Funds: “Tickets almost without exception on the sell side”
The mood swings caused by changing tariff announcements are also making themselves felt in fund trading on the Frankfurt Stock Exchange. The equity funds, which were very actively traded in the first few months of the year, were predominantly sold.
28 May 2025 FRANKFURT (Börse Frankfurt). After the impressive rally of recent months and the rapid recovery following the “customs crash” in April, many investors now tend to take profits more quickly when things get a little more turbulent on the stock markets. “In the downward movement last Friday caused by the customs dispute, we had extremely high turnover and many tickets, almost without exception on the sell side,” reports Matthias Präger from Baader Bank.
Equity funds are sold more frequently
The fund trader observed sales in the European region for the cominvest Fondak (DE0008471012) and the FT Frankfurt-Effekten-Fonds (DE0008478058). In the course of the recovery, the JPM Europe Equity Plus (LU0289089384) in particular was bought, which has just risen to a new all-time high. The picture is similar for global equity funds. The internationally diversified DWS Top Dividende (DE0009848119) is being sold, as are the DWS Global Growth (DE0005152441) and the Deka-GlobalChampions CF (<DE000DK0ECU8>).
With regard to the Asian stock markets, there is a great deal of skepticism, particularly with regard to China. “The issue of the customs dispute is dominating everything and is fueling uncertainty,” explains Präger. Consequently, the FF - China Focus (LU0173614495) and FF - Greater China (LU0048580855) are on the sell lists. If equity funds are sought accordingly, then mostly the HSBC GIF Hong Kong Equity (LU0011817854).
Matthias Präger
Sustained interest in technology funds
Ivo Orlemann from ICF Bank sees relatively high interest in technology funds, at least in the technology fund segment, despite low turnover overall. At the top of the shopping lists: the FF - Global Technology Fund (LU0099574567). The Franklin Technology Fund (LU0260870158) and the BlackRock Global Funds - World Technology (LU0171310443) are also in demand. According to Orlemann, demand for the DWS Artificial Intelligence (DE0008474149) is also predominant, “but there is also profit-taking, depending on what Trump and Musk say again”.
“Safe havens” are sought after
Präger sees “high turnover with a clear buying overhang” in the money market fund segment. The DWS Flexizins Plus Fund (DE0008474230) and the Deutsche Floating Rate Notes (LU0034353002) are favorites. "The global political situation is apparently still driving many investors into these ‘safe havens’. This is also confirmed by Orlemann, who sees “quite good turnover” for Fixed Income One (AT0000A347S9) and UniOpti4 (LU0262776809). However, there is active trading on both sides.
Ivo Orlemann
Real estate funds: no more selling pressure
The ICF Bank trader reports a “rather increased demand” in the real estate sector. “We don't have any selling pressure here at the moment”. While hausInvest (DE0009807016), Deka-ImmobilienEuropa (DE0009809566) and UniImmo: Europa (DE0009805515) are predominantly being bought, interest in WestInvest InterSelect (DE0009801423) has recently waned somewhat.
The turnover of active funds traded on the Frankfurt Stock Exchange rose by 19% year-on-year in the first four months of 2025. In April, the increase was as high as 38%. Equity funds were able to further expand their lead with a market share of 52% (previous year: 46%). In contrast, open-ended real estate funds recorded significant losses, with their share of sales falling from almost 30% in 2024 to less than 20% between January and April. In April, they even fell behind mixed funds (18%) at just 13%.
All details on turnover can be found in the cash market statistics at deutsche-boerse-cash-market.com.
By Thomas Koch, 28 May 2025, Deutsche Börse AG ©
About the Author
Thomas Koch is a CEFA investment analyst, investment specialist for structured products and a certified certificate consultant. He has been a freelance journalist covering events on the capital markets since the beginning of 2006.
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