Funds: DeepSeek without consequences

Despite the shock of China's powerful AI model, tech funds continue to do extremely well. Also popular: gold mining funds. The gold price rally is making itself felt here. And the wind seems to be changing even for real estate funds. 

13 February 2025 FRANKFURT (Börse Frankfurt). The ever new DAX highs are apparently also whetting the appetite for equity funds. There is certainly a lot going on in fund trading, as traders report. “We have a lot to do,” explains Matthias Präger from Baader Bank. “Tech stocks remain the number one topic,” reports Ivo Orlemann from ICF Bank. He does not see any large-scale profit-taking.

The DeepSeek shock at the end of January has not changed the popularity of technology funds. According to Orlemann, Fidelity Global Technology (LU0099574567), BlackRock Global Funds World Technology (LU0171310443) and Franklin Technology (LU0260870158), for example, are in demand. All three are continuing their upward trend this year. Over a three-year period, the annual returns are now 15.5 percent for the Fidelity fund, 14.7 percent for the BlackRock fund and 13.2 percent for the Franklin fund.

High turnover in equity funds

Präger also reports “top turnover” for broadly diversified equity funds, which traditionally tend to be sold on the Frankfurt Stock Exchange. This applies to Fondak (DE0008471012) and DWS Deutschland (DE0008490962), as well as the internationally investing DWS Top Dividende (DE0009848119) and boerse.de-Aktienfonds TM (LU1480526547). The M&G Pan European Sustain Paris Aligned (LU1670716437), on the other hand, is being snapped up.

Business is quieter in funds with a focus on Asia. The picture is mixed, as Präger notes, with inflows and outflows (LU0173614495).

Sustainability also remains a topic: according to Orlemann, there is “always something going on” in ÖkoWorld Klima (LU0301152442), especially with purchases

Gold price drives demand for mining funds, money market funds popular

The fact that the price of gold is constantly reaching new highs is reflected in trading in gold mining funds. “Turnover is above average, but it goes in both directions,” explains Präger. BGF World Gold (LU0055631609), for example, is on the buy lists, while Deutsche Invest Gold & Precious Metals (LU0273159177) is on the sell lists.

Money market and money market-related funds remain popular. “We continue to see almost only purchases,” reports Präger. Examples: the DWS Flexizins Plus (DE0008474230) and the Franklin US Dollar Liquid Reserve (LU0052767562). According to Orlemann, the Fixed Income One from LLB Invest (AT0000A347S9) is also in demand.

According to Orlemann, the two variants of Flossbach von Storch Multiple Opportunities (LU0323578657, LU0952573482) stand out in mixed fund trading.

Immo-Fonds: „Stimmung gedreht“

Bei den immer umsatzstarken Immobilienfonds hat sich die Stimmung nach Einschätzung von Orlemann gedreht. „Wir sehen vermehrt Käufe“, berichtet der ICF-Händler. Gesucht seien beispielsweise der HausInvest (DE0009807016), der Deka-ImmobilienEuropa (DE0009809566) und der Grundbesitz Europa (DE0009807008). In der Tat weisen die Kurse an der Börse nach oben, die Tiefs von 2023 und 2024 scheinen durchschritten. 

By Anna-Maria Borse, 13 February 2025, © Deutsche Börse AG