DJE - Asia High Dividend XP (EUR)

DJE - Asia High Dividend XP (EUR) Header Image
Minimum investment: 3,000,000 EUR
ISIN:
LU0374457033
As at:
12/11/2019
Bid:
255.05 EUR
Offer:
255.05 EUR

Monthly Commentary

The international stock markets developed predominantly positively in September. Monetary policy played a major role in this. After the end of July, the US Federal Reserve again lowered its key interest rate by 25 basis points to between 1.75% and 2.0%, and in China the central bank reduced its minimum reserve rate for banks for the third time. In addition, market participants hoped that the trade conflict between the US and China could possibly lead to a provisional deal, as both sides described the resumed talks as constructive. However, the majority of economic indicators were disappointing. In China, industrial output growth slowed to 4.40%, while retail sales and imports and exports weakened. However, the Caixin Purchasing Managers' Index for China's industrial sector improved to 51.4 points. In this market environment, the DJE - Asia High Dividend fund price rose by 1.04%. Its benchmark index (MSCI Daily TR AC Far East Ex Japan) rose by 2.29% on a euro basis. In September, most sectors in the Asian investment region made gains. The technology (currently underweight in the fund as most technology companies do not pay dividends), energy (currently underweight in the fund's sector) and construction & materials (currently overweight in the fund's sector) sectors performed best in relative terms, i.e. with the highest price gains in local currency. Below-average, i.e. with high price losses, were the sectors that performed particularly well: healthcare (currently underweighted sector of the fund), consumer goods and utilities (currently overweighted sectors). Overall, the sector weighting thus had a negative impact on fund prices in September compared with the benchmark index. At the level of individual stocks, the highest performance contributions came from investments in the Hong Kong group Kingboard Laminates, the Thai power producer Electricity Generating and the semiconductor company Taiwan Semiconductor Manufacturing. On the other hand, positions in the pharmaceutical company Sino Biopharmaceutical (Hong Kong), the real estate company Great Eagle (Hong Kong) and the Indian real estate financier Housing Development Finance had a negative impact. Over the course of the month, the fund management lowered the investment ratio from 98.62% in the previous month to 92.78%. At the sector level, the weightings in the retail, real estate, insurance and food & beverage sectors were reduced. On the other hand, the automotive, utilities, technology, chemicals and oil & gas sectors expanded slightly. At the country level, the proportion of Chinese stocks listed in Hong Kong was reduced. In addition, the proportion of Chinese stocks listed in the USA and Indian stocks was slightly reduced. In contrast, the proportion of Japanese stocks was 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.