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

Monthly Commentary

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.

Legal Information / Disclaimer:

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.