DJE - Concept PA Header Image
As at:
120.46 EUR
126.48 EUR

Monthly Commentary

With few exceptions the international stock markets gained in December. But the bond markets were under pressure 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 waiving 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 DJE - Concept rose 1.27% and the benchmark index (75% MSCI World, 25% REX 1 year Performance Index) increased 0.66%. In December almost all sectors of the global stock market developed positively. Only the media, telecommunications, automotive and industrial sectors suffered price losses in the month under review. The sectors basic materials, oil & gas, technology and utilities achieved the highest price gains. The fund's performance was boosted primarily by positions of the sectors technology, basic materials and telecommunication. The fund outperformed the index mainly due to its overweight of the basic materials sector. Viewing individual stocks particularly pleasing individual contributions came from the semiconductor manufacturer Taiwan Semiconductor, the Chinese IT group Alibaba, the US hardware and software developer Apple and the Swedish plastics group Trelleborg. On the other hand investments in the cyclical consumer goods sector had a negative impact on the fund's overall performance. At the level of individual stocks, the tourism group TUI, with dual headquarters in Hanover and Berlin, Deutsche Lufthansa, the Munich car and motorcycle manufacturer BMW and the Stuttgart car and commercial vehicle manufacturer Daimler performed particularly disappointing. During the month the fund management increased its investments in the sectors technology, industry and finance. However reduced were positions in the sectors chemicals, travel & leisure and construction & materials. Regionally mainly US and Japanese stocks were bought while German and French positions were reduced. Because of these adjustments the equity quota rose from 89.79% to 91.18% at the end of December. At the end of the month securities denominated in US and Hong Kong dollars were almost completely hedged against currency risks.

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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.

*) © 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.