Funds: “Profit-taking prevails”
Equity funds are being sold off following the sharp rise in prices. Instead, commodity and real estate funds are in demand, for very different reasons.
16 October 2025 FRANKFURT (Frankfurt Stock Exchange). While the majority of ETF trading is focused on rising prices, the mood in fund trading is much more subdued. “In the upward movement towards all-time highs, we saw a lot of profit-taking in German and European equity funds,” reports Anja Deisenroth-Boström of Baader Bank. “During the subsequent correction, there were also large sales and some stops were triggered.” The trader reports sales primarily for DWS Aktien Strategie Deutschland (DE0009769869) and DekaFonds CF (DE0008474503).
She sees isolated purchases for the Alken Fund European Opportunities (LU0235308482), which has performed above average this year with a price gain of 50 percent.
US dollar investments are being sold off
Investors were also on the selling side “for equity funds that are very US dollar-heavy,” explains Deisenroth-Boström. In particular, DWS funds Top Dividende (DE0009848119), Vermögensbildungsfonds (DE0008476524), Akkumula (DE0008474024) and Carmignac Investissement A AC (FR0010148981) were sold off. “The buying side was also rather thin on the ground here and spread across the market.”
Even technology stocks have been less active than usual in recent weeks, adds Ivo Orlemann of ICF Bank. He has recorded some turnover in the FF- Global Technology Fund (LU0099574567) and DWS Artificial Intelligence (DE0008474149).
„Mischfonds gehen immer“
Etwas anders sieht es laut Orlemann bei Fonds aus, die neben Aktien auch Anleihen beinhalten. „Mischfonds gehen immer“. Für den PRIVATE BANKING VERMOEGENSPORTFOLIO 70 AK 1 (DE000A0M03Y9) und den nordasia.com (DE0009792176) gab es allerdings mehrheitlich Abgeber. Ausgeglichen war das Verhältnis zwischen Käufen und Verkäufen bei FvS SICAV Multiple Opportunities (LU0323578657) und PI Global Value Fund (LI0034492384).
“Mixed funds always work”
According to Orlemann, the situation is somewhat different for funds that contain bonds in addition to stocks. “Mixed funds always work.” However, there were more sellers than buyers for PRIVATE BANKING VERMOEGENSPORTFOLIO 70 AK 1 (DE000A0M03Y9) and nordasia.com (DE0009792176). The ratio between purchases and sales was balanced for FvS SICAV Multiple Opportunities (LU0323578657) and PI Global Value Fund (LI0034492384).
Product test warnings ignored
Real estate funds were in high demand despite negative press. “Warentest warned against this type of investment,” says the ICF Bank trader. However, the funds currently have a decent buffer because they are trading a few euros below NAV on the stock exchange. In this environment, the most sought-after funds were grundbesitz global (DE0009807057), grundbesitz europa (DE0009807008), and WestInvest InterSelect (DE0009801423).
Precious metal rally boosts commodity funds
Orlemann is also seeing an increase in buyers of commodity funds. In the wake of the precious metal boom, investors have been adding STABILITAS - SILBER+WEISSMETALLE P to their portfolios, for example. The fund has doubled in value since its low in April. Also in demand: GG Wasserstoff R (DE000A2QDR59) and Sunares Sustainable Natural Resources (LU0344810915). Both funds have gained significantly in recent months.
All types of money market funds continue to record high sales. “No clear trend is discernible,” reports Deisenroth-Boström. While the DWS Flexizins Plus Fund (DE0008474230) and HANSAgeldmarkt (DE0009766212) are mostly being bought, the trader sees mostly sales in the DB Portfolio Euro Liquidity (LU0080237943) and Deutsche Floating Rate Notes (LU0034353002) .
By Thomas Koch, October 16, 2025 © Deutsche Börse AG
About the author
Thomas Koch is a CEFA investment analyst, investment specialist for structured products, and certified certificate advisor. He has been covering capital market events as a freelance journalist since early 2006.
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