Current market commentary

15.06.2012 - Germany is the lynchpin of Europe

Another key juncture has been reached in the euro crisis. Spain, the fourth largest eurozone economy, has requested a bailout from the European Financial Stability Facility (ESFS). In Greece, the elections of June 17th will determine whether the country will ultimately exit the single currency bloc. Germany has been pushing strict austerity and making clear that it will not support the introduction of eurobonds. And, rightly so, says the german fund manager of the Gamax Funds FCP and CEO of DJE Kapital AG, Dr. Jens Ehrhardt: “One can only applaud Chancellor Merkel for her stance that Germany has already done all it can to stimulate growth.” Dr. Ehrhardt's outlook for Germany and equity markets is decidedly upbeat.

Please find the complete market commentary in the attachment:

Current market commentary

24.05.2012 - About Facebook and Apple

GAMAX Management AG today announced that given the current low growth environment, it is important to invest in a collection of high quality companies trading at a discount to their estimate of their intrinsic value. Their GAMAX Funds Junior (ISIN LU0073103748) managed by their partner DJE Kapital AG, invests in companies have with competitive advantages in revenue growth from targeting young global consumers.

An example of such a company is Apple Inc., a significant stock holding within the GAMAX Funds Junior. Jan Ehrhardt and Moritz Rehmann, Fund Managers for the GAMAX Funds Junior remain unruffled by the recent price declines of Apple as they believe the firm’s financials remain solid and the growth prospects attractive. The Fund has not participated in the Facebook IPO as concerns remain on the firm’s valuation.

On Thursday Facebook set the price on 38 USD per share, which resulted in a market cap of USD 107 billion. “There is a high degree of expectation priced in to this valuation,” says Ehrhardt. In 2011, the company generated revenue of 3.7 billion, 85 percent of which from advertising. It posted a profit of one billion dollars (USD). “In other words, finding a fair level of valuation means looking far ahead into the future,” he cautions.

A detailed version of the portfolio manager commentary is attached.

Current market commentary

18.04.2012 - ‘Human factor’ indispensable for asset management 
Dr. Jens Ehrhardt: Continental companies at historically low valuations

At present, mathematically modelled performance plays a more secondary role within the financial and capital markets. Other factors are being pushed to the fore by political decision making, and this is having an impact: “Psychological factors can only be assessed subjectively. The human factor in the form of an active portfolio manager is thus gaining ever greater importance for the asset management industry”, says Furio Pietribiasi, Chairman of the Board of Directors of Gamax Management AG.

Dr. Jens Ehrhardt, CEO of DJE Kapital AG (DJE), sees a good time to get into equity markets, despite the ongoing battle against the European debt crisis. Continental companies are now at historically low valuations comparable to levels seen in the wake of the 2008 financial crisis, but on considerably sounder footing. Asian markets continue to offer the best long-term risk/return profile.

Please find the complete market commentary in the attachment:

16.02.2012 - International equity funds: defensive-active strategies pay off over the long term

In a recent study Morningstar Italy, leading provider of independent investment research, examined the strategies employed by successful actively managed international large cap equity funds. The result: defensive-active strategies outperform both aggressive-active management and passive management approaches.

“The present study demonstrates that active management approaches pay off when compared to passive strategies. Especially in volatile times, defensive strategies – of the type used by DJE Kapital AG for our globally investing Gamax Funds Junior – are particularly successful at generating alpha against the broad market,” says Furio Pietribiasi, Chairman of the Board of Directors of Gamax Management AG.

Press Release:

15.12.2011 - Gamax Management funds available through Legal & General International (Ireland) Limited products

Investment company, Gamax Management AG, has announced a cooperation agreement with financial services firm, Legal & General International (Ireland) Limited. Beginning immediately, Independent financial advisors and clients of the Dublinbased life insurer will be able to include Gamax funds in their unit-linked insurance portfolios. With its active management approach, the funds managed by DJE Kapital AG in Munich are geared particularly toward long-term wealth accumulation. Fund management targets consistent low volatility while maintaining outperformance against the benchmark.

Latest Market Commentary of the GAMAX Management AG:

21.11.2011 - It’s time to re-invest in equities!

Uncertainty continues to dominate international financial markets and, investments such as sovereign bonds are losing their “safe haven” status. “It’s time to re-invest in equities. Despite the constant danger of sudden market slumps, equities are a fundamental component in the portfolio of a long term investor,” says Dr. Jens Ehrhardt, CEO of DJE Kapital AG, which manages the Funds of Gamax Management AG. With prevailing low valuations, he sees current market levels as a good investment opportunity to buy into future positive equity performances. Whereas economic forecasts may indicate a possible slow down in economic activity during the coming year, the medium-term outlook for equity markets is positive starting from early 2012 and into 2013.

17.10.2011 - GAMAX Management brings European institutional investors, innovative products, a low volatility approach and one of the most successful fund managers in Germany

The portfolio management of the GAMAX Funds is provided by Munich-based fund manager DJE Kapital AG, one of the leading independent asset managers in German-speaking Europe. The strategies used by Dr. Jens Ehrhardt focus on an active, low-volatility approach to investing with the aim of generating returns that consistently outperform broad market indices but with lower volatility.

See the attachment for further information.

17.08.2011 - brand manufacturers grow with trend-aware young consumers in emerging markets

A clear focus on consumers in emerging markets and a sure instinct for current and future trends: these are the guiding principles for Gamax Funds Junior (ISIN: LU0073103748 / WKN: 986703) fund managers. Their strategy concentrates on brands such as Apple, Abercrombie & Fitch and Volkswagen which appeal above all to a younger international target group – investors’ focus is on this growing global group of trend- and brand-aware consumers. Rating agency Feri has confirmed the excellent quality of the DJE Kapital AG managed fund, awarding the top “A” rating.

See the attachment for further information.

29.06.2011 - Gamax Management sees an above-average Risk-Reward Ratio in the emerging markets and Germany

In the medium to long-term, investment company Gamax Management AG sees an aboveaverage risk-reward ratio for all share investors, particularly in the emerging markets and Germany. Apart from the issue with Greece, poor US economic data and a restrictive monetary policy in Asia, Dr. Peter Fischer, member of the board at Gamax Management AG, draws investors’ attention to high-yielding Chinese shares and a competitive industry in Germany. On the other hand, he views the liquidity-driven boom on the USA share market critically.

See the attachment for further information.

24.05.2011 - Gamax consolidates distribution in cooperation with max.xs financial services

GAMAX Management AG is restructuring the distribution of its fund products. As of 1st June 2011, the Munich based company will cooperate with the independent, full service provider max.xs financial services AG from Frankfurt. "In max.xs, we have found a cooperative partner who will enable us to offer even more efficient and extensive support for institutional investors and intermediaries in the future", explains Dr. Peter Fischer, member of the executive board of GAMAX Management AG. max.ms will assume marketing and sales support for the GAMAX funds products exclusively for Germany and Austria.

See the attachment for further information.

30.03.2011 - Gamax Management: China remains the carthorse of Asian growth

China continues to be the most important country in Asia’s development. Its domestic consumption harbours particular potential. The management of the Gamax Funds – Maxi-Fonds Asien International (ISIN: LU0039296719) is based on attractively evaluated small and mid-caps of the region. Despite the severe earthquake catastrophe, investors should also keep Japan in mind. “It is true that the effects of the catastrophe in Japan cannot yet be assessed with the data available at the moment. Nevertheless, the country’s reconstruction will also be an important issue for investors,” explains Dr. Peter Fischer, board member at Gamax Management AG. In March, the fund, which is managed by DJE Kapital AG, received the Österreichischer Fondspreis 2011 (Austrian Fund Award) in its category.

See the attachment for further information.

14.03.2011 - GAMAX Funds Junior: beyond the Zeitgeist - companies demonstrate the ability to identify sustainable trends

Abercrombie & Fitch, Apple, Google, Nintendo and Sandisk all have one thing in common; they prove with their products and services that they are capable of developing sustainable innovative product ideas and trends. The management of the Gamax Funds Junior (ISIN: LU0073103748 / WKN: 986703) is based on investing in those global companies that appeal primarily to the younger generation. As an investor you therefore access the market potential of a growing global group of trend and brand conscious consumers.

See the attachment for further information.

18.01.2011 - Backlog in Japanese shares: valuation level is a prognosis for the entry

Change of baton in the portfolio of Mediolanum Gamax Funds Five Countries Select (ISIN: IE00B0LWC427): straight away Japan has replaced the Dutch share in the fund’s country allocation. “Due to the current valuation of Japanese companies, here we are experiencing a backlog with other stock markets”, says Dr. Peter Fischer, executive board member of Gamax Management AG, who sees a favourable time to enter. The fund invests in each of the five countries, whose economy the fund management awards a particularly high potential for surprise.

See the attachment for further information.

06.12.2010 Merry Christmas: Apple, Louis Vuitton and Philips bestow gifts

“The tills have never sounded so sweet” - This year, in addition to traditional gifts such as books or perfume, there will primarily be fashion items like smartphones, designer handbags and 3D televisions underneath the Christmas tree. And it’s not only the recipients who will be joyous. Business over Christmas will ensure a happy festive season for the manufacturers o branded products too. With the Gamax Fund Junior (ISIN: LU0073103748), investors can share the success of Apple, Louis Vuitton or Philips. The fund’s portfolio managers invest in precisely those international organisations which will benefit from a strong awareness of the latest trends.

See the attachment for further information.