Investors have not been able to go far wrong with broadly diversified tech funds recently. However, returns on even more specialized funds diverge widely - for example, in the battery/renewable energy sector.
July 6, 2023 FRANKFURT (Frankfurt Stock Exchange). Technology funds are a big topic in fund trading on the Frankfurt Stock Exchange. After all, the U.S. technology index Nasdaq 100 gained 39 percent in the first half of the year. This means that it far outstripped the S&P 500 and the DAX, which gained 16 percent. "There is always something going on with technology funds," reports Ivo Orlemann of ICF Bank. Particularly much goes around in the Franklin Technology (LU0260870158) and in the Deka Technology (<DE0005152631>). Both funds have done very well this year, with gains of 35 percent and 31 percent, respectively. By contrast, DWS Biotech (DE0009769976), another high-volume biotech fund, has lost ground since the beginning of the year.
Battery and renewable funds: staying power pays off
Always a topic of conversation: Funds from the battery and renewable energy sectors. One example: the Structured Solutions Next Generation Resources (LU0470205575), which is managed by Baader Bank as a specialist. The fund focuses on companies with an emphasis on "next generation resources". These include lithium, cobalt and graphite, which will be increasingly needed in the future due to new technologies - for example, for electric vehicle batteries. This year, the fund has only managed a small increase of just under 2 percent. However, investors with a longer-term commitment can be pleased: over a three-year period, the fund has gained almost 36 percent per year.
The range of active funds that focus more broadly on renewable energies is larger. Unlike Structured Solutions Next Generation Resources, which is still quite small, some of them have already been able to accumulate large volumes of investor money, such as BGF New Energy (LU0124384867) with over 6 billion euros. With a price increase of 10.8 percent this year, however, it also lags behind the broad market. Over three years, however, it scores 17 percent annually. Pictet-Clean Energy (LU0280435388), which is also very large and has 5 billion euros in assets under management, has gained 20 percent since the beginning of the year and 14 percent over three years.
"Normal" trading with equity funds
As far as broadly diversified equity funds are concerned, "normal" business is underway, as Matthias Präger of Baader Bank reports. On the shopping lists are for example the Comgest Growth Greater Europe Opportunities (<IE00B4ZJ4188Y) and the DWS Akkumula (DE0008474024), on the selling lists the DWS German Small/Mid Cap (DE0005152409), the DWS Aktien Strategie Deutschland (DE0009769869), the Deka-GlobalChampions (DE000DK0ECU8) and the DWS Top World (DE0009769794). Präger reports average turnover without a clear trend for funds with shares from Asia. He sees inflows for the Allianz Oriental Income Fund (LU0348783233), outflows for the DekaLuxTeam Aktien Asien (LU0052859252).
Money market funds remain the big seller
Meanwhile, the high level of interest in money market funds continues. "No wonder, these are offering interest rates again by all means," notes Präger. He sees almost only purchases. Popular are, for example, the Deka-Liquidität Euro (DE0009771824) and the Carmignac Court Terme (FR0010149161).
According to Orlemann, a lot is also going into mixed funds. "In part, however, we also see levies." This affects, for example, the Flossbach von Storch Multi Asset Defensive (LU0323577923), a defensive mixed fund with a maximum equity ratio of 35 percent, but also the BL-Global 75 (LU0048293285) of Banque de Luxembourg Investments with 75 percent equities and 25 percent bonds. Always in demand: the Flossbach von Storch Multiple Opportunities (LU0323578657). The mega fund with more than 25 billion euros in investor money, however, comes to a plus of only 3 percent per year over a three-year period.
Extremely quietly it goes in the trade with mine funds. Präger sees, at most, larger drops in BGF World Mining (LU0172157280). "But that is only noticeable because there is nothing else going on."
Immo-Fonds: No relief yet
As for real estate funds, which are also always briskly traded, uncertainty continues to reign. "The high interest rates are making themselves felt," notes Orlemann. Partly, there is a proper pressure to sell, but partly people are already buying again. He sees larger outflows for the WestInvest InterSelect (DE0009801423) and the Deka-ImmobilienGlobal (DE0007483612), inflows, however, for the Deka-ImmobilienEuropa (DE0009809566) and the UniImmo Europa (DE0009805515).
Further to feel the fund traders that 75 funds are suspended from trading. The official reason: Proper settlement is not guaranteed. The background is that the funds contain securities of Russian issuers. Also affected are extremely high-turnover funds such as Arero (LU0360863863) or Dickschiffe such as Carmignac Patrimoine (FR0010135103). Some funds have been off the market since the outbreak of the Ukraine war, but in recent months some have come out of the 'gray zone', according to traders.
By: Anna-Maria Borse, July 6, 2023, © Deutsche Börse
[Translate to English:]
Immo-Fonds: Noch keine Entspannung
Was die ebenfalls immer rege gehandelten Immobilienfonds angeht, herrscht weiter Verunsicherung. „Die hohen Zinsen machen sich bemerkbar“, stellt Orlemann fest. Teils gebe es ordentlichen Abgabedruck, teils werde aber auch schon wieder gekauft. Größere Abflüsse sieht er für den WestInvest InterSelect (DE0009801423) und den Deka-ImmobilienGlobal (DE0007483612), Zuflüsse hingegen für den Deka-ImmobilienEuropa (DE0009809566) und den UniImmo Europa (DE0009805515).
von: Anna-Maria Borse, 6. Juli 2023, © Deutsche Börse
Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock markets and economic topics.
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