DJE - Asia High Dividend PA (EUR)

DJE - Asia High Dividend PA (EUR) Header Image
As at:
204.39 EUR
214.61 EUR

Monthly Commentary

In October, the international stock markets performed largely satisfactorily. 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 of the equation. At the end of October, the Fed cut key interest rates by 25 basis points to between 1.50% and 1.75%. In China, industrial production grew by 5.8% and retail sales by 7.8% year-on-year. On the other hand, some economic indicators in China declined. The purchasing managers' index for industry fell slightly from 49.8 to 49.3 points, and exports shrank by 3.2% year-on-year. In this market environment, the DJE - Asia High Dividend fund price rose by 2.14%. Its benchmark index (MSCI Daily TR AC Far East Ex Japan) rose by 2.29% in euro terms. In October, most sectors in the Asian investment region made gains. The sectors that performed relatively best, i.e. with the highest price gains in local currency, were healthcare (currently underweighted sector of the fund), cyclical consumer spending (currently overweighted in the fund), technology (currently underweighted in the fund as most technology companies do not pay dividends) and real estate (currently neutrally weighted in the fund). The telecommunications sector (currently underweighted sector of the fund) performed below average, i.e. with price losses. Overall, the sector weighting thus had a negative impact on the fund price development compared with the benchmark index in October. At the level of individual stocks, the highest performance contributions came from the investments in the Hong Kong chemicals group Kingboard Laminates, the chip contract manufacturer Taiwan Semiconductor Manufacturing and the Hong Kong conglomerate Guangdong Investment. On the other hand, positions in the Chinese infrastructure company Zhejiang Expressway, the Hong Kong real estate company Great Eagle and the Thai power producer Electricity Generating had a negative impact. Over the course of the month, the fund management increased the investment ratio from 92.78% in the previous month to 99.60%. At sector level, the weightings in the real estate, chemicals and media sectors were reduced, among other things. In return, the sectors technology, industry, financial services, travel & leisure and automobiles were expanded. At the country level, both the share of Chinese stocks listed in Hong Kong and the share of Chinese stocks listed in the USA remained virtually unchanged. The share of Japanese stocks was increased and the shares of Indian and South Korean stocks were also slightly increased. As of the end of the month, stocks denominated in Hong Kong dollars were partly 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.