DJE - Mittelstand & Innovation PA (EUR)
- As at:
- 147.44 EUR
- 154.81 EUR
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%.