DJE - Europa XP (EUR) Header Image
Minimum investment: 3,000,000 EUR
ISIN:
LU0229080576
As at:
25/09/2020
Bid:
166.09 EUR
Offer:
166.09 EUR

Monthly Commentary

The European stock market performed well in August. Although the purchasing managers' indices for industry and services in the Euro zone disappointed with declining values, some economic data such as industrial production and retail sales improved. In addition business confidence as measured by the ZEW Index of the Centre for European Economic Research rose. The index climbed from 59.3 to 71.5 points, the highest level since 2004. Market participants also welcomed the fact that the US and China intend to maintain the trade agreement (Phase 1) from the beginning of the year despite renewed tensions. In this market environment the DJE - Europa rose 3.69% in August. Its benchmark MSCI Europe Net Total Return index increased 2.94%. During the month the fund benefited from its stock selection in the low weighted sectors telecommunications and oil & gas. The fund also benefited from very positive results in the sectors cyclical consumer goods and financial services (both slightly overweight in the fund). The strongest single stock contributions came, among others, from the investment company Prosus (based in Amsterdam), the Dublin-based industrial group Linde (industrial gases and process plant engineering) and the Swedish media group Embracer Group. Negative impetus came from the highly weighted sectors healthcare and technology. In addition, the fund was unable to benefit from the recovery of the real estate sector, as it was not invested in it. Disappointing individual stocks were the Danish medical technology company AMBU, the Finnish telecommunications group Nokia and the British fund company M&G Investments. Over the course of the month the fund management increased its positions, especially in the industrial and chemical sector. However, the fund reduced its weighting in the healthcare sector. Regionally German and Dutch allocations were increased and British and Swiss stocks were reduced. As a result of these adjustments the equity weighting of the fund fell slightly to 98.70% (99.30% previous month).

Legal Information / Disclaimer:

The collective investment scheme ("the Fund"), is a fund on a contractual basis under the law of Luxembourg. Regarding the publication of performance data of the Fund it should be noted that the historic performance does not represent an indicator for the current or future performance and the performance data do not take account of the commissions and costs incurred on the issue and redemption of units. First Independent Fund Services Ltd., Klausstrasse 33, CH-8008 Zurich acts as the Swiss Representative (the "Swiss Representative") and NPB Neue Privat Bank Ltd., Limmatquai 1, P.O. Box, CH-8022 Zurich acts as the Paying Agent in Switzerland ( the "Swiss Paying Agent") for the Fund. Copies of the prospectus (incl. management regulations), the Key Investor Information Document, as well as annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative in Zurich.

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