DJE - Dividende & Substanz I (H-CHF)
- As at:
- 190.58 CHF
- 190.58 CHF
In August the trade conflict between the US and China escalated again after US President Trump surprisingly announced a 10% tariff from September on Chinese goods which had not yet been affected by tariffs. The measures and countermeasures culminated in the imposition of an import ban on agricultural products, the introduction of import duties and a noticeable devaluation of the Yuan (China) as well as an increase in existing and planned duties (USA). The trade conflict thus left further traces in an already weakening economy. This was evidenced by shrinking industrial production, falling investor and consumer confidence and purchasing managers' indices with values below the important 50 point mark which point to a contraction of the economy in the USA, China and Europe - where the probably unregulated exit of Great Britain from the EU on 31 October also weighed on investor sentiment. In this market environment the value of the DJE - Dividende & Substanz fell by -2.01%. Its benchmark index MSCI World dropped by -1.16% on a euro basis. In August most sectors of the MSCI World performed negatively. The largest price losses were suffered by the oil & gas, basic materials and credit institutions sector. The automotive, chemicals and technology sectors were also in the red. By contrast, the food & beverages, utility, real estate and telecommunication sector closed the month under review with positive results. In addition, the healthcare sector and the retail trade also recorded slight profits. The fund's overall performance was adversely affected by its overweight exposure to the commodities sector which suffered major losses in August. On the other hand, stock selection in the underweighted banking sector also had a negative impact. Viewing individual titles the fund's performance was adversely affected above all by its investments in the US investment company Black Rock and the US clothing group Limited Brands. By contrast, the fund benefited over the course of the month above all from its overweighted exposure in the utility sector which closed with price gains. In addition stock selection in the underweighted real estate sector also contributed positively to fund performance. The strongest value contributions of an individual title to the overall performance was delivered by the Danish pharmaceutical company Novo Nordisk and the French food group Danone. During the month the fund management reduced its investments in the industrial, oil & gas, technology, utilities and chemical sectors. In return, it increased among others its holdings in the food & beverage and healthcare sector. Regionally the fund management reduced its exposure in the USA and Europe (including Germany). There were no other notable country increases. As a result of these adjustments the fund's equity exposure fell from 98.36% e previous month to 89.05%. The cash ratio rose from 1.64% to 10.95%. There was no currency hedging against the euro at the end of the month.