DJE - Concept XP Header Image
Minimum investment: 3,000,000 EUR
As at:
93.24 EUR
93.24 EUR

Monthly Commentary

In October, the international stock markets performed largely satisfactorily. The markets were driven above all by expectations of a provisional settlement in the trade conflict between the USA and China, although the important issues of subsidies and Chinese state-owned companies were left out. In Europe, the British government and the EU surprisingly agreed on a Brexit agreement, which also had a positive effect on the mood on the stock markets. Expectations of a further interest rate cut by the US Federal Reserve (Fed) also boosted equity markets. At the end of October, the Fed cut key interest rates by 25 basis points to between 1.50% and 1.75%. As a result, the US dollar depreciated by just under 2% against the euro, and the gold price rose from USD 1,474 to USD 1,510 per troy ounce. On the other hand, the majority of economic indicators in the USA, the euro zone and China declined. The consolidation phase on the bond markets continued in October. Yields on high-quality 10-year government bonds rose slightly in the euro zone and the USA. In this market environment, the DJE – Concept fell by -0.33% and the benchmark index (75 % MSCI World, 25 % REX 1 year Performance Index) rose by #i#2019,10,31. Positive impetus for the Fund's performance came primarily from positions in the commodities and industrial sectors. The weaker performance of the fund compared to the index is mainly due to the underweight in the industrial sector. In addition, the Fund's exposure to the cyclical and non-cyclical consumer goods sectors affected its overall performance. At the level of individual stocks, the US system catering company McDonald's, the US consumer goods group Colgate-Palmolive and the French food group Danone were particularly disappointing. On the other hand, strong individual contributions came from the South African mining company Gold Fields, the Russian precious metal producer Polymetal and the German tourism group TUI. Over the course of the month, the fund management reduced the sectors raw materials, utilities and travel & leisure. In addition, the gold ETF was also reduced. In return, the exposure was increased in the technology, industry and financial services sectors, among others. At the country level, mainly German positions were purchased. US stocks were reduced in return. As a result of the adjustments, the equity ratio rose from 69.73% to 77.15% at the end of October. At the end of the month, US and Hong Kong dollars were almost fully hedged.

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.