DJE Lux - DJE Multi Flex
- As at:
- 162.23 EUR
- 171.96 EUR
Monthly comment of the Management Company
In April the stock markets were able to recover some of the losses of previous month. Investors reacted with relief to the declining number of new corona infections and the gradual easing of restrictions on people and trade in China, Europe and the USA. In addition, the continued very expansive monetary and fiscal policies of the major central banks and governments were positive for the markets. The start to the balance sheet season in the USA was also better than expected. On the other hand, economic indicators such as purchasing managers' indices, business climate or consumer confidence in the USA and Europe fell sharply. On the other hand, there were confident signals from China in this respect. Despite the rally on the stock markets the bond markets also developed positively. While yields on high-quality 10-year government bonds fell slightly, high-yield corporate bonds made a price jump as their yields fell sharply by 262 basis points in Europe to 6.92% and by 139 basis points in the USA to 8.05%. Gold continued to appreciate rising from $1,602 to $1,705 per troy ounce over the month. In this market environment the DJE Lux - DJE Multi Flex rose 9.40% in April. Its benchmark index, the MSCI World, gained 11.15% in euro terms. The ETF on gold mining stocks made the strongest contribution to the fund's performance. USA titles performed also very well. The strongest contribution came from the target fund investing in small and medium-sized US companies, followed by US ETFs. The target fund investing in European small and mid-caps also ended the month under review with a very good result as did the sub-fund investing in the healthcare sector. And last but not least, the certificate on physical gold also contributed to the positive fund performance. In April, none of the individual funds held in the portfolio suffered losses. No significant purchases or sales were made during the month. The investment ratio remained almost stable at 75.90% (74.72% previous month) as did the share of certificates at 8.22% (8.63% previous month). Forward contracts were available for hedging purposes at the end of April.