DJE - Dividende & Substanz PA (EUR)
- As at:
- 142.60 EUR
- 149.73 EUR
In particular the disappointment caused by the fruitless talks and the recent escalation in the trade conflict between the USA and China weighed heavily on the markets in May. In this context China threatened to play off its dominant position in the rare earths sector. Declining leading indicators and various (geo) political turbulences, such as tensions in the Persian Gulf and renewed growing concerns about a disorderly Brexit also depressed investor sentiment. On the other hand, the positive moments such as the expansion of corporate earnings growth in the first quarter hardly provided any impetus. In this market environment the DJE - Dividend & Substance decreased -4.69%. Its benchmark index MSCI World fell -5.54% on a euro basis. During the month, the fund benefited mainly from its exposure in the relatively strongest sectors - the sectors with the smallest price declines - food & beverages and real estate. However, investments in the automotive and credit sectors had a negative impact. Individual stocks contributed most to the fund's overall performance, among others, the Indian financial services provider Housing Development Finance and the Danish energy group Orsted. On the other hand, the US asset manager Blackrock and the resort and casino operator Las Vegas Sands (USA, China) had a negative impact on the performance. Over the course of the month the fund management reduced its commitment in the chemical and technology sector. But it slightly expanded its household goods sector. Regionally the fund management reduced its investments in China (incl. Hong Kong), Europe (incl. Germany) and the USA. No country was significantly increased in return. The adjustments raised the fund's cash ratio from 2.2% previous month to 9.1%. The equity ratio fell from 97.8% to 90.9%. At the end of the month values denominated in Hong Kong dollars were partially hedged.