DJE - Asia High Dividend XP (EUR)

DJE - Asia High Dividend XP (EUR) Header Image
Minimum investment: 3,000,000 EUR
ISIN:
LU0374457033
As at:
16/01/2020
Bid:
255.29 EUR
Offer:
255.29 EUR

Monthly Commentary

With few exceptions the international stock markets gained in December. A key factor in this respect was the "Phase One" trade agreement that the USA and China agreed on. It essentially means that the US will refrain from the introduction of various announced import duties and that China will import more agricultural goods from the US. Several encouraging signals came from China in December. For example, the purchasing managers' index for industry reached a three-year high of 51.8 points. In addition the growth in industrial production rose to 5.4% year-on-year and was in positive territory for the first time in a long time. Retail sales also climbed to 8.0%. However, exports declined slightly and there was a record default rate (4.9%) on Chinese corporate bonds. In Japan, the government launched a fiscal program to drive economic growth. In this market environment the DJE - Asia High Dividend rose 3.12%. Its benchmark index (MSCI Daily TR AC Far East Ex Japan) increased 5.74% in euro terms. In December, all sectors of the Asian investment region performed well. The best performing sectors in relative terms, i.e. with the highest gains in local currency, were technology (currently underweight in the fund as most technology companies do not pay dividends), telecommunications (currently underweight), real estate (currently underweight) and construction & materials (currently overweight). Overall, the sector weighting thus had a largely negative impact on the fund's performance against the benchmark in December. Viewing individual stocks the highest performance contributions came from the holdings in Taiwanese chip order manufacturer Taiwan Semiconductor Manufacturing, Hong Kong composites producer Kingboard Laminates, Chinese e-commerce company Alibaba and Japanese airport operator Japan Airports Terminal. On the other hand, the positions at the Thai power producer Electricity Generating Public, the Japanese beverage producer Suntory Beverage & Food and the Japanese railroad company West Japan Railways had a negative impact. At sector level portfolio weightings in the technology, chemicals, industrial and retail sectors were increased. Nevertheless the sectors travel & leisure and utilities were particularly reduced. Regionally the share of Chinese stocks listed in Hong Kong and the share of Japanese stocks increased slightly. The proportion of Thai stocks was slightly reduced. The fund management increased the investment ratio slightly and was fully invested at the end of the month. Stocks denominated in Hong Kong dollars were partially currency-hedged at the end of the month.

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.