DJE - Dividende & Substanz P (EUR) Header Image
As at:
414.95 EUR
435.70 EUR

Monthly Commentary

In March the international equity markets continued their recovery although the upward momentum slowed compared to the two extremely strong previous months. The German stock market on the other hand was stagnating due to weakness in the automotive and financial sectors. The international stock markets were supported monetary. The European Central Bank announced a two-year programme for long-term interest-free refinancing loans (TLTRO). On the European bond markets this triggered a rally in government bonds. Yields on ten-year German government bonds fell below the 0% mark for the first time since 2016. The US Federal Reserve (Fed) announced its intention to reduce its balance sheet more slowly from May onwards and to discontinue the reduction from September. In addition it signaled that it is unlikely to raise key interest rates again this year. An agreement in the trade conflict had not yet been found but the markets continued to expect a positive result from the talks between the USA and China. In this market environment the DJE - Dividende & Substanz rose 1.61%. Its benchmark index MSCI World rose 2.48% in euro terms. During the month the fund benefited primarily from its investments in the household goods and food & beverage sector. Anyway titles of the credit and automotive sector had a negative impact. Viewing individual stocks the French food producer Danone and the consumer goods producer L᾽Oréal as well as the American asset manager Blackrock provided the strongest contribution to the overall result of the fund. However, the German Wacker-Chemie Group and the telecommunications company Veon had a negative impact on the fund's performance. During the month the fund management increased its exposure to the financial services, technology and household goods sectors. In return it reduced its holdings in the chemical, industrial and real estate sectors. Regionally, the fund management reduced its exposure to the UK, Germany and China (including Hong Kong) in favour of US equities. Because of these adjustments the fund's equity exposure fell from 98.5% to 96.2%. There were no currency hedges at the end of the month.

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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.