DJE - Europa PA (EUR) Header Image
ISIN:
LU0159548683
As at:
19/09/2019
Bid:
342.50 EUR
Offer:
359.63 EUR

Monthly Commentary

In August the trade conflict between the USA and China escalated again leaving further traces in an already weakening economy. This was evidenced by shrinking industrial production, falling investor and consumer confidence and purchasing managers' indices with values below the important mark o 50 points indicating to a contraction of the economy, not only in the euro zone, but also in the USA and China. In Europe investor sentiment was also depressed by the UK's likely unregulated exit from the EU on 31 October. In addition August was, as expected, a weak month for the European market as a whole for seasonal reasons although there were no major price losses. In this market environment, the value of the DJE - Europa fell -2.03% in August. Its benchmark index MSCI Europe Net Total Return lost -1.44%. The fund was not able benefit from the good performance of the highly weighted healthcare industry in the fund due to the stock selection compared to the index. Negative impetus also came from the financial services and technology sectors which ended the month under review with price declines. The weakest individual share contributions came from Burford Capital, a financial services provider based in New York, Evotec, a biotechnology company based in Hamburg, Bilfinger, an industrial services company based in Mannheim, and Prudential, a finance and insurance company based in London. On the other hand positive performance contributions came from the overweighted utility and consumer staples sectors which closed August with price gains. In addition stock selection in the underweighted energy sector (oil & gas) also made a positive contribution to the performance of the fund compared to the index. The Paris-based spirits group Pernod Ricard, the sporting goods manufacturer Puma from Herzogenaurach, the Spanish energy utility Iberdrola and the Danish pharmaceutical company Novo Nordisk delivered the highest individual contributions to the fund's performance. Over the course of the month the fund management slightly increased its investments in various sectors including healthcare and food & beverages. On the other hand the weighting declined slightly, particularly in the industrial and oil & gas sectors. Therefore the fund's equity exposure fell slightly from 98.97% previous month to 96.25%. The cash ratio rose from 1.03% to 3.75%.

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.

*) © 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.