DJE - Europa I (EUR) Header Image
Minimum investment: 75,000 EUR
As at:
397.69 EUR
397.69 EUR

Monthly Commentary

In March the European equity market continued its recovery although the upward momentum slowed down compared to the two very strong previous months. The German stock market, on the other hand, stagnated due to the weakness of the automotive and financial sectors. The equity markets were supported monetary. The European Central Bank announced a two-year programme for long-term interest-free refinancing loans (TLTRO). This triggered a rally in government bonds on the European bond markets. 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. Even if an agreement in the trade conflict has not been found yet the markets continued to expect a positive outcome from the talks between the US and China. In this market environment the DJE - Europe increased its value 1.60% in March. Its benchmark index MSCI Europe Net Total Return rose 2.03%. In March the household goods, technology and utilities sectors in particular contributed to the fund's overall performance. Strong contributions also came from the food & beverage and healthcare sectors. On the other hand, the travel & leisure, chemicals and credit Institutions sectors in particular had a negative impact on the Fund's performance. Strong individual contributions were made by the Swedish helmet manufacturer MIPS, the mining groups Rio Tinto (Great Britain/Australia) and Boliden (Sweden) as well as the German biotechnology company Evotec. By contrast German stocks such as the Wacker chemicals group, the tourism group TUI and Deutsche Lufthansa had a negative impact on performance. Over the course of the month, the fund management increased the weighting of the healthcare, household goods and insurance sectors. Anyway investments into the chemicals sector declined. Because of these adjustments the fund's equity exposure rose from 91.2% previous month to 99.2%. The cash ratio fell from 8.8% to 0.8%. Australian dollars were partly dissolved.

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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.