DJE - Dividende & Substanz PA (EUR) Header Image
As at:
143.54 EUR
150.72 EUR

Monthly Commentary

Stock markets initially performed well in July, but lost their gains in Europe and Asia in the second half of the month. Corona continued to dominate the scene on one hand with confident reports on vaccine development and on the other hand with new infection rates rising again. In addition the negative figures for economic growth showed the extent to which the pandemic had slowed down the economy in the second quarter. Nevertheless some leading indicators, such as the purchasing managers' indices in Germany, the euro zone and the USA, which are now signaling an expansive economy again, were encouraging. In this market environment the price of the DJE - Dividende & Substanz rose 1.97%. Its benchmark index MSCI World fell -0.57% on Euro basis. In July only five sectors of the global stock market performed positive: the highest price gains were recorded by the sectors basic materials and retail. Other sectors with moderately positive results were utilities, food & beverage and technology. But the remaining sectors suffered price declines. The biggest losses were recorded by the sectors oil & gas and travel & leisure. The sectors banking, automotive, financial services and real estate also suffered slighter losses. In the month under review the fund benefited above all from its stock selection in the underweighted sectors oil & gas and industry as well as from its investments into the basic materials sector (overweight in the fund). Viewing individual stocks the strongest value contributions came from the Taiwanese semiconductor manufacturer Taiwan Semiconductor, the Danish wind turbine manufacturer Vestas Wind Systems and the mining company Polymetal. On the other hand the fund's performance in the month under review was negatively affected by the cyclical consumer and financial services sectors. The weakest performers were the Hong Kong based real estate company Great Eagle and two US companies, Gilead Sciences (pharmaceutical and biotechnology) and Eli Lilly (pharmaceuticals). During the month the fund's management slightly increased its investments into the sectors basic materials, technology and chemicals. However, positions in the healthcare and food & beverages sector were reduced. Regionally the fund management slightly reduced the US and Switzerland allocation. The proportion of German stocks remained almost stable. As a result of these adjustments the fund's equity allocation rose from 90.26% previous month to 92.09%. The cash ratio fell from 9.74% to 7.91%. At the end of the month US dollar-denominated securities were partially hedged against currency risks.

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.