Funds: “High-revenue real estate funds – and not just sales”

The rally in gold and silver prices is over, so mining funds are no longer in such high demand. In contrast, broadly diversified equity funds are proving popular, especially those focused on European stocks. Real estate funds remain a hot topic. 

April 30, 2026. FRANKFURT (Deutsche Börse). While it doesn’t look like we’re heading for new all-time highs here—unlike in the U.S.— Nevertheless, the DAX has left the lows of late March far behind. Trading volumes are correspondingly strong, as Matthias Präger of Baader Bank reports. Ivo Orlemann of ICF Bank sees trading volumes declining slightly after very brisk activity in previous months. “The most activity is in real estate funds,” he adds.

The bad news doesn’t stop there. Most recently, UBS suspended the redemption and issuance of shares in its real estate fund UBS (D) Euroinvest Immobilien. The Wertgrund Wohnselect D (DE000A1CUAY0) was already closed in January, and the Fokus Wohnen Deutschland (DE000A12BSB8) in February. Added to this are significant write-downs of Union Investment’s Wohnen ZBI and Kanam’s Leading Cities Invest in 2023 and 2024. “Trading volumes are high, but there aren’t massive sales,” reports Orlemann. He notes brisk trading for HausInvest (DE0009807016), in both directions. Grundbesitz Europa (DE0009807008) is under some selling pressure, while the trader expects more buying for WestInvest InterSelect (DE0009801423).

European stocks yes, German stocks no

Contrary to the norm, buying is currently dominating equity fund trading at Baader Bank—at least when it comes to European stocks. There is significant buying interest in the JPM Europe Equity Plus (LU0289089384) and the AGIF Allianz Europe Equity Dividend (LU1302929846). On the sell lists are the DWS Deutschland (DE0008490962) and the DWS Investa (DE0008474008), both of which hold German stocks. Präger also expects selling pressure in the international equity sector. Examples: the DWS Akkumula (DE0008474024) and the DWS Top Dividende (DE0009848119).

No reaction to the Asian rally

There is no clear trend in trading in Asian stocks. “There isn’t much activity either, despite good price performance,” explains Präger. The AGIF Allianz Oriental Income (LU1173936821) and the Templeton China (LU0052750758) are being bought, while the DWS Top Asia (DE0009769760) and the JPMorgan Greater China (LU0117841782) are seeing selling pressure. Broadly diversified Asian funds are currently hitting new all-time highs.