DJE - Europa PA (EUR) Header Image
As at:
332.10 EUR
348.71 EUR

Monthly Commentary

In April the European stock market was able to recover some of the losses of the previous month. Investors reacted with relief to the declining new Corona infections and the gradual easing of restrictions on people and trade. The European Central Bank extended its bond purchase program by announcing that it now intends to accept as collateral corporate bonds from issuers that only recently lost their investment grade rating. Economic output in the euro zone in the first quarter is expected to have fallen by -3.80% compared to the first quarter of 2019. In addition, several economic indicators collapsed. The purchasing managers' indices, which point to an expansive economy from a value of 50 points upwards, fell in the euro zone for industry from 44.5 to 33.6 points and for services from 26.4 to 11.7 points. In this market environment the DJE - Europa rose 8.64% in April. Its benchmark index MSCI Europe Net Total Return increased 6.12%. The fund benefited mainly from positions in the sectors financial services, technology, consumer staples and telecommunications. Particularly pleasing individual stock results were achieved by, among others, the Swiss pharmaceutical wholesaler Zur Rose, the Luxembourg IT services company Solutions 30 and the Danish medical technology company Ambu. On the other hand, negative impulses came from the sectors construction & materials and industrial. At the level of individual stock, the Lübeck-based medical and security technology company Drägerwerk, the Bavarian payment services company Wirecard and the Munich-based engine manufacturer MTU Aero Engines performed particularly disappointing. Over the course of the month the fund management reduced positions, especially in the healthcare and utilities sectors. On the other hand, the fund slightly increased its weighting in the technology sector. Regionaly German and Dutch positions in particular were reduced. As a result of these adjustments the equity weighting of the fund fell from 99.32% previous month to 96.58%. The cash ratio rose from 0.68% to 3.42%.

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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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