DJE - Mittelstand & Innovation PA (EUR)

DJE - Mittelstand & Innovation PA (EUR) Header Image
As at:
147.44 EUR
154.81 EUR

Monthly Commentary

In September, the value of the DJE - Mittelstand & Innovation increased by 2.06%. Its benchmark index (30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, 10% AUSTRIAN TRADED ATX Index) rose by 1.75%. During the reporting period, the Fund benefited mainly from its exposure to the non-cyclical consumer and technology sectors (where the Fund was significantly overweight). In addition, the healthcare industry and stock selection in the slightly overweighted Construction & Materials sector and in the heavily underweighted Industrial Sector also made positive contributions to the Fund's performance. At the individual stock level, the strongest contributions to performance came from the Austrian software development company Fabasoft, the Munich semiconductor industry company Siltronic, the Hanover-based tourism group TUI and the battery group Varta from Ellwangen. On the other hand, negative impetus came primarily from positions in the financial services sector. In addition, the fund was only able to benefit to a limited extent from the positive development of the industry due to the stock selection in the oil & gas sector. Particularly disappointing results were achieved by both the chemicals and mechanical engineering divisions of the Munich-based Wacker Group, the Cologne-based engine manufacturer Deutz and the Düsseldorf-based machinery and plant engineering group GEA. Over the course of the month, the fund management reduced its exposure primarily in the healthcare, financial services and household goods sectors. In return, it increased its weighting in the industrial sector and also slightly expanded its positions in the technology and real estate sectors. At country level, it increased the proportion of German, Swiss and Luxembourg stocks in its portfolio. In return, it reduced its exposure, particularly in Austria and Sweden. As a result of the adjustments, the equity exposure rose slightly from 96.93% in the previous month to 97.63%.

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.