DJE - Euro Renten XP (EUR)

DJE - Euro Renten XP (EUR) Header Image
Minimum investment: 3,000,000 EUR
As at:
989.06 EUR
989.06 EUR

Monthly Commentary

After a good start into the year the bond markets in the core euro zone went on a consolidation course in February. However the price declines were limited. The yield on ten-year German government bonds rose only one basis point to 0.18% and of French government bonds two basis points to 0.57%. The yield on 10-year Italian government bonds was volatile over the month and closed at 2.75% at the end of the month. High-quality European corporate bonds yielded 1.05% in February 10 basis points lower. Yields on high-yield European corporate bonds also fell from 4.53% to 4.14% in view of the positive performance of the equity markets. In February, the DJE - Euro Renten was able to benefit moderately from this market development and increased its value 0.23%. The fund benefited from the fact that yields on European government bonds remained virtually stable. However it was only able to make partial use of the decline in yields on high-yield corporate bonds, as the fund's management had strongly reduced this sector previous months for reasons of risk reduction. In the course of the month, the fund management participated in a short-term corporate bond from the banking sector. On the other hand, it sold a corporate bond with variable interest rates, as the fund management assumes that a steep rise in interest rates is unlikely. Because of these adjustments, the fund's bond ratio declined slightly from 92.06% to 90.68%. The share of public-sector bonds remained stable at 28.88%. The modified duration increased slightly from 3.28% to 3.38%.

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 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.