Funds: US tech funds almost back in profit
The weak US dollar is leading to sell-offs of funds with large US equity holdings. However, US tech funds, which were weak in the first quarter, are performing well again. Those looking to park their money are turning to money market funds.
7 August 2025 FRANKFURT (Börse Frankfurt). Technology, sustainability, real estate – these remain the major themes in fund trading on the Frankfurt Stock Exchange. One trend: the weakness of the US dollar is having a noticeable impact on international equity funds, as Anja Deisenroth-Boström from Baader Bank reports. “US dollar-heavy funds are being sold,” she explains. Funds affected include DWS Top Dividende (DE0009848119) and Carmignac Investissement (FR0010148981). The euro is currently trading at almost 1.17 US dollars – up from just 1.02 US dollars at the beginning of the year.
According to the trader, funds with German and European stocks in general are also being sold off, albeit at a lower level. Examples include DWS Aktien Strategie Deutschland (DE0009769869) and CT (Lux) European Smaller Companies (LU1864952335). According to Ivo Orlemann, who trades funds for ICF Bank, DWS European Opportunities with European small and mid-caps (DE0008474156) is also proving popular.
Ivo Orlemann
Asian equities on the road to recovery
Deisenroth-Boström reports mediocre sales for funds with Asian equities. “There is no clear trend,” she adds. She sees inflows for Amundi Funds China Equity (LU1882445643) and outflows from JPMorgan Pacific Equity (LU0052474979) and Baring Hong Kong China (IE0000829238). All three funds have recovered significantly from their lows in April and are now clearly back in profit since the beginning of the year.
Tech funds still (slightly) in the red
With many US tech companies posting strong figures, technology funds are once again in demand. “The most popular fund in this popular sector is Fidelity Global Technology (LU0099574567),” notes Orlemann. Although the fund has gained significantly since the setback in April, it is still slightly down since the beginning of the year. Also in demand: Franklin Technology (LU0260870158) and BlackRock Global World Technology (LU0171310443).
Orlemann observes business in both directions for sustainability funds. Examples include the DKB Sustainability Fund Climate Protection (LU0117118124), ÖkoWorld Klima (LU0301152442) and Nordea-1 Climate and Environment Equity (LU0348926287). “There is also a lot of interest from small investors here,” reports the trader.
“Purchases far outweigh sales in money market funds”
There is also a lot going on in the mixed fund business. According to Orlemann, the classic Flossbach von Storch Multiple Opportunities (LU0323578657) remains in demand. A bond fund is also proving popular: Fixed Income One from LLB Invest (AT0000A347S9).
According to Deisenroth-Boström, money market funds continue to be very popular. “Purchases far outweigh sales here,” she adds. Among the favorites is FT AccuGeld from Oddo BHF Asset Management with money market securities in euros (DE0009770206). The Nordea-1 Norwegian Kroner Reserve (LU0078812822) is also popular. It focuses on fixed- or variable-rate securities from private and government debtors in Norwegian kroner. Fidelity's FF Euro Cash (LU0064964074) is currently not as sought after.
Anja Deisenroth-Bostroem
Back and forth in real estate funds – little interest in mining funds
Real estate funds remain strong in terms of turnover – without a clear direction. “Sometimes they sell, sometimes they buy,” reports Orlemann. HausInvest (DE0009807016), Deka-ImmobilienGlobal (DE0007483612), UniImmo Deutschland (DE0009805507), and UniImmo Europa (DE0009805515) in particular reported high sales.
Mostly equity or real estate funds. Real estate funds are among the most traded fund categories on the Frankfurt Stock Exchange after equity funds, as the figures for July show. Last month, equity funds recorded sales of €20.3 million, while real estate funds recorded sales of €14.4 million. Far behind are mixed funds (€5.6 million), money market and money market-related funds (€4.5 million), and bond funds (€2.7 million). More information: https://www.deutsche-boerse-cash-market.com/dbcm-de/instrumente-statistiken/statistiken/kassamarktstatistiken/monthly-statistics-funds
Despite silver reaching a 14-year high and gold prices moving back toward US$3,400, trading in mining funds is very quiet, as Deisenroth-Boström notes. “We can see from our sales figures that those interested in precious metals tend to favor ETCs,” she says.
By Anna-Maria Borse, 7 August 2025, © Deutsche Börse AG
About the Author
Anna-Maria Borse is a financial and business editor specializing in the financial market/stock exchange and economic topics.
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