DJE - Zins & Dividende PA (EUR) Header Image
As at:
150.59 EUR
156.61 EUR

Monthly Commentary

In December the international stock markets gained with few exceptions. Nevertheless the bond markets were under pressure as reflected by the yields on high-quality 10-year government bonds. Their yield rose from -0.36% to -0.19% in Germany and from 1.81% to 1.92% in the USA. A key factor of the rising equity markets was the "Phase One" trade agreement that the USA and China have agreed on and which is to be signed in mid-January. It will result in China's increasing imports of US agricultural products and the US refraining from various previously announced import tariffs. In Europe market participants also reacted positively to the Conservative victory in the British general election. In Germany the ifo business climate index improved again but various German and European economic indicators continued to disappoint. In this market environment the value of the DJE - Zins & Dividende rose 0.82%. In December almost all sectors of the global stock market developed positively. Only the sectors utilities and real estate recorded slight price losses in the month under review. The technology, financial services, media, healthcare and industrial sectors achieved the highest price gains. The fund benefited in particular from its positions in the sectors retail (currently underweight in the fund) and financial services (overweight in the fund). The most encouraging individual stock contributions came from the Taiwanese semiconductor manufacturer Taiwan Semiconductor, the US technology group Apple and the US hotel and entertainment company Las Vegas Sands, among others. On the other hand investments into sectors telecommunication (slightly underweight in the fund) and automotive (slightly overweight in the fund) adversely affected the fund's performance. Viewing individual stocks the French automotive supplier Valeo, the US media company Walt Disney and Deutsche Lufthansa performed disappointing. During the month the fund management reduced its investments in the food & beverages and telecommunications sector, among others. Nevertheless, it increased positions in the technology and industrial sectors. Regionally the fund reduced its German and France allocation, among others. On the other hand, it increased its positions in the USA and China (including Hong Kong). On the bond side it invested in US government bonds. Because of these adjustments the fund's bond ratio rose slightly while the equity ratio remained almost stable. At the end of the month the US dollar was hedged against the euro.

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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.

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