DJE - Mittelstand & Innovation PA (EUR)

DJE - Mittelstand & Innovation PA (EUR) Header Image
As at:
163.66 EUR
171.84 EUR

Monthly Commentary

In April the European stock market was able to recover some of the losses of previous month. Investors reacted with relief to the declining new Corona infections and the gradual easing of restrictions on people and trade. The European Central Bank extended its bond purchase program by announcing that it now intends to accept as collateral corporate bonds from issuers that only recently lost their investment grade rating. Economic output in the euro zone in the first quarter is expected to have fallen by -3.80% compared with the first quarter of 2019. In addition, several economic indicators collapsed. The purchasing managers' indices, which point to an expansive economy from a value of 50 points upwards, fell in the euro zone for industry from 44.5 to 33.6 points and for services from 26.4 to 11.7 points. In this market environment the value of the DJE - Mittelstand & Innovation rose by 12.19%. Its benchmark index (30% MDAX Performance Index, 30% SDAX Performance Index, 30% SMIM Price Index, Information Technology 10% AUSTRIAN TRADED ATX Index) rose by 9.03%. All the fund's top 10 sectors ended April with positive results. The fund benefited in particular from its investments in the sectors information technology, healthcare and real estate. In addition, there were encouraging contributions from the financial services, luxury consumer goods and industrial sectors. Viewing individual stocks the strongest contributions to performance came from the Luxembourg IT services company Solutions 30, the Potsdam-based real estate company Deutsche Industrie REIT, the Lübeck-based financial services company Hypoport and the Swiss pharmaceutical wholesaler Zur Rose. On the other hand, negative impulses came from the positions held in the Aschheim-based payment services company Wirecard, the Lübeck-based medical and security technology company Drägerwerk and the Munich-based engine manufacturer MTU Aero Engines as well as the commercial and industrial kitchen manufacturer Rational based in Landsberg am Lech. During the month the fund management reduced its investments in the sectors technology, financial services and retail, among others. But it increased its weighting in the industrial sector in particular. Regionally it reduced the proportion of German and Swiss stocks in the portfolio. As a result of these adjustments the equity weighting fell from 98.29% previous month to 95.25%.

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.