DJE - Dividende & Substanz PA (EUR)
- As at:
- 151.04 EUR
- 158.59 EUR
With few exceptions the international stock markets gained in December. A key factor was the "Phase One" trade agreement which the USA and China agreed on and which is to be signed in mid-January. It essentially means that the USA will waive the introduction of various announced import duties and that China will import more agricultural goods from the USA. 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 price of the DJE - Dividende & Substanz rose 1.99%. Its benchmark index MSCI World increased 1.03% on a euro basis. In December almost all sectors of the global stock market performed positively. Only the sectors media, telecommunications, automotive and industrial suffered price losses in the month under review. The highest price gains were recorded in the sectors basic materials, oil & gas, technology and utilities. The highest performance contributions were delivered by the fund's positions in the sectors retail (underweight, no investment focus of the fund) and financial services (currently overweight investment focus). Viewing individual stocks the strongest value contributions came from the German copper producer Aurubis and the US software and hardware manufacturer Apple. On the other hand, the fund's overall performance was impacted by its investments in the sectors telecommunication (currently slightly underweight) and automotive (currently neutrally weighted in the fund). Viewing individual stocks the French automotive supplier Valeo and the US film producer Walt Disney affected the performance negatively. During the month the fund management increased its exposure to the technology, credit institutions and commodity sector. However it reduced its investments in the sectors food & beverages and telecommunications. Regionally the fund management increased its US investments. On the other hand, it reduced positions in Germany and France. The remaining country allocation remained virtually unchanged. Because of these adjustments the equity allocation increased and the fund was fully invested at month-end. There were no currency hedges against the euro at the end of the month.