DJE - Zins & Dividende XT (EUR)
- As at:
- 107.26 EUR
- 107.26 EUR
In April the stock markets were able to recover some of the losses of the previous month. Investors reacted with relief to the declining number of new corona infections and the gradual easing of restrictions on people and trade in China, Europe and the USA. In addition, the continued very expansive monetary and fiscal policies of the major central banks and governments were positive for the markets. The start to the balance sheet season in the USA was also better than expected. On the other hand, economic indicators such as purchasing managers' indices, business climate or consumer confidence in the USA and Europe fell sharply. On the other hand, there were confident signals from China in this respect. Despite the rally on the stock markets the bond markets also developed positively. While yields on high-quality 10-year government bonds fell slightly, high-yield corporate bonds made a price jump as their yields fell sharply by 262 basis points in Europe to 6.92% and by 139 basis points in the USA to 8.05%. Gold continued to appreciate rising from $1,602 to $1,705 per troy ounce over the month. In this market environment the price of the DJE - Zins & Dividende rose 4.72%. In April all sectors of the global equity market performed well with the largest gains being recorded in the sectors oil & gas, basic materials, retail, technology and automotive. Other strong sectors also included financial services, chemicals, healthcare, travel & leisure and media. The fund benefited from its investments into the automotive (slightly underweight in the fund) and healthcare (overweight in the fund) sectors. On the other hand, negative impulses came from the heavily underweighted technology and financial institutions sectors. The most pleasing single stock contributions came from the French automotive supplier Valeo, the German medical technology company Fresenius Medical Care and the Swedish plastics group Trelleborg. On the other hand, the French petroleum group Total and Deutsche Lufthansa performed particularly disappointing at the stock level. During the month the fund management increased its investments, especially in the healthcare sector. On the other hand, the fund slightly reduced its positions of the sectors basic materials, household goods and insurance. On the bond side, a US corporate bond was bought and in return a US government bond was sold. As a result of these adjustments the fund's equity exposure rose slightly to 44.05% from 43.15% previous month. The bond ratio fell from 55.00% to 51.43%. The cash ratio increased from 1.85% to 4.52%. In order to hedge against exchange rate fluctuations from US dollar to euro, currency hedges were in periodically used in April.