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DWS Concept Kaldemorgen SC

ISIN: LU1028182704Price by date: 18/10/2019Issue price: 131.93
 Currency: EURRedemption price: 131.93

Klaus Kaldemorgen

ManagerControl: Fund Manager Since 02/05/2011 00:00:00
Management location: Germany


Current comment

Global interest rate cuts and renewed hopes of a trade deal between China and the US boosted equity markets in September. The MSCI ACWI gained 2.7%, supported by a +0.8% firmer USD. The clear winners during the month were the "export-oriented" regions of Europe and Japan, with price gains of 4.2% each. Defensive sectors such as pharmaceuticals and communications performed below average, while energy and financials were among the outliers with an increase of 5% and 6%, respectively. The oil price shot up by almost 15% in the course of September. The reason was a massive drone attack on the largest oil refinery in Saudi Arabia. As a reaction to…

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Previous comments

  • 08/2019: While August brought negative returns for equity investments, other asset classes such as US government bonds or gold were able to achieve significant gains. Optimism with regard to monetary policy and pessimism about economic developments shaped developments on the capital markets. The MSCI ACWI in EUR lost -1.7% on the month, mainly due to losses of -4.3% in emerging markets. The US dollar had a slightly supportive effect with a gain of 0.8%. The losers in equity markets were cyclical stocks, while some defensive stocks were able to make significant gains. Bonds recorded significant gains – US government bonds in particular. With a decline …

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    klapper
  • 07/2019: Driven by the prospect of monetary easing measures by the ECB and the FED, the global stock markets initially resumed their strong performance in July, although numerous economic indicators in the US, Europe and China continued to weaken. The start of the reporting season has so far been solid in view of the dampened expectations in the run-up to the event, although some companies from cyclical sectors (e.g. chemicals, automotive) stood out negatively with some harsh profit warnings. The MSCI World Index gained 2.8% (in EUR), mainly due to the above-average performance of US equities (S&P 500 +4.0% in EUR, DAX -1.7%). On a sector level, Techn…

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    klapper
  • 06/2019: After share prices fell by -5.8% in May due to the escalation of the trade conflict, the turnaround followed in June with an increase of +4.5% (MSCI ACWI). Above all, the prospects of up to two rate cuts in the US and a further easing of monetary policy by the ECB drove equity markets. There was also a renewed willingness to negotiate in the trade conflict with China. The black list initiated by Trump was initially suspended. Regionally, the markets developed relatively homogeneously. Only Japan once again fulfilled its role as a regional underperformer. The US dollar recorded losses of -1.8%, probably due to expectations of interest rate cut…

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    klapper
  • 04/2019: The positive trends of the first quarter continued in April, leading to an increase of 3.7% in the MSCI world (including dividends). This is an increase of almost 19% since the beginning of the year. The DAX even gained 7% in April. US and Japanese equities also rose by more than 4%. Only Emerging Markets lagged a bit behind with gains of "only" 2%. As expectations for the earnings season were very low, many companies were able to surprise positively. Of the "Big Five" (Amazon, Alphabet, Microsoft, Facebook and Apple), four companies were able to surprise positively, with price increases of on average 5.5%. Only Alphabet (Google) disappointed…

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    klapper
  • 03/2019: The positive momentum on the stock markets continued in March. The MSCI ACWI gained 2.4% (in EUR), supported by a 1.4% stronger US dollar. Since the beginning of the year, the Index has already gained 14%. The optimism of the market is based on the hope that the dip in growth in the global economy has come to an end. An agreement in the trade conflict between the US and China is considered certain. Adjusted for the strengthening US dollar, the regional indices have developed more or less equally. Only Japan is performing below average. On a sector level, some trends from last year are still continuing. IT was again the undisputed leader in Ma…

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    klapper

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