DJE - Zins & Dividende PA (EUR)
- As at:
- 149.35 EUR
- 155.32 EUR
The international stock markets made progress in September and were able to gain ground for the most part. Monetary policy played a major role in this. The European Central Bank resumed its EUR 20 billion monthly bond purchase program and lowered its deposit interest rate from -0.4% to -0.5%. After the end of July, the US Federal Reserve again lowered its key interest rate by 25 basis points to between 1.75% and 2.0%, and in China the central bank reduced its minimum reserve rate for banks for the third time. In addition, market participants hoped that the trade conflict between the US and China could possibly lead to a provisional deal, as both sides described the resumed talks as constructive. However, the majority of economic indicators disappointed. For example, the US ISM Manufacturing Purchasing Managers' Index fell just below the 50-point mark. Its German counterpart reached a ten-year low of 41.4 points. The bond markets came under pressure in September. The yield on ten-year German government bonds rose by 13 basis points to -0.57%, and the yield on ten-year US Treasuries climbed from 1.50% to 1.67%. In this market environment, the DJE - Zins & Dividende achieved a performance of 0.28%. In September, almost all sectors of the MSCI World performed well. The highest price gains were achieved by the credit institutions, insurance, oil & gas and automotive sectors. In addition, the construction & materials, chemicals and utilities sectors, among others, also recorded price gains. The weakest results were recorded in the food & beverages, healthcare and travel & leisure sectors. The fund benefited above all from its exposure to the credit institutions (where the fund was underweighted) and insurance sectors (where the fund was slightly overweighted). Valuable individual securities contributions included the Swiss transport services group BVZ Holding, the German reinsurance company Hannover Re and the New York asset management company BlackRock. On the other hand, the food & beverage and household goods sectors in particular provided negative impetus. At the level of individual stocks, the German potash and salt producer K + S, the US financial services provider MSCI Inc. and the Hong Kong real estate company Great Eagle Holdings, for example, were disappointing. Over the course of the month, the fund management increased its investments in the chemical, technology, oil & gas and industrial sectors, among others. On the other hand, it reduced the household goods and insurance sectors. At the country level, it reduced its positions in the USA, Switzerland and Great Britain. On the other hand, it increased its positions in Germany and Europe, including France. On the bond side, US government bonds were reduced and Chinese government bonds were bought. As a result of the adjustments, the fund's equity exposure rose from 40.50% in the previous month to 46.24%. The bond ratio fell slightly from 52.12% to 51.02%. The cash ratio fell to 2.74% from 7.38% in the previous month.