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

Monthly Commentary

Positive monetary signals for the stock markets emerged in July. The European Central Bank announced that it would leave key interest rates at 0% or possibly lower them further, and showed itself ready for a new bond purchase program. In the US the Federal Reserve lowered key rates by 25 basis points to a range of 2.00% to 2.25% for the first time in ten years as widely expected by the markets. In addition the resumption of trade talks between the US and China had a positive impact on the market sentiment as had merger and acquisition activity on both sides of the Atlantic. On the other hand the vast majority of economic data in Europe fell short of expectations. The purchasing managers' indices for Germany and the euro zone continued to fall and reached their lowest level in six years. In Germany new orders and industrial production were well below the previous year's levels and various profit warnings from DAX groups depressed sentiment on the stock market. In addition the probability of a Brexit without an agreement increased. In this market environment the value of the DJE - Dividende & Substanz - rose 0.94%. Its benchmark index MSCI World gained 2.71% on a euro basis. In July most sectors of the MSCI performed moderately to well with the exception of commodities and oil & gas which recorded losses. Over the month the fund benefited mainly from its exposure to the overweight food & beverage and travel & leisure sectors. At the individual stock level the strongest value contributions to the overall performance came from the US foodservice company Starbucks and the French food group Danone. On the other hand the overall result was negatively impacted mainly by the slightly overweighted exposure of the commodities sector. In addition stock selection in the underweighted banking sector also had a negative impact. At the level of individual stocks the positioning with the Swiss chemical industry company Sika and the software manufacturer SAP from Walldorf had a negative impact on the overall result of the fund. Over the course of the month the fund management reduced the financial services, real estate and industrial sector. In return it increased its investments in the food & beverages, travel & leisure and technology sectors, among others. Regionally the fund management cut Europe (including Germany). But increased its exposure in the USA, Switzerland and France. As a result of the adjustments, the fund's equity exposure rose from 96.01% in previous month to 98.36%. The cash ratio fell from 3.99% to 1.64%. At the end of the month euro-denominated securities were hedged against the US dollar.

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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.