In fund trading on the Frankfurt Stock Exchange, the majority of investors took advantage of the mostly significant rise in the prices of German equity funds to exit the market. Meanwhile, there is buying interest in second-line stocks and international tech shares.
28. March, 2024 FRANKFURT (Frankfurt Stock Exchange). "We have mostly seen selling, which looks like profit-taking," reports Matthias Präger from Baader Bank. Especially with German equity funds, there is a selling overhang when turnover is good. "There is always some selling, but at the moment it is more extreme than usual". For example, cominvest Fondak (DE0008471012), FT Frankfurt-Effekten (DE0008478058) and the flagship DWS Deutschland (DE0008490962) are on the sell lists. Since the end of October, the three funds have each gained around 20 percent in value, but have thus underperformed the German HDAX composite index.
Universal-Shareconcept BC (DE000A0BLTJ4), which invests heavily in small and mid caps, has risen by 13% in the course of the upturn on the stock markets over the past five months. Investors have increasingly taken up this fund in recent weeks. This is in line with the sector rotation currently emerging on the markets. This week, for example, the small and mid-cap index SDAX broke out to its highest level in almost two years.
"Sustained buying pressure" for technology funds
In the segment of international investment funds, Jan Duisberg from ICF Bank reports "sustained buying pressure" in technology funds. He is seeing inflows for the DNB Fund - Technology Retail A (LU0302296495) and Franklin Technology (LU0260870158), which have posted gains of 30 and 36 percent respectively since the end of October. Two mixed funds from Flossbach von Storch, the Multi Asset Defensive (LU0323577923) and the Multiple Opportunities (LU0323578657), are also always actively traded.
Duisberg also registered "very brisk turnover" in numerous real estate funds. "After more than a year of constant selling pressure, we now seem to have reached a level where trading is moving in both directions again." For grundbesitz global (DE0009807057), Deka-ImmobilienEuropa (DE0009809566), WestInvest InterSelect (DE0009801423) and CS Euroreal (DE0009805002), the trader is currently recording both purchases and sales.
Sales of Asian equity funds
Präger reports above-average turnover in Asian equities for Baader Bank. One reason for this could be the Nikkei 225, which rose to an all-time high of over 41,000 points last week. The majority of JPMorgan Pacific Equity (LU0052474979), which is heavily invested in Japanese equities, was sold as a result. The trader also saw outflows in the UBS (Lux) EF China Opportunity (LU0067412154), which has halved in value over the past three years.
According to Präger, there is a lot going on in precious metals, although there is no clear trend here. The Pioneer Fds (A) Gold Stock (AT0000857040) in particular is being bought after the gold price has been very robust in recent weeks. In contrast, the BGF World Mining (LU0075056555), where the price has recently recovered somewhat after a weak performance in recent months, has seen outflows.
Bei den am meisten gehandelten aktiven Fonds an der Börse Frankfurt standen im Februar erneut Aktienfonds und offene Immobilienfonds an der Spitze. Dabei konnten die Aktienfonds ihren Anteil ggü. Januar von 46 auf 48 Prozent ausweiten. Der Anteil der gehandelten Immobilienfonds am gesamten Orderbuchumsatz fiel von 32 auf 28 Prozent. Während Mischfonds unverändert bei 13 Prozent lagen, spielten Geldmarkt- und geldmarktnahe Fonds sowie Rentenfonds auch im zweiten Monat des Jahres kaum eine Rolle.
Wer mehr Zahlen zu den Umsätzen sehen möchte, findet diese in der Kassamarktstatistik auf deutsche-boerse-cash-market.com.
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.
Koch
28 March 2024, © Deutsche Börse AG