benchmark index MSCI World rose 0.22% in euro terms. The best performance contributors during the month were the gold mining ETF and an actively managed Japanese target fund, followed by a healthcare fund. The share of the portfolio investing in Asia also developed favorably. On the other hand, the ETF investing in infrastructure declined in this market environment. In addition, the consumer goods sector and the food & beverages segment had a negative impact. During the month, the fund management increased the existing gold mining ETF and the position in the S&P 500 ETF. From a tactical point of view both a passively investing Japan fund and a fund investing in the broad European equity market were newly acquired. In return the target fund investing in agricultural and food stocks was reduced. An ETF on the Swiss equity market was sold in its entirety with profit taking. The investment ratio rose from 85.36% previous month to 91.42%. The share of certificates remained stable at 7.33% (previous month 7.33%). The cash ratio fell from 7.31% to 1.25%. At the end of October futures contracts were not part of the portfolio.

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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.