DJE - Mittelstand & Innovation I (EUR)
- As at:
- 177.13 EUR
- 177.13 EUR
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 12.20%. 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%.