DJE - Zins & Dividende PA (EUR) Header Image
As at:
147.33 EUR
153.22 EUR

Monthly Commentary

In March the international equity markets continued their 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 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). 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. An agreement in the trade conflict had not been found yet but the markets continued to expect a positive outcome from the talks between the US and China. The DJE - Zins & Dividende increased its value 1.37% in March. The fund benefited in particular from its exposure in household goods and the food sector, where it was overweight or more strongly positioned. The highest single security contributions came from the Danish pharmaceutical company Novo Nordisk, the French beverage and food group Danone and the Paris consumer goods group L'Oréal. The weakest results came from the automotive and banking sector; in both sectors the fund was underweighted in March. The German Wacker Chemie Group and the French mining group Imerys delivered weak individual stock results. On the bond side all bond market segments performed positively in March. The fund benefited from the general recovery of the bond markets. During the month the fund management supplemented the bond portfolio with the new issue of Swedish automobile manufacturer and increased it further via the secondary market. It also expanded corporate bonds denominated in US dollars and euros. The adjustments reduced the fund's equity exposure from 48.1% to 45.5%. The bond ratio fell slightly from 49.8% to 49.2%. The cash ratio rose from 2.2% to 5.3%.

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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.

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