DJE - Asia High Dividend PA (EUR)

DJE - Asia High Dividend PA (EUR) Header Image
As at:
204.76 EUR
215.00 EUR

Monthly Commentary

All Asian stock markets, with the exception of India, reported positive results in June. The equity markets received a tailwind from the central banks: the Chinese central bank announced that its scope for further adjustments to its monetary policy was "enormous" (at a current key interest rate of 4.35%). The US Federal Reserve, on the other hand, announced its willingness to react in order to support the US economy during the trade conflict between the US and China. Most market participants then assumed that the Fed could possibly cut key rates in three steps by the end of the year. In addition hopes of a minimal consensus regarding the US-China trade dispute returned as US President Trump announced a meeting with Chinese President Xi at the G20 summit in July and a follow-up of the talks interrupted at the end of May. In this market environment the price of the DJE - Asia High Dividend rose 2.84%. Its benchmark index (MSCI Daily TR AC Far East Ex Japan) gained 5.58%. After the heavy losses in May all sectors of the Asian investment region closed June with price gains. The sectors that performed relatively best, i.e. with the strongest price gains, were industry, retail (both currently overweighted investment focuses of the fund) and insurance (currently no investment focus of the fund, therefore somewhat underweighted). The travel & leisure (currently overweighted investment focus), oil & gas and financial services (both not investment focuses of the fund, therefore underweighted) sectors in particular performed below average, i.e. with lower price gains. Overall, the sector weighting thus had a moderately positive effect on fund prices in June compared with the benchmark index. At the level of individual stocks the highest performance contributions came from investments in the Japanese mechanical engineering company DMG Mori, the Chinese jewellery and gold trader Chow Tai Fook and the pan-Asian insurance group AIA based in Amsterdam. On the other hand, positions at the Chinese toiletries manufacturer Vinda, the Hong Kong real estate company Great Eagle and the Chinese technology company Xinyi Solar had a negative impact. During the month the fund management increased the investment ratio from 83.99% to 98.15%. At sector level the weightings in the retail, industrial and insurance sectors were increased. In return the fund management slightly reduced its exposure to the real estate sector. Regionally the proportion of Chinese stocks listed in Hong Kong or the USA and Japanese stocks were increased. Anyway, no country was significantly reduced. At the end of the month some Hong Kong and Singapore dollar denominated securities were hedged.

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.