DJE - Zins & Dividende PA (EUR) Header Image
ISIN:
LU0553164731
As at:
16/07/2019
Bid:
147.87 EUR
Offer:
153.78 EUR

Monthly Commentary

Almost all stock and bond markets reported positive results in June. The ECB extended the period during which key interest rates are not expected to rise till mid-2020 and will place further bond purchases in the region if the economy in the euro zone is not going pick up. The US Federal Reserve announced its willingness to react in order to support the US economy in view of the trade conflict between the US and China. Most market participants then expected the Fed to cut key rates in three steps by the end of the year. This gave the equity markets a tailwind and boosted the bond markets: Yields on government and corporate bonds declined, which had a positive impact on price performance. In addition, hopes of a minimal consensus in the US-China trade conflict returned as US President Trump announced a meeting with Chinese President Xi at the G20 summit in July and a continuation of the talks broken off at the end of May. In this market environment, the DJE – Zins & Dividend rose 1.65% in June. All sectors of the global equity market performed well. The fund's strongest value contributions to the overall performance came from the raw material and chemical sector which were among the relatively best sectors with the strongest price gains. The US investment company Blackstone and the French beverage and food group Danone, among others, contributed strong individual contributions. On the other hand, negative impulses came primarily from the real estate sector which, however, was not the focus of the fund's investments. Viewing individual stocks the Indian financial services provider Housing Development Finance and the US pharmaceutical group Ely Lilly were disappointing. During the month the fund management increased its equity portfolio in the chemical, insurance, technology and food & beverage sectors, among others. On the other hand, it reduced the industrial sector slightly. Regionally the fund management increased its exposure in the USA, Germany and Europe. During the reporting period the fund management supplemented the bond portfolio with US corporate bonds. As a result of these adjustments the fund's equity exposure rose from 41.6% to 48.5%. The bond ratio declined from 51.3% to 49.9%. The cash ratio fell from 7.1% to 1.6%.

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 www.dje.de. 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.