Download Deutsche AM Flagship Fund Reporting

Deutsche
Asset Management
Deutsche AM Flagship
Fund Reporting
Edition June 2017
Legal Disclaimer
Please note that the information from Morningstar, FERI and Lipper Leaders relates to the previous month.
Morningstar Overall Rating™
© [2017] Morningstar Inc. All rights reserved. The information contained herein (1) is copyright protected for Morningstar and/or its content providers; (2) may not be
copied or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers are responsible for any
damages or losses that may arise from use of this information. Past performance does not guarantee future performance.
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written consent of Lipper. Neither Lipper, other members of the Thomson Reuters group, nor its data providers shall be liable for any errors or delays in the content
or for any actions taken in reliance thereon. Lipper performance rankings are calculated using data available at the time of calculation and may not represent all the
funds tracked by Lipper. The presentation of performance data does not constitute a recommendation to buy or sell a fund or an investment recommendation for a
specific market segment. Lipper analyzes the past performance of funds. Past results are no guarantee for the future performance of an investment fund. Lipper and
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Lipper Leaders Rating System - Ratings from 1 (lowest) to 5 (highest)
First digit = Total Return; second digit = Consistent Return; third digit = Preservation; fourth digit = Expense
Important Notice
When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the
benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement of the Fund's performance
relative to the benchmark at the end of the month (this is referred to as the "pricing effect").
The information in this document does not constitute investment advice and is only a brief summary of key aspects of the Fund. Full details of the Fund can be found
in the Key Investor Information Document and the Prospectus, as supplemented by the latest audited annual report and the latest semi-annual report, if this report is
more recent than the last annual report. These documents constitute the sole binding basis for the purchase. They are available free of charge in electronic or
printed format from your advisor, Deutsche Asset Management Investment GmbH, Mainzer Landstraße 11-17, D 60329 Frankfurt/Main and, for Luxembourg funds,
from Deutsche Asset Management S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg.
Any views expressed reflect the current assessment of Deutsche Asset Management Investment GmbH, which may change without notice. Where information
contained in this document derives from third parties, Deutsche Asset Management accepts no liability for the accuracy, completeness or adequacy of such data,
although Deutsche Asset Management only uses data that it deems to be reliable.
The gross performance (BVI method) includes all costs incurred at the fund level (e.g. management fee), the net performance also includes the sales charge;
additional costs may be incurred at the investor level (e.g. custody costs), which are not included in the presentation. Past performance is not a reliable indicator of
future performance.
Further information on taxation can be found in the Prospectus.
The units issued under this Fund may only be offered for sale or sold in jurisdictions in which such offer or sales is permitted. The units of this Fund may not be
offered for sale or sold in the US nor for account of US citizens nor to US citizens resident in the US.
This document and the information contained therein may not be distributed in the US. The distribution and publication of this document and the offer or sale of units
may also be subject to restrictions in other jurisdictions.
Page
2
Table of Contents
Equity Funds
Germany
DWS Aktien Strategie Deutschland
DWS Deutschland
5
10
Europe
Deutsche Invest I Top Euroland
Deutsche Invest II European Top Dividend
DWS Top Europe
16
21
26
Global
DB Global Equity Income
Deutsche Invest I Top Dividend
DWS Akkumula
DWS Global Value
DWS Top Dividende
DWS Vermögensbildungsfonds I
32
37
42
47
52
57
Deutsche Invest II US Top Dividend
63
Deutsche Invest I Top Asia
Deutsche Invest II Asian Top Dividend
Deutsche Nomura Japan Growth
DWS Top Asien
69
74
79
83
USA
Asia
Emerging Markets
Deutsche Invest I Chinese Equities
Deutsche Invest I Emerging Markets Top Dividend
Deutsche Invest I Global Emerging Markets Equities
88
93
98
Bond Funds
Emerging Markets/ High Yield Corporate Bonds
Deutsche Invest I China Bonds
Deutsche Invest II China High Income Bonds
104
109
Corporate Bonds
Deutsche Invest I Euro Corporate Bonds
115
Balanced Funds
Flexible
Deutsche Invest II Multi Opportunities Total Return
121
Fund of Funds
Deutsche Invest I Multi Opportunities
Deutsche Multi Opportunities
127
132
Total Return Strategies
Deutsche Concept Kaldemorgen
137
Page
3
Equity Funds
Germany
Marketing Material
Factsheet: DWS Aktien Strategie Deutschland
Equity Funds - Germany
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC
(in %)
The Fund invests primarily in German blue
chips, high-growth mid caps and small caps.
The underlying benchmark is the HDAX.
Fund
Fund Management's Comment
Benchmark: HDAX (RI) (ab 1.1.02) (RI)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC
1m
1y
3y
5y
EUR
BM IN EUR
-2.5
-2.4
30.4
27.2
50.0
29.6
163.7
100.9
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
755.3
177.4
13.8
8.4
14.5
9.0
21.4
15.0
37.8
27.9
5.9
2.6
29.4
12.6
0.6
6.3
Further Characteristics (3 years) / VAR (1 year) - Share Class LC
Volatility
17.20%
Sharpe Ratio
Alpha
0.80
4.84%
Maximum Drawdown
-16.45%
5.38%
VAR (99%/10 days)
Information Ratio
1.07
Correlation Coefficient
Beta
1.00
Tracking Error
0.96
4.56%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Information Technology
Industrials
Financials
Health Care
Consumer Discretionary
Materials
Telecommunication Serv.
Consumer Staples
Real Estate
Not classified to MSCI
21.3
19.9
14.3
12.8
11.9
6.6
4.2
2.8
1.3
0.3
Principal Holdings (Equities)
(in % of fundvolume)
SAP SE (Information Technology)
9.0
Allianz SE (Financials)
6.7
Fresenius SE & Co KGaA (Health Care)
4.4
Deutsche Telekom AG (Telecommunication Serv.)
4.2
Deutsche Post AG (Industrials)
3.9
Infineon Technologies AG (Information Technology
3.3
BASF SE (Materials)
2.9
Henkel AG & Co KGaA (Consumer Staples)
2.8
Muenchener Rueckversicherungs-Gesellschaft A
2.7
Airbus SE (Industrials)
2.7
Total
Value
42.6
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Currency
Investment Ratio
Euro
United States dollar
Growth
(in % of fundvolume)
99.8
0.2
Blend
(in % of fundvolume)
Equities
Certificates
Cash and other assets
95.5
1.3
3.3
Investment Style
Morningstar Category™
Germany Large-Cap Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««««
FERI Fund Rating:
(A)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Incl. forward exchange transactions, negative and positive
figures reflect expected currency developments.
Page
1 / 7
Marketing Material
Factsheet: DWS Aktien Strategie Deutschland
Equity Funds - Germany
June 2017
As at 30/06/2017
Portfolio Analysis
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
56.8
15.9
19.8
3.0
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
63
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.1
Ø Market Cap
Ytd.
3yØ
5yØ
2013
34,860.6 Mio. EUR
2014
2015
2016
FC
-2.4
31.1
--
--
20.6
14.1
--
--
--
--
--
--
FD
-2.4
31.1
--
--
20.6
14.1
--
--
--
--
--
--
IC
-2.4
31.5
--
--
21.1
14.3
--
--
--
--
--
--
ID
-2.4
31.5
--
--
26.7
14.3
--
--
--
--
--
--
LC
-2.5
30.4
50.0
163.7
755.3
13.8
14.5
21.4
37.8
5.9
29.4
0.6
Page
2 / 7
Marketing Material
Factsheet: DWS Aktien Strategie Deutschland
Equity Funds - Germany
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Tim Albrecht
Portfolio Manager since
01/05/2000
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management Investment GmbH
Legal Structure
Assets
2,857.1 Mio. EUR
Fund Currency
EUR
Launch Date
01/02/1999
Fiscal Year End
30/09/2017
Investor profile
Growth-oriented
Fund
Custodian
State Street Bank International GmbH
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR DE000DWS2D82 DWS 2D8
Accumulation
0.00%
0.00
404.36
0.00
0.900%
0.90% (2)
--
FD
EUR DE000DWS2EB3 DWS 2EB
Distribution
0.00%
0.00
401.45
0.00
0.900%
0.90% (2)
--
400,000
IC
EUR DE000DWS2D90 DWS 2D9
Accumulation
0.00%
0.00
406.10
0.00
0.600%
0.60% (2)
--
25,000,000
0.00%
EUR DE000DWS2EC1 DWS 2EC
Distribution
0.00
402.24
0.00
0.60% (2)
-0.600%
5.00%
LC
976 986
EUR DE0009769869
Accumulation
0.00
400.69
0.00
1.45% (1)
-1.450%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 30/09/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (FC:04/01/2016, FD:04/01/2016, IC:04/01/2016, ID:11/01/2016). Actual expenses will be calculated and published once the first financial year has
ended. The annual report for each financial year will contain the expense details with their precise calculation.
25,000,000
ID
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
400,000
--
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page
3 / 7
Marketing Material
Fund Management's Comment: DWS Aktien
Strategie Deutschland
Equity Funds - Germany
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
The Fed’s fourth rate hike, with a more hawkish Yellen than expected, ECB Draghi’s comments on reflationary forces, weakening economic data in the US, the strengthening euro,
the falling oil price, the terror attack in London and mounting stress in Qatar resulted in weakening European equity markets in June. Strong economic data in the eurozone,
Macron’s win of the French parliamentary election, bank rescues in Italy and Spain and the Fed’s green lights for US banks’ buyback and dividend plans were positive trends in
June. In Germany the DAX lost 2.3%, the MDAX 2.7%, the SDAX 2.4% and the TecDAX 4.4%. In mid-June the DAX traded at a new all-time high above 12,900. Economic data in
the eurozone remained supportive. In Germany the ifo index jumped from 114.6 to the record-high of 115.1. The eurozone Purchase Manager Index (PMI) for May rose to a six-year
high of 57.0 from 56.7. European car sales improved strongly by 7.7% y/y. And eurozone Q1 Gross Domestic Product (GDP) growth was revised upwards to 0.6% q/q. Investors
welcomed also political trends in the Eurozone and European equity funds continued to enjoy net inflows in June.
Performance Attribution
An underweight in shares of Bayer and BASF contributed favorably to the fund’s performance. A negative impact on the fund’s performance had the overweight position in shares of
zooplus and Sartorius.
Current Positioning
The fund’s investment level was held stable at around 120%. We noticed Earnings per Share (EPS) upgrades in Eurozone along with positive earnings growth in most sectors.
Investors have to worry less about political threats. Sector wise, there is no change in our positions. We stick to our selective export, IT, industrial and healthcare companies, with
good growth prospects and rock solid balance sheets. We remain of the view that within the European equity universe, the German market will continue to outperform. We also
maintain our exposure to small- and mid-caps within our portfolio.
Outlook
With positive global economic and sentiment data, and powerful worldwide M1 money growth we don’t see meaningful factors that could end the current cycle. Within European
equities we notice the continued solid company results as the Q1 reporting season has come to an end. This quarter was particularly good for DAX companies. We also expect Q2
earning season to be solid. Low-yield environment remains a key bull trend for dividend-yield-rich equity markets and might result in further inflows to equity funds in the coming
quarters. Faster pace of Fed hikes, increasing uncertainty about U.S. politics and its ability to deliver reforms as well as ultra-low volatility and unfavorable seasonality might work
as a key headwinds in the coming months.
Note: The key terms are explained in the glossary.
Page
4 / 7
Fund Management's Comment: DWS Aktien Strategie
Deutschland
Equity Funds - Germany
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
9
Marketing Material
Factsheet: DWS Deutschland
Equity Funds - Germany
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC
(in %)
The Fund invests in solid German blue chips
from the DAX index, while making flexible
investments in selected small caps and mid
caps.
Fund
Fund Management's Comment
Benchmark (since 30/08/2001): CDAX (RI)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC
1m
1y
3y
5y
EUR
BM IN EUR
-2.3
-2.4
35.4
26.8
39.0
28.5
132.7
99.0
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
733.5
469.1
10.8
8.6
11.6
8.7
18.4
14.8
30.3
26.7
4.2
3.1
15.6
11.3
7.5
6.5
Further Characteristics (3 years) / VAR (1 year) - Share Class LC
Volatility
18.39%
Sharpe Ratio
Alpha
0.61
1.81%
Maximum Drawdown
-19.19%
6.67%
VAR (99%/10 days)
Information Ratio
0.58
Correlation Coefficient
Beta
1.10
Tracking Error
0.97
4.52%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Industrials
Information Technology
Consumer Discretionary
Financials
Materials
Health Care
Telecommunication Serv.
Consumer Staples
Real Estate
22.2
16.0
14.8
14.3
9.8
9.7
5.3
2.5
0.5
Large
Principal Holdings (Equities)
(in % of fundvolume)
Siemens AG (Industrials)
7.5
SAP SE (Information Technology)
7.4
Allianz SE (Financials)
7.3
Daimler AG (Consumer Discretionary)
4.8
Deutsche Post AG (Industrials)
4.5
Bayer AG (Health Care)
4.5
Deutsche Telekom AG (Telecommunication Serv.)
4.0
BASF SE (Materials)
3.8
Continental AG (Consumer Discretionary)
2.9
Henkel AG & Co KGaA (Consumer Staples)
Total
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Currency
Investment Ratio
Euro
Value
(in % of fundvolume)
100.0
Growth
Blend
Investment Style
2.5
49.2
(in % of fundvolume)
Equities
Certificates
Cash and other assets
Future Long
95.0
1.7
3.3
21.6
Morningstar Category™
Germany Large-Cap Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««««
FERI Fund Rating:
(B)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Incl. forward exchange transactions, negative and positive
figures reflect expected currency developments.
Page 1 / 5
10
Marketing Material
Factsheet: DWS Deutschland
Equity Funds - Germany
June 2017
As at 30/06/2017
Portfolio Analysis
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
65.9
11.8
15.6
1.6
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
62
Cumulative Performance (in %)
1m
FC
IC***
LC
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.7
Ø Market Cap
Ytd.
3yØ
5yØ
2013
47,255.2 Mio. EUR
2014
2015
2016
-2.2
36.2
--
--
35.8
11.2
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-2.3
35.4
39.0
132.7
733.5
10.8
11.6
18.4
30.3
4.2
15.6
7.5
--
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
11
Marketing Material
Factsheet: DWS Deutschland
Equity Funds - Germany
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Tim Albrecht
Portfolio Manager since
01/07/2002
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management Investment GmbH
Legal Structure
Assets
6,827.2 Mio. EUR
Fund Currency
EUR
Launch Date
20/10/1993
Fiscal Year End
30/09/2017
Investor profile
Growth-oriented
Fund
Custodian
State Street Bank International GmbH
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR DE000DWS2F23
DWS 2F2
Accumulation
0.00%
233.14
233.14
0.00
0.800%
0.80% (2)
--
400,000
IC
EUR DE000DWS2GT0 DWS 2GT
Accumulation
0.00%
234.09
234.09
0.00
0.600%
0.60% (2)
--
25,000,000
5.00%
LC
849 096
EUR DE0008490962
Accumulation
242.89
231.32
0.00
1.40% (1)
-1.400%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 30/09/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (FC:29/01/2016, IC:01/08/2016). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each
financial year will contain the expense details with their precise calculation.
--
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
12
Marketing Material
Fund Management's Comment: DWS Deutschland
Equity Funds - Germany
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
The Fed’s fourth rate hike, with a more hawkish Yellen than expected, ECB Draghi’s comments on reflationary forces, weakening economic data in the US, the strengthening euro,
the falling oil price, the terror attack in London and mounting stress in Qatar resulted in weakening European equity markets in June. Strong economic data in the eurozone,
Macron’s win of the French parliamentary election, bank rescues in Italy and Spain and the Fed’s green lights for US banks’ buyback and dividend plans were positive trends in
June. In Germany the DAX lost 2.3%, the MDAX 2.7%, the SDAX 2.4% and the TecDAX 4.4%. In mid-June the DAX traded at a new all-time high above 12,900. Economic data in
the eurozone remained supportive. In Germany the ifo index jumped from 114.6 to the record-high of 115.1. The eurozone Purchase Manager Index (PMI) for May rose to a six-year
high of 57.0 from 56.7. European car sales improved strongly by 7.7% y/y. And eurozone Q1 GDP growth was revised upwards to 0.6% q/q. Investors welcomed also political
trends in the Eurozone and European equity funds continued to enjoy net inflows in June.
Performance Attribution
An overweight in shares of Evotec as well as underweight in shares of Bayer and BASF contributed favorably to the fund’s performance. A negative impact on the fund’s
performance had the overweight position in Software AG and Dialog Semiconductor.
Current Positioning
The fund’s investment level was held stable at around 120%. We noticed Earnings per Share (EPS) upgrades in Eurozone along with positive earnings growth in most sectors.
Investors have to worry less about political threats. Sector wise, there is no change in our positions. We stick to our selective export, IT, industrial and healthcare companies, with
good growth prospects and rock solid balance sheets. We remain of the view that within the European equity universe, the German market will continue to outperform. We also
maintain our exposure to small- and mid-caps within our portfolio.
Outlook
With positive global economic and sentiment data, and powerful worldwide M1 money growth we don’t see meaningful factors that could end the current cycle. Within European
equities we notice the continued solid company results as the Q1 reporting season has come to an end. This quarter was particularly good for DAX companies. We also expect Q2
earning season to be solid. Low-yield environment remains a key bull trend for dividend-yield-rich equity markets and might result in further inflows to equity funds in the coming
quarters. Faster pace of Fed hikes, increasing uncertainty about U.S. politics and its ability to deliver reforms as well as ultra-low volatility and unfavorable seasonality might work
as a key headwinds in the coming months.
Note: The key terms are explained in the glossary.
Page 4 / 5
13
Fund Management's Comment: DWS Deutschland
Equity Funds - Europe
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
14
Equity Funds
Europe
Marketing Material
Factsheet: Deutsche Invest I Top Euroland
Equity Funds - Europe
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
At least 75% of Subfund assets are invested
in equities whose issuers’ registered office is
in a member state of the European Economic
and Monetary Union (EMU). In its search for
the current and future market leaders, Fund
management may make investments in large
caps, mid caps and small caps, although the
focus is on large caps. Around 40 to 60 stocks
are included in the portfolio that Fund
management considers to have aboveaverage earnings potential.
Fund
Fund Management's Comment
Benchmark: EURO STOXX 50 (RI) ab 1.9.09
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
BM IN EUR
-2.7
-3.0
21.5
23.3
18.0
15.5
78.0
74.4
93.1
68.6
Ytd.
3yØ
5yØ
2013
2014
2015
2016
6.6
6.7
5.7
4.9
12.2
11.8
26.7
21.6
1.7
3.9
14.9
7.4
-3.0
3.1
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
14.56%
Sharpe Ratio
Alpha
0.40
1.32%
Maximum Drawdown
-18.64%
5.51%
VAR (99%/10 days)
Information Ratio
0.14
Correlation Coefficient
Beta
0.87
Tracking Error
0.95
5.07%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Financials
Industrials
Health Care
Consumer Discretionary
Information Technology
Materials
Energy
Telecommunication Serv.
Consumer Staples
Utilities
26.4
16.9
10.5
10.4
9.3
8.6
5.5
4.3
3.1
2.6
Principal Holdings (Equities)
(in % of fundvolume)
Allianz SE (Financials)
5.3
LVMH Moet Hennessy Vuitton SE (Consumer Disc
4.5
BNP Paribas (Financials)
4.1
BANCO SANTANDER SA (Financials)
3.8
Total SA (Energy)
3.8
Intesa Sanpaolo SpA (Financials)
3.8
ING Group NV (Financials)
3.7
SAP SE (Information Technology)
3.5
BASF SE (Materials)
3.3
Bayer AG (Health Care)
3.1
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Eurozone Large-Cap Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
38.9
(in % of fundvolume)
France
Germany
Spain
Netherlands
Italy
Denmark
Belgium
Austria
Great Britain
Portugal
33.0
29.1
12.8
10.9
6.1
2.9
1.1
0.9
0.8
0.1
(in % of fundvolume)
Equities
Cash and other assets
Future Long
97.7
2.3
1.0
(D)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
16
Marketing Material
Factsheet: Deutsche Invest I Top Euroland
Equity Funds - Europe
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Euro
Danish krone
97.1
2.9
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
86.2
7.8
2.9
0.9
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
49
Cumulative Performance (in %)
1m
Dividend Yield (in %)
1y
3y
5y
s. Launch
2.9
Ø Market Cap
Ytd.
3yØ
5yØ
2013
54,559.2 Mio. EUR
2014
2015
2016
FC(EUR)
-2.7
22.4
20.7
84.8
119.7
7.0
6.5
13.1
27.6
2.5
15.8
FD(EUR)
-2.7
22.4
--
--
24.3
7.0
--
--
--
--
15.8
-2.3
GBP D RD(GBP)
-1.8
30.3
31.3
--
35.6
10.6
9.5
--
--
-4.3
8.9
12.5
GBP DH RD(GBP)
-2.6
23.5
--
--
5.1
7.5
--
--
--
--
--
-2.6
IC(EUR)
-2.6
22.8
21.7
--
23.3
7.2
6.8
--
--
--
16.1
-2.0
LC(EUR)
-2.7
21.5
18.0
78.0
93.1
6.6
5.7
12.2
26.7
1.7
14.9
-3.0
LD(EUR)
-2.7
21.5
18.0
78.0
93.0
6.6
5.7
12.2
26.7
1.7
14.9
-3.0
NC(EUR)
-2.8
20.7
15.6
71.8
73.6
6.2
4.9
11.4
25.8
1.0
14.1
-3.7
SGD LCH (P)(SGD)
-2.6
23.1
19.9
--
17.7
7.4
6.2
--
--
--
14.9
-2.1
USD FCH(USD)
-2.5
24.0
--
--
29.0
8.0
--
--
--
--
14.3
-1.3
USD LCH(USD)
-2.5
23.2
18.8
--
23.2
7.6
5.9
--
--
1.5
13.7
-2.0
Page 2 / 5
-2.3
17
Marketing Material
Factsheet: Deutsche Invest I Top Euroland
Equity Funds - Europe
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Britta Weidenbach
Portfolio Manager since
01/10/2006
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
849.0 Mio. EUR
Fund Currency
EUR
Launch Date
03/06/2002
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU0145647722
552 519
Accumulation
0.00%
219.71
219.71
0.00
0.750%
0.85% (1)
--
400,000
FD
EUR LU0740840441
DWS 1CY
Distribution
0.00%
120.62
120.62
0.00
0.750%
0.87% (1)
--
400,000
GBP D RD
GBP
LU0911039740
DWS 1W7
Distribution
0.00%
131.09
131.09
0.00
0.750%
1.15% (1)
--
--
GBP DH RD
GBP LU1054342438
DWS 12W
Distribution
0.00%
101.80
101.80
0.00
0.750%
0.87% (1)
--
--
IC
EUR LU0616864954
DWS 07P
Accumulation
0.00%
123.28
123.28
0.00
0.500%
0.57% (1)
--
25,000,000
LC
EUR LU0145644893
552 516
Accumulation
5.00%
203.30
193.14
0.00
1.500%
1.61% (1)
--
--
LD
EUR LU0145647052
552 517
Distribution
5.00%
184.46
175.24
0.00
1.500%
1.61% (1)
--
--
NC
EUR LU0145647300
552 518
Accumulation
3.00%
178.99
173.62
0.00
2.000%
2.31% (1)
--
--
SGD LCH (P)
SGD LU1054341976
DWS 12S
Accumulation
5.00%
12.39
11.77
1.500%
1.63% (1)
--
--
USD FCH
USD
DWS 1W6
Accumulation
0.00%
128.97
128.97
0.750%
0.86% (1)
--
400,000
5.00%
USD LCH
DWS 112
USD LU0986127263
Accumulation
129.69
123.21
0.00
1.63% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
LU0911039666
Address
0.00
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
18
Marketing Material
Fund Management's Comment: Deutsche Invest I
Top Euroland
Equity Funds - Europe
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
European equity markets ended the month of June with price gains. The Euro Stoxx 50 retreated 2.97%. The US Federal Reserve’s fourth rate hike, Mario Draghi’s indications of a
potential forthcoming ECB policy change, weakening economic data in the US, the terror attack in London and mounting uncertainty in Qatar resulted in weaker European equity
markets in June. Continued strong economic data in the eurozone, Macron’s win of the French parliamentary election and bank rescues in Italy and Spain were positive trends in
June. On the sector level, foremost banks and insurance names as well as materials and commodities performed reasonably well. Telecommunication and retailers
underperformed. Energy names were hit by the ongoing oil price weakness. The strategy of the fund remains focused on fundamental data and within that context primarily on
above average earnings growth. Deutsche Invest I Top Euroland was down 2.72% at the end of the month.
Performance Attribution
The outperformance relative to Euro Stoxx 50 in June was to a certain extent a result of the overweight in financials and industrials. The underweight in healthcare was also a main
positive attributor to relative performance. Single stock selection was the main driver in these sectors. Single stock selection in consumer discretionary and the underweight in
utilities detracted from performance. Utilities benefited on the one hand from higher power prices, on the other hand from the positive court decision which confirmed that the
German nuclear fuel tax is legal. On the country level, particularly Italy and Belgium were among the main positive drivers due to positive single stock selection. On the single stock
level, Danish conglomerate A.P. Moeller-Maersk, Allianz and the major Italian bank Intesa Sanpaolo were among the names in the portfolio attributing the most.
Current Positioning
Deutsche Invest I Top Euroland was fully invested as of end of June. The sectors industry and financials have the highest overweight among others. In these sectors, the fund
management focuses on structurally well-positioned companies that achieve above average earnings growth foremost due to their positioning or their end markets. The highest
underweights are among others in consumer staples and in utilities. The expected earnings growth in these sectors is weaker than the earnings growth in the overall market. In
healthcare, we see better investment alternatives within the sector aside from the index heavy weights. In consumer staples, the fund management sees less upside potential in
comparison to other sectors. One reason among others is the relatively high valuation if one considers the low earnings growth.
Outlook
Markets continue to be strongly influenced by expected central bank policies as well as by political factors. In France, Macron’s party En Marche won the presidential elections.
Macron stands for a closer European integration and a common eurozone budget. In Spain, struggling Banco Popular was saved by Santander. On the pure economic level,
positive economic data in the euro area is supportive for equity markets. In Germany, the ifo index rose from 114.6 to an all-time high of 115.1. The purchasing manager index for
the euro area improved from 56.7 to a six-year-high of 57.0. The growth of the eurozone economy in the first quarter was revised upwards to 0.6%. Against this backdrop, we stick
to our overall strategy of focusing on structurally superior companies and companies with positive earnings momentum.
Note: The key terms are explained in the glossary.
Page 4 / 5
19
Fund Management's Comment: Deutsche Invest I Top
Euroland
Equity Funds - Europe
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
20
Marketing Material
Factsheet: Deutsche Invest II European Top
Dividend
Equity Funds - Europe
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
Deutsche Invest II European Top Dividend
provides an equity investment with
opportunity for current income. The
management invests primarily in the shares of
European blue chips that have both aboveaverage dividend yields that are expected to
increase and a reasonable payout ratio
(percentage of annual profits distributed as
dividends). However, investments are not
made entirely on the basis of dividends – the
companies also have to have solid
fundamentals like quality balance sheets and
business models. Only shares that pass this
additional test have the chance to be included
in the portfolio.
Fund
Fund Management's Comment
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
-3.0
12.0
14.1
--
59.2
Ytd.
3yØ
4.6
4.5
5yØ
2013
2014
2015
2016
--
24.5
5.7
6.6
2.9
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
11.20%
Sharpe Ratio
Alpha
0.42
--
Maximum Drawdown
-12.88%
3.72%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Financials
Consumer Staples
Health Care
Industrials
Materials
Telecommunication Serv.
Utilities
Energy
Real Estate
Consumer Discretionary
Other Sectors
19.8
17.9
11.3
10.1
10.1
9.1
5.8
5.1
2.8
1.8
1.0
Principal Holdings (Equities)
(in % of fundvolume)
Unilever NV (Consumer Staples)
3.5
Deutsche Telekom AG (Telecommunication Serv.)
3.4
BHP Billiton PLC (Materials)
3.3
Imperial Brands PLC (Consumer Staples)
3.2
National Grid PLC (Utilities)
3.1
Royal Dutch Shell PLC (Energy)
3.0
Nestle SA (Consumer Staples)
3.0
ING Group NV (Financials)
2.8
Roche Holding AG (Health Care)
2.5
Vodafone Group PLC (Telecommunication Serv.)
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Europe Equity Income
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
Great Britain
Germany
France
Netherlands
Switzerland
Norway
Denmark
Spain
Sweden
Finland
Mali
Other Countries
28.5
14.4
13.5
11.0
9.5
5.2
3.7
2.0
1.8
1.7
1.3
2.2
2.4
30.2
(in % of fundvolume)
Equities
Cash and other assets
94.9
5.1
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
21
Marketing Material
Factsheet: Deutsche Invest II European Top
Dividend
Equity Funds - Europe
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Euro
Pound sterling
Swiss franc
Norwegian krone
Danish krone
Swedish krona
44.3
31.9
10.8
7.2
3.8
2.0
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
80.0
8.2
6.8
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
66
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
3.9
Ø Market Cap
Ytd.
3yØ
5yØ
2013
52,542.2 Mio. EUR
2014
2015
2016
CHF LDH (P)(CHF)
-2.7
13.3
--
--
9.8
5.8
--
--
--
--
--
6.9
FC(EUR)
-2.9
12.8
--
--
2.1
5.0
--
--
--
--
--
3.7
FD(EUR)
-2.9
12.8
--
--
2.1
5.0
--
--
--
--
--
3.7
LC(EUR)
-3.0
12.0
14.1
--
59.2
4.6
4.5
--
24.5
5.7
6.6
2.9
LD(EUR)
-2.9
12.0
14.1
--
59.1
4.6
4.5
--
24.4
5.7
6.6
2.9
LDH (P)(EUR)
-2.6
13.8
--
--
10.7
6.1
--
--
--
--
--
7.4
NC(EUR)
-3.0
11.2
11.6
--
53.4
4.3
3.7
--
23.5
4.9
5.8
2.2
ND(EUR)
-3.0
11.2
11.6
--
53.3
4.3
3.7
--
23.5
4.9
5.7
2.2
SGD LDH (P)(SGD)
-2.5
15.7
--
--
13.0
6.8
--
--
--
--
--
8.8
USD LDH (P)(USD)
-2.4
15.8
--
--
13.2
7.1
--
--
--
--
--
8.9
XC(EUR)
-2.9
13.4
18.5
--
68.1
5.3
5.8
--
25.5
6.7
8.0
4.2
XD(EUR)
-2.9
13.4
--
--
23.1
5.3
--
--
--
--
8.0
4.2
Page 2 / 5
22
Marketing Material
Factsheet: Deutsche Invest II European Top
Dividend
Equity Funds - Europe
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Stephan Werner
Portfolio Manager since
01/10/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
632.3 Mio. EUR
Fund Currency
EUR
Launch Date
02/07/2012
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
CHF LDH (P)
CHF
LU1322113702
DWS 2E1
Distribution
5.00%
112.16
106.55
0.00
1.500%
1.68% (1)
--
--
FC
EUR LU1241941308
DWS 2AU
Accumulation
0.00%
102.12
102.12
0.00
0.750%
0.92% (1)
--
400,000
FD
EUR LU1242509609
DWS 2AV
Distribution
0.00%
98.30
98.30
0.00
0.750%
0.93% (1)
--
400,000
LC
EUR LU0781237614
DWS 1D8
Accumulation
5.00%
167.53
159.16
0.00
1.500%
1.64% (1)
--
--
LD
EUR LU0781237705
DWS 1D9
Distribution
5.00%
147.94
140.55
0.00
1.500%
1.64% (1)
--
--
LDH (P)
EUR
LU1322113884
DWS 2E2
Distribution
5.00%
113.07
107.41
0.00
1.500%
1.71% (1)
--
--
NC
EUR LU0781237887
DWS 1EA
Accumulation
3.00%
158.10
153.36
0.00
2.000%
2.34% (1)
--
--
ND
EUR LU0781237960
DWS 1EB
Distribution
3.00%
142.28
138.02
0.00
2.000%
2.34% (1)
--
--
SGD LDH (P)
SGD LU1322113967
DWS 2E3
Distribution
5.00%
11.57
11.00
0.00
1.500%
1.65% (1)
--
--
USD LDH (P)
USD
LU1322114007
DWS 2E4
Distribution
5.00%
115.94
110.14
0.00
1.500%
1.71% (1)
--
--
XC
EUR LU0781238000
DWS 1EC
Accumulation
0.00%
168.13
168.13
0.00
0.300%
0.39% (1)
--
400,000
0.00%
XD
EUR LU0781238182 DWS 1ED
Distribution
115.15
115.15
0.00
0.40% (1)
-0.300%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
400,000
Address
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
23
Marketing Material
Fund Management's Comment: Deutsche Invest II
European Top Dividend
Equity Funds - Europe
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June European equity markets performed negatively with MSCI Europe being down -2.45%. Italy was a relative outperformer with only being down -0.57%, whereas Spain was
the weakest region with -3.35%. The Euro has strengthened further by 1.57% against the US Dollar and also the British Pound was with +0.41% slightly stronger versus the USD.
The oil price (WTI) was down by 6.19%. From a sector perspective Financials were the only sector in positive territory (+0.76%), whereas Energy and Telecommunications were the
weakest performers (both -5.3%). During June Deutsche Invest II European Top Dividend has lost 2.95%.
Performance Attribution
The best performing sectors have been Financials, followed by Consumer Discretionary and Industrials, whereas Consumer Staples, Telecommunication and Utilities have been
weaker. From a single stock perspective key contributors have been Euler Hermes, Europcar and Gjensidige Forsikring, whereas National Grid, Deutsche Telecom and Imperial
Brands had a negative contribution.
Current Positioning
During June we have increased our exposure to banks and mining while we have reduced positions in Consumer Staples and Utilities. Our current cash level is around 4.5%.
Outlook
Following an almost euphoric start into the year, the most recent macroeconomic data, most notably global leading indicators have eased versus Q1. In the meantime, market
participants are worried about the future political development on both sides of the Atlantic. While sentiment improved after Emmanuel Macron’s election victory in France, there is
still uncertainty with respect to the election in Germany and potential snap elections in Italy. Additionally, President Trump continues to cause confusion. Generally, we stay
constructive for the year and expect mid to high single digit earnings growth. Hence, we abide moderate price appreciation at the global equity markets that should translate into
mid-single digit returns. Consequently the importance of dividends is presumed to increase and dividend payments to contribute above average to the total return of the investment.
Note: The key terms are explained in the glossary.
Page 4 / 5
24
Fund Management's Comment: Deutsche Invest II
European Top Dividend
Equity Funds - Europe
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend
at all, this can have a negative impact on the value of equities or derivatives.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
25
Marketing Material
Factsheet: DWS Top Europe
Equity Funds - Europe
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LD
(in %)
Shares in European companies that we
believe have value-based leadership, solid
financial basis, a strong market position and
good prospects.
Fund
Fund Management's Comment
Benchmark: MSCI Europe TR Net (ab 1.7.13)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LD
1m
1y
3y
5y
EUR
BM IN EUR
-2.3
-2.5
18.9
18.0
22.5
19.2
71.7
69.4
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
366.0
377.1
7.6
6.7
7.0
6.0
11.4
11.1
20.0
21.0
6.3
6.4
13.0
9.3
-1.5
2.0
Further Characteristics (3 years) / VAR (1 year) - Share Class LD
Volatility
13.49%
Sharpe Ratio
Alpha
0.52
1.00%
Maximum Drawdown
-16.91%
4.75%
VAR (99%/10 days)
Information Ratio
0.25
Correlation Coefficient
Beta
0.99
Tracking Error
0.96
3.61%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Financials
Industrials
Health Care
Consumer Discretionary
Materials
Consumer Staples
Information Technology
Energy
Utilities
Telecommunication Serv.
20.6
16.9
15.0
11.2
7.8
7.3
6.6
6.2
2.2
2.1
Principal Holdings (Equities)
(in % of fundvolume)
Royal Dutch Shell PLC (Energy)
4.0
ING Group NV (Financials)
3.3
Allianz SE (Financials)
2.8
Capgemini SE (Information Technology)
2.7
AP Moller - Maersk A/S (Industrials)
2.7
Societe Generale SA (Financials)
2.5
Schneider Electric SE (Industrials)
2.5
Intesa Sanpaolo SpA (Financials)
2.4
Renault SA (Consumer Discretionary)
2.2
ConvaTec Group PLC (Health Care)
2.1
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Europe Large-Cap Blend Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
27.2
(in % of fundvolume)
France
Great Britain
Germany
Switzerland
Netherlands
Spain
Denmark
Italy
Norway
Sweden
Portugal
21.8
17.6
16.4
10.7
9.0
6.7
5.1
4.8
2.7
1.0
0.2
(in % of fundvolume)
Equities
Investment funds
Cash and other assets
Future Long
95.9
0.4
3.7
1.1
(C)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
26
Marketing Material
Factsheet: DWS Top Europe
Equity Funds - Europe
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Euro
Pound sterling
Swiss franc
Danish krone
Norwegian krone
Swedish krona
52.8
27.6
10.8
5.1
2.7
1.0
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
76.5
16.7
2.7
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
65
Cumulative Performance (in %)
1m
IC***
LD
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.8
Ytd.
3yØ
Ø Market Cap
5yØ
2013
41,892.1 Mio. EUR
2014
2015
2016
--
--
--
--
--
--
--
--
--
--
--
--
-2.3
18.9
22.5
71.7
366.0
7.6
7.0
11.4
20.0
6.3
13.0
-1.5
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
27
Marketing Material
Factsheet: DWS Top Europe
Equity Funds - Europe
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Britta Weidenbach
Portfolio Manager since
01/04/2007
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management Investment GmbH
Legal Structure
Assets
1,292.2 Mio. EUR
Fund Currency
EUR
Launch Date
11/10/1995
Fiscal Year End
30/09/2017
Investor profile
Growth-oriented
Fund
Custodian
State Street Bank International GmbH
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
0.00%
EUR DE000DWS2L82 DWS 2L8
Accumulation
144.63
144.63
0.04
0.60% (2)
-0.600%
4.00%
LD
976 972
EUR DE0009769729
Distribution
149.95
144.17
0.04
1.40% (1)
-1.400%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 30/09/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (IC:06/02/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year
will contain the expense details with their precise calculation.
IC
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Minimum
Investment
Amount
25,000,000
--
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
28
Marketing Material
Fund Management's Comment: DWS Top Europe
Equity Funds - Europe
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
European equity markets ended the month of June with moderate losses. The MSCI Europe fell 2.48%. The US Federal Reserve’s fourth rate hike, Mario Draghi’s indications of a
potential forthcoming ECB policy change, weakening economic data in the US, the terror attack in London and mounting uncertainty in Qatar resulted in weaker European equity
markets in June. Continued strong economic data in the eurozone, Macron’s win of the French parliamentary election and bank rescues in Italy and Spain were positive trends in
June. On the sector level, foremost banks and insurance names as well as materials and commodities performed reasonably well. Telecommunication and retailers
underperformed. Energy names were hit by the ongoing oil price weakness. The strategy of the fund remains focused on fundamental data and within that context primarily on
above average earnings growth. DWS Top Europe was down 2.53% at the end of the month.
Performance Attribution
The minimal underperformance relative to MSCI Europe in June was to a certain extent a result of the underweight in consumer staples and the overweight in technology. The
overweight in industrials and in healthcare resulted in positive attributions. Single stock selection was among the main drivers for this. On the regional level, particularly single stock
selection in Denmark and Italy added to relative performance. The slight overweight in Spanish names detracted slightly from relative fund performance during the course of the
month. On the single stock level, Danish conglomerate A.P. Moeller Maersk and the major Italian bank Intesa Sanpaolo were among the names in the portfolio attributing the most.
Current Positioning
DWS Top Europe was fully invested as of end of June. The sectors industry and healthcare have the highest overweight among others. In these sectors, the fund management
focuses on structurally well-positioned companies that achieve above average earnings growth foremost due to their positioning or their end markets. The progressing digitalization
of workflows in manufacturing and service companies leads to a steadily increasing need for capital expenditure. A selected group of conglomerates in the areas industrials benefits
from this. The highest underweights are among others in consumer staples and telecommunication. In consumer staples, the fund management sees less upside potential in
comparison to other sectors. One reason among others is the relatively high valuation if one considers the low earnings growth.
Outlook
Markets continue to be strongly influenced by expected central bank policies as well as by political factors. In France, Macron’s party En Marche won the presidential elections.
Macron stands for a closer European integration and a common eurozone budget. In Spain, struggling Banco Popular was saved by Santander. On the pure economic level,
positive economic data in the euro area is supportive for equity markets. In Germany, the ifo index rose from 114.6 to an all-time high of 115.1. The purchasing manager index for
the euro area improved from 56.7 to a six-year-high of 57.0. The growth of the eurozone economy in the first quarter was revised upwards to 0.6%. Against this backdrop, we stick
to our overall strategy of focusing on structurally superior companies and companies with positive earnings momentum.
Note: The key terms are explained in the glossary.
Page 4 / 5
29
Fund Management's Comment: DWS Top Europe
Equity Funds - Global
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
30
Equity Funds
Global
Marketing Material
Factsheet: DB Global Equity Income
Equity Funds - Global
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class ID EB(EUR)
(in %)
DB Global Equity Income offers an equity
investment with the opportunity for current
income. Management invests globally in the
shares of highly capitalized companies that
have both above-average dividend yields that
are expected to increase and a reasonable
payout ratio (percentage of annual profits
distributed as dividends). In a second step, it
then analyzes the companies’ fundamental
data and earnings prospects together with the
stability of their dividend distributions. In
addition, the Fund has a dynamic form of risk
management that enables it to lower the risk
of losses in falling markets.
Fund
Fund Management's Comment
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class ID EB(EUR)
1m
1y
3y
5 y s. Launch
EUR
-2.2
5.8
25.5
--
37.6
Ytd.
3yØ
1.0
7.9
5yØ
2014
2015
2016
--
17.4
7.7
5.4
Further Characteristics (3 years) / VAR (1 year) - Share Class ID EB(EUR)
Volatility
11.07%
Sharpe Ratio
Alpha
0.71
--
Maximum Drawdown
-11.80%
4.38%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Consumer Staples
Health Care
Telecommunication Serv.
Utilities
Financials
Information Technology
Energy
Industrials
Consumer Discretionary
Materials
Other Sectors
24.0
13.8
13.4
9.9
9.4
8.9
5.4
4.8
3.8
2.2
1.5
Principal Holdings (Equities)
(in % of fundvolume)
Taiwan Semiconductor Manufacturing Co Ltd (Info
4.0
Allianz SE (Financials)
3.9
Unilever NV (Consumer Staples)
3.9
Nippon Telegraph & Telephone Corp (Telecommun
3.5
Novartis AG (Health Care)
3.3
Pfizer Inc (Health Care)
3.1
Cisco Systems Inc (Information Technology)
3.1
PepsiCo Inc/NC (Consumer Staples)
3.0
NextEra Energy Inc (Utilities)
2.9
Verizon Communications Inc (Telecommunication
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Equity Income
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA
Great Britain
Switzerland
Japan
Germany
Canada
France
Taiwan
Netherlands
Norway
Finland
44.5
8.2
7.7
7.6
6.1
6.1
4.3
4.0
3.9
2.6
2.0
2.8
33.5
(in % of fundvolume)
Equities
Cash and other assets
97.0
3.0
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
32
Marketing Material
Factsheet: DB Global Equity Income
Equity Funds - Global
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
United States dollar
Euro
Japanese yen
Swiss franc
Pound sterling
Canadian dollar
Norwegian krone
Singapore dollar
52.1
16.2
7.7
7.7
7.3
6.2
2.7
0.1
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
95.5
1.4
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
56
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
3.5
Ø Market Cap
Ytd.
3yØ
5yØ
2014
92,785.2 Mio. EUR
2015
2016
FD EB(EUR)
-2.2
5.4
24.1
--
35.7
0.8
7.4
--
17.0
7.3
4.9
ID EB(EUR)
-2.2
5.8
25.5
--
37.6
1.0
7.9
--
17.4
7.7
5.4
Page 2 / 5
33
Marketing Material
Factsheet: DB Global Equity Income
Equity Funds - Global
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Martin Berberich
Portfolio Manager since
01/09/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
59.0 Mio. EUR
Fund Currency
EUR
Launch Date
24/10/2013
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
2.00%
A1T 88F
EUR LU0920205175
Distribution
127.80
125.24
0.00
0.98% (1)
-0.750%
0.00%
ID EB
A1T 88D
EUR LU0920204954
Distribution
127.02
127.02
0.00
0.56% (1)
-0.375%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
FD EB
Address
Minimum
Investment
Amount
400,000
10,000,000
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
34
Marketing Material
Fund Management's Comment: DB Global Equity
Income
Equity Funds - Global
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
The US Federal Reserve’s fourth rate hike and indications of a potential forthcoming policy change by the ECB led together with weakening economic data in the US and a lower oil
price to slightly weaker European equity markets in June. Combined with a further increase of the euro, the fund experienced a price loss. Regionally, European equity markets
retreated the most, while most Asian Pacific markets remained rather stable. On the sector level, foremost financials gained, but also healthcare, while the defensive sectors
telecommunication, utilities and consumer staples saw the highest losses. In addition, the technology sector underperformed in the past month after a long period of positive
performance.
Performance Attribution
Relative to the broad equity market, the fund was hit by its high weighting in the sectors consumer staples, telecommunication and utilities. The underweight in financials also
detracted from performance. In contrast, the underweight in technology added to performance. On the single stock level, US-Bank JPMorgan Chase, chemical group LyondellBasell
and Canadian energy infrastructure company Transcanada delivered positive contributions to performance, while consumer goods group Unilever and US telecommunication group
Verizon detracted most from performance.
Current Positioning
The positioning of the fund is generally long-term and accordingly only changes gradually during the course of a month. The focus is on companies with above average, growing
and sustainable dividend payments with solid balance sheets, strong management teams and attractive valuations. The fund management once again added to the US technology
group HP Inc. in June. Overall, we continue to stick to our overweight in defensive sectors such as consumer staples, telecommunication as well as utilities and the underweight in
financials and consumer discretionary.
Outlook
Following an almost euphoric start to the year, the most recent macroeconomic data and leading indicators show a deterioration. First and foremost, consumer confidence declined
slightly from a very high level, despite continuously low unemployment. After the US interest hike last month, the market expects one additional increase in interest rates by the
Federal Reserve in the second half of the year. The monetary policy discussion in Europe shifts to the question when and to what extent the European Central Bank is going to start
tapering the bond-buying program. With the start of the reporting season for the second quarter 2017, the market will probably focus on sales and earnings development of the
companies as well as on the guidance for the second half of the year in the coming weeks. We expect that the optimistic outlook after the reporting season for the first quarter will
be generally confirmed by the companies. In the meantime, however, we have seen time and again uncertainty among market participants regarding future political developments
on both sides of the Atlantic. While Macron’s win in the elections has improved sentiment in Europa, geopolitical uncertainties in the Middle East and East Asia seem to have
increased. Generally, we remain constructive for the year and expect mid- to high-single-digit earnings growth. Hence, we expect moderate price gains in global equity markets for
2017. That should translate into mid single-digit total returns. Consequently, the importance of dividends is presumed to increase and dividend payments are presumed to contribute
above average to the total return of the investment.
Note: The key terms are explained in the glossary.
Page 4 / 5
35
Fund Management's Comment: DB Global Equity
Income
Equity Funds - Global
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend
at all, this can have a negative impact on the value of equities or derivatives.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
36
Marketing Material
Factsheet: Deutsche Invest I Top Dividend
Equity Funds - Global
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
Deutsche Invest I Top Dividend offers an
equity investment with the opportunity for
current income. Management invests globally
in equities, that it expects to offer dividend
yields higher than the market average.
Fund
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
-2.4
4.6
32.1
63.3
97.4
Ytd.
3yØ
5yØ
2013
2014
2015
2016
1.0
9.7
10.3
12.0
17.0
12.5
7.2
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
9.69%
Sharpe Ratio
Alpha
0.99
--
Maximum Drawdown
-8.47%
4.09%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Consumer Staples
Telecommunication Serv.
Health Care
Financials
Utilities
Information Technology
Energy
Industrials
Materials
Consumer Discretionary
Other Sectors
23.5
12.3
11.5
9.3
9.3
7.9
3.9
3.9
2.8
2.4
2.0
Principal Holdings (Equities)
(in % of fundvolume)
Allianz SE (Financials)
3.8
Taiwan Semiconductor Manufacturing Co Ltd (Info
3.7
Unilever NV (Consumer Staples)
3.6
Nippon Telegraph & Telephone Corp (Telecommun
3.4
Novartis AG (Health Care)
3.2
Cisco Systems Inc (Information Technology)
3.0
PepsiCo Inc/NC (Consumer Staples)
3.0
NextEra Energy Inc (Utilities)
2.9
Pfizer Inc (Health Care)
2.7
Verizon Communications Inc (Telecommunication
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Equity Income
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
(C)
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA
Germany
Switzerland
Japan
Great Britain
Canada
Taiwan
Netherlands
Norway
France
Finland
Other Countries
36.4
8.8
7.2
7.1
6.9
5.6
4.1
3.6
3.3
2.6
1.5
1.5
2.3
31.6
(in % of fundvolume)
Equities
Bonds
Cash and other assets
88.7
9.5
1.7
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
37
Marketing Material
Factsheet: Deutsche Invest I Top Dividend
Equity Funds - Global
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
United States dollar
Euro
Swiss franc
Japanese yen
Pound sterling
Canadian dollar
Norwegian krone
South Korean won
Taiwan dollar - new -
49.8
16.5
7.5
7.3
7.0
5.7
3.5
1.6
1.2
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
85.0
2.3
1.3
0.1
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
53
Cumulative Performance (in %)
1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
3.5
Ø Market Cap
Ytd.
3yØ
5yØ
2013
85,796.6 Mio. EUR
2014
2015
2016
CHF FCH (P)(CHF)
-1.4
6.7
20.8
59.1
66.5
6.0
6.5
9.7
17.6
10.5
5.4
4.6
CHF LCH (P)(CHF)
-1.5
6.0
18.0
53.1
59.4
5.6
5.7
8.9
16.7
9.7
4.4
3.9
FC(EUR)
-2.3
5.4
35.1
69.5
108.1
1.4
10.5
11.1
12.9
17.9
13.3
8.0
FD(EUR)
-2.3
5.4
35.1
--
55.8
1.4
10.5
--
--
17.9
13.3
8.0
GBP C RD(GBP)
-1.5
12.1
--
--
41.4
4.8
--
--
--
--
--
25.0
GBP D RD(GBP)
-1.5
12.1
48.4
--
47.9
4.8
14.1
--
--
10.3
6.7
24.9
--
--
--
--
--
--
--
--
--
--
--
--
-1.5
11.3
45.0
77.8
110.0
4.4
13.2
12.2
14.3
9.5
5.8
24.0
GBP DH (P) RD(GBP)*
GBP LD DS(GBP)
--
--
--
--
--
--
--
--
--
--
--
--
ID(EUR)
-2.3
5.7
--
--
27.8
1.6
--
--
--
--
13.7
8.3
IDH (P)(EUR)
-1.3
7.6
23.9
--
24.7
6.4
7.4
--
--
--
6.5
5.6
LC(EUR)
-2.4
4.6
32.1
63.3
97.4
1.0
9.7
10.3
12.0
17.0
12.5
7.2
LD(EUR)
-2.4
4.6
32.1
63.3
97.4
1.0
9.7
10.3
12.0
17.0
12.5
7.2
NC(EUR)
-2.4
3.8
29.3
57.7
88.0
0.7
8.9
9.5
11.2
16.2
11.7
6.5
ND(EUR)
-2.4
3.8
29.3
57.7
75.8
0.7
9.0
9.5
11.2
16.2
11.7
6.5
SGD LC(SGD)
-1.2
9.7
21.7
59.5
60.3
4.3
6.8
9.8
20.8
7.6
8.0
5.6
SGD LCH (P)(SGD)
-1.3
7.9
23.2
60.3
61.1
6.5
7.2
9.9
17.0
9.9
6.1
5.7
SGD LDQ(SGD)
-1.1
9.7
21.6
59.5
71.5
4.3
6.7
9.8
21.1
7.6
7.9
5.6
SGD LDQH (P)(SGD)
-1.3
7.9
22.9
--
36.6
6.6
7.1
--
--
9.4
5.9
5.7
USD FC(USD)
-0.7
8.2
12.8
--
36.2
9.8
4.1
--
--
3.5
1.7
4.3
USD FCH (P)(USD)
-1.2
8.2
--
--
8.2
6.5
--
--
--
--
--
--
USD LC(USD)
-0.7
7.5
10.4
47.1
62.3
9.4
3.4
8.0
16.8
3.3
0.9
3.6
USD LCH (P)(USD)
-1.2
8.1
22.1
59.6
65.0
6.7
6.9
9.8
17.1
9.7
5.2
5.7
USD LDH (P)(USD)
-1.2
8.2
22.2
--
46.0
6.7
6.9
--
--
9.7
5.2
5.7
USD LDM(USD)
-0.7
7.3
--
--
13.0
9.3
--
--
--
--
0.7
3.5
USD LDQ(USD)
-0.7
7.4
10.2
--
24.5
9.4
3.3
--
--
3.8
0.8
3.5
IC(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
38
Marketing Material
Factsheet: Deutsche Invest I Top Dividend
Equity Funds - Global
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Dr. Thomas-P Schuessler
Portfolio Manager since
01/07/2010
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
5,255.6 Mio. EUR
Fund Currency
EUR
Launch Date
01/07/2010
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
CHF FCH (P)
CHF LU0616864285
DWS 07L
Accumulation
0.00%
166.52
166.52
0.05
0.750%
0.87% (1)
--
CHF LCH (P)
CHF LU0616864012
DWS 07K
Accumulation
5.00%
167.78
159.39
0.02
1.500%
1.62% (1)
--
--
FC
EUR LU0507266228
DWS 0ZG
Accumulation
0.00%
208.07
208.07
0.08
0.750%
0.84% (1)
--
400,000
FD
EUR LU0740838205
DWS 1CK
Distribution
0.00%
140.00
140.00
0.05
0.750%
0.84% (1)
--
400,000
GBP C RD
GBP LU1263963255
DWS 2BN
Accumulation
0.00%
141.35
141.35
0.04
0.750%
0.88% (1)
--
--
GBP D RD
GBP
LU0911038932
DWS 1W0
Distribution
0.00%
136.10
136.10
0.05
0.750%
0.91% (1)
--
--
GBP DH (P) R
GBP LU1466055248
DWS 2G3
Distribution
0.00%
103.08
103.08
0.750%
0.91% (2)
--
--
GBP LD DS
GBP
LU0511520347
DWS 00H
Distribution
5.00%
186.15
176.85
0.03
1.500%
1.62% (1)
--
--
IC
EUR LU1472572954
DWS 2G5
Accumulation
0.00%
104.37
104.37
0.05
0.500%
0.59% (2)
--
25,000,000
ID
EUR LU0616863808
DWS 07J
Distribution
0.00%
121.37
121.37
0.06
0.500%
0.57% (1)
--
25,000,000
IDH (P)
EUR
LU0911039310
DWS 1W3
Distribution
0.00%
116.40
116.40
0.05
0.500%
0.57% (1)
--
25,000,000
LC
EUR LU0507265923
DWS 0ZD
Accumulation
5.00%
207.76
197.37
0.03
1.500%
1.59% (1)
--
--
LD
EUR LU0507266061
DWS 0ZE
Distribution
5.00%
174.59
165.86
0.02
1.500%
1.59% (1)
--
--
NC
EUR LU0507266145
DWS 0ZF
Accumulation
3.00%
193.77
187.96
0.00
2.000%
2.29% (1)
--
--
ND
EUR LU0544572786
DWS 015
Distribution
3.00%
154.89
150.24
0.00
2.000%
2.29% (1)
--
--
SGD LC
SGD LU0740838460
DWS 1CL
Accumulation
5.00%
16.87
16.03
0.00
1.500%
1.60% (1)
--
--
SGD LCH (P)
SGD LU0740838544
DWS 1CM
Accumulation
5.00%
16.96
16.11
0.00
1.500%
1.62% (1)
--
--
SGD LDQ
SGD LU0616864442
DWS 07M
Distribution
5.00%
15.65
14.87
0.00
1.500%
1.61% (1)
--
--
SGD LDQH (P) SGD LU0911038858
DWS 1WZ
Distribution
5.00%
13.08
12.43
0.00
1.500%
1.62% (1)
--
--
USD FC
USD LU0507266574
DWS 0ZJ
Accumulation
0.00%
136.18
136.18
0.05
0.750%
0.92% (1)
--
400,000
USD FCH (P)
USD LU0813338588
DWS 1JX
Accumulation
0.00%
108.15
108.15
0.03
0.750%
0.91% (2)
--
400,000
USD LC
USD LU0507266491
DWS 0ZH
Accumulation
5.00%
170.80
162.26
0.02
1.500%
1.60% (1)
--
--
USD LCH (P)
USD LU0544572604
DWS 014
Accumulation
5.00%
173.72
165.03
0.02
1.500%
1.62% (1)
--
--
USD LDH (P)
USD LU0740838031
DWS 1CH
Distribution
5.00%
137.35
130.49
0.01
1.500%
1.62% (1)
--
--
USD LDM
USD
DWS 1WX
Distribution
5.00%
100.78
95.75
1.500%
1.67% (1)
--
--
5.00%
USD LDQ
USD LU0911038775 DWS 1WY
Distribution
121.03
114.98
0.01
1.62% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (GBP DH (P) RD:01/09/2016, IC:01/09/2016, USD FCH (P):30/06/2016). Actual expenses will be calculated and published once the first financial
year has ended. The annual report for each financial year will contain the expense details with their precise calculation.
--
LU0911038429
Address
400,000
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
39
Marketing Material
Fund Management's Comment: Deutsche Invest I
Top Dividend
Equity Funds - Global
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June, global equity markets continued to trade down. The MSCI World index was down -1.16% denominated in Euro. All regions finished the month lower, while Emerging Market
was the best market on a relative basis (-0.52% in Euro). The US were the second best performer with the S&P 500 down 0.93% in Euro terms. Japan closed also lower with the
Nikkei 225 down 1.02% over the last month. The worst regional market was the UK FTSE which underperformed the global equity market and ended the month down 3.08% in
Euro. Europe’s performance was also weak on a relative basis with the EURO STOXX 50 -2.93%. The German DAX index also underperformed and finished the month of June
2.30% lower. On a sector level, Financials was the best performing sector (+3.18%) reversing the underperformance of the last month. Health Care (+1.16%) continued its strong
momentum from the previous months. Materials also outperformed globally being flat in Euro terms (±0.00%). On the other hand, the Telecommunication Service sector ended the
month -4.47% lower and was the largest underperformer. Utilities underperformed (-3.91%) reversing the outperformance from May. Information Technologies lost momentum and
finished the month lower (-3.83% in Euro) for the first time since June 2016. The US Dollar weakened by -1.3% during June (measured by the US Dollar Index). In terms of other
currencies, the Euro appreciated on a broad basis, +1.62% against the US Dollar, +3.08% against the British Pound and +0.55% against the Japanese Yen. The oil price (WTI) was
down again this month -6.19% in Euro terms. During June the Deutsche Invest I Top Dividend was down by -2.36%.
Performance Attribution
From a sector allocation point of view, the largest positive contribution to the relative return, measured against the broad market, was obtained by the current positioning and stock
selection in Information Technology. Additionally, the positioning in Energy and Consumer Discretionary contributed positively to relative return. Negative contributions came from
under weights in Financials and over weights in Consumer Staples as well as stock selection in Health Care. Although we refer to relative returns and weightings, the broad market
should not be considered as the benchmark for the fund. From a single stock level, the largest positive contribution came from Taiwan Semiconductor Manufacturing Company,
Gjensidige Forsikring and TransCanada Corp. On the other hand, Unilever N.V., Roche Holding AG and Imperial Brands plc were a drag to performance.
Current Positioning
During June we have increased our exposure to Information Technology, Real Estate and Industrials. On the other hand, we have reduced our exposure to Consumer Staples and
Materials. Over the last month we have kept our cash position and the degree of investment in the fund stable. Overall, our current cash level is still relatively high (around 11.5%
including bonds which we use as a cash substitute) and we are waiting for further opportunities to increase our investment level.
Outlook
By the end of the Q1 2017 earnings season a constructive picture with regards to business activity materializes. Most of the companies that already reported their results could
surprise positively on revenues as well as earnings. Especially for the financials- and industrials sector earnings expectations had to be revised upwards. In total, the companies
provided an optimistic outlook for the current fiscal year. Following an almost euphoric start into the year, the most recent macroeconomic data, most notably the leading indicators,
were weaker than expected. First and foremost, consumer confidence declined despite continuously low unemployment. After the interest hike in the US last month, the market
expects one additional increase in interest rates by the Federal Reserve in 2017. In Europe interest rates should continue to remain low. In the meantime, market participants are
worried about the future political development on both sides of the Atlantic. While sentiment improved after Emmanuel Macron’s election victory in France, there is still uncertainty
with respect to the elections in Germany and potential snap elections in Italy. Generally, we stay constructive for the year and expect mid to high single digit earnings growth.
Hence, we abide moderate price appreciation at the global equity markets that should translate into mid-single digit returns. Consequently the importance of dividends is presumed
to increase and dividend payments to contribute above average to the total return of the investment.
Note: The key terms are explained in the glossary.
Page 4 / 5
40
Fund Management's Comment: Deutsche Invest I Top
Dividend
Equity Funds - Global
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend
at all, this can have a negative impact on the value of equities or derivatives.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
41
Marketing Material
Factsheet: DWS Akkumula
Equity Funds - Global
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC
(in %)
The classic among DWS equity funds has a
flexible investment policy that is not locked
into index weightings – stocks are picked
using a purely fundamental approach. Fund
management focuses on global blue chips
and ensures a mix of value- and growthoriented companies that is appropriate to the
market situation.
Fund
Fund Management's Comment
A detailed commentary by fund management
can be found on a separate page later in this
document.
Benchmark*
*Benchmark: MSCI World TR Net EUR - 1.7.13 (vorher MSCI World TR Gross)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LC
1m
1y
3y
5y
s. Launch
EUR
BM IN EUR
3,802.6
--
-1.1
-1.0
15.9
15.1
40.8
39.9
86.3
90.4
Ytd.
3yØ
5yØ
2013
2014
2015
2016
4.5
2.3
12.1
11.8
13.3
13.7
17.8
23.0
20.9
19.9
13.2
10.7
5.4
10.3
Further Characteristics (3 years) / VAR (1 year) - Share Class LC
Volatility
13.48%
Sharpe Ratio
Alpha
0.87
-0.84%
Maximum Drawdown
-12.74%
4.62%
VAR (99%/10 days)
Information Ratio
0.05
Correlation Coefficient
Beta
1.09
Tracking Error
0.96
3.82%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Financials
Information Technology
Health Care
Consumer Staples
Consumer Discretionary
Industrials
Materials
Telecommunication Serv.
Energy
Real Estate
Other Sectors
19.7
19.3
15.2
13.9
13.2
10.5
2.3
1.6
0.7
0.6
0.2
Principal Holdings (Equities)
(in % of fundvolume)
Alphabet Inc (Information Technology)
3.7
Nestle SA (Consumer Staples)
2.4
Apple Inc (Information Technology)
2.4
Roche Holding AG (Health Care)
2.1
Celgene Corp (Health Care)
1.8
Priceline Group Inc/The (Consumer Discretionary)
1.6
United Technologies Corp (Industrials)
1.4
Visa Inc (Information Technology)
1.4
Samsung Electronics Co Ltd (Information Technol
1.4
Allianz SE (Financials)
1.3
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Large-Cap Blend Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
19.5
(B)
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA
Japan
Switzerland
Germany
Netherlands
Canada
Great Britain
Korea
Hong Kong
Taiwan
Ireland
Other Countries
56.8
9.1
5.9
3.7
3.7
3.3
3.3
1.5
1.1
1.1
1.1
6.5
(in % of fundvolume)
Equities
REITs
Cash and other assets
96.9
0.4
2.7
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
42
Marketing Material
Factsheet: DWS Akkumula
Equity Funds - Global
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
United States dollar
Japanese yen
Euro
Swiss franc
Pound sterling
Canadian dollar
Australian dollar
South Korean won
Taiwan dollar - new Hong Kong dollar
Other Currencies
58.6
9.1
9.1
5.9
3.6
3.3
2.9
1.7
1.2
1.1
3.5
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Others
87.3
7.5
2.1
0.4
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
183
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
1.9
Ytd.
3yØ
Ø Market Cap
5yØ
2013
99,058.2 Mio. EUR
2014
2015
2016
ID
-1.0
16.8
--
--
14.9
4.9
--
--
--
--
--
--
LC
-1.1
15.9
40.8
86.3
3,802.6
4.5
12.1
13.3
17.8
20.9
13.2
5.4
LD
-1.1
15.9
--
--
13.6
4.5
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
SC***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
43
Marketing Material
Factsheet: DWS Akkumula
Equity Funds - Global
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Andre Koettner
Portfolio Manager since
01/03/2013
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management Investment GmbH
Legal Structure
Assets
4,246.1 Mio. EUR
Fund Currency
EUR
Launch Date
03/07/1961
Fiscal Year End
30/09/2017
Investor profile
Growth-oriented
Fund
Custodian
State Street Bank International GmbH
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
Distribution
0.00%
1,012.34
1,012.34
0.11
0.600%
0.60% (2)
--
10,000,000
Accumulation
5.00%
1,054.39
1,004.17
0.12
1.450%
1.45% (1)
--
--
Distribution
5.00%
1,055.22
1,004.97
0.12
1.450%
1.45% (2)
--
--
0.00%
SC
EUR DE000DWS2L90 DWS 2L9
Accumulation
994.81
994.81
0.10
0.80% (2)
-0.800%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 30/09/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (ID:04/01/2016, LD:04/01/2016, SC:02/01/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual
report for each financial year will contain the expense details with their precise calculation.
1,000,000
ID
EUR DE000DWS2D74 DWS 2D7
LC
EUR DE0008474024
LD
EUR DE000DWS2D66 DWS 2D6
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
847 402
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
44
Marketing Material
Fund Management's Comment: DWS Akkumula
Equity Funds - Global
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Global equity markets in June were driven by rising rates in the US and Europe as well as by the depreciation of the US dollar. The US dollar lost two percent against the euro in
June, year-to-date the loss amounts to even 9 %. This change in currency rates weighed foremost on European stock markets. The Eurostoxx 50 lost 3.2% in June. Particularly
export-oriented companies saw stronger price losses, as the US dollar slump might cause headwinds regarding competitiveness and export opportunities. Naturally, this could
support US companies. Consequently, the S&P 500 (in USD) gained 0.5%. The Japanese stock market showed a similar development as it surged due to the further depreciation of
the yen (Topix in JPY: +2.8%). In euro terms, however, nearly all regions were in negative territory due to the euro strength. Higher interest rates affected the performance in
different sectors. As such, financials were up significantly, as higher interest rates should be positive for interest rate margins and accordingly for bank profits. In addition, US banks
benefited from recent stress tests, which showed that their balance sheets are overcapitalized so that higher dividend payments and share buy backs are possible. In reverse,
particularly those sectors which usually serve as bonds proxies due to their solid cash flows and returns came under pressure. Among those are utilities and telecoms, which
broadly underperformed in June. One exception were healthcare names, which attracted new buyers due to after several weak months attractive valuations. In contrast, the surge
in technology names since the beginning of the year led to profit takings. The picture for commodities was mixed. While oil and precious metals were significantly down, soft
commodities and industrials showed solid gains.
Performance Attribution
DWS Akkumula lost 1.1% in June, and was thus in line with MSCI World (total return, in EUR), which was down by 1.0%. Year-to-date, the fund is still ahead of its benchmark.
Generally speaking, June was a very balanced month regarding relative performance. Particularly the high weighting in healthcare names added to performance after their dry spell
in the past months. This showed especially in biotech names owned by the fund. In contrast, contribution of traditional pharma companies was rather neutral. In technology, single
stock selection paid off. Several names with higher weightings in the portfolio saw losses, but particularly positions in semiconductor companies and Asian internet names added to
fund performance. The underweight in energy was also positive on a relative basis, as the decreasing oil price still weighed on companies in this sector. Consumer names showed
slight weakness as concerns over Amazon’s market power have now reached the food market after the industry giant had announced the takeover of a supermarket chain. The
underweight in commodities also did not pay off, as higher prices for industrial metals in June also lifted stock prices of mining companies. As Tobacco companies are often seen as
a bond proxy and interest rates were rising, names in the funds from this sector experienced price losses, too. This was a drag on performance.
Current Positioning
The positioning of the fund is generally long-term and accordingly only changes gradually during the course of a month. The focus on companies with sustainable, growth-oriented
business models, solid balance sheets, strong management and attractive valuations still determines the portfolio composition. Accordingly, the focus is on technology names with
high innovative capacity, consumer companies with strong brands and healthcare names with comprehensive research capacities and new drugs in the pipeline. In contrast,
companies from the commodity and energy sector are only selectively represented, as a lack of CAPEX discipline and the direct dependency on commodity prices often have a
negative effect on equity price performance. Changing interest rate markets, particularly in the US, lead to a gradual adjustment of the positions in financials. A sustained increase
of interest rates changes the attractiveness of several segments of this sector, which now has a slight overweight. The overweight in healthcare has also been increased again,
particularly because valuations are compelling in comparison to other defensive sectors. There are still no larger active currency positions.
Outlook
Despite arising uncertainties regarding upcoming political events as well as the economic situation in key countries, the overall picture remains cautiously constructive. Headwinds
caused by the strong US dollar and weak energy prices for certain industries are still noticeable in the US; the employment situation as well as consumer sentiment, however,
continue to be positive. In addition, there are hopes of a new economic policy program under US president Trump. This should deliver sufficient impetus for a solid economic growth
in the US. The economic situation in Europe has stabilized. But the fiscal consolidation does not allow for much growth momentum. Furthermore, Brexit might lead to uncertainty in
Europe. The impact of this on economic growth has still not become clear. Emerging markets still face large challenges, but should in all likelihood remain another driver of global
economic growth, but rather in the mid term. Short-term volatility in emerging markets investments is certainly to be expected going forward as well. We will continue to monitor the
current geopolitical situation very closely. There is another aspect: At historically still low interest rates and with the above average positive performance of many bond markets in
the last years, investors around the globe are searching for yield. The rotation from bonds into equities due to the lack of investment alternatives can at least strategically continue
to support equity markets. Prerequisite for this is that the central banks continue their expansive policy. The odds for this continue to be favorable, particularly in Europe. Relevant
inflows in equity funds or changes in the asset allocation of insurers and pension funds are therefore still to be monitored closely.
Note: The key terms are explained in the glossary.
Page 4 / 5
45
Fund Management's Comment: DWS Akkumula
Equity Funds - Global
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund may also invest in assets that are not denominated in euro. This can result in your investment falling in value if the euro exchange rate against these
currencies increases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
46
Marketing Material
Factsheet: DWS Global Value
Equity Funds - Global
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LD
(in %)
DWS Global Value offers investors a selection
of global equities that we consider to be
favorably valued and thus to have the
potential to outperform. Fund management
focuses on companies whose share prices
are viewed by other market participants to be
too low and whose valuations investors have
given too short a horizon. DWS Global Value
– stock-picking with a long-term orientation
and a focus on equities we consider
undervalued.
Fund
Fund Management's Comment
Benchmark: MSCI World Value (RI) ab 1.10.12
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LD
1m
1y
3y
5y
EUR
BM IN EUR
0.5
-0.6
13.8
16.5
34.2
35.9
91.8
92.0
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
168.0
91.5
-1.5
-0.1
10.3
10.8
13.9
13.9
25.3
23.3
23.1
19.0
9.4
6.8
11.8
16.0
Further Characteristics (3 years) / VAR (1 year) - Share Class LD
Volatility
12.34%
Sharpe Ratio
Alpha
0.82
0.02%
Maximum Drawdown
-13.91%
Information Ratio
-0.13
Beta
0.96
5.92%
VAR (99%/10 days)
Correlation Coefficient
Tracking Error
0.97
3.24%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Financials
Industrials
Health Care
Energy
Information Technology
Consumer Discretionary
Materials
Telecommunication Serv.
Utilities
Consumer Staples
33.3
16.9
10.8
9.4
9.3
6.2
4.1
2.9
2.1
2.0
Principal Holdings (Equities)
(in % of fundvolume)
Royal Dutch Shell PLC (Energy)
4.0
Mitsubishi UFJ Financial Group Inc (Financials)
3.1
Citigroup Inc (Financials)
3.1
Allianz SE (Financials)
3.1
Wells Fargo & Co (Financials)
3.1
ConocoPhillips (Energy)
3.0
Johnson Controls International plc (Industrials)
3.0
Oracle Corp (Information Technology)
2.9
AP Moller - Maersk A/S (Industrials)
2.9
AT & T (Telecommunication Serv.)
2.9
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Large-Cap Value Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
31.1
(in % of fundvolume)
USA
Great Britain
Japan
Canada
France
Germany
Ireland
Denmark
Norway
Netherlands
Switzerland
50.9
11.6
8.3
4.7
4.7
4.1
4.0
2.9
2.6
2.2
1.1
(in % of fundvolume)
Equities
Investment funds
Cash and other assets
97.1
0.6
2.4
(B)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
47
Marketing Material
Factsheet: DWS Global Value
Equity Funds - Global
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
United States dollar
Euro
Pound sterling
Japanese yen
Canadian dollar
Danish krone
Norwegian krone
Swiss franc
56.1
13.9
10.0
8.4
4.8
3.0
2.7
1.1
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
88.8
4.4
3.9
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
46
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.7
Ytd.
3yØ
Ø Market Cap
5yØ
2013
75,310.3 Mio. EUR
2014
2015
2016
FD
0.5
14.4
--
--
23.6
-1.2
--
--
--
--
10.0
LD
0.5
13.8
34.2
91.8
168.0
-1.5
10.3
13.9
25.3
23.1
9.4
11.8
SC
0.6
14.5
36.8
--
37.0
-1.2
11.0
--
--
--
10.1
12.5
Page 2 / 5
12.4
48
Marketing Material
Factsheet: DWS Global Value
Equity Funds - Global
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Marcus Poppe
Portfolio Manager since
01/05/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
833.6 Mio. EUR
Fund Currency
EUR
Launch Date
18/06/2001
Fiscal Year End
31/03/2018
Investor profile
Growth-oriented
FCP
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FD
EUR LU1057897933
DWS 13S
Distribution
0.00%
119.74
119.74
0.01
0.900%
0.94% (1)
--
LD
EUR LU0133414606
939 853
Distribution
5.00%
262.38
249.88
0.01
1.450%
1.50% (1)
--
--
0.00%
SC
EUR LU1057898238 DWS 13V
Accumulation
136.97
136.97
0.01
0.85% (1)
-0.800%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/03/2017. They are subject to change from year to year.
1,000,000
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
400,000
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
49
Marketing Material
Fund Management's Comment: DWS Global Value
Equity Funds - Global
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
The month of June was slightly positive for global equity markets. The value part of the market was up + 1.41% (in USD) and outperformed the broad market, which stood at
+0.42% (in USD). However, the year-to-date trend could not be completely reversed within a month. Since January of this year MSCI World Value has still underperformed MSCI
World by more than 300 basis points. The US-Dollar depreciated again versus euro. Including currency effects, the MSCI World Index was down 1.13% in EUR terms. The MSCI
World Value Index was down by 0.16% (in EUR). DWS Global Value was up by 1.00% and accordingly outperformed its benchmark. On a sector basis, financials, healthcare and
materials were the best performers, while telecommunication, information technology and utilities lagged.
Performance Attribution
The fund’s outperformance relative to the market was the result of a positive allocation and a very positive single stock selection effect. The underweight as well as the single stock
selection in information technology and the overweight in financials were the main positive attributors. The positioning in the sector consumer staples also had a positive effect on
relative fund performance. Single stock selection as well as the overweight in energy had a negative effect.
Current Positioning
We slightly adjusted our overall positioning in June. We added to the sectors industrials and materials. In industrials, we built positions in a Japanese construction equipment
manufacturer and a German conglomerate. In addition, we included positions in an Irish producer of building materials and in a British-Australian mining group. To fund our new
positions fund management continued to reduce positions in the consumer staples universe. In a market with overall high valuations, relative valuation differentials also play an
important role in our stock selection process. Our main goal remains to identify healthy business models that currently trade below historical valuations (absolute and relative) which
offer sound mid – long term growth prospects. The fund has an overweight position in the automotive sector where we see valuation discrepancies versus other cyclical sectors.
Outlook
The current macro data is still mixed in the US and solid in Europe. Data out of China also remains broadly supportive. We foresee another year of extended volatility. Leading
indicators in the US and China are currently consolidating. The fund is positioned to benefit from higher interest rates in the US and marginally higher energy prices. The base case
scenario remains a slow but constant acceleration of economic growth. The portfolio composition is therefore rather offensive. The main risks should come from political instability
and growth disappointment. Stock specific risks could also negatively impact the fund’s performance.
Note: The key terms are explained in the glossary.
Page 4 / 5
50
Fund Management's Comment: DWS Global Value
Equity Funds - Global
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
51
Marketing Material
Factsheet: DWS Top Dividende
Equity Funds - Global
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LD
(in %)
DWS Top Dividende offers an equity
investment with the opportunity for current
income. Management invests globally in
equities, primarily highly-capitalized
companies, that it expects to offer dividend
yields higher than the market average.
Fund
Fund Management's Comment
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LD
1m
1y
3y
5y
EUR
-2.3
5.1
34.0
67.9
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
289.0
1.7
10.2
10.9
12.5
17.7
12.7
7.3
Further Characteristics (3 years) / VAR (1 year) - Share Class LD
Volatility
10.20%
Sharpe Ratio
Alpha
0.99
--
Maximum Drawdown
-9.47%
4.08%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Consumer Staples
Telecommunication Serv.
Health Care
Financials
Utilities
Information Technology
Energy
Industrials
Materials
Consumer Discretionary
Other Sectors
23.4
12.3
11.5
9.2
9.2
7.9
3.9
3.9
2.8
2.4
2.0
Principal Holdings (Equities)
(in % of fundvolume)
Allianz SE (Financials)
3.8
Taiwan Semiconductor Manufacturing Co Ltd (Info
3.7
Unilever NV (Consumer Staples)
3.7
Nippon Telegraph & Telephone Corp (Telecommun
3.4
Novartis AG (Health Care)
3.2
Cisco Systems Inc (Information Technology)
3.0
PepsiCo Inc/NC (Consumer Staples)
3.0
NextEra Energy Inc (Utilities)
2.9
Pfizer Inc (Health Care)
2.7
Imperial Brands PLC (Consumer Staples)
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Equity Income
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
(B)
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA
Germany
Switzerland
Japan
Great Britain
Canada
Taiwan
Netherlands
Norway
France
Finland
Other Countries
36.2
8.8
7.2
7.1
7.0
5.6
4.2
3.7
3.3
2.6
1.5
1.5
2.3
31.7
(in % of fundvolume)
Equities
Bonds
Cash and other assets
88.6
9.7
1.7
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
52
Marketing Material
Factsheet: DWS Top Dividende
Equity Funds - Global
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
United States dollar
Euro
Swiss franc
Japanese yen
Pound sterling
Canadian dollar
Taiwan dollar - new Norwegian krone
South Korean won
47.0
16.9
7.3
7.2
7.0
5.7
3.8
3.4
1.6
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
84.5
2.3
1.3
0.5
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
53
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
3.5
Ytd.
3yØ
Ø Market Cap
5yØ
2013
89,783.6 Mio. EUR
2014
2015
2016
FD
-2.3
5.6
36.2
--
54.6
1.9
10.8
--
--
18.4
13.3
7.9
LD
-2.3
5.1
34.0
67.9
289.0
1.7
10.2
10.9
12.5
17.7
12.7
7.3
LDQ
-2.3
5.0
--
--
10.5
1.7
--
--
--
--
--
7.3
--
--
--
--
--
--
--
--
--
--
--
--
SC***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
53
Marketing Material
Factsheet: DWS Top Dividende
Equity Funds - Global
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Dr. Thomas-P Schuessler
Portfolio Manager since
05/10/2005
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management Investment GmbH
Legal Structure
Assets
19,463.6 Mio. EUR
Fund Currency
EUR
Launch Date
28/04/2003
Fiscal Year End
30/09/2017
Investor profile
Growth-oriented
Fund
Custodian
State Street Bank International GmbH
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
Distribution
0.00%
132.88
132.88
0.00
0.900%
0.90% (1)
--
400,000
Distribution
5.00%
129.72
123.54
0.00
1.450%
1.45% (1)
--
--
Distribution
5.00%
130.25
124.04
0.00
1.450%
1.45% (1)
--
--
0.00%
SC
EUR DE000DWS18Q3 DWS 18Q
Accumulation
122.83
122.83
0.00
0.80% (2)
-0.800%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 30/09/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (SC:02/01/2017). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each financial year
will contain the expense details with their precise calculation.
1,000,000
FD
EUR DE000DWS1VB9 DWS 1VB
LD
EUR DE0009848119
LDQ
EUR DE000DWS18N0 DWS 18N
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
984 811
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
54
Marketing Material
Fund Management's Comment: DWS Top
Dividende
Equity Funds - Global
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June, global equity markets continued to trade down. The MSCI World index was down -1.16% denominated in Euro. All regions finished the month lower, while Emerging Market
was the best market on a relative basis (-0.52% in Euro). The US were the second best performer with the S&P 500 down 0.93% in Euro terms. Japan closed also lower with the
Nikkei 225 down 1.02% over the last month. The worst regional market was the UK FTSE which underperformed the global equity market and ended the month down 3.08% in
Euro. Europe’s performance was also weak on a relative basis with the EURO STOXX 50 -2.93%. The German DAX index also underperformed and finished the month of June
2.30% lower. On a sector level, Financials was the best performing sector (+3.18%) reversing the underperformance of the last month. Health Care (+1.16%) continued its strong
momentum from the previous months. Materials also outperformed globally being flat in Euro terms (±0.00%). On the other hand, the Telecommunication Service sector ended the
month -4.47% lower and was the largest underperformer. Utilities underperformed (-3.91%) reversing the outperformance from May. Information Technologies lost momentum and
finished the month lower (-3.83% in Euro) for the first time since June 2016. The US Dollar weakened by -1.3% during June (measured by the US Dollar Index). In terms of other
currencies, the Euro appreciated on a broad basis, +1.62% against the US Dollar, +3.08% against the British Pound and +0.55% against the Japanese Yen. The oil price (WTI) was
down again this month -6.19% in Euro terms. During June the DWS Top Dividende was down by -2.34%.
Performance Attribution
From a sector allocation point of view, the largest positive contribution to the relative return, measured against the broad market, was obtained by the current positioning and stock
selection in Information Technology. Additionally, the positioning in Energy and Consumer Discretionary contributed positively to relative return. Negative contributions came from
under weights in Financials and over weights in Consumer Staples as well as stock selection in Health Care. Although we refer to relative returns and weightings, the broad market
should not be considered as the benchmark for the fund. From a single stock level, the largest positive contribution came from Taiwan Semiconductor Manufacturing Company,
Gjensidige Forsikring and TransCanada Corp. On the other hand, Unilever N.V., Roche Holding AG and Imperial Brands plc were a drag to performance.
Current Positioning
During June we have increased our exposure to Information Technology, Real Estate and Industrials. On the other hand, we have reduced our exposure to Consumer Staples and
Materials. Over the last month we have kept our cash position and the degree of investment in the fund stable. Overall, our current cash level is still relatively high (around 11.5%
including bonds which we use as a cash substitute) and we are waiting for further opportunities to increase our investment level.
Outlook
By the end of the Q1 2017 earnings season a constructive picture with regards to business activity materializes. Most of the companies that already reported their results could
surprise positively on revenues as well as earnings. Especially for the financials- and industrials sector earnings expectations had to be revised upwards. In total, the companies
provided an optimistic outlook for the current fiscal year. Following an almost euphoric start into the year, the most recent macroeconomic data, most notably the leading indicators,
were weaker than expected. First and foremost, consumer confidence declined despite continuously low unemployment. After the interest hike in the US last month, the market
expects one additional increase in interest rates by the Federal Reserve in 2017. In Europe interest rates should continue to remain low. In the meantime, market participants are
worried about the future political development on both sides of the Atlantic. While sentiment improved after Emmanuel Macron’s election victory in France, there is still uncertainty
with respect to the elections in Germany and potential snap elections in Italy. Generally, we stay constructive for the year and expect mid to high single digit earnings growth.
Hence, we abide moderate price appreciation at the global equity markets that should translate into mid-single digit returns. Consequently the importance of dividends is presumed
to increase and dividend payments to contribute above average to the total return of the investment.
Note: The key terms are explained in the glossary.
Page 4 / 5
55
Fund Management's Comment: DWS Top Dividende
Equity Funds - Global
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend
at all, this can have a negative impact on the value of equities or derivatives.
• The fund may also invest in assets that are not denominated in euro. This can result in your investment falling in value if the euro exchange rate against these
currencies increases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
56
Marketing Material
Factsheet: DWS Vermögensbildungsfonds I
Equity Funds - Global
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LD
(in %)
With DWS Vermögensbildungsfonds I, you
invest in industries and companies with solid
prospects from around the globe. The Fund is
actively managed – in the form of high-quality
stock-picking without being locked into index
weightings. This gives Fund management the
necessary freedom to implement highperformance investment ideas.
Fund
Fund Management's Comment
A detailed commentary by fund management
can be found on a separate page later in this
document.
Benchmark*
*Benchmark: MSCI World TR Net EUR - 1.7.13 (vorher MSCI World TR Gross)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LD
1m
1y
3y
5y
s. Launch
EUR
BM IN EUR
4,128.5
--
-1.1
-1.0
16.8
15.1
38.3
39.9
82.1
90.4
Ytd.
3yØ
5yØ
2013
2014
2015
2016
4.9
2.3
11.4
11.8
12.7
13.7
16.8
23.0
19.9
19.9
11.6
10.7
5.8
10.3
Further Characteristics (3 years) / VAR (1 year) - Share Class LD
Volatility
13.83%
Sharpe Ratio
Alpha
0.80
-1.71%
Maximum Drawdown
-13.71%
Information Ratio
-0.09
Beta
1.12
4.64%
VAR (99%/10 days)
Correlation Coefficient
Tracking Error
0.96
4.10%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Information Technology
Financials
Health Care
Consumer Staples
Consumer Discretionary
Industrials
Materials
Telecommunication Serv.
Energy
Real Estate
Other Sectors
21.0
18.5
15.9
12.8
11.7
10.1
2.2
1.8
1.2
1.0
0.6
Principal Holdings (Equities)
(in % of fundvolume)
Alphabet Inc (Information Technology)
4.1
Apple Inc (Information Technology)
2.5
Nestle SA (Consumer Staples)
2.3
Roche Holding AG (Health Care)
1.9
Samsung Electronics Co Ltd (Information Technol
1.9
Priceline Group Inc/The (Consumer Discretionary)
1.8
Celgene Corp (Health Care)
1.5
United Technologies Corp (Industrials)
1.5
Union Pacific Corp (Industrials)
1.4
Visa Inc (Information Technology)
1.4
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Large-Cap Blend Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««
FERI Fund Rating:
20.3
(B)
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA
Japan
Switzerland
Netherlands
Great Britain
Germany
Canada
Korea
Taiwan
France
Ireland
Other Countries
59.9
9.1
5.1
3.8
3.4
3.2
1.9
1.9
1.6
0.8
0.7
5.3
(in % of fundvolume)
Equities
REITs
Cash and other assets
96.4
0.5
3.2
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
57
Marketing Material
Factsheet: DWS Vermögensbildungsfonds I
Equity Funds - Global
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
United States dollar
Japanese yen
Euro
Swiss franc
Canadian dollar
Pound sterling
Australian dollar
South Korean won
Taiwan dollar - new Indonesian rupiah
Other Currencies
60.5
9.1
8.2
5.0
4.0
3.6
3.0
2.1
1.7
0.7
2.2
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Others
91.4
3.2
1.8
0.5
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
175
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
1.9
Ytd.
3yØ
Ø Market Cap
5yØ
2013
104,441.5 Mio. EUR
2014
2015
2016
ID
-1.0
17.7
--
--
42.0
5.4
--
--
--
--
12.5
6.7
LD
-1.1
16.8
38.3
82.1
4,128.5
4.9
11.4
12.7
16.8
19.9
11.6
5.8
Page 2 / 5
58
Marketing Material
Factsheet: DWS Vermögensbildungsfonds I
Equity Funds - Global
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Andre Koettner
Portfolio Manager since
01/03/2013
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management Investment GmbH
Legal Structure
Assets
7,222.1 Mio. EUR
Fund Currency
EUR
Launch Date
01/12/1970
Fiscal Year End
30/09/2017
Investor profile
Growth-oriented
Fund
Custodian
State Street Bank International GmbH
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
0.00%
EUR DE000DWS16D5 DWS 16D
Distribution
150.23
150.23
0.01
0.60% (1)
-0.600%
5.00%
LD
847 652
EUR DE0008476524
Distribution
154.58
147.21
0.01
1.45% (1)
-1.450%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 30/09/2016. They are subject to change from year to year.
ID
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Minimum
Investment
Amount
10,000,000
--
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
59
Marketing Material
Fund Management's Comment: DWS
Vermögensbildungsfonds I
Equity Funds - Global
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Global equity markets in June were driven by rising rates in the US and Europe as well as by the depreciation of the US dollar. The US dollar lost two percent against the euro in
June, year-to-date the loss amounts to even 9 %. This change in currency rates weighed foremost on European stock markets. The Eurostoxx 50 lost 3.2% in June. Particularly
export-oriented companies saw stronger price losses, as the US dollar slump might cause headwinds regarding competitiveness and export opportunities. Naturally, this could
support US companies. Consequently, the S&P 500 (in USD) gained 0.5%. The Japanese stock market showed a similar development as it surged due to the further depreciation of
the yen (Topix in JPY: +2.8%). In euro terms, however, nearly all regions were in negative territory due to the euro strength. Higher interest rates affected the performance in
different sectors. As such, financials were up significantly, as higher interest rates should be positive for interest rate margins and accordingly for bank profits. In addition, US banks
benefited from recent stress tests, which showed that their balance sheets are overcapitalized so that higher dividend payments and share buy backs are possible. In reverse,
particularly those sectors which usually serve as bonds proxies due to their solid cash flows and returns came under pressure. Among those are utilities and telecoms, which
broadly underperformed in June. One exception were healthcare names, which attracted new buyers due to after several weak months attractive valuations. In contrast, the surge
in technology names since the beginning of the year led to profit takings. The picture for commodities was mixed. While oil and precious metals were significantly down, soft
commodities and industrials showed solid gains.
Performance Attribution
DWS Vermögensbildungsfonds I lost 1.1% in June, and was thus in line with MSCI World (total return, in EUR), which was down by 1.0%. Year-to-date, the fund is still ahead of its
benchmark. Generally speaking, June was a very balanced month regarding relative performance. Particularly the high weighting in healthcare names added to performance after
their dry spell in the past months. This showed especially in biotech names owned by the fund. In contrast, contribution of traditional pharma companies was rather neutral. In
technology, single stock selection paid off. Several names with higher weightings in the portfolio saw losses, but particularly positions in semiconductor companies and Asian
internet names added to fund performance. The underweight in energy was also positive on a relative basis, as the decreasing oil price still weighed on companies in this sector.
Consumer names showed slight weakness as concerns over Amazon’s market power have now reached the food market after the industry giant had announced the takeover of a
supermarket chain. The underweight in commodities also did not pay off, as higher prices for industrial metals in June also lifted stock prices of mining companies. As Tobacco
companies are often seen as a bond proxy and interest rates were rising, names in the funds from this sector experienced price losses, too. This was a drag on performance.
Current Positioning
The positioning of the fund is generally long-term and accordingly only changes gradually during the course of a month. The focus on companies with sustainable, growth-oriented
business models, solid balance sheets, strong management and attractive valuations still determines the portfolio composition. Accordingly, the focus is on technology names with
high innovative capacity, consumer companies with strong brands and healthcare names with comprehensive research capacities and new drugs in the pipeline. In contrast,
companies from the commodity and energy sector are only selectively represented, as a lack of CAPEX discipline and the direct dependency on commodity prices often have a
negative effect on equity price performance. Changing interest rate markets, particularly in the US, lead to a gradual adjustment of the positions in financials. A sustained increase
of interest rates changes the attractiveness of several segments of this sector, which now has a slight overweight. The overweight in healthcare has also been increased again,
particularly because valuations are compelling in comparison to other defensive sectors. There are still no larger active currency positions.
Outlook
Despite arising uncertainties regarding upcoming political events as well as the economic situation in key countries, the overall picture remains cautiously constructive. Headwinds
caused by the strong US dollar and weak energy prices for certain industries are still noticeable in the US; the employment situation as well as consumer sentiment, however,
continue to be positive. In addition, there are hopes of a new economic policy program under US president Trump. This should deliver sufficient impetus for a solid economic growth
in the US. The economic situation in Europe has stabilized. But the fiscal consolidation does not allow for much growth momentum. Furthermore, Brexit might lead to uncertainty in
Europe. The impact of this on economic growth has still not become clear. Emerging markets still face large challenges, but should in all likelihood remain another driver of global
economic growth, but rather in the mid term. Short-term volatility in emerging markets investments is certainly to be expected going forward as well. We will continue to monitor the
current geopolitical situation very closely. There is another aspect: At historically still low interest rates and with the above average positive performance of many bond markets in
the last years, investors around the globe are searching for yield. The rotation from bonds into equities due to the lack of investment alternatives can at least strategically continue
to support equity markets. Prerequisite for this is that the central banks continue their expansive policy. The odds for this continue to be favorable, particularly in Europe. Relevant
inflows in equity funds or changes in the asset allocation of insurers and pension funds are therefore still to be monitored closely.
Note: The key terms are explained in the glossary.
Page 4 / 5
60
Fund Management's Comment: DWS
Vermögensbildungsfonds I
Equity Funds - USA
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
61
Equity Funds
USA
Marketing Material
Factsheet: Deutsche Invest II US Top Dividend
Equity Funds - USA
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
The Fund offers an equity investment with the
opportunity for current income. Management
invests mainly in the shares of US companies
that have both above-average dividend yields
that are expected to increase and a
reasonable payout ratio (percentage of
annual profits distributed as dividends). In
addition, the Fund management must believe
that the company's fundamentals, such as the
business model and balance sheet quality,
are in order.
Fund
Fund Management's Comment
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
For detailed comments on the fund and its
corresponding markets please see the annual
report.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
Ytd.
3yØ
EUR
-1.3
12.2
-0.8
5.7
41.2
--
82.1
5yØ
2013
2014
2015
2016
--
25.1
26.6
10.8
10.4
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
11.20%
Sharpe Ratio
Alpha
1.05
--
Maximum Drawdown
-10.33%
5.17%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Consumer Staples
Health Care
Information Technology
Utilities
Industrials
Financials
Consumer Discretionary
Telecommunication Serv.
Energy
Materials
22.0
20.2
11.7
9.4
7.9
7.5
7.5
4.3
3.1
0.6
Principal Holdings (Equities)
(in % of fundvolume)
Johnson & Johnson (Health Care)
4.1
Pfizer Inc (Health Care)
3.6
PepsiCo Inc/NC (Consumer Staples)
3.5
Microsoft Corp (Information Technology)
3.5
Procter & Gamble Co/The (Consumer Staples)
3.4
Merck & Co Inc (Health Care)
3.1
Exxon Mobil Corp (Energy)
3.1
Oracle Corp (Information Technology)
2.9
Cisco Systems Inc (Information Technology)
2.6
Medtronic PLC (Health Care)
2.4
Total
Value
32.2
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
(in % of fundvolume)
USA
Ireland
91.5
2.9
(in % of fundvolume)
Equities
Cash and other assets
94.4
5.6
Blend
Investment Style
Morningstar Category™
US Large-Cap Value Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««
Lipper Leaders:
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
63
Marketing Material
Factsheet: Deutsche Invest II US Top Dividend
Equity Funds - USA
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
United States dollar
Euro
Canadian dollar
99.3
0.6
0.2
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
91.8
1.9
0.7
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
68
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.8
Ø Market Cap
Ytd.
3yØ
5yØ
2013
126,837.6 Mio. EUR
2014
2015
2016
FC(EUR)
-0.7
6.5
44.5
--
89.6
-1.0
13.0
--
26.1
27.7
11.6
FD(EUR)
-0.8
6.5
44.5
--
55.5
-1.0
13.1
--
--
--
11.7
11.2
LC(EUR)
-0.8
5.7
41.2
--
82.1
-1.3
12.2
--
25.1
26.6
10.8
10.4
11.2
0.6
6.9
16.0
--
25.0
5.7
5.1
--
--
--
-0.4
5.4
LD(EUR)
-0.8
5.7
41.2
--
82.1
-1.3
12.2
--
25.1
26.6
10.8
10.4
NC(EUR)
LCH (P)(EUR)
-0.9
5.0
38.3
--
75.7
-1.7
11.4
--
24.1
25.8
10.0
9.6
NCH (P)(EUR)
0.5
6.2
13.0
--
21.6
5.3
4.2
--
--
--
-1.5
4.7
USD LC(USD)
0.9
8.6
18.0
--
27.1
6.8
5.7
--
--
--
-0.6
6.6
Page 2 / 5
64
Marketing Material
Factsheet: Deutsche Invest II US Top Dividend
Equity Funds - USA
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Katharina Seiler
Portfolio Manager since
02/07/2012
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
397.8 Mio. EUR
Fund Currency
EUR
Launch Date
02/07/2012
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU0781239156
DWS 1EM
Accumulation
0.00%
189.58
189.58
0.00
0.750%
0.88% (1)
--
400,000
FD
EUR LU0781239230
DWS 1EN
Distribution
0.00%
147.36
147.36
0.00
0.750%
0.87% (1)
--
400,000
LC
EUR LU0781238778
DWS 1EH
Accumulation
5.00%
191.68
182.10
0.00
1.500%
1.64% (1)
--
--
LCH (P)
EUR LU0781239586
DWS 1ER
Accumulation
5.00%
131.60
125.02
0.00
1.500%
1.66% (1)
--
--
LD
EUR LU0781238851
DWS 1EJ
Distribution
5.00%
175.42
166.65
0.00
1.500%
1.64% (1)
--
--
NC
EUR LU0781238935
DWS 1EK
Accumulation
3.00%
181.17
175.74
0.00
2.000%
2.33% (1)
--
--
NCH (P)
EUR LU0781239743
DWS 1ET
Accumulation
3.00%
125.38
121.62
0.00
2.000%
2.36% (1)
--
--
5.00%
USD LC
USD LU0781240089 DWS 1EV
Accumulation
133.80
127.11
0.00
1.66% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
65
Marketing Material
Fund Management's Comment: Deutsche Invest II
US Top Dividend
Equity Funds - USA
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June the US market didn’t move a lot. The economic data was mixed and therefore a further catalyst for the raising market was missing. Strong leadership change in the sector
performance occurred as Technology stocks took a deep breath. High volatility experienced also the Consumer sector as after the announcement of Whole Foods take out by
Amazon, the concern became big, that grocery retailers are the next, who will be destructed by Amazon. On another hand raising interest rates and positive outcome of a stress test
for banks supported the Financial sector. The Financial sector was the strongest performer in anticipation of the change in the interest rate trend. A strong rebound experienced
Health Care and Materials sectors. On the opposite, defensive sectors Telecom and Utilities were quite weak. S&P 500 finished the month up +0.48% in USD (-1.07% in EUR).
During June, the Deutsche Invest II US Top Dividend was down -0.8% in EUR.
Performance Attribution
From a sector allocation and best selection point of view, the largest positive contribution to the relative return, measured against the broad market, was obtained by the current
underweights in Information Technology, Consumer Discretionary and Energy. The avoidance of high exposure to those sectors helped again to minimize volatility of the overall
fund as we usually see it during sector or market reversals. An overweight in Health Care was a positive contributor. Negative contributors were an underweight in Financials and an
overweight in Consumer Staples. Although we refer to relative returns and weightings, the broad market should not be considered as the benchmark for the fund. On a single stock
level, the largest contribution came from H&R Block, Amgen and Oracle. On the other hand, Texas Instruments, Verizon and Wal-Mart were negative contributors to performance.
Current Positioning
The fund focuses on high dividend-yield and dividend-growth companies with moderate pay-out ratios, strong balance sheets and cash flow, stable or expanding business model,
and strong management. During June we have increased our exposure to Financial and Energy sectors and decreased positions in Technology and Consumer. Overall, our current
cash level was maintained.
Outlook
Since the U.S. election, optimism and growth expectations increased dramatically. With increased expectations, the stock market multiple expanded to historically elevated levels.
Optimism has yet to be confirmed by tangible measures by the new government to boost the economy. At the same time, uncertainty remains on U.S. trade- and foreign policy, high
corporate debt levels, and rising wages impacting corporate margins. Consequently, from a performance perspective we see limited price appreciation potential for U.S. equities
from multiple expansion this year, and expect a larger part of total return to come from dividends. We therefore continue to focus on companies providing defensive characteristics,
quality, and a sustainable dividend.
Note: The key terms are explained in the glossary.
Page 4 / 5
66
Fund Management's Comment: Deutsche Invest II US
Top Dividend
Equity Funds - Asia
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend
at all, this can have a negative impact on the value of equities or derivatives.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
67
Equity Funds
Asia
Marketing Material
Factsheet: Deutsche Invest I Top Asia
Equity Funds - Asia
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
Equities of companies in the Asian-Pacific
region (including Japan) that we believe have
a solid financial foundation, long-term
earnings power, a strong market position and
good growth prospects.
Fund
Fund Management's Comment
A detailed commentary by fund management
can be found on a separate page later in this
document.
Benchmark*
*Benchmark: 50% MSCI AC Far East (RI), 50% MSCI AC Far East ex Japan (RI)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
EUR
BM IN EUR
10.2
11.4
11.5
12.2
9.9
10.8
3.2
4.9
15.0
14.8
7.0
6.1
6.5
9.3
-0.3
-0.3
20.6
22.9
38.6
41.2
60.0
67.1
160.9
175.9
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
14.50%
Sharpe Ratio
Alpha
0.77
-0.21%
Maximum Drawdown
-21.64%
Information Ratio
-0.21
Beta
0.96
5.93%
VAR (99%/10 days)
Correlation Coefficient
Tracking Error
0.98
2.86%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Information Technology
Financials
Consumer Discretionary
Industrials
Consumer Staples
Materials
Real Estate
Telecommunication Serv.
Health Care
Energy
32.6
23.7
9.0
6.9
6.3
5.8
4.3
3.8
1.8
1.1
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
7.5
Taiwan Semiconductor Manufacturing Co Ltd (Info
7.4
Tencent Holdings Ltd (Information Technology)
6.8
Alibaba Group Holding Ltd (Information Technolog
4.7
AIA Group Ltd (Financials)
3.7
Keyence Corp (Information Technology)
3.7
Seven & I Holdings Co Ltd (Consumer Staples)
2.9
FANUC CORP (Industrials)
2.9
China Construction Bank Corp (Financials)
2.5
Ping An Insurance Group Co (Financials)
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Asia-Pacific inc. Japan Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««
FERI Fund Rating:
(in % of fundvolume)
China
Japan
Korea
Taiwan
Hong Kong
Singapore
Indonesia
Cayman Islands
Thailand
Australia
Philippines
27.1
25.2
16.0
9.5
7.9
2.4
2.3
1.5
1.5
1.2
0.8
2.0
44.1
(in % of fundvolume)
Equities
Warrants
Cash and other assets
95.5
1.2
3.3
(C)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
69
Marketing Material
Factsheet: Deutsche Invest I Top Asia
Equity Funds - Asia
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar
Japanese yen
United States dollar
South Korean won
Taiwan dollar - new Singapore dollar
Indonesian rupiah
Thai baht
Australian dollar
Philippines pesos
Euro
28.8
25.5
17.4
16.1
3.0
2.7
2.6
1.6
1.2
0.9
0.2
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
87.6
3.7
3.8
0.3
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
58
Cumulative Performance (in %)
1m
Dividend Yield (in %)
1y
3y
5y
-0.2
21.5
41.8
66.1
0.6
29.3
55.7
81.4
LC(EUR)
-0.3
20.6
38.6
LD(EUR)
-0.3
20.6
38.6
NC(EUR)
-0.4
19.7
USD FC(USD)
1.4
USD LC(USD)
1.4
FC(EUR)
GBP D RD(GBP)
s. Launch
1.7
Ø Market Cap
2013
76,998.7 Mio. EUR
Ytd.
3yØ
5yØ
2014
2015
195.4
10.6
12.3
10.7
4.0
15.8
7.9
7.3
139.8
14.3
15.9
12.7
6.5
8.5
1.5
24.2
60.0
160.9
10.2
11.5
9.9
3.2
15.0
7.0
6.5
60.0
160.9
10.2
11.5
9.9
3.2
15.0
7.0
6.5
35.7
54.5
134.7
9.8
10.7
9.1
2.5
14.2
6.3
5.8
24.8
18.6
49.9
56.4
19.8
5.9
8.4
8.5
2.2
-3.2
3.6
24.3
17.6
46.2
47.8
19.3
5.6
7.9
6.5
3.3
-4.1
4.3
Page 2 / 5
2016
70
Marketing Material
Factsheet: Deutsche Invest I Top Asia
Equity Funds - Asia
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Sean Taylor Elke Schoeppl-Jost
Portfolio Manager since
26/05/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH, Deutsch
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
267.8 Mio. EUR
Fund Currency
EUR
Launch Date
03/06/2002
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU0145649181
552 524
Accumulation
0.00%
295.42
295.42
0.00
0.750%
0.91% (1)
--
400,000
GBP D RD
GBP LU0399358562
DWS 0V3
Distribution
0.00%
214.94
214.94
0.00
0.750%
0.91% (1)
--
--
LC
EUR LU0145648290
552 521
Accumulation
5.00%
274.62
260.88
0.00
1.500%
1.66% (1)
--
--
LD
EUR LU0145648456
552 522
Distribution
5.00%
257.75
244.86
0.00
1.500%
1.66% (1)
--
--
NC
EUR LU0145648886
552 523
Accumulation
3.00%
241.97
234.71
0.00
2.000%
2.36% (1)
--
--
USD FC
USD LU0273174648
DWS 0AR
Accumulation
0.00%
156.36
156.36
0.00
0.750%
0.90% (1)
--
400,000
5.00%
USD LC
USD LU0273161231 DWS 0AQ
Accumulation
155.61
147.83
0.00
1.66% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
71
Marketing Material
Fund Management's Comment: Deutsche Invest I
Top Asia
Equity Funds - Asia
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Emerging Markets outperformed Developed Markets for the sixth consecutive month, supported by the continued weakness of the U.S. Dollar, global liquidity and robust macro
fundamentals. Overall, China and Taiwan were the strongest market performance drivers, while South Korea and Japan were the weakest ones. From an Asian sector perspective,
Information Technology and Financials outperformed, while Consumer Discretionary and Consumer Staples underperformed.
Performance Attribution
In June 2017, the Deutsche Invest I Top Asia decreased 0.30%, in-line with its benchmark, which decreased 0.30%. Positive attribution was primarily driven by the underweight
exposure to South East Asian countries and stock selection in China/Hong Kong. The best contributors to relative performance were Alibaba, Asahi Kasei Corp and Dai-Ichi Life
Holdings. Negative attribution was driven by stock selection South Korea/Taiwan and by holding cash.
Current Positioning
At the beginning of this month we are overweight China, Japan and South Korea. We are overweight Information Technology, Financials and Materials, while Industrials, Utilities
and Consumer Discretionary are our biggest underweight sectors.
Outlook
Following a good performance in the first six months of the year, we remain constructive on the outlook for Emerging Markets as the global macroeconomic environment has
improved and earnings have broadly revealed positive surprises. Our outlook is supported by the fact that, despite investors have recognized the improved fundamentals, Emerging
Markets do not appear a crowded space. A sharp U.S. Dollar appreciation, political uncertainty and commodity weakness are the major risk factors in the short term.
Note: The key terms are explained in the glossary.
Page 4 / 5
72
Fund Management's Comment: Deutsche Invest I Top
Asia
Equity Funds - Asia
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
73
Marketing Material
Factsheet: Deutsche Invest II Asian Top Dividend
Equity Funds - Asia
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
Deutsche Invest II Asian Top Dividend
provides an equity investment with
opportunity for current income. The
management invests primarily in the shares of
Asian companies that have both aboveaverage dividend yields that are expected to
increase and a reasonable payout ratio
(percentage of annual profits distributed as
dividends). However, investments are not
made entirely on the basis of dividends – the
companies also have to have solid
fundamentals like quality balance sheets and
business models. Only shares that pass this
additional test have the chance to be included
in the portfolio.
Fund
Fund Management's Comment
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
-1.1
9.8
23.5
--
38.6
Ytd.
3yØ
7.7
7.3
5yØ
2013
2014
2015
2016
--
-2.1
18.9
0.9
1.9
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
13.27%
Sharpe Ratio
Alpha
0.55
--
Maximum Drawdown
-22.09%
6.21%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Financials
Information Technology
Telecommunication Serv.
Consumer Staples
Industrials
Consumer Discretionary
Utilities
Materials
Real Estate
Energy
22.7
18.0
13.2
10.4
8.4
6.9
6.7
3.0
2.9
1.0
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
6.1
Taiwan Semiconductor Manufacturing Co Ltd (Info
4.9
KT&G Corp (Consumer Staples)
3.0
SK Telecom Co Ltd (Telecommunication Serv.)
2.6
Uni-President Enterprises Corp (Consumer Staple
2.5
AIA Group Ltd (Financials)
2.3
Singapore Telecommunications Ltd (Telecommuni
2.3
Chunghwa Telecom Co Ltd (Telecommunication S
2.2
China Mobile Ltd (Telecommunication Serv.)
2.1
Guangdong Investment Ltd (Utilities)
2.1
Total
Value
30.1
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Asia ex Japan Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
Taiwan
China
Korea
Hong Kong
Singapore
Thailand
Indonesia
Malaysia
Philippines
Bermuda
India
18.3
17.6
15.7
15.3
8.9
4.8
4.3
3.8
3.4
1.0
0.2
(in % of fundvolume)
Equities
Cash and other assets
93.3
6.7
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
74
Marketing Material
Factsheet: Deutsche Invest II Asian Top Dividend
Equity Funds - Asia
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar
South Korean won
Taiwan dollar - new Singapore dollar
Indonesian rupiah
United States dollar
Malaysian ringgit
Philippines pesos
Thai baht
Euro
33.4
17.1
16.4
10.8
4.6
4.4
4.2
3.5
3.2
2.6
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
62.0
14.8
14.3
2.2
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
98
Cumulative Performance (in %)
1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.9
Ø Market Cap
Ytd.
3yØ
5yØ
2013
43,003.4 Mio. EUR
2014
2015
2016
FC(EUR)
-1.0
10.6
26.5
--
45.2
8.1
8.2
--
-0.7
19.9
1.7
2.7
LC(EUR)
-1.1
9.8
23.5
--
38.6
7.7
7.3
--
-2.1
18.9
0.9
1.9
LD(EUR)
-1.1
9.8
23.5
--
38.7
7.7
7.3
--
-2.1
18.9
0.9
1.9
Page 2 / 5
75
Marketing Material
Factsheet: Deutsche Invest II Asian Top Dividend
Equity Funds - Asia
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Andreas Wendelken
Portfolio Manager since
02/07/2012
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
192.9 Mio. EUR
Fund Currency
EUR
Launch Date
02/07/2012
Fiscal Year End
31/12/2017
Investor profile
Risk-tolerant
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU0781233548
DWS 1DK
Accumulation
0.00%
145.17
145.17
0.00
0.750%
0.92% (1)
--
400,000
LC
EUR
DWS 1DH
Accumulation
5.00%
145.94
138.64
0.00
1.500%
1.67% (1)
--
--
5.00%
LD
EUR LU0781233381 DWS 1DJ
Distribution
130.28
123.76
0.00
1.67% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
LU0781233118
Address
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may
fluctuate significantly in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
76
Marketing Material
Fund Management's Comment: Deutsche Invest II
Asian Top Dividend
Equity Funds - Asia
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Global equity markets were down in EUR terms in June with the Federal Reserve delivering the third rate hike in six months. Emerging Markets (EM) edged past Developed
Markets for the sixth month in a row, as investor inflows to EM equities sustained at a steady pace on account of continued weakness in USD. A basket of EM currencies stayed flat
vs. the USD, with the Mexican Peso and Czech Koruna being the best performers, while commodity currencies lagged as most hard commodities remained under pressure. Brent
Crude fell as the OPEC production cut plan proved to be ineffective to address concerns over the supply-demand mismatch. The U.S. market was down in EUR terms, while the
Developed European markets have suffered even more. Taiwan, Mexico, as well as smaller markets like Indonesia, Hungary, and Turkey were among the best performing markets,
whereas again Russia, Brazil, South Africa, and India were among the laggards. Sector-wise, Tech, Healthcare and Real Estate outperformed in June, with Energy and Consumers
being the worst performers.
Performance Attribution
The fund was slightly down this month, less than the wider comparable market. Positive Selection in defensive sectors such as Consumer Staples and Telecoms was offset by
negative Allocation in Information Technology and Utilities. On a single stock level, among the best performers were China Construction Bank, Samsonite International, KT&G,
Minor International. Laggards were Chunghwa Telecom, Delta Electronic, LG Chem and Guangdong Investment.
Current Positioning
The fund focuses on high dividend-yield and high dividend-growth companies with moderate pay-out ratios, strong balance sheets and cash flow, stable or expanding business
model, and strong management. From a sector perspective, our biggest underweights are in Cyclicals (e.g. Information Technology, Energy, and Consumer Discretionary). Our
largest overweights are in Defensives (e.g. Consumer Staples, Telecoms, and Utilities). On a country level, we are overweight Taiwan, Singapore, and Thailand. Our biggest
underweights are India and South Korea.
Outlook
We expect Gross Domestic Product (GDP) growth in Asian Markets to maintain a superior growth rate relative to Developed Markets, albeit at a slower pace than in the past.
Downside risks remain in the form of potential setbacks in the European fiscal situation, US government budget and interest rate decisions, and concerns on debt-levels, currency,
and a slowdown in China’s economy. If cyclical improvement unfolds, we believe Asian Markets could be major beneficiaries in a recurring risk-on environment on the basis of
capital inflows and comparatively attractive valuations. Fund management continues to actively seek attractive investment opportunities.
Note: The key terms are explained in the glossary.
Page 4 / 5
77
Fund Management's Comment: Deutsche Invest II
Asian Top Dividend
Equity Funds - Asia
Opportunities
In accordance with the investment policy.
Risks
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend
at all, this can have a negative impact on the value of equities or derivatives.
• Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to
significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any
time.
Investor profile: Risk-tolerant
The Fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize returns, can tolerate the unavoidable,
and occasionally substaintial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the
fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital
invested.
Page 5 / 5
78
Marketing Material
Factsheet: Deutsche Nomura Japan Growth
Equity Funds - Asia
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC
(in %)
At least 85% of the fund’s assets are invested
in units in the master fund Deutsche Invest I
Nomura Japan Growth. Up to 15% of the
fund's assets may be invested in cash and
liquid assets.
Fund
Fund Management's Comment
A detailed commentary by fund management
can be found on a separate page later in this
document.
Benchmark*
*Benchmark: TOPIX (RI) ab 1.2.11 (vorher MSCI Japan SMID 400)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LC
1m
1y
3y
5y
EUR
BM IN EUR
2.6
-0.1
20.9
18.3
28.1
47.3
64.7
82.0
s. Launch
13.1
55.5
Ytd.
3yØ
5yØ
2013
2014
2015
2016
6.2
4.1
8.6
13.8
10.5
12.7
33.6
21.7
10.0
9.8
7.9
23.7
-2.7
6.8
Further Characteristics (3 years) / VAR (1 year) - Share Class LC
Volatility
Sharpe Ratio
Alpha
16.18%
0.53
-2.82%
Maximum Drawdown
-21.81%
Information Ratio
-0.43
Beta
0.86
6.34%
VAR (99%/10 days)
Correlation Coefficient
Tracking Error
0.75
10.93%
Portfolio Analysis
Portfolio Breakdown
Equity funds
(in % of fundvolume)
99.4
Principal Holdings (Funds)
(in % of fundvolume)
Deutsche Invest I Nomura Japan Growth MFCH (
99.4
Total
99.4
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Morningstar Style-Box™
Market Capitalization
Large
Mid
Breakdown by Currency
Small
Euro
Value
(in % of fundvolume)
100.0
Growth
Investment Ratio
(in % of fundvolume)
Investment funds
Cash and other assets
99.4
0.6
Blend
Investment Style
Morningstar Category™
Japan Large-Cap Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««
FERI Fund Rating:
(D)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Incl. forward exchange transactions, negative and positive
figures reflect expected currency developments.
Page 1 / 4
79
Marketing Material
Factsheet: Deutsche Nomura Japan Growth
Equity Funds - Asia
June 2017
Cumulative Performance (in %)
1m
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2013
As at 30/06/2017
2014
2015
2016
FC
2.6
21.9
31.1
--
35.5
6.6
9.4
--
--
10.9
8.6
-2.0
LC
2.6
20.9
28.1
64.7
13.1
6.2
8.6
10.5
33.6
10.0
7.9
-2.7
Fund Data
Portfolio Manager
Frederic Fayolle
Portfolio Manager since
20/05/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management Investment GmbH
Legal Structure
Assets
84.4 Mio. EUR
Fund Currency
EUR
Launch Date
12/07/1999
Fiscal Year End
31/12/2017
Investor profile
Risk-tolerant
Fund
Custodian
State Street Bank International GmbH
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
0.00%
EUR DE000DWS1171 DWS 117
Accumulation
55.54
55.54
0.00
0.72% (1)
-0.800%
4.00%
LC
849 095
EUR DE0008490954
Accumulation
56.31
54.14
0.00
1.51% (1)
-1.600%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
FC
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Minimum
Investment
Amount
400,000
--
Note
Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may
fluctuate significantly in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 2 / 4
80
Marketing Material
Fund Management's Comment: Deutsche Nomura
Japan Growth
Equity Funds - Asia
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
The Tokyo Stock Price Index (TOPIX) advanced by 2.78% in June 2017 to close the month at 1,611.90. Japanese stock prices advanced early in the month in response to strong
US and Chinese economic indicators. The rise in the main US equity indexes also supported the Japanese stock market gains. However, profit-taking weighed on the Japanese
equity market as the Nikkei 225 index approached the psychological milestone of the JPY20,000 level. Investors later took a more risk-averse attitude due to weaker than expected
US Employment Statistics in May, which also weighed on the stock market. On 14th June, the Federal Reserve Board (FRB) decided to raise its policy interest rates. Although the
FRB’s rate hike decision was expected, it prompted awareness of the long-term interest rate gap as bond yield spreads between Japan and the US widened. So, after a brief sell off
caused by appreciation of the Japanese yen against the US dollar, the equity market rebounded. Following comments from the European Central Bank, which were thought to
signal plans to begin winding down the quantitative monetary easing policy, US, European and Japanese long-term interest rates increased. Japanese financial stocks, which
benefit from higher long-term interest rates rallied. However, the equity market continued to move in a box range toward the end of the month. In terms of the TSE 33 industry
classifications, 31 sectors appreciated in June. These included Banks, where a rise in interest rates is expected to contribute to profit growth. On the other hand, the Foods sector
was one of the two industry sectors that fell, reflecting concerns about earnings growth after the positive impact from lower raw materials prices came to an end.
Performance Attribution
The value of the fund appreciated by +2.81% (FC share class in Yen) in June 2017 but slightly underperformed the reference index (TOPIX Total Return Index). Our overweight
positions in underperforming sectors such as Electric Appliances detracted from the performance this month. Five stocks that made the largest positive contributions in June were
PEPTIDREAM, Murata Manufacturing, T & D Holdings, Sony and Panasonic. Five stocks that detracted most from the relative performance were Tokyo Electron, Haseko, Japan
Tobacco, Yamada Denki and KAO.
Current Positioning
In terms of major trades, we added an information & communication stock to the portfolio based on expectations of earnings growth over the medium to long term. In its overseas
business, profitability is improving and the company is expanding its business area, especially IT services, in Japan. We sold the position in a pharmaceutical company based on
recent share price gains driven by expectations for new medicines under development.
Outlook
The latest value of the Preliminary Industrial Production Index declined. Industrial production is expected to improve at a moderate pace along with a recovery in domestic and
foreign demand despite short-term volatility. Manufacturing Production is expected to increase June 2017, then weakening in July 2017. Corporate earnings are expected to rise by
+11.2%. Amid signs that domestic and overseas economic recoveries could support the business results of manufacturing companies, corporate earnings are expected to grow.
Moreover, earnings for the fiscal year ended March 2019 are forecast to have grown. The Japanese economy continued to expand at a moderate pace. Economic indicators since
April 2017 have been relatively robust, so we believe the economy will continue its moderate expansion into the second half of the year. Annual JGB purchases have declined to the
50 trillion JPY to 60 trillion JPY level under the “yield curve control” policy targeting interest rates. This confirms that the Bank of Japan’s policy of guiding interest rates to a suitable
level is having the effect of reducing JGB purchases. Although growth in consumer prices remains at the zero% level, a moderate rise in consumer prices is assumed for the time
being. The current loose monetary policy is likely to be maintained, which will remain in effect throughout the forecast period.
Note: The key terms are explained in the glossary.
Page 3 / 4
81
Fund Management's Comment: Deutsche Nomura
Japan Growth
Equity Funds - Asia
Opportunities
In accordance with the investment policy.
Risks
• The master fund invests its assets in selected regions or sectors. This increases the risk that the master fund may be negatively influenced by the economic and
political conditions in the respective regions or sectors.
• The master fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to
significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any
time.
Investor profile: Risk-tolerant
The Fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize returns, can tolerate the unavoidable,
and occasionally substaintial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the
fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital
invested.
Page 4 / 4
82
Marketing Material
Factsheet: DWS Top Asien
Equity Funds - Asia
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance (in EUR)
(in %)
Equities of companies in the Asian-Pacific
region (including Japan) that we believe have
a solid financial foundation, long-term
earnings power, a strong marked position and
good growth prospects.
Fund
Fund Management's Comment
Benchmark (since 10/07/2002)*
*Benchmark: 50% MSCI AC Far East (RI), 50% MSCI AC Far East ex Japan (RI)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %)
1m
1y
EUR
BM IN EUR
-0.4
-0.3
20.7
22.9
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
39.5
41.2
60.6
67.1
310.5
--
10.6
11.4
11.7
12.2
9.9
10.8
3.8
4.9
14.1
14.8
7.2
6.1
6.7
9.3
Further Characteristics (3 years) / VAR (1 year)
Volatility
14.94%
Sharpe Ratio
Alpha
0.76
-0.41%
Maximum Drawdown
-22.56%
Information Ratio
-0.18
Beta
1.00
6.07%
VAR (99%/10 days)
Correlation Coefficient
Tracking Error
0.99
2.19%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Information Technology
Financials
Consumer Discretionary
Industrials
Consumer Staples
Materials
Real Estate
Telecommunication Serv.
Health Care
Energy
32.7
24.3
9.1
6.9
5.8
5.6
4.4
4.0
2.1
1.1
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
7.2
Tencent Holdings Ltd (Information Technology)
6.6
Taiwan Semiconductor Manufacturing Co Ltd (Info
6.1
Alibaba Group Holding Ltd (Information Technolog
4.3
AIA Group Ltd (Financials)
3.6
Keyence Corp (Information Technology)
3.3
FANUC CORP (Industrials)
2.9
China Construction Bank Corp (Financials)
2.6
Seven & I Holdings Co Ltd (Consumer Staples)
2.3
HOYA CORP (Health Care)
2.1
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Asia-Pacific inc. Japan Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««
FERI Fund Rating:
41.0
(in % of fundvolume)
China
Japan
Korea
Taiwan
Hong Kong
Singapore
Indonesia
Cayman Islands
Thailand
Australia
Philippines
26.6
24.3
16.2
11.2
8.1
2.4
2.3
1.5
1.5
1.2
0.5
(in % of fundvolume)
Equities
Cash and other assets
95.8
4.2
(C)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 4
83
Marketing Material
Factsheet: DWS Top Asien
Equity Funds - Asia
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar
Japanese yen
South Korean won
Taiwan dollar - new United States dollar
Singapore dollar
Indonesian rupiah
Euro
Thai baht
Australian dollar
Other Currencies
28.9
24.0
16.4
11.7
8.6
2.7
2.6
1.7
1.7
1.2
0.6
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
87.3
4.7
3.8
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
60
Dividend Yield (in %)
1.8
Ø Market Cap
82,302.9 Mio. EUR
Fund Data
Portfolio Manager
Sean Taylor Elke Schoeppl-Jost
Portfolio Manager since
Portfolio Management Company
01/04/2013
Deutsche Asset Management (UK) Ltd. & Deutsche Asset
Portfolio Management Location
Management Company
United Kingdom
Deutsche Asset Management Investment GmbH
Legal Structure
Custodian
Fund
State Street Bank International GmbH
Assets
1,605.7 Mio. EUR
Fund Currency
EUR
Launch Date
Front-end Load
4.00%
All-in-Fee
1.450%
Running costs / TER (1)
1.440%
Fee from securities lending
Earnings
0.005%
Accumulation
Interim Gains
0.00 EUR
Accumulated returns
--
Redemption Price
157.18 EUR
Issue Price
163.47 EUR
29/04/1996
Fiscal Year End
30/09/2017
Investor profile
Growth-oriented
ISIN Code
DE0009769760
German Sec. Code
976 976
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 30/09/2016. They are subject to change from year to year.
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 2 / 4
84
Marketing Material
Fund Management's Comment: DWS Top Asien
Equity Funds - Asia
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Emerging Markets outperformed Developed Markets for the sixth consecutive month, supported by the continued weakness of the U.S. Dollar, global liquidity and robust macro
fundamentals. Overall, China and Taiwan were the strongest market performance drivers, while South Korea and Japan were the weakest ones. From an Asian sector perspective,
Information Technology and Financials outperformed, while Consumer Discretionary and Consumer Staples underperformed.
Performance Attribution
In June 2017, the DWS Top Asien decreased 0.45%, underperforming its benchmark, which decreased 0.30%. Positive attribution was primarily driven by the underweight exposure
to South East Asian countries and stock selection in China/Hong Kong. The best contributors to relative performance were Alibaba, Asahi Kasei Corp and Dai-Ichi Life Holdings.
Negative attribution was driven by stock selection South Korea/Taiwan and by holding cash.
Current Positioning
At the beginning of this month we are overweight China, Japan and South Korea. We are overweight Information Technology, Financials and Materials, while Industrials, Utilities
and Consumer Discretionary are our biggest underweight sectors.
Outlook
Following a good performance in the first six months of the year, we remain constructive on the outlook for Emerging Markets as the global macroeconomic environment has
improved and earnings have broadly revealed positive surprises. Our outlook is supported by the fact that, despite investors have recognized the improved fundamentals, Emerging
Markets do not appear a crowded space. A sharp U.S. Dollar appreciation, political uncertainty and commodity weakness are the major risk factors in the short term.
Note: The key terms are explained in the glossary.
Page 3 / 4
85
Fund Management's Comment: DWS Top Asien
Equity Funds - Emerging Markets
Opportunities
In accordance with the investment policy.
Risks
• The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on
the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying
instrument is acquired directly.
• The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political
conditions in the respective regions or sectors.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal,
economic and political risks) than investing in assets from the markets of established countries.
• The fund invests in the People's Republic of China. Investments in the People's Republic of China are associated with risks resulting from the special legal, political
and economic environment. The future political direction of the Chinese government is uncertain, there is the risk of negative performance due to government
interventions and restrictions.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 4 / 4
86
Equity Funds
Emerging Markets
Marketing Material
Factsheet: Deutsche Invest I Chinese Equities
Equity Funds - Emerging Markets
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
The Fund invests at least 70% of its assets in
stocks of Chinese companies (including Hong
Kong) that we feel have strong market
positions and solid prospects.
The manager of the Subfund is Harvest
Global Investments Limited, Hong Kong.
Harvest Fund Management Co., Ltd,
Shanghai serves as the investment advisor of
the fund manager under the responsibility and
at the expense of the fund manager.
Fund
Fund Management's Comment
Benchmark (since 22/04/2010): MSCI China 10/40 (Euro) (RI)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
EUR
BM IN EUR
11.6
13.7
10.7
14.3
8.5
11.2
5.1
-0.6
14.5
22.8
0.7
3.4
2.3
4.4
-0.3
0.4
24.4
26.9
35.6
49.2
50.4
70.0
106.6
133.9
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
20.99%
Sharpe Ratio
Alpha
0.50
-3.14%
Maximum Drawdown
-36.97%
Information Ratio
-0.71
Beta
1.00
7.41%
VAR (99%/10 days)
Correlation Coefficient
Tracking Error
0.98
4.46%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Principal Holdings (Equities)
(in % of fundvolume)
Tencent Holdings Ltd (Information Technology)
Information Technology
Financials
Consumer Discretionary
Telecommunication Serv.
Real Estate
Health Care
Industrials
Utilities
Energy
Materials
32.2
22.0
13.9
6.2
5.4
5.0
3.4
3.0
1.6
0.7
9.8
China Construction Bank Corp (Financials)
5.1
Industrial & Commercial Bank of China Ltd (Financ
4.7
Baidu Inc/China (Information Technology)
4.0
Bank of China Ltd (Financials)
3.6
Ping An Insurance Group Co (Financials)
3.4
China Unicom Hong Kong Ltd (Telecommunication
3.3
China Mobile Ltd (Telecommunication Serv.)
2.9
Ctrip.com International Ltd (Consumer Discretiona
Total
Value
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Currency
Investment Ratio
Hong Kong dollar
United States dollar
Growth
67.4
26.0
2.2
49.1
Mid
(in % of fundvolume)
10.1
Alibaba Group Holding Ltd (Information Technolog
(in % of fundvolume)
Equities
Cash and other assets
93.4
6.6
Blend
Investment Style
Morningstar Category™
China Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««
FERI Fund Rating:
(D)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Currency structure of investments, excl. forward exchange
transactions
Page 1 / 5
88
Marketing Material
Factsheet: Deutsche Invest I Chinese Equities
Equity Funds - Emerging Markets
June 2017
As at 30/06/2017
Portfolio Analysis
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
61.9
12.7
10.2
8.6
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
54
Cumulative Performance (in %)
1m
Dividend Yield (in %)
3yØ
5yØ
2013
74,545.9 Mio. EUR
3y
5y
-0.2
25.5
38.9
56.9
125.7
12.0
11.6
9.4
6.2
15.5
1.5
3.1
0.6
33.2
51.7
67.6
51.3
15.7
14.9
10.9
9.0
6.3
-4.6
18.9
LC(EUR)
-0.3
24.4
35.6
50.4
106.6
11.6
10.7
8.5
5.1
14.5
0.7
2.3
NC(EUR)
-0.3
23.5
32.8
46.2
93.0
11.2
9.9
7.9
4.6
14.3
0.0
1.6
USD FC(USD)
1.4
28.8
15.6
42.1
98.6
21.3
5.0
7.3
11.9
1.5
-9.1
-0.5
USD LC(USD)
1.4
27.5
12.7
36.7
83.5
20.7
4.1
6.4
10.7
0.5
-9.5
-1.5
GBP D RD(GBP)
Ytd.
Ø Market Cap
1y
FC(EUR)
s. Launch
0.8
2014
2015
Page 2 / 5
2016
89
Marketing Material
Factsheet: Deutsche Invest I Chinese Equities
Equity Funds - Emerging Markets
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Yiqian Jiang
Portfolio Manager since
15/12/2006
Portfolio Management Company
Harvest Global Investments Limited, Hong Kong
Portfolio Management Location
Hong Kong
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
138.4 Mio. EUR
Fund Currency
EUR
Launch Date
15/12/2006
Fiscal Year End
31/12/2017
Investor profile
Risk-tolerant
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU0273146190
DWS 0BM
Accumulation
0.00%
225.66
225.66
0.00
0.750% *
0.92% (1)
0.00%
400,000
GBP D RD
GBP LU0333022746
DWS 0RD
Distribution
0.00%
143.60
143.60
0.00
0.850%
1.72% (1)
--
--
LC
EUR LU0273157635
DWS 0BJ
Accumulation
5.00%
217.42
206.55
0.00
1.500% *
1.74% (1)
0.00%
--
NC
EUR LU0273145622
DWS 0BK
Accumulation
3.00%
198.97
193.00
0.00
2.000% *
2.44% (1)
0.00%
--
USD FC
USD LU0273176932
DWS 0BP
Accumulation
0.00%
198.56
198.56
0.00
0.850%
1.05% (1)
--
400,000
5.00%
USD LC
USD LU0273164177 DWS 0BN
Accumulation
193.15
183.49
0.00
2.01% (1)
-1.700%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may
fluctuate significantly in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
90
Marketing Material
Fund Management's Comment: Deutsche Invest I
Chinese Equities
Equity Funds - Emerging Markets
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
During the month, we reduced weights to some infrastructure stocks and switched to properties, Internet and education, all of which exhibit stronger earnings outlook. Our
underweights in large sectors such as energy, financials and telecommunication as well as overweights in certain IT (information technology) sub-sectors contributed positively,
whereas stock selection in consumer discretionary hurt performance.
Performance Attribution
MSCI China advanced in June. The PBOC (People's Bank of China) eased liquidity pressure in the banking system through open market operations, alleviating market concerns.
MSCI’s decision to include A-Shares into its index next year also provided positive sentiment. IT (Information technology) outperformed strongly, thanks to positive earnings
surprises in their 1Q’17 (the first quarter of 2017) earnings. We had overweight positions in certain IT sub-sectors, with holdings in both the leading ecommerce companies and
leading smart-phone component producers contributing positively. Materials also did well as commodity prices remained solid. We had a neutral position in the sector. We were
underweight certain sectors which declined during the month, including consumer staples, energy, telecommunication and financials. These sectors lack earnings catalysts and our
underweights contributed positively. Economic data in May were mixed but remained solid. Industrial production growth rebounded from 3.3%yoy (year-on-year) in April to 5.6%yoy
in May. On the investment front, real estate investments fell mom (month-on-month) due to a decline in funding as the result of the government’s tightening measure. Infrastructure
investments growth also slowed from 17.4%yoy in April to 13.1%yoy in May, as the local governments have taken more control over the financing of infrastructure projects through
PPP (private-public-partnership). Inflation remained contained with the CPI (consumer price index) standing at 1.5%yoy in May, slightly higher than 1.4%yoy in April. New RMB
(Renminbi) loans in May were solid. M2 growth went down slightly from 10.5%yoy in April to 9.6%, indicating slightly tighter money supply.
Current Positioning
Key overweights:
• Consumer discretionary: we are positive on auto stocks that are expected to deliver strong sales growth driven by new models, as well as online travel, e-ecommerce and
education stocks.
• Health care: solid growth outlook driven by ageing population; concerns on price cut largely in the price; the new National Reimbursement Drug List provides catalyst for
companies with innovative new drugs.
• Utilities: positive on coal-fired power companies with catalysts including declining coal prices, potential tariff hike in Q4 (fourth-quarter), and SOE (state-owned enterprise) reform.
Key underweights:
• IT (Information technology): mainly due to single-stock limit on two large-cap stocks; we are gradually overweight other IT stocks and remain positive on long-term outlook for the
sector.
• Financials: mainly underweight banks due to lack of earnings upside.
• Energy: weak outlook for crude oil price due to inventory concerns in the US.
Outlook
China's economic growth is expected to slow in 2H’17 (the second half of 2017) as: 1) the PPI (producer price index) has peaked in February 2017 given the slower progress in
supply-side reform this year and decelerating property and infrastructure investments in the context of financial deleveraging. 2) GDP (Gross Domestic Product) growth would
decelerate in 2H’17 following the trending down of PPI as lower PPI would discourage some macro activities (e.g. restocking) and affect corporate earnings. Nevertheless, 6.5%
should be the baseline of GDP growth that the Chinese government targets on. If the GDP growth declines below this level, the government might slow down the progress in
financial deleveraging. So, although liquidity is likely to remain relatively tight in the second half of the year, we believe that the government would continue to fine-tune its money
supply through open market operation to ensure corporate funding costs not increasing too fast. In essence, stability is the main target for Chinese government policy this year.
After the strong rally year-to-date, we expect Chinese stocks to consolidate in the coming 1-2 months. However, we do not expect the correction to be very deep given the solid
macro outlook and continuing recovery in corporate earnings. We prefer growth stocks to cyclical stocks. We remain positive on investment themes such as consumption upgrade
(e.g. auto, smart-phone supply chain), online travel, ecommerce, online social networking, education and health care.
Note: The key terms are explained in the glossary.
Page 4 / 5
91
Fund Management's Comment: Deutsche Invest I
Chinese Equities
Equity Funds - Emerging Markets
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal,
economic and political risks) than investing in assets from the markets of established countries.
• The fund invests in the People's Republic of China. Investments in the People's Republic of China are associated with risks resulting from the special legal, political
and economic environment. The future political direction of the Chinese government is uncertain, there is the risk of negative performance due to government
interventions and restrictions.
• Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to
significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any
time.
Investor profile: Risk-tolerant
The Fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize returns, can tolerate the unavoidable,
and occasionally substaintial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the
fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital
invested.
Page 5 / 5
92
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Top
Dividend
Equity Funds - Emerging Markets
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
More and more dynamic and growing
companies can be found in the emerging
markets, especially in sectors that are often
more favorably priced and less cyclical than
other sectors. The Fund management aims to
achieve comparatively high dividend yields
and high dividend growth in the emerging
countries, with risk management being
integrated into the investment strategy.
Fund
Fund Management's Comment
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
-1.3
8.3
12.2
16.4
8.8
Ytd.
3yØ
4.7
3.9
5yØ
2013
2014
2015
2016
3.1
-9.5
12.9
-5.3
7.0
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
12.60%
Sharpe Ratio
Alpha
0.33
--
Maximum Drawdown
-24.45%
6.49%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Financials
Consumer Staples
Information Technology
Telecommunication Serv.
Consumer Discretionary
Utilities
Industrials
Materials
Energy
Health Care
Other Sectors
22.9
16.8
16.2
11.0
7.9
6.9
4.3
3.1
2.3
1.5
1.1
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
5.4
Taiwan Semiconductor Manufacturing Co Ltd (Info
4.4
ITC Ltd (Consumer Staples)
3.3
KT&G Corp (Consumer Staples)
3.1
Uni-President Enterprises Corp (Consumer Staple
2.6
SK Telecom Co Ltd (Telecommunication Serv.)
2.3
Chunghwa Telecom Co Ltd (Telecommunication S
2.2
AIA Group Ltd (Financials)
2.2
Guangdong Investment Ltd (Utilities)
2.1
China Mobile Ltd (Telecommunication Serv.)
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Emerging Markets Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««
FERI Fund Rating:
(D)
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
Taiwan
China
Korea
Hong Kong
Brazil
South Africa
Russia
Thailand
Malaysia
India
Mexico
Other Countries
17.7
17.1
14.4
7.0
5.1
4.4
4.0
3.9
3.8
3.5
2.9
10.4
2.1
29.7
(in % of fundvolume)
Equities
Cash and other assets
94.0
6.0
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
93
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Top
Dividend
Equity Funds - Emerging Markets
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar
Taiwan dollar - new South Korean won
United States dollar
Brasilian real
Malaysian ringgit
South African rand
Indian rupee
Czech koruna
Mexican peso - new Other Currencies
25.5
15.6
15.0
6.9
5.2
4.3
4.0
3.9
3.0
2.9
13.8
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
59.9
18.9
12.2
3.1
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
104
Cumulative Performance (in %)
1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
3.3
Ø Market Cap
Ytd.
3yØ
5yØ
2013
40,575.3 Mio. EUR
2014
2015
2016
FC(EUR)
-1.3
9.2
14.9
21.0
17.2
5.1
4.7
3.9
-8.8
13.8
-4.6
7.8
LC(EUR)
-1.3
8.3
12.2
16.4
8.8
4.7
3.9
3.1
-9.5
12.9
-5.3
7.0
LD(EUR)
-1.3
8.3
12.2
16.4
28.9
4.7
3.9
3.1
-9.5
12.9
-5.3
7.0
NC(EUR)
-1.4
7.6
9.9
12.5
1.0
4.3
3.2
2.4
-10.1
12.2
-6.0
6.3
USD FC(USD)
0.4
12.2
-3.8
8.9
30.7
13.8
-1.3
1.7
-5.0
0.4
-14.2
4.2
USD LC(USD)
0.3
11.2
-5.4
5.5
-8.8
13.3
-1.8
1.1
-5.8
-0.6
-14.1
3.4
USD LDQ(USD)
0.3
11.0
-6.5
--
-3.9
13.4
-2.2
--
--
-0.4
-15.0
3.1
Page 2 / 5
94
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Top
Dividend
Equity Funds - Emerging Markets
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Andreas Wendelken
Portfolio Manager since
14/01/2008
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
164.7 Mio. EUR
Fund Currency
EUR
Launch Date
14/01/2008
Fiscal Year End
31/12/2017
Investor profile
Risk-tolerant
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU0329760267
DWS 0QV
Accumulation
0.00%
117.15
117.15
0.00
0.750%
0.91% (1)
--
400,000
LC
EUR LU0329760002
DWS 0QT
Accumulation
5.00%
114.47
108.75
0.00
1.500%
1.70% (1)
--
--
LD
EUR LU0363468686
DWS 0S9
Distribution
5.00%
112.67
107.04
0.00
1.500%
1.70% (1)
--
--
NC
EUR LU0329760184
DWS 0QU
Accumulation
3.00%
104.07
100.95
0.00
2.000%
2.39% (1)
--
--
USD FC
USD LU0329761406
DWS 0QX
Accumulation
0.00%
130.72
130.72
0.00
0.750%
0.91% (1)
--
400,000
5.00%
USD LU0329761232 DWS 0QW
Accumulation
95.95
91.16
0.00
1.69% (1)
-1.500%
5.00%
USD LDQ
USD LU0911034865 DWS 1VY
Distribution
95.86
91.06
0.00
1.76% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
USD LC
Address
--
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may
fluctuate significantly in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
95
Marketing Material
Fund Management's Comment: Deutsche Invest I
Emerging Markets Top Dividend
Equity Funds - Emerging Markets
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Global equity markets were down in EUR terms in June with the Federal Reserve delivering the third rate hike in six months. Emerging Markets (EM) edged past Developed
Markets for the sixth month in a row, as investor inflows to EM equities sustained at a steady pace on account of continued weakness in USD. A basket of EM currencies stayed flat
vs. the USD, with the Mexican Peso and Czech Koruna being the best performers, while commodity currencies lagged as most hard commodities remained under pressure. Brent
Crude fell as the OPEC production cut plan proved to be ineffective to address concerns over the supply-demand mismatch. The U.S. market was down in EUR terms, while the
Developed European markets have suffered even more. Taiwan, Mexico, as well as smaller markets like Indonesia, Hungary, and Turkey were among the best performing markets,
whereas again Russia, Brazil, South Africa, and India were among the laggards. Sector-wise, Tech, Healthcare and Real Estate outperformed in June, with Energy and Consumers
being the worst performers.
Performance Attribution
The fund was down this month, slightly more than the wider comparable market. Positive Selection in Consumer Staples and Consumer Discretionary was offset by negative
Allocation in Information Technology and Telecoms. On a single stock level, among the best performers were again ITC and KT&G, as well as Samsonite, Grupo Aeroport del
Sureste and Philip Morris Czech Republic. Laggards were Delta Electronic, Guangdong Investment, Chunghwa Telecom, and CLP Holdings.
Current Positioning
The fund focuses on high dividend-yield and high dividend-growth companies with moderate pay-out ratios, strong balance sheets and cash flow, stable or expanding business
model, and strong management. From a sector perspective, our biggest underweights are in Cyclicals (e.g. Information Technology, Materials, Energy, Consumer Discretionary, and
Financials). Our largest overweights are in Defensives (e.g. Consumer Staples, Telecoms, and Utilities). On a country level, we are overweight Taiwan and Czech Republic. Our
biggest underweights are India, South Africa and Poland.
Outlook
We expect Gross Domestic Product (GDP) growth in Emerging Markets to maintain a superior growth rate relative to Developed Markets, albeit at a slower pace than in the past.
Downside risks remain in the form of potential setbacks in the European fiscal situation, US government fiscal and interest rate decisions, and concerns on debt-levels, currency,
and a slowdown in China’s economy. If cyclical improvement unfolds, we believe Emerging Markets could be major beneficiaries in a recurring risk-on environment on the basis of
capital inflows and comparatively attractive valuations. Fund management continues to actively seek attractive investment opportunities.
Note: The key terms are explained in the glossary.
Page 4 / 5
96
Fund Management's Comment: Deutsche Invest I
Emerging Markets Top Dividend
Equity Funds - Emerging Markets
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal,
economic and political risks) than investing in assets from the markets of established countries.
• The seeks to generate income from dividends, i.e. from expected distributions per equity. If a company distributes a smaller dividend than expected or no dividend
at all, this can have a negative impact on the value of equities or derivatives.
• Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to
significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any
time.
Investor profile: Risk-tolerant
The Fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize returns, can tolerate the unavoidable,
and occasionally substaintial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the
fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital
invested.
Page 5 / 5
97
Marketing Material
Factsheet: Deutsche Invest I Global Emerging
Markets Equities
Equity Funds - Emerging Markets
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
The investment objective of Deutsche Invest I
Global Emerging Markets Equities is to
achieve an above-average return. At least
70% of Sub-fund assets are invested in
equities of companies domiciled in an
emerging market or having their principal
business activities in emerging markets or
which, as holding companies, primarily hold
interests in companies domiciled in an
emerging market. The principal business
activity of a company is attributed to the
emerging markets if the company generates a
significant portion of its earnings or revenues
there.
Fund
Fund Management's Comment
A detailed commentary by fund management
can be found on a separate page later in this
document.
Benchmark*
*Benchmark: MSCI Emerging Markets TR Net ab 27.5.13 (vorher MSCI BRIC) (RI)
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
BM IN EUR
-1.7
-0.4
19.8
20.5
25.6
23.9
28.8
33.6
118.4
234.1
Ytd.
3yØ
7.6
9.5
7.9
7.4
5yØ
2013
2014
2015
2016
5.2
6.0
-8.7
-7.3
10.0
11.0
-1.4
-5.3
14.1
15.4
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
15.15%
Sharpe Ratio
Alpha
0.52
0.26%
Maximum Drawdown
-26.33%
7.19%
VAR (99%/10 days)
Information Ratio
0.13
Correlation Coefficient
Beta
1.02
Tracking Error
0.97
3.41%
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™
Market Capitalization
Large
Information Technology
Financials
Consumer Discretionary
Consumer Staples
Materials
Energy
Industrials
Telecommunication Serv.
Utilities
Real Estate
30.8
19.8
12.5
6.6
6.2
4.1
3.8
2.7
2.1
1.7
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
7.6
Tencent Holdings Ltd (Information Technology)
6.7
Taiwan Semiconductor Manufacturing Co Ltd (Info
5.2
Alibaba Group Holding Ltd (Information Technolog
3.6
China Construction Bank Corp (Financials)
2.4
Ping An Insurance Group Co (Financials)
2.2
Industrial & Commercial Bank of China Ltd (Financ
2.0
Naspers Ltd (Consumer Discretionary)
1.9
China Mobile Ltd (Telecommunication Serv.)
1.9
Itau Unibanco Holding SA (Financials)
1.6
Total
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Gross weighting, not adjusted for any positions in
derivatives and certificates.
Small
Breakdown by Country (Equities)
Investment Ratio
Growth
Blend
Investment Style
Morningstar Category™
Global Emerging Markets Equity
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
35.1
(C)
Lipper Leaders:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
China
Korea
Taiwan
India
Brazil
South Africa
Russia
Mexico
Argentina
Cayman Islands
Indonesia
Other Countries
29.0
15.5
10.5
7.9
6.2
5.4
3.6
2.6
2.0
1.5
1.5
4.3
(in % of fundvolume)
Equities
Investment funds
Cash and other assets
90.2
5.0
4.8
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
98
Marketing Material
Factsheet: Deutsche Invest I Global Emerging
Markets Equities
Equity Funds - Emerging Markets
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar
United States dollar
South Korean won
Taiwan dollar - new Euro
Indian rupee
South African rand
Brasilian real
Mexican peso - new Indonesian rupiah
Other Currencies
22.9
18.2
15.5
10.4
7.5
7.1
5.5
4.7
2.7
1.5
4.0
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Market Capitalization
(in % of fundvolume)
Mega caps (> 10 bn.)
Large caps (> 5 bn. < 10 bn.)
Mid caps (> 1 bn. < 5 bn.)
Small caps (< 1 bn.)
69.6
10.2
9.8
0.8
Gross weighting, not adjusted for any positions in derivatives. The calculation is
based on Euro.
Key Figures regarding the Fund's Assets
Number of Shares
81
Cumulative Performance (in %)
1m
Dividend Yield (in %)
1y
3y
5y
s. Launch
5.3
Ø Market Cap
Ytd.
3yØ
5yØ
2013
77,282.9 Mio. EUR
2014
2015
2016
FC(EUR)
-1.7
20.7
28.4
33.7
140.6
8.0
8.7
6.0
-8.0
10.9
-0.6
14.9
LC(EUR)
-1.7
19.8
25.6
28.8
118.4
7.6
7.9
5.2
-8.7
10.0
-1.4
14.1
LD(EUR)
-1.7
19.8
25.6
28.8
118.2
7.6
7.9
5.2
-8.7
10.0
-1.4
14.1
NC(EUR)
-1.8
19.0
23.0
24.4
99.9
7.2
7.1
4.5
-9.3
9.3
-2.1
13.3
USD FC(USD)
0.0
24.1
7.4
21.7
15.0
17.0
2.4
4.0
-4.1
-1.9
-10.9
11.0
USD LC(USD)
0.0
23.2
4.5
15.6
8.9
16.6
1.5
2.9
-4.7
-3.0
-11.6
9.8
Page 2 / 5
99
Marketing Material
Factsheet: Deutsche Invest I Global Emerging
Markets Equities
Equity Funds - Emerging Markets
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Andrew Beal Sean Taylor
Portfolio Manager since
26/05/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH, Deutsch
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
713.2 Mio. EUR
Fund Currency
EUR
Launch Date
29/03/2005
Fiscal Year End
31/12/2017
Investor profile
Risk-tolerant
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU0210302369
A0D P7S
Accumulation
0.00%
240.56
240.56
0.00
0.750%
0.91% (1)
--
400,000
LC
EUR LU0210301635
A0D P7P
Accumulation
5.00%
229.85
218.36
0.00
1.500%
1.63% (1)
--
--
LD
EUR LU0210302013
A0D P7Q
Distribution
5.00%
219.33
208.36
0.00
1.500%
1.63% (1)
--
--
NC
EUR LU0210302286
A0D P7R
Accumulation
3.00%
206.07
199.88
0.00
2.000%
2.32% (1)
--
--
USD FC
USD LU0273227354
DWS 0A3
Accumulation
0.00%
115.03
115.03
0.00
0.750%
0.88% (1)
--
400,000
5.00%
USD LC
USD LU0273227784 DWS 0A2
Accumulation
114.65
108.92
0.00
1.62% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may
fluctuate significantly in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
100
Marketing Material
Fund Management's Comment: Deutsche Invest I
Global Emerging Markets Equities
Equity Funds - Emerging Markets
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Emerging Markets outperformed Developed Markets for the sixth consecutive month, supported by the continued weakness of the U.S. Dollar, global liquidity and robust macro
fundamentals. Overall, China, Taiwan and Mexico were the strongest market performance drivers, while South Africa and Brazil were the weakest ones. From a global sector
perspective, Information Technology and Health Care outperformed, while Consumer Discretionary and Energy, underperformed.
Performance Attribution
In June 2017, the Deutsche Invest I Global Emerging Markets fund decreased 1.71%, underperforming the benchmark MSCI Emerging Markets index, which decreased 0.41%.
Positive attribution was primarily driven by our underweight positioning in South East Asian countries, non-exposure to Qatar as well a stock selection in Russia. The best
contributors to relative performance were Samsung Electronics, Catcher Technology and Anhui Conch. Negative attribution was mainly driven by our stock selection in the
Information technology and Consumer Discretionary sectors, as well as exposure to Argentina. Stock wise, PetroChina and Pampa Energia were the major disruptors to relative
performance.
Current Positioning
At the beginning of this month we are overweight China and Argentina. We are overweight Information Technology and Consumer Discretionary, while Financials, Industrials and
Telecommunication Services are our biggest underweight sectors.
Outlook
Following a good performance in the first six months of the year, we remain constructive on the outlook for Emerging Markets as the global macroeconomic environment has
improved and earnings have broadly revealed positive surprises. Our outlook is supported by the fact that, despite investors have recognized the improved fundamentals, Emerging
Markets do not appear a crowded space. A sharp U.S. Dollar appreciation, political uncertainty and commodity weakness are the major risk factors in the short term.
Note: The key terms are explained in the glossary.
Page 4 / 5
101
Fund Management's Comment: Deutsche Invest I
Global Emerging Markets Equities
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in emerging markets. Investing in assets from the emerging markets generally entails a greater risk (potentially including considerable legal,
economic and political risks) than investing in assets from the markets of established countries.
• Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to
significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any
time.
Investor profile: Risk-tolerant
The Fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize returns, can tolerate the unavoidable,
and occasionally substaintial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the
fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital
invested.
Page 5 / 5
102
Bond Funds
Emerging Markets/ High Yield Corporate Bonds
Marketing Material
Factsheet: Deutsche Invest I China Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class USD LC(USD)
(in %)
Deutsche Invest I China Bonds offers
investors the opportunity to participate in the
performance of the Chinese Renminbi. In
keeping with this orientation, the Fund’s
currency positions are nearly all in Renminbi.
Bond investments are made in Chinese
issuers in Renminbi (or hedged in RMB) and
in global issuers in RMB. The focus is on
bonds with good to very good credit ratings.
Fund
Fund Management's Comment
Deutsche Invest I China Bonds was up 0.41%
in USD terms. The CNH depreciated 0.49%
against USD over the month.
Macro data released in June showed that
China’s economic momentum remained solid.
Both production and market demand
improved, as demonstrated by the increase of
the production and new order index. June CPI
remained low at 1.5%, unchanged from May.
Both retail sales and industrial production (IP)
remained stable in May and unchanged from
April. Meanwhile, total social financing (TSF)
growth expanded at 14.5%. The slowdown in
M2 growth reflects deleveraging within the
financial system. Going into 2H, we expect
the growth momentum to moderate as the
fiscal support scales back and tightening of
liquidity continues. The primary dim sum bond
issuance picked up in June. The market saw
bond issuance of CNH9bn in June, up from
CNH3.16bn in May. CD issuance was
CNH9bn in June, slightly lower than
CNH9.88bn in May. Chinese government
auctioned CNH7bn bond. Foreign banks also
tapped the dim sum bond market. USD bond
issuance remained active with $23.5bn
issuance. For China City Construction, we
have received 65.32% total put proceeds.
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class USD LC(USD)
1m
1y
3y
5 y s. Launch
USD
EUR
0.4
-1.6
3.9
1.3
5.6
26.4
19.6
31.8
19.7
50.2
Ytd.
3yØ
8.4
0.7
1.8
8.1
5yØ
2013
2014
2015
2016
3.6
5.7
6.1
2.1
1.1
14.1
-1.8
9.3
-1.7
1.6
The information regarding this product is based on USD. For this reason, the performance in Euros of this product may rise or fall on the basis of
currency fluctuations.
Further Characteristics (3 years) / VAR (1 year) - Share Class USD LC(USD)
Volatility
Sharpe Ratio
Alpha
6.32%
0.22
--
Maximum Drawdown
-6.68%
2.07%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Portfolio Breakdown
(in % of fundvolume)
Emerging markets corporates
Corporate Bonds
Cash equivalents
Emerging markets sovereigns
76.2
13.4
6.5
4.0
Morningstar Style-Box™
Credit Quality
High
Low
Medium
Gross weighting, not adjusted for any positions in derivatives.
Low
Breakdown by Rating
High
Medium
Interest Rate Sensitivity
Morningstar Category™
AA
A
BBB
BB
B
CCC
(in % of bond holdings)
4.2
11.7
60.8
9.3
12.3
1.8
Investment Ratio
(in % of fundvolume)
Bonds
Cash and other assets
93.5
6.5
RMB Bond
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
Lipper Leaders:
Note: The key terms are explained in the glossary.
The presentation of the structure of the bond credit ratings
is based on both internal and external ratings.
Page 1 / 5
104
Marketing Material
Factsheet: Deutsche Invest I China Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Country (Bonds)
(in % of fundvolume)
China
Hong Kong
Australia
Malaysia
Great Britain
India
Netherlands
Singapore
Korea, Democratic People's Republic of
78.7
5.5
3.3
2.1
1.6
0.9
0.8
0.4
0.3
Largest Individual Holdings
(in % of fundvolume)
Fuqing Investment 15/21.07.18
Deutsche Invest II China High Income Bonds USD FC
Start Plus Investments 15/24.06.18
Vast Expand 14/11.09.17
Eastern Dragon Int./EXIM Bank China14/19.02.19
China Orient Asset Management Int. 17/08.06.19
Jinchuan Group 14/17.07.17
Yunnan Energy Investment 14/21.10.17
Unigroup International Holdings 15/10.12.20
New World China Land 17/23.01.27
3.6
3.5
3.3
3.0
2.7
2.7
2.7
2.2
2.2
2.1
Total
28.0
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Currency
(in % of fundvolume)
Offshore Renminbi
United States dollar
100.3
-0.3
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Key Figures regarding the Fund's Assets
Yield (in %)
5.3
Current Interest Rate (in %)
Duration (in years)
2.9
Modified Duration
Number of Bonds
88
Average Rating
Cumulative Performance (in %)
1m
1y
3y
5y
4.7
2.9
Maturity (in years)
3.4
BBB
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
CHF FCH(CHF)
0.2
2.0
2.1
--
9.1
7.3
0.7
--
6.2
1.2
-2.5
-3.3
CHF LCH(CHF)
0.1
1.4
0.6
--
6.6
7.0
0.2
--
5.6
0.7
-3.0
-3.7
FCH(EUR)
0.2
2.6
4.0
18.4
18.8
7.6
1.3
3.4
6.4
1.5
-1.8
-2.5
FDH(EUR)
0.1
2.5
--
--
5.5
7.5
--
--
--
--
--
-2.5
--
--
--
--
--
--
--
--
--
--
--
--
IDH(EUR)
0.2
2.9
4.6
--
5.6
7.8
1.5
--
--
1.7
-1.7
-2.3
LCH(EUR)
0.2
2.1
2.4
15.4
15.3
7.4
0.8
2.9
5.8
0.9
-2.3
-3.1
LDH(EUR)
0.2
2.1
2.5
15.4
15.4
7.4
0.8
2.9
5.9
0.9
-2.2
-3.0
NC(EUR)
-1.3
0.7
24.4
--
26.4
-0.2
7.6
--
--
14.7
9.1
1.4
NDH(EUR)
0.2
1.7
1.3
--
0.6
7.2
0.4
--
--
--
-2.7
-3.4
RMB FC(CNY)
0.8
6.3
17.2
--
24.1
5.8
5.4
--
--
3.8
4.5
4.8
RMB LC(CNY)
0.8
5.7
15.4
--
21.7
5.5
4.9
--
--
3.4
4.2
4.2
SEK FCH(SEK)
0.2
2.4
--
--
2.0
7.6
--
--
--
--
--
-2.9
SEK LCH(SEK)
0.2
1.9
--
--
1.2
7.4
--
--
--
--
--
-3.4
USD FC(USD)
0.4
4.5
7.2
22.7
23.5
8.7
2.4
4.2
6.7
1.6
-1.3
-1.1
USD FCH (P)(USD)
0.0
1.9
--
--
3.1
3.2
--
--
--
--
--
1.0
USD LC(USD)
0.4
3.9
5.6
19.6
19.7
8.4
1.8
3.6
6.1
1.1
-1.8
-1.7
USD LCH (P)(USD)
0.0
1.3
--
--
4.2
2.9
--
--
--
--
--
--
USD LDH (P)(USD)
-0.1
1.2
--
--
1.8
2.8
--
--
--
--
--
0.4
0.0
1.3
--
--
2.1
2.9
--
--
--
--
--
0.4
ICH(EUR)***
USD LDMH (P)(USD)
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
105
Marketing Material
Factsheet: Deutsche Invest I China Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Thomas Kwan
Portfolio Manager since
01/04/2012
Portfolio Management Company
Harvest Global Investments Limited, Hong Kong
Portfolio Management Location
Hong Kong
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
393.8 Mio. USD
Fund Currency
USD
Launch Date
16/08/2011
Fiscal Year End
31/12/2017
Investor profile
Risk-tolerant
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
CHF FCH
CHF LU0813328357
DWS 1G4
Accumulation
0.00%
109.07
109.07
2.03
0.600%
0.73% (1)
--
CHF LCH
CHF LU0813327896
DWS 1G2
Accumulation
3.00%
109.91
106.61
1.72
1.100%
1.26% (1)
--
--
FCH
EUR LU0632808951
DWS 08F
Accumulation
0.00%
118.82
118.82
2.15
0.600%
0.73% (1)
--
400,000
FDH
EUR LU0740831374
DWS 1BG
Distribution
0.00%
99.10
99.10
1.83
0.600%
0.74% (1)
--
400,000
ICH
EUR LU0982747239
DWS 10U
Accumulation
0.00%
100.80
100.80
1.98
0.400%
0.47% (2)
--
25,000,000
IDH
EUR LU0982747312
DWS 10V
Distribution
0.00%
91.76
91.76
1.75
0.400%
0.47% (1)
--
25,000,000
LCH
EUR LU0632805262
DWS 08E
Accumulation
3.00%
118.82
115.26
1.80
1.100%
1.26% (1)
--
--
LDH
EUR LU0740830996
DWS 1BF
Distribution
3.00%
101.46
98.42
1.56
1.100%
1.26% (1)
--
--
NC
EUR LU0616855887
DWS 06J
Accumulation
1.50%
128.28
126.36
1.81
1.400%
1.65% (1)
--
--
NDH
EUR LU0740832000
DWS 1BJ
Distribution
1.50%
92.21
90.83
1.25
1.400%
1.66% (1)
--
--
RMB FC
CNY LU0813328860
DWS 1G7
Accumulation
0.00%
124.07
124.07
2.37
0.600%
0.71% (1)
--
400,000
RMB LC
CNY LU0813328787
DWS 1G6
Accumulation
3.00%
125.45
121.69
2.04
1.100%
1.23% (1)
--
--
SEK FCH
SEK
LU1322112480
DWS 2EW
Accumulation
0.00%
1,019.66
1,019.66
17.95
0.600%
0.74% (1)
--
4,000,000
SEK LCH
SEK
LU1322112563
DWS 2EX
Accumulation
3.00%
1,042.94
1,011.65
15.42
1.100%
1.26% (1)
--
--
USD FC
USD LU0616856778
DWS 06N
Accumulation
0.00%
123.45
123.45
2.37
0.600%
0.70% (1)
--
400,000
USD FCH (P)
USD
LU1322112647
DWS 2EY
Accumulation
0.00%
103.07
103.07
1.96
0.600%
0.72% (1)
--
400,000
USD LC
USD LU0616856422
DWS 06M
Accumulation
3.00%
123.43
119.73
1.99
1.100%
1.23% (1)
--
--
USD LCH (P)
USD LU1360450164
DWS 2F5
Accumulation
3.00%
107.40
104.18
1.93
1.100%
1.32% (2)
--
--
USD LDH (P)
USD
DWS 2EZ
Distribution
3.00%
100.58
97.56
1.63
1.100%
1.23% (1)
--
--
3.00%
USD LDMH (P) USD LU1322112993 DWS 2E0
Distribution
99.06
96.09
1.23% (1)
-1.100%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (ICH:16/08/2016, USD LCH (P):29/02/2016). Actual expenses will be calculated and published once the first financial year has ended. The annual
report for each financial year will contain the expense details with their precise calculation.
--
LU1322112720
Address
400,000
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may
fluctuate significantly in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
106
Marketing Material
Fund Management's Comment: Deutsche Invest I
China Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
The fund returned 0.41% in June. Net of CNH(offshore RMB) depreciation (0.51%), the fund returned 0.92% in CNH; outperformed the FTSE–BOCHK Offshore RMB Bond Index
by 0.24%. Spread tightened 1bp in June mainly due to the sharp fall in oil prices which put pressure on commodity bonds, hawkish European Central Bank and Bank of Japan
whispering about balance sheet shrinkage, while China’s Purchasing Managers Index (PMI) data in June showed solid growth momentum. The JACI Index returned 0.21% over the
month, Pakistan (1.33%) and Vietnam (0.93%) outperformed the market as Pakistan is expected to receive stronger support from China through the China-Pakistan Economic
Corridor and Vietnam’s economy is expected to rebound for the improvement in manufacturing output; Mongolia (-1.17%) underperformed the market as Mr. Erkhbold (the
appointee from the ruling Mongolian People’s Party) didn’t reach majority of the votes in the first round of presidential election as expected by investors. Turning to the CNH bond
market, the FTSE-BOCHK Offshore RMB Bond Index returned 0.68% in June. The policy support of the CNH market has been weaker as China is more focused on opening the
onshore bond market through the bond connect. The liquidity of CNH market remained tight despite a stable RMB and the high funding rate would not be eased along with the tight
liquidity which discouraged both CNH bond issuance and investment. The primary dim sum bond issuance picked up in June. The market saw bond issuance of CNH9bn in June,
up from CNH3.16bn in May. Certificate of Deposit (CD) issuance was CNH9bn in June, slightly lower than CNH9.88bn in May. Chinese government auctioned CNH7bn bond.
Foreign banks, such as Societe Generale and Export Development Canada, also tapped the dim sum bond market. USD bond issuance remained active with $23.5bn issuance.
Hilong (250mn), Dr. Peng (500mn) and Melco Resorts (1,650mn) tapped the bond market. Evergrande also issued $6.6bn multi-tranche bond.
Performance Attribution
Over the month, our CNH bonds exposure was 35.40%, (vs. 46.23% last month). USD China High Yield (HY) property exposure was 8.03% (vs. 8.09% last month). Market trading
technical turned weak after Treasury yield went up to 3.39% level (induced by tempering tone of ECB) and a bigger-than-expected China HY new issuance. The softness induce
more investors to cut risk before half-year-end. The fund returned -0.51% USD terms excluding hedging gains, of which China returned -0.65% as the region underperformer. The
outperformer was Others (developed markets; DM), returned +0.04%. On sector basis, “Bank & Financial” outperformed and returned +0.17%. On the other hand, “Construction,
Materials, Equipment and Cement” and “Property” underperformed and returned -0.71% and -0.09% each. On security basis, 5 IG USD bonds have made to the top-10
performance contributors, 1 USD HY bonds have shown strong performance too. The remaining were 4 CNH bonds.
Current Positioning
Asian primary market has resumed with busy schedules; despite strong supply, new deals were well absorbed by market and some came with little or no concessions. Overall, we
were mindful of stretched valuations and only participated in selective new issues where we see attractive values. Asian credits continued to see divergent performance. IG spreads
remained well supported, while HY space felt heavy despite sector spreads stabilised from large widening previous month. We maintain our preference on quality given the
expensive spread level. We were also active in managing portfolio duration amid the volatilities. We reduced our portfolio duration when 10yr US treasury rate moved to the lowest
level this year in the middle of month. Given our more positive view on RMB exchange rate, we are comfortable to hold on our CNH positions.
Outlook
Global bond markets saw mixed performance in June as developed market government bond yields moved higher; US outperformed with modest gains while Europe posted
negative returns. Emerging markets credit spreads tightened over the month, which helped to defy treasury rate move and generate positive returns. As widely expected, the
Federal Reserve delivered the second interest hike this year in its June meeting. In addition, the Fed provided more detail on how it will unwind its $4.5 trillion balance sheet, which
market now expects to happen as early as September but in a very gradual way. Hawkish comments from ECB/BoE caused some concerns over faster withdrawal of monetary
stimulus from global central banks and pushed 10yr treasury yield higher from the lowest level this year, however, it is still well within the 2.2-2.6% tradingrange. In the short term,
we remain cautious on valuations as spreads have reached tight level. We expect more volatility down the road in both interest rates and credit spreads. On the currency front, USD
continued to be under pressured against major currencies with DXY index dropped below 96 for the first time since last October. Chinese authority’s newly introduced countercyclical factor was proved to be effective in reducing exchange rate volatility. With strong policy support, we expect RMB exchange rate to stabilise further in the near term.
Note: The key terms are explained in the glossary.
Page 4 / 5
107
Fund Management's Comment: Deutsche Invest I
China Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in the People's Republic of China. Investments in the People's Republic of China are associated with risks resulting from the special legal, political
and economic environment. The future political direction of the Chinese government is uncertain, there is the risk of negative performance due to government
interventions and restrictions.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to
significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any
time.
Investor profile: Risk-tolerant
The Fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize returns, can tolerate the unavoidable,
and occasionally substaintial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the
fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital
invested.
Page 5 / 5
108
Marketing Material
Factsheet: Deutsche Invest II China High Income
Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class USD LC(USD)
(in %)
Deutsche Invest II China High Income Bonds
offers investors the opportunity to participate
in the performance of the Chinese Renminbi.
In keeping with this orientation, the Fund’s
currency positions are nearly all in Renminbi.
Bond investments are made in issuers in
Renminbi (or hedged in RMB). The focus is
on bonds with a lower credit rating to profit
from higher yields.
Fund
Fund Management's Comment
Deutsche Invest II China High Income Bonds
was up 0.35% in USD terms. The CNH
depreciated 0.49% against USD over the
month. China IG continued to trade with
strong technical regardless of the underlying
treasury volatility. Persistent inflows and a
15bps pullback in treasuries kept buyers
engaged. Spreads for China IG was largely
unchanged over the month, but China HY
traded down 1-2pts. In the short term, we
remain cautious on valuations as they have
reached tight levels. We expect more volatility
down the road in both interest rates and credit
spreads. Macro data released in June
showed that China’s economic momentum
remained solid. Both production and market
demand improved, as demonstrated by the
increase of the production and new order
index. June CPI remained low at 1.5%. Both
retail sales and industrial production remained
stable in May. Meanwhile, total social
financing growth expanded at 14.5%. The
slowdown in M2 growth reflects deleveraging
within the financial system. Going into 2H, we
expect the growth momentum to moderate as
the fiscal support scales back and tightening
of liquidity continues. For China City
Construction, we have received 65.32% total
put proceeds.
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class USD LC(USD)
1m
1y
3y
5 y s. Launch
USD
EUR
0.3
-1.7
7.8
5.0
20.0
43.7
---
35.5
58.4
Ytd.
3yØ
9.9
2.0
6.3
12.8
5yØ
2014
2015
2016
---
5.0
18.6
4.1
15.8
3.7
7.1
The information regarding this product is based on USD. For this reason, the performance in Euros of this product may rise or fall on the basis of
currency fluctuations.
Further Characteristics (3 years) / VAR (1 year) - Share Class USD LC(USD)
Volatility
Sharpe Ratio
Alpha
7.11%
0.80
--
Maximum Drawdown
-5.66%
2.09%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Portfolio Breakdown
(in % of fundvolume)
Emerging markets corporates
Corporate Bonds
Cash equivalents
Emerging markets sovereigns
65.7
28.3
4.0
2.0
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating
Morningstar Category™
AA
A
BBB
BB
B
CCC
(in % of bond holdings)
2.1
3.9
32.5
16.9
43.7
0.9
Investment Ratio
(in % of fundvolume)
Bonds
Cash and other assets
96.1
4.0
RMB Bond
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««««
Lipper Leaders:
Note: The key terms are explained in the glossary.
The presentation of the structure of the bond credit ratings
is based on both internal and external ratings.
Page 1 / 5
109
Marketing Material
Factsheet: Deutsche Invest II China High Income
Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Country (Bonds)
(in % of fundvolume)
China
Australia
India
Hong Kong
Indonesia
Japan
Great Britain
Malaysia
Korea, Democratic People's Republic of
Brazil
60.5
8.1
6.9
6.5
6.1
1.8
1.5
1.3
1.3
1.3
Largest Individual Holdings
(in % of fundvolume)
Jinchuan Group 14/17.07.17
China Orient Asset Management Int. 17/08.06.19
Macquarie Bank 17/und. CoCo MTN Reg S
A.N.Z. Banking Group (London Branch) 16/und. Reg S
db x-Trackers II-Harvest CSI China Sov. Bd. 1D ETF
Baoxin Auto Finance I 16/und.
Shui on Development Holding 17/und
QBE Insurance Group 14/02.12.44
Asahi Mutual Life Insurance 17/und.
Yida China Holdings 17/19.04.20
2.2
2.1
2.1
2.0
2.0
2.0
1.8
1.8
1.8
1.7
Total
19.5
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Currency
(in % of fundvolume)
Offshore Renminbi
Euro
United States dollar
101.6
0.2
-1.8
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Key Figures regarding the Fund's Assets
Yield (in %)
6.6
Current Interest Rate (in %)
5.8
Duration (in years)
3.6
Modified Duration
3.7
Number of Bonds
87
Average Rating
BB
Cumulative Performance (in %)
1m
1y
3y
5y
s. Launch
Ytd.
3yØ
Maturity (in years)
5yØ
2014
4.2
2015
2016
AUD LDMH(AUD)
0.3
8.8
--
--
18.8
10.1
--
--
--
--
FCH(EUR)
0.2
6.5
18.7
--
34.7
9.2
5.9
--
5.5
4.3
2.8
HKD LDMH(HKD)
0.2
7.2
--
--
15.2
9.5
--
--
--
--
3.3
LCH(EUR)
0.1
5.8
16.6
--
31.2
8.8
5.3
--
4.9
3.7
2.2
LDH(EUR)
0.1
5.9
16.7
--
31.4
8.8
5.3
--
4.9
3.7
2.3
RMB LDM(CNY)
0.7
9.6
--
--
23.2
6.9
--
--
--
--
10.0
SGD LDMH(SGD)
0.3
7.1
--
--
15.9
9.4
--
--
--
--
3.6
USD FC(USD)
0.4
8.4
22.1
--
39.0
10.2
6.9
--
5.6
4.7
4.3
-0.1
5.6
--
--
11.4
4.6
--
--
--
--
6.4
USD FDQ(USD)
0.4
8.4
22.1
--
39.0
10.2
6.9
--
5.6
4.7
4.3
USD LC(USD)
0.3
7.8
20.0
--
35.5
9.9
6.3
--
5.0
4.1
3.7
-0.1
5.1
--
--
10.4
4.3
--
--
--
--
5.9
0.3
7.8
--
--
16.1
9.9
--
--
--
--
3.7
-0.1
5.0
--
--
10.3
4.3
--
--
--
--
5.6
USD FCH (P)(USD)
USD LDH (P)(USD)
USD LDM(USD)
USD LDMH (P)(USD)
5.3
Page 2 / 5
110
Marketing Material
Factsheet: Deutsche Invest II China High Income
Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Thomas Kwan
Portfolio Manager since
15/02/2013
Portfolio Management Company
Harvest Global Investments Limited, Hong Kong
Portfolio Management Location
Hong Kong
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
49.2 Mio. USD
Fund Currency
USD
Launch Date
15/02/2013
Fiscal Year End
31/12/2017
Investor profile
Risk-tolerant
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
AUD LDMH
AUD LU1255929298
DWS 2BF
Distribution
3.00%
102.93
99.84
FCH
EUR LU0826450982
DWS 1SH
Accumulation
0.00%
134.68
134.68
HKD LDMH
HKD LU1255929538
DWS 2BH
Distribution
3.00%
103.33
100.23
LCH
EUR LU0826450719
DWS 1SF
Accumulation
3.00%
135.30
131.24
2.68
LDH
EUR LU0826450800
DWS 1SG
Distribution
3.00%
110.24
106.94
2.22
RMB LDM
CNY
LU1255929611
DWS 2BJ
Distribution
3.00%
111.20
SGD LDMH
SGD LU1255929454
DWS 2BG
Distribution
3.00%
USD FC
USD LU0826451444
DWS 1SN
Accumulation
0.00%
USD FCH (P)
USD LU1309716527
DWS 2DR
Accumulation
0.00%
USD FDQ
USD LU0842590555
DWS 1TM
Distribution
0.00%
USD LC
USD LU0826451360
DWS 1SM
Accumulation
3.00%
USD LDH (P)
USD LU1309717848
DWS 2DQ
Distribution
USD LDM
USD LU1255929702
DWS 2BK
Distribution
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
1.100%
1.35% (1)
--
--
0.600%
0.77% (1)
--
400,000
1.100%
1.35% (1)
--
--
1.100%
1.34% (1)
--
--
1.100%
1.34% (1)
--
--
107.87
1.100%
1.31% (1)
--
--
106.88
103.68
1.100%
1.35% (1)
--
--
138.95
138.95
3.39
0.600%
0.73% (1)
--
400,000
111.37
111.37
2.81
0.600%
0.77% (1)
--
400,000
110.03
110.03
1.33
0.600%
0.74% (1)
--
400,000
139.69
135.50
2.94
1.100%
1.30% (1)
--
--
3.00%
107.69
104.46
2.40
1.100%
1.34% (1)
--
--
3.00%
104.13
101.01
1.100%
1.32% (1)
--
--
3.00%
USD LDMH (P) USD LU1309716956 DWS 2DT
Distribution
104.01
100.89
1.34% (1)
-1.100%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
Address
3.09
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund features a high level of volatility. In other words, unit prices may
fluctuate significantly in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
111
Marketing Material
Fund Management's Comment: Deutsche Invest II
China High Income Bonds
Bond Funds - Emerging Markets/ High Yield Corporate Bonds
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
Deutsche Invest II China High Income Bonds returned 0.35% in June. Net of CNH (offshore Renminbi (RMB)) depreciation, the fund returned 0.86%, outperformed the JACI High
Yield Corporate Index which returned 0.03%. Year to date (YTD), the fund returned 10.18%. Net of CNH appreciation, the fund returned 7.38%, outperformed the JACI High Yield
Corporate Index which returned 3.17%. Spread tightened 1bp in June mainly due to the sharp fall in oil prices which put pressure on commodity bonds, hawkish European Central
Bank and Bank of Japan whispering about balance sheet shrinkage, while China’s Purchasing Managers Index(PMI) data in June showed solid growth momentum. The JACI Index
returned 0.21% over the month, Pakistan (1.33%) and Vietnam (0.93%) outperformed the market as Pakistan is expected to receive stronger support from China through the ChinaPakistan Economic Corridor and Vietnam’s economy is expected to rebound for the improvement in manufacturing output; Mongolia (-1.17%) underperformed the market as Mr.
Enkbhold (the appointee from the ruling Mongolian People’s Party) didn’t reach majority of the votes in the first round of presidential election as expected by investors. Turning to
the CNH bond market, the FTSE-BOCHK Offshore RMB Bond Index returned 0.68% in June. The policy support of the CNH market has been weaker as China is more focused on
opening the onshore bond market through the bond connect. The liquidity of CNH market remained tight despite a stable RMB and the high funding rate would not be eased along
with the tight liquidity which discouraged both CNH bond issuance and investment. In China, macro data released in June showed that China’s economic momentum remained
solid. Manufacturing Purchasing Manager Index (PMI) accelerated to 51.7 in June from 51.2 in May. Non-Manufacturing PMI also rose to 54.9 in June from 54.5 in May, suggesting
that services activity expanded at a faster pace.
Performance Attribution
Over the month, China High Yield property exposure was at 22.89% (vs. 20.32% last month). Market trading technical turned weak after Treasury yield went up to 3.39% level
(induced by tempering tone of ECB) and a bigger-than-expected China HY new issuance. The softness induce more investors to cut risk before half-year-end. The fund returned 0.21% in USD terms excluding hedging gains, of which China returned -0.47% and was the region underperformer. The outperformer was Others (DM) returned +0.10%. On sector
basis, “Bank & Financial” outperformed and returned +0.19%. On the other hand, “Construction, Materials, Equipment and Cement” and “Property” underperformed and returned 0.33% and -0.26% each. On security basis, 3 IG USD bonds have made to the top-10 performance contributors, 5 USD HY bonds have shown strong performance too. The
remaining were 2 CNH bonds.
Current Positioning
Asian primary market has resumed with busy schedules; despite strong supply, new deals were well absorbed by market and some came with little or no concessions. Overall, we
were mindful of stretched valuations and only participated in selective new issues where we see attractive values. Asian credits continued to see divergent performance. IG spreads
remained well supported, while HY space felt heavy despite sector spreads stabilised from large widening previous month. We maintain our preference on quality given the
expensive spread level. We were also active in managing portfolio duration amid the volatilities. We reduced our portfolio duration when 10yr US treasury rate moved to the lowest
level this year in the middle of month. Outside China, Indian credits performed well, helping some corporates to print in the primary market. Indonesia credits came under some
pressures but Indonesia HY corporates fared slightly better. Having reduced some of our exposure previously, we remain comfortable on selective Indian and Indonesia HY bonds
as they benefit from strong economic environments and those bonds offer yield pick-up versus the Chinese HY property counterpart. Given our more positive view on RMB
exchange rate, we are comfortable to hold on our CNH positions.
Outlook
Global bond markets saw mixed performance in June as developed market government bond yields moved higher; US outperformed with modest gains while Europe posted
negative returns. Emerging markets credit spreads tightened over the month, which helped to defy treasury rate move and generate positive returns. As widely expected, the
Federal Reserve delivered the second interest hike this year in its June meeting. In addition, the Fed provided more detail on how it will unwind its $4.5 trillion balance sheet, which
market now expects to happen as early as September but in a very gradual way. Hawkish comments from ECB/BoE caused some concerns over faster withdrawal of monetary
stimulus from global central banks and pushed 10yr treasury yield higher from the lowest level this year, however, it is still well within the 2.2-2.6% trading range. In the short term,
we remain cautious on valuations as spreads have reached tight level. We expect more volatility down the road in both interest rates and credit spreads. On the currency front, USD
continued to be under pressured against major currencies with DXY index dropped below 96 for the first time since last October. Chinese authority’s newly introduced countercyclical factor was proved to be effective in reducing exchange rate volatility. With strong policy support, we expect RMB exchange rate to stabilise further in the near term.
Note: The key terms are explained in the glossary.
Page 4 / 5
112
Fund Management's Comment: Deutsche Invest II
China High Income Bonds
Bond Funds - Corporate Bonds
Opportunities
In accordance with the investment policy.
Risks
• The fund invests in the People's Republic of China. Investments in the People's Republic of China are associated with risks resulting from the special legal, political
and economic environment. The future political direction of the Chinese government is uncertain, there is the risk of negative performance due to government
interventions and restrictions.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has significantly elevated volatility, i.e. the share price may be subject to
significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any
time.
Investor profile: Risk-tolerant
The Fund is intended for the risk-tolerant investor who, in seeking investments that offer targeted opportunities to maximize returns, can tolerate the unavoidable,
and occasionally substaintial, fluctuations in the values of speculative investments. The high risks from volatility, as well as high credit risks, make it probable that the
fund will lose value from time to time, and expectations of high returns and tolerance of risk are offset by the possibility of incurring significant losses of capital
invested.
Page 5 / 5
113
Bond Funds
Corporate Bonds
Marketing Material
Factsheet: Deutsche Invest I Euro Corporate Bonds
Bond Funds - Corporate Bonds
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
Deutsche Invest I Euro Corporate Bonds is
mainly invested in corporate bonds that
possess a high or even top credit rating
(moderate risk/return profile). The major part
of the portfolio is invested in "investment
grade" bonds.
Fund
Fund Management's Comment
Politics dominated the markets in early June;
The UK parliamentary election’s surprising
result, and the loss of the Conservative party
majority in the House of Commons is likely to
affect the Brexit negotiations. In addition, a
Conservative leadership challenge cannot be
ruled out. The risk of early elections in Italy
was called off as the largest parties could not
agree on the necessary changes to the
electoral law yet. Finally, President Macron’s
party En Marche won the majority in
parliamentary seats with a comfortable
margin. So much welcomed stability on the
political front. The broadening economic
recovery in the EU, was mirrored by the
comments of ECB’s president Draghi at the
forum in Sintra, Portugal, where he gave
strong indications that the ECB is
contemplating ending quantitative easing in
the near to mid future. This led to a significant
shift in Bund yields throughout all maturities.
Still, spread products behaved strongly in
spite of the yield volatility. On an index level, €
Iboxx Corporate All had a performance of 0,56% in June (YTD 0.6%). Deutsche Invest
Euro Corporate Bonds lost 0.36% in June
(YTD 1.25%) on the back of the government
bond selloff.
Benchmark (since 01/09/2009): iBoxx € Corporate ab 1.9.09
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
BM IN EUR
-0.4
-0.6
2.0
1.2
7.7
8.0
27.2
24.3
56.7
55.8
Ytd.
3yØ
1.1
0.6
2.5
2.6
5yØ
2013
2014
2015
2016
4.9
4.5
2.7
2.3
8.8
8.3
-1.5
-0.7
5.2
4.7
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
Sharpe Ratio
Alpha
3.54%
0.79
-0.63%
Maximum Drawdown
Information Ratio
Beta
-5.00%
-0.08
1.22
1.09%
VAR (99%/10 days)
Correlation Coefficient
Tracking Error
0.97
1.01%
Portfolio Analysis
Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds
Financial bonds
Emerging markets corporates
Agencies
Government bonds
Other Securities
55.7
33.0
4.3
0.4
0.2
2.4
Morningstar Style-Box™
Credit Quality
High
Low
Medium
Gross weighting, not adjusted for any positions in derivatives.
Low
Breakdown by Rating
AAA
AA
A
BBB
BB
B
High
Medium
Interest Rate Sensitivity
Morningstar Category™
(in % of bond holdings)
0.3
4.1
24.9
61.8
7.3
1.7
Investment Ratio
(in % of fundvolume)
Bonds
Investment funds
Cash and other assets
Future Long
Future Short
93.8
2.2
4.0
10.5
-8.7
EUR Corporate Bond
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
««««
FERI Fund Rating:
(B)
Lipper Leaders:
Note: The key terms are explained in the glossary.
The presentation of the structure of the bond credit ratings
is based on both internal and external ratings.
Page 1 / 5
115
Marketing Material
Factsheet: Deutsche Invest I Euro Corporate Bonds
Bond Funds - Corporate Bonds
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Currency
(in % of fundvolume)
Euro
100.0
Largest Issuer
(in % of fundvolume)
JPMorgan Chase & Co.
General Electric Co.
Citigroup Inc.
Coentreprise de Transport d'Electricite S.A.
ENI S.p.A.
Intesa Sanpaolo S.p.A.
Bank of America Corp.
Apple Inc.
AXA S.A.
Volkswagen International Finance N.V.
1.3
1.2
1.2
1.1
1.1
1.0
1.0
1.0
1.0
1.0
Total
Incl. forward exchange transactions, negative and positive figures reflect expected
currency developments.
Breakdown by Country (Bonds)
10.9
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
USA
France
Great Britain
Germany
Netherlands
Spain
Italy
Switzerland
Sweden
Luxembourg
Other Countries
20.2
13.6
9.0
9.0
7.6
4.1
4.0
3.6
2.7
2.7
19.9
Gross weighting, not adjusted for any positions in derivatives.
Key Figures regarding the Fund's Assets
Yield (in %)
1.7
Current Interest Rate (in %)
Duration (in years)
5.4
Modified Duration
Number of Bonds
366
Average Rating
Cumulative Performance (in %)
1m
1y
3y
5y
2.2
5.0
Maturity (in years)
6.8
BBB
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
--
--
--
--
--
--
--
--
--
--
--
--
FC(EUR)
-0.4
2.3
8.7
29.1
61.9
1.3
2.8
5.2
3.0
9.1
-1.2
5.6
GBP CH RD(GBP)
-0.3
3.0
--
--
7.0
1.6
--
--
--
--
--
6.4
IC(EUR)
-0.3
2.5
--
--
9.4
1.4
--
--
--
--
-1.0
5.8
LC(EUR)
-0.4
2.0
7.7
27.2
56.7
1.1
2.5
4.9
2.7
8.8
-1.5
5.2
LD(EUR)
-0.4
2.0
7.7
27.1
45.7
1.1
2.5
4.9
2.7
8.8
-1.5
5.2
NC(EUR)
-0.4
1.6
6.5
24.7
50.8
0.9
2.1
4.5
2.3
8.4
-1.9
4.8
--
--
--
--
--
--
--
--
--
--
--
--
SEK FCH(SEK)
-0.4
2.0
--
--
5.2
1.1
--
--
--
--
--
5.2
SEK LCH(SEK)
-0.4
1.7
--
--
4.8
1.0
--
--
--
--
--
4.9
--
--
--
--
--
--
--
--
--
--
--
--
CHF FCH(CHF)***
RC(EUR)***
USD FCH(USD)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
116
Marketing Material
Factsheet: Deutsche Invest I Euro Corporate Bonds
Bond Funds - Corporate Bonds
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Karsten Rosenkilde
Portfolio Manager since
15/06/2009
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
1,679.4 Mio. EUR
Fund Currency
EUR
Launch Date
21/05/2007
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
CHF FCH
CHF LU0813333605
DWS 1H0
Accumulation
0.00%
100.37
100.37
0.86
0.600%
0.74% (2)
--
400,000
FC
EUR LU0300357802
DWS 0M6
Accumulation
0.00%
161.86
161.86
1.49
0.600%
0.68% (1)
--
400,000
GBP CH RD
GBP
LU1322113371
DWS 2EF
Accumulation
0.00%
107.03
107.03
1.00
0.600%
0.71% (1)
--
--
IC
EUR LU0982748476
DWS 103
Accumulation
0.00%
109.42
109.42
1.04
0.400%
0.45% (1)
--
25,000,000
LC
EUR LU0300357554
DWS 0M3
Accumulation
3.00%
161.57
156.72
1.32
0.900%
0.98% (1)
--
--
LD
EUR LU0441433728
DWS 0X4
Distribution
3.00%
126.49
122.69
1.04
0.900%
0.98% (1)
--
--
NC
EUR LU0300357638
DWS 0M4
Accumulation
1.50%
153.07
150.77
1.12
1.200%
1.38% (1)
--
--
RC
EUR LU1490674006
DWS 13H
Accumulation
0.00%
100.03
100.03
0.87
0.600%
0.70% (2)
--
50,000,000
SEK FCH
SEK
LU1322113538
DWS 2EG
Accumulation
0.00%
1,052.02
1,052.02
9.63
0.600%
0.71% (1)
--
4,000,000
SEK LCH
SEK
LU1322113611
DWS 2EH
Accumulation
3.00%
1,080.10
1,047.69
8.86
0.900%
1.00% (1)
--
--
0.00%
USD FCH
USD LU0911036217 DWS 1WB
Accumulation
101.88
101.88
0.91
0.74% (2)
-0.600%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (CHF FCH:31/10/2016, RC:30/09/2016, USD FCH:31/10/2016). Actual expenses will be calculated and published once the first financial year has
ended. The annual report for each financial year will contain the expense details with their precise calculation.
400,000
Address
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
117
Marketing Material
Fund Management's Comment: Deutsche Invest I
Euro Corporate Bonds
Bond Funds - Corporate Bonds
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
It has been a strong first half Euro Investment Grade (IG) credit with a total return of 0.65% outperforming Euro government bonds by over 2% according to the BofA Merrill Lynch
Euro Corporate Index. The index is 21Bp tighter compared to government bonds and stands at 102Bps, but still well off the tights of March 2015 (89Bp). Best performing sector by a
decent margin, was subordinated insurance- The sector tightened 77Bp and returned an impressive 6.7%, compared to € high yield which generated 4.1% in return. Second best
performing sub segment was corporate hybrids (IG only), which generated 5.7% and tightened 46Bp. Financials and banks in general benefitted from the easing of political risk in
the Eurozone, better earnings and a friendlier interest rate curve, outperformed non financials (-17Bp vs -5Bp). When stripping out the subordinated banks (-35Bp), senior banks
tightened 7Bp, whereas senior non-financials were only 2Bp tighter. Deutsche Invest Euro Corporate Bonds also had a good first half, returning 1.25% outperforming the
benchmark by 65Bp after fees. We were affected by the selloff in government bonds in June loosing 36Bp, but still outperforming the benchmark by 0.2%. Again in June financials
were our best performers, accounting for half the outperformance, with subordinated insurance being particularly strong. Despite the write down of Italian and Spanish lower tier2’s
in the wake of the respective bank bail outs, our overweight (OW) in the segment again added to performance. Utility was our second best performing sector, with the corporate
hybrids leading the way, but we also gained via our OW in a recent spinoff from French electricity giant EDF. In general French credits was our best performing region and we
expect that the higher yield brought out French insurers and pension funds in large numbers. Furthermore, the clear victory of En Marche probably gave rise to renewed optimism
for France.
Performance Attribution
Please see performance review.
Current Positioning
As we head into the doldrums of summer we continue to feel comfortable holding a fair amount of risk in the portfolio. Barring any unknown unknowns we believe that the largest
risk to Euro IG over the summer probably comes from a further large correction in Euro government bond yields. At least for the moment 10 year German rates appear to have
found a level around 0.5% and if we can hold this level we should have a quiet 2 months ahead of us. Towards the end of June we took profit and reduced our OW in subordinated
insurance paper, to market weight as we felt that the sector had performed phenomenally during the first half. We have our OW in both bank and non-financial subordinated paper
as we continue to like the European bank sector as well selected corporate hybrids. Both sub-segments also have the advantage of lower interest sensitivity, in case we a further
selloff in bunds. For the time being we are maintaining the OW in Emerging Markets as we have yet to see any spill over from the higher yields in US treasuries, which normally has
a negative influence on the asset class. But rising geopolitical tension and the somewhat softer US macroeconomic indicators, should be able to keep the yield rise capped for the
moment. We have not made any larger changes to the sector allocation in non-financials, but it is worth mentioning that we have kept in OW in oil and gas, as the rebound at the
end of June was encouraging and we still see value in the bonds.
Outlook
July marks the proper start of summer and at least on the political front things should quiet down noticeably. The Federal Reserve meets at the end of the month (26th), with an
almost certainty that we will see no change. Yellen’s semi-annual Humphrey Hawkins address in from of both houses promises to be more interesting. On the 20th the ECB meets,
and the meeting could be the pivotal event of the month in lieu of the rates volatility at the end of the month. The volatility was set off by the aforementioned comments from Draghi
and the recent hints of an increase in inflation despite partly weaker commodity prices. The market will be hungry for clarification on the ECB’s intentions regarding potential
tapering.
In general, and for our market in particular, it is important that we have stability in government bonds and that would initially require that we can hold the 0.5% yield for 10 year
German Bund. Half year 2017 earnings will kick off in earnest on the 14th, where the US money centre banks (Citi, JP Morgan and Wells Fargo) will report. According to Factset the
estimated growth rate for earnings for S&P 500 companies in Q2 is 6.6% (year over year), with energy again being the strongest sector followed by information technology and
financials. July’s political highlight is likely to be the G 20 summit in Hamburg; Trump’s first international appearance since he bowed out of the Paris climate accord. Furthermore,
he is scheduled to hold his first (official) face to face with President Putin. The summit begins on the 7th.
Note: The key terms are explained in the glossary.
Page 4 / 5
118
Fund Management's Comment: Deutsche Invest I Euro
Corporate Bonds
Balanced Funds - Flexible
Opportunities
In accordance with the investment policy.
Risks
• The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on
the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying
instrument is acquired directly.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
119
Balanced Funds
Flexible
Marketing Material
Factsheet: Deutsche Invest II Multi Opportunities
Total Return
Balanced Funds - Flexible
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LD(EUR)
(in %)
The objective of the investment policy is to
achieve a positive investment performance. In
order to achieve this, the fund invests variably
worldwide in the entire spectrum of
permissible investment
categories/instruments of all asset classes.
An opportunistic management approach is
used, i.e. the fund management assesses the
performance of various investment classes
and investment instruments. Depending on
the selection of the investments, the
investment structure of the fund can vary from
an investment that is more bond-dependent
through to an exclusively equity-oriented
investment.
Fund
Fund Management's Comment
In June, both global equity markets and global
bond markets were moderately weaker (MSCI
World -1.2% in Euro, Barclays Global AGG
USD hedged -0.28%). In this environment,
the unit value of the Deutsche Invest II Multi
Opportunities TR Fund declined only very
slightly, falling by 0.06%. The contribution of
the equities side was slightly positive at
+0.20%; equities from developed markets
contributed positively (+0.36%), while
emerging market equities were slightly
negative (-0.16%). Commodities (gold) were
down slightly for the month (-0.18%). The
contribution of the bond portion was only
slightly negative at -0.04%. In the bond asset
class, emerging market bonds in local
currency bucked the trend and recorded a
slight gain (+0.05%). The weakness of the
USD against the EUR had a negative impact
across all asset classes. The USD
depreciated by 1.61% against the EUR for the
month. Our USD position amounted to around
14% at month's end. In June, the equity
weighting was kept between 32% and 35%.
We are maintaining a significant cash position
in order to take advantage of opportunities if
volatility increases.
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LD(EUR)
1m
1y
3y
5 y s. Launch
EUR
-0.2
5.6
--
--
0.7
Ytd.
2.1
3yØ
5yØ
2016
--
2.9
--
Portfolio Analysis
Asset class (gross)
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Equities (incl. funds)
Alternative investments
Asset class (net)
Current
(40.7)
(13.6)
(40.8)
(4.9)
11.8
30.7
52.2
5.3
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Equities (incl. funds)
Alternative investments
Current
(27.2)
(22.4)
(34.7)
(5.0)
11.2
30.7
32.8
5.4
Morningstar Style-Box™
Market Capitalization
Large
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Small
Breakdown by Currency
Growth
Blend
Investment Style
Morningstar Category™
Alt - Multistrategy
Euro
United States dollar
Hong Kong dollar
Mexican peso - new Russian ruble
Indonesian rupiah
Turkish lira - new Brasilian real
South Korean won
Pound sterling
Other Currencies
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume)
65.7
9.7
4.3
3.5
2.9
2.3
2.2
2.0
1.9
1.7
3.9
Largest Individual Holdings
(in % of fundvolume)
DB ETC/Gold 15.06.60 ETC
5.3
db X-trackers-MSCI Russia Capped Ind. UCITS E
3.4
Deutsche Floating Rate Notes LC
3.0
Deutsche Invest I Asian Bonds USD RC
3.0
db x-trackers MSCI JAPAN INDEX UCITS ETF (D
2.8
Deutsche Invest I Financial Hybrid Bonds FC
2.6
Indonesia 13/15.03.34 S.FR66
2.3
Mexico 11/10.06.21
2.3
Turkey 10/15.01.20
2.2
Brazil 12/01.01.23 S.NTNF
2.1
Total
Incl. forward exchange transactions, negative and positive
figures reflect expected currency developments.
Note: The key terms are explained in the glossary.
29.0
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
121
Marketing Material
Factsheet: Deutsche Invest II Multi Opportunities
Total Return
Balanced Funds - Flexible
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Consumer Discretionary
Financials
Information Technology
Industrials
Materials
Health Care
Telecommunication Serv.
Energy
Consumer Staples
Real Estate
9.4
8.1
7.5
6.0
5.3
3.6
2.5
1.8
1.4
0.4
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating
(in % of bond holdings)
AAA
A
BBB
BB
B
Not Rated
6.1
15.7
46.4
27.5
2.9
1.4
The presentation of the structure of the bond credit ratings is based on both internal
and external ratings.
Breakdown by Country (Equities)
(in % of fundvolume)
Germany
USA
China
France
Great Britain
Italy
Korea
Netherlands
Switzerland
Japan
Spain
Other Countries
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Country (Bonds)
10.1
9.9
5.5
4.2
2.7
2.3
1.8
1.6
1.4
1.2
1.2
4.3
(in % of fundvolume)
Luxembourg
Mexico
Russia
USA
Indonesia
Turkey
Brazil
Spain
Kazakhstan
Italy
Other Countries
8.6
3.9
2.9
2.7
2.3
2.2
2.1
1.9
1.6
0.6
1.8
Gross weighting, not adjusted for any positions in derivatives.
Key Figures regarding the Fund's Assets
Yield (in %)
9.0
Current Interest Rate (in %)
Duration (in years)
0.9
Modified Duration
Number of Bonds
19
Average Rating
Number of Shares
80
Dividend Yield (in %)
Cumulative Performance (in %)
1m
1y
3y
5y
1.6
0.9
Maturity (in years)
1.2
BBB
s. Launch
2.5
Ø Market Cap
Ytd.
3yØ
5yØ
41,885.3 Mio. EUR
2016
FC(EUR)
-0.1
6.5
--
--
2.3
2.6
--
--
3.7
FD(EUR)
-0.1
6.5
--
--
2.3
2.5
--
--
3.7
IC(EUR)
-0.1
6.8
--
--
2.9
2.7
--
--
4.0
ID(EUR)
-0.1
6.8
--
--
3.0
2.7
--
--
4.0
LD(EUR)
-0.2
5.6
--
--
0.7
2.1
--
--
2.9
XD(EUR)
-0.1
7.2
--
--
3.6
2.9
--
--
4.3
Page 2 / 5
122
Marketing Material
Factsheet: Deutsche Invest II Multi Opportunities
Total Return
Balanced Funds - Flexible
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Georg Schuh
Portfolio Manager since
15/02/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
167.9 Mio. EUR
Fund Currency
EUR
Launch Date
30/06/2015
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
FC
EUR LU1246175613
DWS 2AW
Accumulation
0.00%
102.33
102.33
0.47
0.750%
0.93% (1)
--
FD
EUR LU1246175704
DWS 2AX
Distribution
0.00%
99.49
99.49
0.47
0.750%
0.92% (1)
--
400,000
IC
EUR LU1246175886
DWS 2AY
Accumulation
0.00%
102.92
102.92
0.55
0.500%
0.64% (1)
--
25,000,000
ID
EUR LU1246175969
DWS 2AZ
Distribution
0.00%
99.77
99.77
0.55
0.500%
0.62% (1)
--
25,000,000
LD
EUR LU1246176181
DWS 2A1
Distribution
5.00%
103.86
98.67
0.26
1.500%
1.69% (1)
--
--
0.00%
XD
EUR LU1246176009 DWS 2A0
Distribution
99.94
99.94
0.64
0.32% (1)
-0.140%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
1,000,000
Address
400,000
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
123
Marketing Material
Fund Management's Comment: Deutsche Invest II
Multi Opportunities Total Return
Balanced Funds - Flexible
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June, global equity as well as bond markets showed a moderate downward trend in EUR, foremost due to the still weakening US dollar (MSCI World -1.2% in EUR, Barclays
Global AGG USD Hedged -0.28%). In this environment, Deutsche Invest II Multi Opportunities Total Return printed just a very small loss of 0.06%.
Performance Attribution
The performance contribution of equities was positive with a total of +0.20%. The partial hedging via euroland derivatives (short DAX and Eurostoxx 50 futures; hedging via DAX put
options) contributed positively with +0.49% and more than compensated losses in single European stocks. Japanese stocks withstood the global trend by ending the month in
positive territory and contributing 0.16% to performance. UK equities (-0.10%) and Asian emerging markets equities (-0.09%) were in negative territory. Commodities were also
slightly down (-0.2%). Bonds detracted only slightly from performance (-0.04%). Developed markets high yield bonds showed slight gains (+0.06%), while hard currency bonds from
emerging markets saw slight losses (-0.07%).
Current Positioning
The net equity proportion was just above 30% in June. The equity exposure is regionally diversified with approx. 5-10% net equity exposure each in the US, Europe, Japan and
emerging markets. We keep the portfolio duration still quite low - mostly between 0 and 2 years - and have exposure foremost in the US interest rate curve. The duration of the fund
is below one year, as the risk/reward ratio appears to be rather unattractive. Emerging markets bonds are in our view still compelling as the hunt for yield should continue for now.
Accordingly, the proportion of emerging markets bonds in local currency was further increased. The exposure is quite broadly diversified (bonds in Mexico, Indonesia and Russia
and in addition bonds in Turkey and Brazil). Even with a moderate interest rate hike in the US we expect a resulting positive performance due to the high current yields and the
moderate duration. We used the pronounced dip in June to increase our commodity exposure in the fund to a good 10% via commodity-related investments. We used several
instruments for this, e.g. an ETF on the Russian equity index as well as steel and mining names. The FX exposure in USD is currently at approx. 13%. We stick to a significant cash
position, in order to be able to benefit from opportunities when the volatility increases. The cash position stood at just below 20% in June.
Outlook
Volatility in the capital markets continues to be unusually low. Reason for this is foremost the massive liquidity provided by central banks around the globe (“investment shortage” for
investors) supported by positive earnings momentum showing in the company results. Nevertheless, we expect that this will change during the next months, particularly when the
central banks start to scale back their ultra-loose monetary policy. Accordingly, we intend to act in a contrarian way by only utilizing our high cash position when the volatility is
higher. Due to the positively synchronized macro situations (US, Europe, and Asia) we expect the pressure on central banks to mount and therefore an increase of the whole
interest rate curve in the mid-term, particularly in the US. Accordingly, we like to maintain a low duration, although inflation expectations are declining. Moderately increasing interest
rates in an at the same time improved growth environment should initially have a positive effect on cyclical stocks. The equity proportion is still actively managed. The strategic
focus on high steady returns in the investment allocation remains intact, and we continue to see potential in various bonds in selected emerging markets. Due to subdued yields,
high yield European corporate bonds are in our opinion less attractive -particularly in the mid term.
Note: The key terms are explained in the glossary.
Page 4 / 5
124
Fund Management's Comment: Deutsche Invest II
Multi Opportunities Total Return
Fund of Funds
Opportunities
In accordance with the investment policy.
Risks
• The fund invests a substantial portion in other funds. When investing in other funds, it must be taken into consideration that multiple target funds may follow
investment strategies which are identical or contrary to one another. This can result in a cumulative effect of existing risks, and any opportunities for returns might be
offset.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
125
Fund of Funds
Marketing Material
Factsheet: Deutsche Invest I Multi Opportunities
Fund of Funds
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
The objective of the investment policy is to
achieve an above-average return. In order to
achieve this, the fund invests at least 51% in
shares in other funds. In addition, the net
assets may also be invested in equities, fixedincome securities, equity certificates,
convertible bonds, convertible and warrantlinked bonds whose underlying warrants are
for securities, warrants on securities and
participation certificates and dividend-right
certificates (Genussscheine). The investment
policy will also be implemented through the
use of suitable derivatives.
Fund
Fund Management's Comment
Volatility increased in the global capital
markets in June. Indications that the ECB
could roll back its ultra-loose monetary policy
resulted in significant volatility in the currency
and interest rate markets. As expected, the
US Federal Reserve Bank raised its key
interest rate. The price of oil remained under
pressure (WTI -6% in Euro). From a Euro
investor's perspective, the weak US Dollar
was a drag on the global equity markets last
month (MSCI World index -1.0%). In an
environment of rising interest rates and
positive stress test results in the US,
financials were among the winners, while IT,
utilities and telecoms recorded the heaviest
losses. In the bond market, yields on 10-year
government bonds in Germany and the US
rose noticeably, while Spanish and Italian
bonds, for example, were virtually unchanged
from the previous month.
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
EUR
-0.3
6.0
14.8
--
14.7
Ytd.
3yØ
0.8
4.7
5yØ
2015
2016
--
-0.5
6.4
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
1.94%
VAR (99%/10 days)
Portfolio Analysis
Asset class (gross)
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Balanced fund
Equities (incl. funds)
Asset class (net)
Current
(11.2)
(48.0)
(1.1)
(39.7)
17.2
45.1
1.1
36.6
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Balanced fund
Equities (incl. funds)
Current
(14.9)
(41.5)
(3.3)
(28.7)
20.5
39.7
2.9
28.7
Morningstar Style-Box™
Market Capitalization
Large
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Small
Breakdown by Currency
Growth
Blend
Investment Style
Morningstar Category™
Euro
United States dollar
Swiss franc
Hong Kong dollar
Pound sterling
Japanese yen
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume)
88.2
15.4
1.1
0.3
-2.1
-2.9
EUR Flexible Allocation - Global
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««««
Largest Individual Holdings
(in % of fundvolume)
Deutsche Floating Rate Notes IC
12.6
Deutsche Invest I Global Bonds IC
5.8
DWS Rendite Optima Four Seasons
5.2
DWS Top Europe IC
4.4
iShares III-iShares J.P.M. EM L.Gov.Bd.UCITS ET
3.1
Deutsche Institutional Money plus IC
3.0
db X-trackers-Stoxx® Global Sel.Div.100 UCITS 1
2.9
db X-trackers II - EONIA TR Index UCITS ETF 1C
2.6
Deutsche USD Floating Rate Notes USD LD
2.3
Deutsche Invest I Euro High Yield Corporates FC
Total
Incl. forward exchange transactions, negative and positive
figures reflect expected currency developments.
Note: The key terms are explained in the glossary.
2.0
43.9
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
127
Marketing Material
Factsheet: Deutsche Invest I Multi Opportunities
Fund of Funds
June 2017
Cumulative Performance (in %)
1m
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2015
As at 30/06/2017
2016
AUD LCH(AUD)
-0.1
8.5
--
--
3.3
1.9
--
--
--
8.4
AUD LDMH(AUD)
-0.1
8.5
--
--
7.3
1.9
--
--
--
8.4
CHF FCH(CHF)
-0.3
5.8
--
--
3.4
0.7
--
--
--
6.3
FC(EUR)
-0.3
6.5
--
--
10.6
1.0
--
--
0.0
6.9
FD(EUR)
-0.3
6.6
--
--
4.7
1.1
--
--
--
6.9
GBP CH RD(GBP)
-0.2
7.3
--
--
1.3
1.4
--
--
--
7.5
HKD LDMH(HKD)
-0.2
6.9
--
--
-0.7
1.3
--
--
--
6.9
LC(EUR)
-0.3
6.0
14.8
--
14.7
0.8
4.7
--
-0.5
6.4
LD(EUR)
-0.3
6.0
--
--
3.7
0.8
--
--
--
6.4
LDQ(EUR)
-0.3
6.0
14.8
--
14.7
0.8
4.7
--
-0.5
6.4
NC(EUR)
-0.4
5.5
13.1
--
13.0
0.5
4.2
--
-1.0
5.9
NDQ(EUR)
-0.4
5.5
13.1
--
13.0
0.5
4.2
--
-1.0
5.9
PFC(EUR)
-0.4
5.1
12.1
--
11.9
0.3
3.9
--
-1.4
5.5
PFDQ(EUR)
-0.4
5.1
11.8
--
11.6
0.3
3.8
--
-1.6
5.5
0.6
12.2
--
--
16.4
4.2
--
--
--
11.5
SEK FCH(SEK)
-0.3
6.3
--
--
7.0
0.9
--
--
--
6.5
SEK LCH(SEK)
-0.3
5.7
--
--
6.0
0.7
--
--
--
5.9
SGD LDMH(SGD)
-0.2
7.4
--
--
3.6
1.4
--
--
--
7.7
USD FCH(USD)
-0.1
8.0
--
--
1.6
1.8
--
--
--
8.0
USD LCH(USD)
-0.2
7.5
--
--
0.8
1.6
--
--
--
7.3
USD LDMH(USD)
-0.2
7.7
--
--
5.7
1.6
--
--
--
7.7
USD RDMH(USD)
-0.1
8.1
--
--
8.1
1.8
--
--
--
--
RMB LDMH(CNY)
Page 2 / 5
128
Marketing Material
Factsheet: Deutsche Invest I Multi Opportunities
Fund of Funds
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Henning Potstada
Portfolio Manager since
04/06/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
3,260.6 Mio. EUR
Fund Currency
EUR
Launch Date
04/06/2014
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
AUD LCH
AUD
AUD LDMH
CHF FCH
Front-end Load ¹ Issue Price
up to
Redemption
Price
LU1196385774
DWS 19J
Accumulation
4.00%
107.61
103.30
AUD LU1254146217
DWS 2A9
Distribution
4.00%
100.15
96.14
CHF LU1254146308
DWS 2BA
Accumulation
0.00%
103.40
103.40
FC
EUR LU1054322166
DWS 1M7
Accumulation
0.00%
110.58
FD
EUR LU1254146480
DWS 2BB
Distribution
0.00%
102.60
GBP CH RD
GBP LU1220887316
DWS 195
Accumulation
0.00%
101.31
101.31
HKD LDMH
HKD LU1230072123
DWS 2AD
Distribution
4.00%
90.29
86.68
LC
EUR LU1054321358
DWS 1MX
Accumulation
4.00%
119.49
114.71
LD
EUR LU1254146563
DWS 2BC
Distribution
4.00%
106.54
102.27
LDQ
EUR LU1054321515
DWS 1MZ
Distribution
4.00%
106.77
102.50
NC
EUR LU1054321606
DWS 1M1
Accumulation
2.00%
115.27
112.96
NDQ
EUR LU1054321861
DWS 1M3
Distribution
2.00%
103.02
PFC
EUR LU1054321945
DWS 1M4
Accumulation
0.00%
PFDQ
EUR LU1054322083
DWS 1M6
Distribution
RMB LDMH
CNY LU1289539220
DWS 2DD
SEK FCH
SEK
LU1289020239
SEK LCH
SEK
SGD LDMH
USD FCH
Interim Gains
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
1.300%
1.50% (1)
--
1.300%
1.50% (1)
--
--
0.99
0.750%
1.00% (1)
--
400,000
110.58
0.87
0.750%
0.96% (1)
--
400,000
102.60
0.99
0.750%
0.98% (1)
--
400,000
1.09
0.750%
1.01% (1)
--
--
1.300%
1.50% (1)
--
--
3.86
1.300%
1.47% (1)
--
--
0.93
1.300%
1.47% (1)
--
--
1.300%
1.47% (1)
--
--
1.700%
1.96% (1)
--
--
100.96
1.700%
1.96% (1)
--
--
111.87
111.87
1.200%
2.30% (1)
--
--
0.00%
99.76
99.76
1.200%
2.35% (1)
--
--
Distribution
4.00%
110.47
106.05
1.300%
1.51% (1)
--
--
DWS 2DB
Accumulation
0.00%
1,069.56
1,069.56
8.76
0.750%
0.99% (1)
--
4,000,000
LU1289020312
DWS 2DC
Accumulation
4.00%
1,103.74
1,059.59
8.18
1.300%
1.51% (1)
--
--
SGD LU1196386152
DWS 19L
Distribution
4.00%
9.31
8.94
1.300%
1.50% (1)
--
--
USD LU1224427564
DWS 2AB
Accumulation
0.00%
101.59
101.59
1.10
0.750%
0.98% (1)
--
400,000
USD LCH
USD
LU1196394099
DWS 19M
Accumulation
4.00%
104.98
100.78
1.03
1.300%
1.50% (1)
--
--
USD LDMH
USD LU1254146647
DWS 2BD
Distribution
4.00%
98.53
94.59
1.300%
1.51% (1)
--
--
0.00%
USD RDMH
USD LU1433454672 DWS 2GN
Distribution
101.97
101.97
0.70% (2)
-0.600%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (USD RDMH:30/06/2016). Actual expenses will be calculated and published once the first financial year has ended. The annual report for each
financial year will contain the expense details with their precise calculation.
25,000,000
Address
1.03
Management
Fee
3.48
--
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
129
Marketing Material
Fund Management's Comment: Deutsche Invest I
Multi Opportunities
Fund of Funds
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June the volatility at the capital markets increased. Indications that the ECB might reduce the ultra-reflationary monetary policy caused an increased level of volatility at the
equity, currency and bond markets. As expected the US Fed increased their prime rate. The oil price remained under pressure (WTI -4.7% in USD). From a Euro investor
perspective, the weak US-Dollar (-1.4% vs. Euro) weighed on the equity market performance (MSCI World Index -1.0% in Euro). On the equity sector side financials benefited from
the increasing interest rate levels and positive stress test results in the USA, whereas IT, utilities and telecom companies were the weakest sectors over the course of the month.
European corporate, German as well as US government bonds showed a slight negative performance in June. Only US corporate bonds were slightly up in local currency over the
month.
Performance Attribution
Deutsche Invest I Multi Opportunities had a slightly negative performance of -0.29% in June 2017 (FC share class). The equity portfolio was the main negative contributor with 0.57% (in local currency, derivatives included).The foreign exchange currency portfolio contributed also negatively with -0.28%, mainly due to the decrease of the US-Dollar against
the Euro but could partly be offset by currency forwards which contributed +0.22%. The bond portfolio contributed positively with +0.21% (in local currency, derivatives included).
The performance year to date was at the end of June at +1.20%.
Current Positioning
In June the underlying equity portfolio was slightly reduced to 37.7% coming from 40.6% at the end of last month. At the same time the equity hedges were decreased from -11.2%
to -8.1% resulting in a change of +0.2% of the net equity quota. The gross bond allocation was at 44.4% with corporate bonds being allocated with 35.3% and government bonds
being allocated with 9.2%. The average bond rating was at BBB+ at month end. The duration on the portfolio level was negative at -0.25yrs.The cash position increased from 12.8%
up to 17.6% of the overall portfolio. The EUR weight was increased further from 68.4% to 76.1% while the USD exposure was further decreased from 24.0% to 15.8%.The GBP
exposure was hedged down to 0.3% while some of the JPY hedges were decreased and -2.9% being allocated to JPY.
The carry of the fund is attractive with the dividend yield of the equity portfolio being at 3.2% and the Yield-to-Maturity of the bond portfolio being at 2.2% at the end of June.
Outlook
The volatility of the DAX (12 months) has come down even further, it fell from 18.5% to 17.8% in May. In comparison: this measure of risk had been at 23.5% at the beginning of the
year. This suggests that there are currently no perceivable risks worth mentioning respectively that no risks are priced in. Incidentally, the US market shows the same trend.
Nevertheless, positive economic news is still accompanied by slight price increases.
Monetary policy changes are being ignored for now due to the decline in inflationary pressure. Positive economic momentum goes hand in hand with a perceived lowering of risk.
There is not much reason to trim equity positions in face of persistently depressed interest rate levels. The current calm phase might quite possibly stay for the summer months.
However, one has not only to ask the question what might trigger a correction in the equity markets, but also what is needed to drive the equity markets further. Much evidence
suggests that a continued growth in 2018 is already priced in.
Note: The key terms are explained in the glossary.
Page 4 / 5
130
Fund Management's Comment: Deutsche Invest I Multi
Opportunities
Fund of Funds
Opportunities
In accordance with the investment policy.
Risks
• The fund invests a substantial portion in other funds. When investing in other funds, it must be taken into consideration that multiple target funds may follow
investment strategies which are identical or contrary to one another. This can result in a cumulative effect of existing risks, and any opportunities for returns might be
offset.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
131
Marketing Material
Factsheet: Deutsche Multi Opportunities
Fund of Funds
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class FC
(in %)
The investment objective of the Deutsche
Multi Opportunities umbrella fund is to
achieve the highest possible growth in Euro.
The umbrella fund invests at least 51% of net
Fund assets in target funds. Shares of foreign
and domestic equity funds, balanced
securities funds, bond funds and near-money
market funds may be acquired for Deutsche
Multi Opportunities. In addition, Fund assets
may be invested in equities, fixed-income and
floating-rate notes, share certificates and
convertible bonds, among other instruments.
The Fund is diversified internationally.
Fund
Fund Management's Comment
Volatility increased in the global capital
markets in June. Indications that the ECB
could roll back its ultra-loose monetary policy
resulted in significant volatility in the currency
and interest rate markets. As expected, the
US Federal Reserve Bank raised its key
interest rate. The price of oil remained under
pressure (WTI -6% in Euro). From a Euro
investor's perspective, the weak US Dollar
was a drag on the global equity markets last
month (MSCI World index -1.0%). In an
environment of rising interest rates and
positive stress test results in the US,
financials were among the winners, while IT,
utilities and telecoms recorded the heaviest
losses. In the bond market, yields on 10-year
government bonds in Germany and the US
rose noticeably, while Spanish and Italian
bonds, for example, were virtually unchanged
from the previous month.
Benchmark*
*Benchmark: 25% MSCI World(RI), 25% MSCI Europe(RI), 40% REXP, 10% Euribor3M
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
Cumulative Performance (in %) - Share Class FC
1m
1y
3y
5y
EUR
BM IN EUR
-0.5
-1.2
6.7
7.6
17.6
17.5
s. Launch
Ytd.
3yØ
183.2
110.0
1.2
2.0
5.6
5.5
44.0
42.7
5yØ
2013
2014
2015
2016
7.6
7.4
9.2
10.5
14.7
9.7
0.3
5.8
6.9
4.5
Further Characteristics (3 years) / VAR (1 year) - Share Class FC
Volatility
Sharpe Ratio
Alpha
6.99%
0.82
0.98%
Maximum Drawdown
-11.91%
1.96%
VAR (99%/10 days)
Information Ratio
0.00
Correlation Coefficient
Beta
0.82
Tracking Error
0.73
4.90%
Portfolio Analysis
Asset class (gross)
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Balanced fund
Equities (incl. funds)
Asset class (net)
Current
(11.8)
(47.6)
(1.1)
(39.6)
16.6
45.4
1.1
37.0
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Balanced fund
Equities (incl. funds)
Current
(14.6)
(41.8)
(3.3)
(28.8)
19.5
40.2
2.9
29.1
Morningstar Style-Box™
Market Capitalization
Large
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Small
Breakdown by Currency
Euro
United States dollar
Swiss franc
Hong Kong dollar
Pound sterling
Japanese yen
Growth
Blend
Investment Style
Morningstar Category™
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume)
88.1
15.7
1.1
0.3
-2.0
-3.3
EUR Flexible Allocation - Global
Ratings
(As at: 31/05/2017)
Morningstar Overall Rating™:
«««««
FERI Fund Rating:
Note: The key terms are explained in the glossary.
(in % of fundvolume)
Deutsche Floating Rate Notes IC
12.5
Deutsche Invest I Global Bonds IC
5.7
DWS Rendite Optima Four Seasons
5.2
DWS Top Europe IC
4.4
iShares III-iShares J.P.M. EM L.Gov.Bd.UCITS ET
3.1
Deutsche Institutional Money plus IC
3.0
db X-trackers-Stoxx® Global Sel.Div.100 UCITS 1
2.9
db X-trackers II - EONIA TR Index UCITS ETF 1C
2.6
Deutsche USD Floating Rate Notes USD LD
2.3
Deutsche Invest I Euro High Yield Corporates FC
(B)
Lipper Leaders:
Largest Individual Holdings
Total
Incl. forward exchange transactions, negative and positive
figures reflect expected currency developments.
2.0
43.7
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 4
132
Marketing Material
Factsheet: Deutsche Multi Opportunities
Fund of Funds
June 2017
Cumulative Performance (in %)
1m
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2013
As at 30/06/2017
2014
2015
2016
FC
-0.5
6.7
17.6
44.0
183.2
1.2
5.6
7.6
9.2
14.7
0.3
6.9
LD
-0.5
6.0
15.5
--
23.8
0.9
4.9
--
--
14.0
-0.3
6.3
NC
-0.6
5.6
14.1
--
19.9
0.7
4.5
--
--
--
-0.7
5.9
Fund Data
Portfolio Manager
Henning Potstada
Portfolio Manager since
01/01/2009
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
2,802.4 Mio. EUR
Fund Currency
EUR
Launch Date
31/05/2002
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
FCP
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
794 814
Accumulation
0.00%
256.55
256.55
2.99
0.850%
0.96% (1)
--
400,000
DWS 12A
Distribution
4.00%
125.58
120.75
1.32
1.500%
1.57% (1)
--
--
2.00%
NC
EUR LU0989130413 DWS 12B
Accumulation
122.29
119.89
0.83
1.97% (1)
-1.900%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
--
FC
EUR LU0148742835
LD
EUR
LU0989117667
Address
Deutsche Asset Management
Investment GmbH
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Front-end Load Issue Price
Redemption
Price
Interim Gains
All-in-Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
Note
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 2 / 4
133
Marketing Material
Fund Management's Comment: Deutsche Multi
Opportunities
Fund of Funds
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June the volatility at the capital markets increased. Indications that the ECB might reduce the ultra-reflationary monetary policy caused an increased level of volatility at the
equity, currency and bond markets. As expected the US Fed increased their prime rate. The oil price remained under pressure (WTI -4.7% in USD). From a Euro investor
perspective, the weak US-Dollar (-1.4% vs. Euro) weighed on the equity market performance (MSCI World Index -1.0% in Euro). On the equity sector side financials benefited from
the increasing interest rate levels and positive stress test results in the USA, whereas IT, utilities and telecom companies were the weakest sectors over the course of the month.
European corporate, German as well as US government bonds showed a slight negative performance in June. Only US corporate bonds were slightly up in local currency over the
month.
Performance Attribution
Deutsche Multi Opportunities had a slightly negative performance of -0.50% in June 2017 (FC share class). The equity portfolio was the main negative contributor with -0.57% (in
local currency, derivatives included). The foreign exchange currency portfolio contributed also negatively with -0.28%, mainly due to the decrease of the US-Dollar against the Euro
but could partly be offset by currency forwards which contributed +0.22%. The bond portfolio contributed positively with +0.21% (in local currency, derivatives included). The
performance year to date was at the end of June at +1.20%.
Current Positioning
In June the underlying equity portfolio was slightly reduced to 37.7% coming from 40.6% at the end of last month. At the same time the equity hedges were decreased from -11.2%
to -8.1% resulting in a change of +0.2% of the net equity quota. The gross bond allocation was at 44.4% with corporate bonds being allocated with 35.3% and government bonds
being allocated with 9.2%. The average bond rating was at BBB+ at month end. The duration on the portfolio level was negative at -0.25yrs.The cash position increased from 12.8%
up to 17.6% of the overall portfolio. The EUR weight was increased further from 68.4% to 76.1% while the USD exposure was further decreased from 24.0% to 15.8%.The GBP
exposure was hedged down to 0.3% while some of the JPY hedges were decreased and -2.9% being allocated to JPY.
The carry of the fund is attractive with the dividend yield of the equity portfolio being at 3.2% and the Yield-to-Maturity of the bond portfolio being at 2.2% at the end of June.
Outlook
The volatility of the DAX (12 months) has come down even further, it fell from 18.5% to 17.8% in May. In comparison: this measure of risk had been at 23.5% at the beginning of the
year. This suggests that there are currently no perceivable risks worth mentioning respectively that no risks are priced in. Incidentally, the US market shows the same trend.
Nevertheless, positive economic news is still accompanied by slight price increases.
Monetary policy changes are being ignored for now due to the decline in inflationary pressure. Positive economic momentum goes hand in hand with a perceived lowering of risk.
There is not much reason to trim equity positions in face of persistently depressed interest rate levels. The current calm phase might quite possibly stay for the summer months.
However, one has not only to ask the question what might trigger a correction in the equity markets, but also what is needed to drive the equity markets further. Much evidence
suggests that a continued growth in 2018 is already priced in.
Note: The key terms are explained in the glossary.
Page 3 / 4
134
Fund Management's Comment: Deutsche Multi
Opportunities
Total Return Strategies - Equities
Opportunities
In accordance with the investment policy.
Risks
• The fund invests a substantial portion in other funds. When investing in other funds, it must be taken into consideration that multiple target funds may follow
investment strategies which are identical or contrary to one another. This can result in a cumulative effect of existing risks, and any opportunities for returns might be
offset.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 4 / 4
135
Total Return Strategies
Equities
Marketing Material
Factsheet: Deutsche Concept Kaldemorgen
Total Return Strategies - Equities
June 2017
Fund Data
Investment Policy
As at 30/06/2017
Performance
Performance - Share Class LC(EUR)
(in %)
The objective of Deutsche Concept
Kaldemorgen is to achieve a total return in
Euro by investing in different markets and
instruments depending on the overall
economic cycle and assessment of the fund
management. It also intends to build up long
and synthetic short positions profiting from
respective over- and undervaluation of
various asset classes/instruments and to take
advantage of the ability to invest in derivatives
for hedging market risks.
Fund
Fund Management's Comment
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and
other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is
not a reliable indicator of future returns.
A detailed commentary by fund management
can be found on a separate page later in this
document.
Cumulative Performance (in %) - Share Class LC(EUR)
1m
1y
3y
5 y s. Launch
Please note: a separate monthly special
report on the Fund is available for financial
advisors and institutional clients.
EUR
-0.5
7.9
15.8
30.8
40.7
Ytd.
3yØ
1.4
5.0
5yØ
2013
2014
2015
2016
5.5
5.7
7.5
2.8
6.9
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR)
Volatility
5.39%
Beta
--
1.54%
VAR (99%/10 days)
Portfolio Analysis
Asset class (gross)
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Balanced fund
Equities (incl. funds)
Alternative investments
Asset class (net)
Current
(30.0)
(27.0)
(0.4)
(37.8)
(4.7)
30.0
25.7
0.4
39.5
4.4
(in % of fundvolume)
Prev. month
Cash (incl. funds)
Bonds (incl. funds)
Balanced fund
Equities (incl. funds)
Alternative investments
Current
(29.3)
(26.5)
(0.1)
(27.9)
(4.7)
29.2
25.2
0.1
24.8
4.4
Morningstar Style-Box™
Market Capitalization
Large
Value
Mid
Gross weighting, not adjusted for any positions in
derivatives.
Small
Breakdown by Currency
Growth
Blend
Investment Style
Morningstar Category™
Alt - Multistrategy
Ratings
FERI Fund Rating:
(As at: 31/05/2017)
Euro
United States dollar
Swiss franc
Australian dollar
Taiwan dollar - new Pound sterling
Japanese yen
South Korean won
Mexican peso - new Hong Kong dollar
Other Currencies
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume)
76.5
11.5
4.2
1.9
1.7
1.3
1.0
0.7
0.4
0.4
0.5
(A)
Lipper Leaders:
Note: The key terms are explained in the glossary.
Largest Individual Holdings
(in % of fundvolume)
Gold Bullion Securities 04/und. Cert.
4.4
Italy B.T.P. 15/01.05.20
4.3
Deutsche Floating Rate Notes LC
3.4
Evonik Industries Reg.
2.4
US Treasury 12/31.10.17
1.9
Nestlé Reg.
1.8
Italy B.T.P. 04/01.02.20
1.6
Monsanto Co.
1.5
Taiwan Semiconductor Manufacturing Co.
1.5
Unilever
1.4
Total
Incl. forward exchange transactions, negative and positive
figures reflect expected currency developments.
24.2
Gross weighting, not adjusted for any positions in
derivatives.
Page 1 / 5
137
Marketing Material
Factsheet: Deutsche Concept Kaldemorgen
Total Return Strategies - Equities
June 2017
As at 30/06/2017
Portfolio Analysis
Breakdown by Country (Equities)
(in % of fundvolume)
USA
Germany
France
Netherlands
Switzerland
Japan
Great Britain
Taiwan
Spain
Italy
Israel
Other Countries
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating
10.2
10.2
3.6
3.0
2.9
2.5
1.7
1.5
1.0
0.9
0.9
0.9
AAA
A
BBB
BB
B
Others
Not Rated
11.5
4.9
37.0
39.1
6.1
0.8
0.7
The presentation of the structure of the bond credit ratings is based on both internal
and external ratings.
1y
3y
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Health Care
Information Technology
Consumer Staples
Materials
Financials
Telecommunication Serv.
Energy
Industrials
Consumer Discretionary
Utilities
8.0
5.7
5.1
5.0
4.8
3.8
2.0
1.9
1.9
1.3
Gross weighting, not adjusted for any positions in derivatives.
(in % of bond holdings)
Cumulative Performance (in %)
1m
Breakdown by Sector (Equities)
5y
s. Launch
Breakdown by Country (Bonds)
(in % of fundvolume)
USA
Italy
Luxembourg
Great Britain
Brazil
Mexico
Germany
Cayman Islands
Russia
France
Other Countries
6.3
6.0
3.7
2.9
2.0
1.4
1.1
0.8
0.7
0.7
0.5
Gross weighting, not adjusted for any positions in derivatives.
Ytd.
3yØ
5yØ
2013
2014
2015
2016
CHF FCH(CHF)
-0.5
8.0
--
--
8.5
1.4
--
--
--
--
--
7.1
CHF SFCH(CHF)
-0.6
8.3
--
--
7.0
1.3
--
--
--
--
--
7.2
FC(EUR)
-0.4
8.6
18.2
35.1
46.6
1.7
5.7
6.2
6.4
8.2
3.5
7.6
--
--
--
--
--
--
--
--
--
--
--
--
GBP CH RD(GBP)
-0.4
10.6
--
--
11.5
2.3
--
--
--
--
--
--
IC(EUR)
-0.4
8.8
18.9
--
34.7
1.8
5.9
--
6.7
8.3
3.8
7.9
LC(EUR)
-0.5
7.9
15.8
30.8
40.7
1.4
5.0
5.5
5.7
7.5
2.8
6.9
LD(EUR)
-0.5
7.9
15.9
30.9
40.9
1.4
5.1
5.5
5.8
7.4
2.8
7.0
NC(EUR)
-0.5
7.2
13.7
26.8
34.9
1.1
4.4
4.9
5.1
6.8
2.1
6.3
SC(EUR)
-0.4
8.8
19.0
--
22.4
1.8
6.0
--
--
--
3.8
7.9
SCR(EUR)
-0.5
9.5
--
--
10.9
1.6
--
--
--
--
--
8.8
SFC(EUR)
-0.5
9.0
--
--
8.2
1.5
--
--
--
--
--
7.9
USD FCH(USD)
-0.2
10.3
19.1
--
21.9
2.5
6.0
--
--
--
2.9
8.9
USD LCH(USD)
-0.3
9.6
17.6
--
20.2
2.2
5.6
--
--
--
2.5
8.2
USD SFCH(USD)
-0.4
10.6
--
--
10.2
2.4
--
--
--
--
--
8.9
VC(EUR)
-0.5
9.1
--
--
9.8
1.6
--
--
--
--
--
8.0
FD(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 5
138
Marketing Material
Factsheet: Deutsche Concept Kaldemorgen
Total Return Strategies - Equities
June 2017
As at 30/06/2017
Fund Data
Portfolio Manager
Klaus Kaldemorgen
Portfolio Manager since
02/05/2011
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
7,092.4 Mio. EUR
Fund Currency
EUR
Launch Date
02/05/2011
Fiscal Year End
31/12/2017
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes
Share
Class
Cur.
ISIN Code
German
Sec. Code
Earnings
Front-end Load ¹ Issue Price
up to
Redemption
Price
Interim Gains
Management
Fee
Running costs /
TER
plus
performancerelated fee
Minimum
Investment
Amount
CHF FCH
CHF LU1254422691
DWS K44
Accumulation
0.00%
108.48
108.48
0.00
0.750% *
0.86% (1)
0.97%
400,000
CHF SFCH
CHF LU1303387986
DWS K47
Accumulation
5.00%
112.60
106.97
0.00
1.650%
1.76% (1)
--
1,000,000
FC
EUR LU0599947271
DWS K03
Accumulation
0.00%
146.62
146.62
0.00
0.750% *
0.84% (1)
1.13%
400,000
FD
EUR LU0599947354
DWS K04
Distribution
0.00%
101.15
101.15
0.00
0.750% *
0.91% (2)
0.00%
400,000
GBP CH RD
GBP LU1422958493
DWS K50
Accumulation
0.00%
111.49
111.49
0.00
0.750%
0.91% (2)
--
--
IC
EUR LU0599947438
DWS K05
Accumulation
0.00%
134.69
134.69
0.00
0.600% *
0.65% (1)
1.16%
10,000,000
LC
EUR LU0599946893
DWS K00
Accumulation
5.00%
148.15
140.74
0.00
1.500% *
1.59% (1)
1.03%
--
LD
EUR LU0599946976
DWS K01
Distribution
5.00%
146.40
139.08
0.00
1.500% *
1.59% (1)
1.04%
--
NC
EUR LU0599947198
DWS K02
Accumulation
3.00%
139.08
134.91
0.00
2.000% *
2.29% (1)
0.94%
--
SC
EUR LU1028182704
DWS K43
Accumulation
0.00%
122.36
122.36
0.00
0.500% *
0.59% (1)
1.16%
25,000,000
SCR
EUR LU1254423079
DWS K45
Accumulation
0.00%
110.86
110.86
0.00
1.500%
1.65% (1)
--
100,000,000
SFC
EUR LU1303389503
DWS K48
Accumulation
5.00%
113.85
108.16
0.00
1.650%
1.72% (1)
--
1,000,000
USD FCH
USD LU0599947784
DWS K08
Accumulation
0.00%
121.88
121.88
0.00
0.750% *
0.87% (1)
1.08%
400,000
USD LCH
USD LU0599947602
DWS K07
Accumulation
5.00%
126.54
120.21
0.00
1.500% *
1.61% (1)
0.86%
--
USD SFCH
USD LU1303389925
DWS K49
Accumulation
5.00%
115.99
110.19
0.00
1.650%
1.76% (1)
--
1,000,000
5.00%
VC
EUR LU1268496996 DWS K46
Accumulation
115.60
109.82
0.00
1.60% (1)
-1.500%
(1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its
assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year
which ended on 31/12/2016. They are subject to change from year to year.
(2) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. The total expenses listed here represent an
estimate since the Fund was launched on (FD:30/01/2017, GBP CH RD:15/06/2016). Actual expenses will be calculated and published once the first financial year has ended. The annual
report for each financial year will contain the expense details with their precise calculation.
400,000
Address
Note
Deutsche Asset Management
Investment GmbH
¹ Based on the gross investment.
Mainzer Landstraße 11-17
60329 Frankfurt am Main
Tel.: +49 (0) 69 / 910 - 12371
Fax: +49 (0) 69 / 910 - 19090
Internet: www.dws.com
E-Mail: [email protected]
Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may
fluctuate sharply in either direction within short periods of time.
Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial
consultant or Deutsche Asset Management Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in
this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax
information.
Page 3 / 5
139
Marketing Material
Fund Management's Comment: Deutsche Concept
Kaldemorgen
Total Return Strategies - Equities
Data in relation to the fund or the leading unit class.
June 2017
As at 30/06/2017
Performance Review
In June the volatility at the capital markets increased. Indications that the ECB might reduce the ultra-reflationary monetary policy caused an increased level of volatility at the
equity, currency and bond markets. As expected the US Fed increased their prime rate. The oil price remained under pressure (WTI -4.7% in USD). From a Euro investor
perspective, the weak US-Dollar (-1.4% vs. Euro) weighed on the equity market performance (MSCI World Index -1.0% in Euro). On the equity sector side financials benefited from
the increasing interest rate levels and positive stress test results in the USA, whereas IT, utilities and telecom companies were the weakest sectors over the course of the month.
European corporate, German as well as US government bonds showed a slight negative performance in June. Only US corporate bonds were slightly up in local currency over the
month.
Performance Attribution
Deutsche Concept Kaldemorgen had a slightly negative performance of -0.41% in June 2017 (FC share class). The equity portfolio had a neutral contribution +0.01 (in local
currency, including equity derivatives). Corporate bonds also brought a neutral contribution with -0.01% (in local currency) over the month. The government bond position
contributed positively with +0.07% (in local currency, including bond derivatives), mainly due to the bond future hedges. The gold position (in local currency) brought a slightly
negative performance in June with -0.08%. The cash position had a neutral contribution with -0.01%. Foreign currency positions contributed negatively with -0.68%, mainly due to
the decrease of the US-Dollar against the Euro in June. The foreign currency hedges contributed positively with +0.28%.
Current Positioning
In June the underlying equity exposure was slightly increased to 39.7% (+1.7%). At the same time the equity index hedges were increased by 4.9% to 15.0%, resulting in an overall
decrease of the net equity quota to 24.8% (-3.1%). The gross bond allocation was decreased to 25.8% with corporate bonds being allocated with 16.9% and government bonds
being allocated with 8.9%. The average bond rating was at BBB at month end. The effective duration of the fixed income portfolio was slightly increased to -1.1 (including
derivatives). On a fund level the duration increased to -0.3. The cash position remained stable at 29.7%. The US-Dollar weight was decreased to 14.8% from 15.9%. The Euro
weight was increased to 71.4% from 69.9%. The carry of the fund still is very attractive. End of June the dividend yield of the equity portfolio had been at 3.1% and the yield-tomaturity of the bond portfolio at 2.0%.
Outlook
The volatility of the DAX (12 months) has come down even further, it fell from 18.5% to 17.8% in May. In comparison: this measure of risk had been at 23.5% at the beginning of the
year. This suggests that there are currently no perceivable risks worth mentioning respectively that no risks are priced in. Incidentally, the US market shows the same trend.
Nevertheless, positive economic news is still accompanied by slight price increases.
Monetary policy changes are being ignored for now due to the decline in inflationary pressure. Positive economic momentum goes hand in hand with a perceived lowering of risk.
There is not much reason to trim equity positions in face of persistently depressed interest rate levels. The current calm phase might quite possibly stay for the summer months.
However, one has not only to ask the question what might trigger a correction in the equity markets, but also what is needed to drive the equity markets further. Much evidence
suggests that a continued growth in 2018 is already priced in.
Note: The key terms are explained in the glossary.
Page 4 / 5
140
Fund Management's Comment: Deutsche Concept
Kaldemorgen
Total Return Strategies - Equities
Opportunities
In accordance with the investment policy.
Risks
• The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on
the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying
instrument is acquired directly.
• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.
• The fund invests in convertible and warrant-linked bonds. Convertible and warrant-linked bonds embody the right to convert the bond into equities or to acquire
equities. The performance of the value of the convertible and warrant-linked bonds is therefore dependent on the price performance of the equity as the underlying.
The risks of the performance of the underlying equities can therefore impact on the performance of the convertible and warrant-linked bonds.
• The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and
willingness to repay) may have an adverse affect on the value of the bond.
• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant
fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Growth-oriented
The Fund is intended for the growth-oriented investor seeking returns higher than those from capital market interest rates, with capital growth generated primarily
through opportunities in the equity and currency markets. Security and liquidity are subordinate to potential high returns. This entails higher equity, interest rate and
currency risks, as well as default risks, all of which can result in a loss of capital.
Page 5 / 5
141
Glossary
Accumulated returns
This refers to an accumulating fund under Luxembourg law. It is taxed upon sale.
All-in-fee
The total daily charges to fund assets arising from the business activities of the fund. It is composed of the management fee, the custodian fee
and other costs (e.g., the cost of announcements and auditors’ fees; for some funds it includes a pricing fee of up to 0.2%) and is given as a
percentage per annum. The performance-based compensation incurred by various funds, the pure securities transaction costs of fund
management and the Luxembourg “Taxe d’abonnement” are not included in the total expenses.
Alpha
A measure of the difference between the risk-adjusted return on an investment and a benchmark. The alpha measures the part of the
performance that cannot be explained by market movements or market risk, but rather is derived from the selection of securities within the
market. Alpha is a way of measuring the active contribution to performance made by the portfolio manager. It is also a good yardstick to use
when comparing several funds. The figure is calculated on a 3-yearly basis.
Average dividend yield
Measures the average dividend amount, based on the current share price. This figure is calculated based on the shares (including ADRs/GDRs > Depositary receipts) and REITs contained in a fund.
Average gain in positive months
This is the average percentage return across all calendar months in a specified time period in which the performance of a security / fund was
positive.
Average loss in negative months
This is the average percentage loss across all calendar months in a specified time period in which the performance of a security / fund was
negative.
Average market capitalization
Measures the average market capitalization of the shares, REITs and ADRs/GDRs (depositary receipts) contained in a fund. The market
capitalization represents the total market value of a company as determined by multiplying the number of shares issued by the current share
price.
Benchmark
A benchmark is a reference or comparison value that is used to measure the success of an investment. The benchmark for funds is usually an
index, a combination of indices or an interest rate.
Best Month
Best month defines the calendar month within a specified time period with the highest positive performance.
Beta factor
A measure of sensitivity - given as the average percentage change in the price of a fund when the market (benchmark) rises or falls by 1%. A
value over (under) 1 means that on average the fund exhibits more (less) volatility than the benchmark. The figure is calculated on a 3-yearly
basis.
Correlation coefficient
Describes the degree to which two values (fund versus benchmark) move in the same direction. The value of the correlation coefficient is
between -1 and +1. A correlation of +1 means that the fund generally moves in the same direction as the benchmark, while -1 indicates that the
fund generally moves in the opposite direction. A correlation of 0 means that there is no relation between the price movements of the fund and
the benchmark. The figure is calculated on a 3-yearly basis.
Current interest yield
The current interest yield differs from the nominal interest rate because securities are bought at a price that can be higher or lower than their
nominal value. Since interest is always paid on the nominal value, the following calculation is used: (interest rate x 100)/price = effective yield.
Downside Deviation
Downside Deviation corresponds to standard deviation, except that it only takes into account the volatility of negative returns. Downside
Deviation differentiates between downside volatility (negative deviation from the mean value or the standard deviation), which is linked to a fall in
the price of a security and upside volatility (positive deviation from the mean value or the standard deviation), which is linked to a rise in the price
of a security. Downside Deviation only addresses negative volatility. The mean value is the required minimum rate of return specified for a
security. The calculation of Downside Deviation considers a minimum rate of return of 0%. The ratio is based on the “main share class” and
considers the share class performance since inception. To ensure a comparability all figures are calculated on an annualised basis.
Duration (in years/in months)
A measure of the sensitivity of an investment to changes in interest rates. Duration, which was developed by Frederick Macaulay, is the average
period for which invested capital is committed. Because of the interest payable over time on the invested capital, duration is shorter than ->
maturity. This version of duration is used in DWS Top Reporting and refers to invested assets (without “Cash and other holdings”).
DWS-Risk-Class
Page
142
Glossary
The DWS-Risk-Class serves as a point of reference for investors, allowing them to compare their personal risk tolerance with the risks
associated with an individual investment fund. Funds in the DWS Group are divided into risk categories 1 (low risk) to 4 (comparatively high
risk). For example, money-market funds generally have a very stable performance and very limited risk and are thus classified as risk class 1.
Industry equity funds, in which expectations for above-average returns are associated with a corresponding level of risk, are in risk class 4. Risk
classes - examples of fund groups:
1 EUR money-market funds, near-money market EUR funds
2 EUR bond funds, internationally diversified bond funds primarily in hard currencies, short-term bond funds in hard currencies
3 Internationally oriented bond funds with significant unhedged currency positions, equity funds with a focus on Germany, internationally
invested equity funds, country equity funds in European hard currencies.
4 Regional and industry funds, emerging-market funds
Early redemption charge
The early redemption charge is a one-time fee paid when fund units are sold. It is usually given as a percentage.
Earnings
During the year, funds generate so-called ordinary income / earnings (e.g., from interest received in the portfolio, dividends, realized capital
gains). This income is either regularly reinvested in the fund (accumulated) or distributed at the end of the fiscal year. For the exact amount of
the accumulation or distribution of a fund, please visit www.dws.de.
EU interim profit
The amount per fund unit that is subject to the EU interest tax upon sale. This amount is based on the interest accrued since purchase.
Fund ratings and rankings
Fund ratings and rankings allow quantitative and qualitative comparison within various fund categories. Ranking is the organization of historical
data (objectively verifiable criteria like performance and volatility) with the aim of creating a list comparing different funds. The term rating makes
a qualitative statement about a fund, its management or the investment company as a whole. In practice, the terms are sometimes used to
mean the same thing. The prerequisites are a sufficiently large comparison group of funds and a minimum of three to five years of fund
existence. The most respected fund analysts in Germany today are FERI Trust (FERI Fonds Rating) and Morningstar. In reporting, ratings refer
to the previous month. For more information on the methodology of ratings services, please visit:
http://www.feri-trust.de
http://www.morningstarfonds.de
Front-end load
The front-end load is a one-time fee paid upon acquisition of fund units. It is usually given as a percentage. Unless otherwise indicated by the
fund, the front-end load is based on the net investment amount.
Future long
Futures are forward contracts for a specific commodity. They obligate the buyer of the contract to buy a specific amount and quality of the
underlying instrument at a specific time in the future at a price established in the contract. The parties may only relieve themselves of this
obligation by selling the contract to a third party. This is called liquidating the position.
Future short
Futures are forward contracts for a specific commodity. They obligate the seller of the contract to deliver a specific amount and quality of the
underlying instrument at a specific time in the future at a price established in the contract. The parties may only relieve themselves of this
obligation by selling the contract to a third party. This is called liquidating the position.
Information ratio
The information ratio measures the difference between the annualized average return of the fund and that of the benchmark, divided by the -->
Tracking error. The higher this value is, the more the investor pays for the risk in the fund. The figure is calculated on a 3-yearly basis.
Leverage / level of investment
Effect through which the amount of capital invested is disproportionately affected by actual developments. For example, if the effective interest
rate for loans is below the returns available on the capital markets, investors can significantly increase the profitability of their investments by
taking out loans and investing them on the capital markets.
Long call
A long call (the purchase of a call option) gives the buyer the contractual right to acquire a specific underlying security under previously
established conditions (date, price, etc.). The buyer pays the seller a premium for this right. The buyer can either sell the option to a third party
or exercise it himself until the expiration date. The risk is limited to the amount invested by the buyer, the premium.
Longest loss period
The longest loss period is the longest continuous time period during which the average monthly performance of a security / fund has been
negative for every calendar month. The risk figure is based on the “main share class” and considers the share class performance since
inception.
Long put
A long put (the purchase of a put option) gives the buyer the contractual right to sell a specific underlying security under previously established
conditions (date, price, etc.). The buyer pays the seller a premium for this right. He can either sell the option to a third party or exercise it himself
up until the expiration date. The risk is limited to the amount invested by the buyer, the premium.
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143
Glossary
Management fee
The total daily charges to fund assets arising from the business activities of the fund. It is given as a percentage per annum.
Maturity (in years/in months)
The amount of time until the maturity of an obligation, such as a bond. Refers to invested fund assets (without “Cash and other holdings”).
Maximum drawdown
The maximum drawdown is the largest percentage drop in value in a given period of time. It measures the amount the fund falls from its highest
point to its lowest point in the selected timeframe. The figure is calculated on a 3-yearly basis.
Minimum investment amount
Various funds/asset classes have a minimum investment amount. Please see the Special Part of the Prospectus of the respective fund/asset
class for details about that fund/asset class.
Modified duration (in years/in months)
Serves as a measure of interest-rate sensitivity. Modified duration indicates the percentage change in price of a bond (in a portfolio) when the
market interest rate changes by 1%. In order to calculate the percentage change in the bond price, the modified duration of the bond is
multiplied by the percentage change in the interest rate. This figure helps investors assess the risks and opportunities of a bond at a glance.
Negative Months
Absolute number of calendar months within a specified time period with a negative performance.
Number of shares
Number of shares (including ADRs/GDRs -
depositary receipts) and REITs contained in a fund.
Performance-related fee
Amount calculated and charged to fund assets if a performance-related fee is agreed upon in the Special Part of the Prospectus and the fund’s
performance exceeds that of the benchmark or other reference interest rate (or yield), less costs. It is given as a percentage per annum. For a
more detailed definition, please see the Special Part of the prospectus.
Securities lending: performance-related fee from lending profits ("perf.-rel. fee from lending prof.")
Compensation for activities connected with securities lending. In a securities loan, the owner of a security lends securities to a trader under the
condition that the loan be repaid within what is usually a very short period of only a few days with securities of a similar type and quality. The
lender receives a fee for this. DWS Investments then applies this income (the fee received for the securities loan) to the fund from whose
portfolios securities are allowed to be lent and actually were lent, thereby improving the performance of that fund. Up to half of this amount may
be retained by DWS Investments. Income from loans is disclosed as a percentage of average fund assets as at the end of the reporting year. In
many of its funds, the DWS Group takes advantage of the opportunity to do this and thereby to achieve additional income for the fund.
Positive Months
Absolute number of calender months within a specified time period with a positive performance.
Sharpe ratio
A measure of risk developed by William F. Sharpe, defined as the excess return on an investment over that of a risk-free investment in relation
to the risk of the investment. The higher the Sharpe ratio, the higher the yield the investor receives for the risk the investment carries (expressed
in volatility). The Sharpe ratio can be used to compare multiple funds. The figure is calculated on a 3-yearly basis.
Short call
A short call (the sale of a call option) obligates the seller (also called the writer) to deliver the underlying instrument at any time until the exercise
period of the option expires (expiration date). The seller receives a premium from the buyer for this right, which is usually above the return on
comparable investments on the capital market. If a call option is not exercised, it expires and has no value.
Short put
A short put (the sale of a put option) obligates the seller (also called the writer) to buy the underlying instrument at any time until the exercise
period of the option expires (expiration date). The buyer receives a premium from the buyer for this right, which is usually above the return on
comparable assets on the capital market. If a put option is not exercised, it expires and has no value.
Sortino Ratio
The Sortino Ratio - developed by Frank A. Sortino - only uses the volatility of negative returns (downside deviation). Unlike the Sharpe Ratio,
this ratio enables risk-adjusted performance indicators to be calculated that exclude upside price volatility. The ratio is based on the “main share
class” and considers the share class performance since inception. To ensure a comparability all figures are calculated on an annualised basis.
Total expense ratio
The total expense ratio is the ratio, given as a percentage, of all the costs associated with the management of a fund to the average net asset
value of the fund for the previous fiscal year. This figure is calculated by dividing total fund costs by fund assets. This yields the amount of the
total costs as a percentage of fund assets. The timeframe used is the fiscal year.
Tracking error
Page
144
Glossary
The tracking error is the standard deviation of the yield differential between a fund and its benchmark. This makes it a measure of how well the
fund manager tracks the benchmark. The figure is calculated on a 3-yearly basis.
VaR (Value at Risk)
A measure of risk that indicates the maximum fund losses with a given probability for a given period of time (holding period). VaR is calculated
on the basis of the daily prices of the individual securities contained in the portfolio for a year.
Yield
The yield is the annual return on a capital investment, measured as the actual interest earned (effective yield) on the capital invested. It is based
on the fund’s income (e.g., interest, dividends, realized capital gains) and change in the price of the assets held in the fund. The yield of a fund is
derived from the invested assets (without “Cash and other holdings”) and is presented as a “gross” figure, i.e., before the deduction of total
expenses/fee.
Volatility
Volatility expresses the degree to which the yield on an investment (the price performance of a fund, for example) varies from a mean value in a
specific period of time. This makes it a measure of fund risk. The greater the variation from the mean, the higher the volatility. Knowing the
volatility allows investors to assess the profit and loss potential of an investment. The figure is calculated on a 3-yearly basis.
Worst Month
Worst month defines the calender month within a specified time period with the most pronounced negative performance.
Page
145
Deutsche Asset Management
Investment GmbH
Deutsche Asset Management S.A.
Price Information
Mainzer Landstraße 11-17
Every business day in FAZ, Börsen-Zeitung
60329 Frankfurt am Main
2, Boulevard Konrad Adenauer
L-1115 Luxembourg
Tel.: +49 (0) 69 / 910 - 12371
Tel.: +352 - 42101 - 1
Videotext: ARD-page 768f.
Fax: +49 (0) 69 / 910 - 19090
Fax: +352 - 42101 - 900
Reuters: page DWS 01f.
Internet: www.dws.com
www.dws.com
E-Mail: [email protected]
[email protected]
Internet: www.dws.com