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DWS Concept DJE Responsible Invest FD

DWS Concept DJE Responsible Invest FD Header Image
Minimum investment: 2,000,000 EUR
ISIN:
LU2018822143
As at:
08/11/2019
Bid:
103.85 EUR
Offer:
103.85 EUR

Monthly Commentary

The international stock markets made progress in September and were able to gain mainly ground. This was largely the result of monetary policy. The European Central Bank resumed its EUR 20 billion monthly bond purchase programme and lowered its deposit interest rate from -0.4% to -0.5%. After the end of July the US Federal Reserve lowered again its key interest rate 25 basis points to between 1.75% and 2.0%, and in China the Central Bank reduced its minimum reserve rate for banks for the third time. In addition market participants hoped that the trade conflict between the US and China could possibly lead to a provisional deal as both sides described the resumed talks as constructive. However, the majority of economic indicators were disappointing. For example the US ISM Manufacturing Purchasing Managers' Index fell just below the 50-point mark. Its German counterpart reached a ten-year low of 41.4 points. The bond markets on the other hand came under pressure in September. The yield on ten-year German government bonds rose 13 basis points to -0.57% and the yield on ten-year US Treasuries climbed from 1.50% to 1.67%. In this market environment the value of the DWS Concept DJE Responsible Invest rose 0.36%. In September almost all sectors of the MSCI World developed positively. Credit institutions, insurances, oil & gas and the automotive sector achieved the highest price gains. In addition the construction & materials, chemicals and utility divisions, among others, also posted price gains. The weakest results were recorded in the sectors food & beverages, healthcare and travel & leisure. On the equities side the fund's investment in financial service providers, technology and healthcare delivered a positive contribution to performance. Regionally the highest performance contributions came from German and French equities. On the bond side Italian government bonds performed particularly well. On the other hand the fund was hardly able to benefit from the positive development of the credit institutions sector due to its underweight. The utility sector also had a negative impact on the fund's result. Regionally Hong Kong stocks in particular had a negative impact on the performance. Over the course of the month the fund management largely maintained its sector weightings. Banks remained significantly underweighted, compensated by an overweight in the financial services segment. At country level, the fund management slightly reduced the proportion of US, French and Hong Kong stocks and increased German and Italian stocks slightly. Therefore the fund's equity exposure rose from 66.92% in previous month to 68.57%. The bond ratio rose from 27.82% to 30.37%. The cash ratio fell from 3.71% to 1.01%.

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 www.dje.de. 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.