DJE - Zins & Dividende PA (EUR) Header Image
As at:
145.64 EUR
151.47 EUR

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 return yields on 10-year German government bonds fell further by twelve basis points to -0.44%, and gold rose 3.01% to 1,276.46 euro/ounce. In this market environment the DJE - Zins & Dividende gained 0.79%. In July most equity sectors of the MSCI World Index performed moderately to well with the exception of commodities and oil & gas which recorded losses. The strongest value contributions to the overall performance of the fund came from the food & beverage and travel & leisure sector which were among the relatively best sectors with the strongest price gains. The US investment company Blackstone, the US system catering company Starbucks and the French beverage and food group Danone, among others, contributed strong individual share contributions. On the other hand negative impetus came primarily from the raw materials and banking sectors. At the level of individual stocks, for example, the Swiss chemical industry company Sika, the Kassel-based mining company K+S and the Walldorf-based software producer SAP disappointed. Over the course of the month the fund management increased the weighting of the food & beverage sector in particular and also slightly increased the weighting of the technology and chemicals sectors. On the other hand, it reduced the industrial, media and real estate sectors. Regionally it reduced its China position (including Hong Kong) and Europe (including Germany and the United Kingdom). In return the fund management increased its exposure in the USA and France. In the course of the month the fund management added various medium-term German corporate bonds to the bond portfolio. As a result of these adjustments the fund's equity exposure fell slightly from 48.52% previous month to 48.35%. The bond ratio also fell slightly from 49.89% previous month to 49.71%. The cash ratio increased from 1.59% to 1.94%.

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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.