DJE - Asia High Dividend PA (EUR)

DJE - Asia High Dividend PA (EUR) Header Image
ISIN:
LU0374456654
As at:
16/08/2019
Bid:
190.28 EUR
Offer:
199.79 EUR

Monthly Commentary

In July most Asian equity markets slowed down with the exception of Japan and Taiwan. Initially the resumption of talks in the trade conflict between the US and China had a positive effect on market sentiment. Finally by end of the month the talks were postponed to September with no concrete result. In China industrial production increased year-on-year and retail sales increased. On the other hand, the Caixin Purchasing Managers' Index weakened and fell 49.4 points into the contracting range. In the second quarter the Chinese economy grew 6.2% year-on-year - the weakest growth in 27 years. In this market environment the DJE - Asia High Dividend fund price fell -0.73%. Its benchmark index (MSCI Daily TR AC Far East Ex Japan) rose -0.73%. In July almost all sectors of the Asian investment region suffered losses - with the exception of the technology sector, which is not the focus of the fund as most technology companies do not pay dividends. The sectors that performed best in relative terms, i.e. with the lowest losses in local currency after technolog, were utilities (currently the overweighted investment focus of the fund) and telecommunications (currently not the investment focus of the fund, therefore underweighted). The real estate (currently overweighted sector), commodities and oil & gas sector in particular performed below average, i.e. with disproportionately high price losses (both not investment focuses of the fund, therefore roughly equally or underweighted). Overall, the sector weighting thus had a largely neutral to slightly negative effect on the fund price development compared with the benchmark index in July. At the level of individual stocks the highest performance contributions came from the investments in the Chinese hygiene group Vinda, the pharmaceutical company Sino Biopharm from Beijing and the Hong Kong conglomerate Guangdong Investment. On the other hand, positions at the Chinese jewellery and gold dealer Chow Tai Fook, the real estate portfolio holder Champion Reit and the composite materials manufacturer Kingboard Laminates - all based in Hong Kong - were disappointing. At sector level the weightings in the real estate and retail, travel & leisure and household goods sectors, among others, were slightly reduced. But positions of the industrial and insurance sector were increased. Regionally the share of Chinese stocks listed in Hong Kong was reduced. The proportion of Chinese stocks listed in the USA remained virtually unchanged, as did the proportion of Japanese stocks. Indian and South Korean stocks were slightly reduced. The ratio of Singaporean stocks was slightly increased. At the end of the month values 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 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.