DJE - Dividende & Substanz PA (EUR) Header Image
As at:
142.60 EUR
149.73 EUR

Monthly Commentary

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.

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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.