DJE - Mittelstand & Innovation PA (EUR)

DJE - Mittelstand & Innovation PA (EUR) Header Image
As at:
140.92 EUR
147.97 EUR

Monthly Commentary

In August the value of the DJE - Mittelstand & Innovation fell -2.18%. Its benchmark index (30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, 10% AUSTRIAN TRADED ATX Index) lost -1.61%. On one hand the oil & gas, technology (where the fund was significantly overweight), healthcare (where the fund had a higher weighting) and commodities (where the fund was underweight) sectors affected the fund's performance. The Hamburg-based biotechnology company Evotec, the Koblenz-based software company Compugroup Medical and the Zurich-based asset management company GAM delivered particularly disappointing results. On the other hand, the fund benefited in August above all from its exposure to the slightly overweighted utility sector and the stock selection in the slightly underweighted real estate and telecommunications sector. Stock selection in the heavily underweighted industrial sector also provided further positive impetus. Viewing individual titles the strongest contribution to the performance came from the Berlin food online trader HelloFresh, the wind power company PNE from Cuxhaven and the Hamburg solar and wind power plant operator Encavis. During the month the fund management reduced its exposure primarily in the technology and healthcare sector. In return it increased its weighting in the real estate, household goods and media sector. Regionally it increased the proportion of German stocks in its portfolio. In return, it reduced its investments particularly in Switzerland. Because of these adjustments the equity ratio fell slightly from 97.19% in previous month to 96.93%.

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.