Change Share Class

DWS Concept DJE Alpha Renten Global LC

DWS Concept DJE Alpha Renten Global LC Header Image
ISIN:
LU0087412390
As at:
24/04/2019
Bid:
121.70 EUR
Offer:
124.14 EUR

Monthly Commentary

In March the DWS Concept DJE Alpha Renten Global recorded a price increase in height of 1.01%. Its benchmark index (70% JP Morgan GBI Global unhedged ECU, 30% MSCI World) rose 2.74%. Global equity markets continued to recover in March although the upward momentum slowed down. The ECB's statement that a rate hike in the Euro-Zone was no longer expected this year supported equity markets and led to further declines in bond yields. In this market environment the Euro Stoxx 50 index rose 1.62%, while the S&P 500 rose 3.25% in euro terms. Only the German DAX index stagnated due to the weakness of the automotive sector. The MSCI World in euros improved by 2.50%. In March the fund management left the equity quota at a high level due to the still positive outlook for the equity markets. The equity ratio including investment in equity funds was 17.55% at the end of the month. In addition, equity index futures were used periodically for investment purposes. Due to the improved economic development US equities were bought while the proportion of European equities was also reduced as a result of the unsolved Brexit problem. Equities from defensive sectors such as utilities benefited from the general decline of interest rates. Parallel to developments on the stock markets, corporate bonds also continued to recover, particularly in the high-interest and subordinated segments. Yields on high-yield bonds fell from 4.14% to 3.93% in Europe and from 6.54% to 6.43% in America. Government bond yields also declined. Yields on 10-year German government bonds even fell from 0.18% to -0.07% in the negative range. Yields on 10-year US government bonds also dropped from 2.72% to 2.41%. The sharp fall in interest rates on Italian government bonds from 2.75% to 2.49% had a positive effect on the fund's performance as the focus of investment was on this segment. The fund management selectively used lower yields on US government bonds for profit taking. On the other hand investments in US corporate bonds were further increased in the high-yield segment. The modified duration increased slightly from 4.10% to 4.21% at the end of the month while the fund's bond ratio remained virtually unchanged at 75.89% (previous month 75.05%). Currency hedges in US dollars were partially liquidated in the reporting period. Overall the open foreign currency exposure increased to nearly up to 40% at the end of the month.

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.