DJE - Dividende & Substanz I (H-CHF)
- As at:
- 195.87 CHF
- 195.87 CHF
January began well for the stock markets. This was partly thanks to the "Phase One" trade agreement between the USA and China, a strong start to the accounting season in the USA, better industrial production figures from China and higher purchasing manager indices for industry in Germany and the euro zone. Then the outbreak of the corona virus took the wind out of the stock markets' sails. The novelty of the virus and its rapid spread unsettled the markets. As a result the prices of oil and industrial metals, such as copper, fell significantly. In contrast gold was in demand as a safe haven. In this market environment the value of the DJE - Dividend & Substanz fell -0.49%. Its benchmark index, the MSCI World, rose 0.63% on euro basis. In January the sectors of the global stock market developed mixed: while almost half of the sectors recorded price gains, the remaining sectors suffered price losses. Among the winners were the sectors utilities, technology and financial services. The losers included not only the oil & gas, basic materials and chemicals segments but also the banking and automotive sectors. The fund's performance in the month under review was mainly affected by its investments in to the car (slightly underweight in the fund) and basic materials (slightly overweight in the fund) sector. On an individual stock level the Hong Kong technology supplier Kingboard Laminates Holding and the French automotive supplier Valeo were the main negative factors affecting the overall result. On the other hand, positive momentum came mainly from positions in the utilities sector (currently neutrally weighted in the fund) and the real estate sector (underweight in the fund). At the individual stock level the strongest value contributions came from the two New York investment companies BlackRock and Blackstone, among others. During the reporting period the fund management increased its investments particularly in the sectors technology, financial services, healthcare and retail sector. In return it reduced its investments in the chemicals, travel & leisure, industrials and financial institutions sector. Regionally the fund management increased its investments mainly in the USA and Switzerland. On the other hand, it reduced positions in Germany, France and China (including Hong Kong). Because of these adjustments the fund's equity exposure fell slightly from 100.00% previous month to 99.11%. At the end of the month there was no currency hedging against the euro.