DJE - Dividende & Substanz I (H-CHF) Header Image
Minimum investment: 125,000 CHF
As at:
190.58 CHF
190.58 CHF

Monthly Commentary

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.

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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 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.