DJE - Asia High Dividend XP (EUR)
- As at:
- 255.05 EUR
- 255.05 EUR
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.