Deutsche Asset Management
Deutsche Invest I & II Reporting
Edition December 2016
Legal Disclaimer
Please note that the information from Morningstar, FERI and Lipper Leaders relates to the previous month. Morningstar Overall Rating™ © [2016] 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. Lipper Leaders © 2016 Lipper - Thomson Reuters Lipper. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior 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 the Lipper logo are registered trademarks of Thomson Reuters. 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.
Table of Contents
Equity Funds Germany Deutsche Invest I German Equities
6
Europe Deutsche Invest I European Small Cap Deutsche Invest I Top Euroland Deutsche Invest I Top Europe Deutsche Invest II European Equity Focussed Alpha Deutsche Invest II European Top Dividend
11 15 19 23 27
Europe - Regions/Countries Deutsche Invest II UK Equity
32
Global Deutsche Invest I LowVol World Deutsche Invest I CROCI Flexible Allocation Deutsche Invest I Global Real Estate Securities Deutsche Invest I Top Dividend Deutsche Invest II Global Equity High Conviction Fund
37 41 45 49 53
Deutsche Invest II US Top Dividend
58
Deutsche Invest I Asian Equities Unconstrained Deutsche Invest I Asian Small/Mid Cap Deutsche Invest I Top Asia Deutsche Invest II Asian Top Dividend
63 67 71 75
USA Asia
Emerging Markets Deutsche Invest I Africa Deutsche Invest I Chinese Equities Deutsche Invest I Emerging Markets Top Dividend Deutsche Invest I Global Emerging Markets Equities
80 84 88 92
Sectors/Categories Deutsche Invest I CROCI Sectors Deutsche Invest I Global Agribusiness Deutsche Invest I Global Infrastructure Deutsche Invest I Global Thematic Deutsche Invest I Gold and Precious Metals Equities Deutsche Invest I New Resources
97 101 105 109 113 117
Bond Funds EUR Deutsche Invest I Euro Bonds (Premium) Deutsche Invest I Euro Bonds (Short) Deutsche Invest I Euro-Gov Bonds Deutsche Invest I Global Bonds
122 126 130 134
International Currencies Deutsche Invest I Global Bonds Dynamic Plus
140
Table of Contents
Deutsche Invest I Global Bonds High Conviction Deutsche Invest I Global Short Duration
145 149
Emerging Markets/ High Yield Corporate Bonds Deutsche Invest I Asian Bonds Deutsche Invest I China Bonds Deutsche Invest I Emerging Markets Corporates Deutsche Invest I Emerging Markets IG Sovereign Debt Deutsche Invest I Emerging Markets Sovereign Debt Deutsche Invest II China High Income Bonds
154 158 162 166 170 174
Corporate Bonds Deutsche Invest I Corporate Hybrid Bonds Deutsche Invest I Euro Corporate Bonds Deutsche Invest I Euro High Yield Corporates Deutsche Invest I Financial Hybrid Bonds Deutsche Invest I Global Corporate Bonds Deutsche Invest I Global High Yield Corporates Deutsche Invest I Multi Credit Deutsche Invest I Senior Secured High Yield Corporates Deutsche Invest I Short Duration Credit Deutsche Invest I USD Corporate Bonds
179 183 187 191 195 199 203 207 211 215
Money Market Money Market Fund Deutsche Invest I Liquidity Fund
220
Balanced Funds Flexible Deutsche Invest I Real Assets Income Deutsche Invest II Multi Opportunities Total Return
225 229
Convertible Bonds Deutsche Invest I Convertibles
234
Multi-Asset-funds Deutsche Invest I Multi Asset Balance Deutsche Invest I Multi Asset Defensive Deutsche Invest I Multi Asset Dynamic Deutsche Invest I Multi Asset Income
239 243 247 251
Fund of Funds Deutsche Invest I Multi Opportunities
256
Commodity Deutsche Invest I Global Commodities Blend
261
Equity Funds
Germany
Marketing Material
Factsheet: Deutsche Invest I German Equities Equity Funds - Germany December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The Fund invests in German blue-chips from the DAX index, with a flexible mix of selected small and mid-caps.
Fund
Benchmark: 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.
Fund Management's Comment Please see the relevant annual reports for detailed reports on the funds and the corresponding capital markets.
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch EUR BM IN EUR
7.4 7.4
7.1 6.5
26.3 22.2
---
78.8 67.9
Ytd.
3yØ
7.1 6.5
8.1 6.9
5yØ
2013
2014
2015
2016
---
29.3 26.7
2.4 3.1
15.2 11.3
7.1 6.5
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
18.53%
Sharpe Ratio Alpha
0.43 0.37%
Maximum Drawdown
-19.57%
12.30%
VAR (99%/10 days)
Information Ratio
0.27
Correlation Coefficient
Beta
1.11
Tracking Error
0.98 3.98%
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Industrials Consumer Discretionary Information Technology Financials Health Care Materials Telecommunication Serv. Consumer Staples Real Estate
Morningstar Style-Box™ Market Capitalization
20.3 17.0 15.3 14.7 11.5 10.9 3.2 2.6 0.9
Large
Principal Holdings (Equities)
(in % of fundvolume)
SAP SE (Information Technology)
7.4
Allianz SE (Financials)
7.3
Daimler AG (Consumer Discretionary)
6.5
Siemens AG (Industrials)
6.3
Bayer AG (Health Care)
6.0
BASF SE (Materials)
5.1
Deutsche Post AG (Industrials)
4.8
Continental AG (Consumer Discretionary)
3.6
Bayerische Motoren Werke AG (Consumer Discret
2.8
Muenchener Rueckversicherungs-Gesellschaft A 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
(in % of fundvolume)
Germany Netherlands Austria Luxembourg Switzerland
Growth Blend
Investment Style
Morningstar Category™ Germany Large-Cap Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««««
Lipper Leaders: Page 1 / 4
>>
6
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
95.2 0.5 0.4 0.3 0.2
Equities Cash and other assets Future Long
2.7 52.5
(in % of fundvolume) 96.5 3.5 10.0
Marketing Material
Factsheet: Deutsche Invest I German Equities Equity Funds - Germany December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro
100.0
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.)
68.6 10.4 14.4 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
58
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.6
Ø Market Cap
Ytd.
3yØ
5yØ
2013
44,596.6 Mio. EUR
2014
2015
2016
FC(EUR)
7.4
7.9
29.2
--
84.6
7.9
8.9
--
30.3
3.1
16.1
7.9
GBP CH RD(GBP)
7.5
7.6
--
--
2.9
7.6
--
--
--
--
--
7.6
LC(EUR)
7.4
7.1
26.3
--
78.8
7.1
8.1
--
29.3
2.4
15.2
7.1
LD(EUR)
7.4
7.1
26.3
--
78.6
7.1
8.1
--
29.3
2.4
15.2
7.1
NC(EUR)
7.3
6.3
23.7
--
73.1
6.3
7.3
--
28.4
1.7
14.4
6.3
USD FCH(USD)
7.6
9.8
--
--
6.8
9.8
--
--
--
--
--
9.8
USD LC(USD)
6.9
3.4
-3.5
--
26.4
3.4
-1.2
--
--
-9.7
3.4
3.4
USD LCH(USD)
7.4
8.0
25.5
--
42.8
8.0
7.9
--
--
2.1
13.8
8.0
Page 2 / 4
>>
7
Marketing Material
Factsheet: Deutsche Invest I German Equities Equity Funds - Germany December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Tim Albrecht
Portfolio Manager since
20/08/2012
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
571.0 Mio. EUR
Fund Currency
EUR
Launch Date
20/08/2012
Fiscal Year End
31/12/2016
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 LU0740823785
DWS 1AD
Accumulation
0.00%
184.63
184.63
0.00
0.750%
0.85% (1)
--
400,000
GBP CH RD
GBP LU1054332983
DWS 1RR
Accumulation
0.00%
102.90
102.90
0.00
0.750%
0.91% (2)
--
--
LC
EUR LU0740822621
DWS 099
Accumulation
5.00%
188.16
178.75
0.00
1.500%
1.61% (1)
--
--
LD
EUR LU0740822977
DWS 1AA
Distribution
5.00%
185.52
176.24
0.00
1.500%
1.60% (1)
--
--
NC
EUR LU0740823439
DWS 1AB
Accumulation
3.00%
178.42
173.07
0.00
2.000%
2.31% (1)
--
--
USD FCH
USD
DWS 1WH
Accumulation
0.00%
106.76
106.76
0.00
0.750%
0.91% (2)
--
400,000
5.00% USD LU0740824916 DWS 1AH Accumulation 133.03 126.38 0.00 1.64% (1) -1.500% 5.00% USD LCH USD LU0911036720 DWS 1WG Accumulation 150.34 142.82 0.00 1.65% (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 31/12/2015. 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 CH RD:01/12/2015, USD FCH:30/04/2015). 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.
--
LU0911036993
USD LC
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
--
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
8
Factsheet: Deutsche Invest I German Equities 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.
Equity Funds
Europe
Marketing Material
Factsheet: Deutsche Invest I European Small Cap Equity Funds - Europe December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest I European Small Cap invests at least 70% of Fund assets in a wide range of European small and mid caps with a market capitalization between EUR 0.1 to 5.0 billion. The key selection criterion is the fundamental quality of the company. The companies we look for include market leaders that are growing in their niches and interesting “restructuring stories”. Another focus of Fund management is corporate mergers and acquisitions (M&A), because niche markets can be (or can become) interesting for large caps.
Fund
Benchmark (since 16/02/2006): STOXX Europe Small 200 ab 27.5.13 (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.
Fund Management's Comment European small and mid-caps turned in a very positive performance in December and ended the month at their high for the year. This performance was driven by the growing confidence of market participants in the future economic policy in the US. The stabilization of the oil price significantly above USD 50 also provided support, as this means that demand remains robust due to the solid economic development. The Fund performed accordingly and lagged just behind the benchmark. The French internet fashion dealer Showroom privée did particularly well; the company's takeover of Saldi Privati made it the second largest online retailer in Italy. The Swedish bus company Nobina underperformed the market, however, after some analysts found its third-quarter figures rather disappointing. In contrast, the takeover of Biogran, the largest Spanish producer of organic food, by the Dutch Wessanen Group was positively received. The Wessanen share price rose on this news.
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
-1.1 0.3
9.8 7.0
16.4 13.8
25.2 27.2
5.8 4.8
26.4 16.5
-1.1 0.3
4.7 5.0
-1.1 0.3
32.3 22.4
113.7 90.8
106.4 91.3
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.39%
Sharpe Ratio Alpha
0.66 2.75%
Maximum Drawdown
15.52%
VAR (99%/10 days)
0.54
Correlation Coefficient
Beta
0.98
Tracking Error
(in % of fundvolume)
Portfolio Breakdown according to MSCI Consumer Discretionary Industrials Financials Information Technology Consumer Staples Health Care Materials Energy
29.3 21.3 14.2 12.6 11.7 6.4 2.2 2.0
Market Capitalization Large
Principal Holdings (Equities)
(in % of fundvolume)
Teleperformance SA (Industrials)
2.8
Altran Technologies SA (Information Technology)
2.7
CompuGroup Medical SE (Health Care)
2.7
Dometic Group AB (Consumer Discretionary)
2.6
Melia Hotels International SA (Consumer Discretio
2.5
Wessanen (Consumer Staples)
2.5
Tokmanni Group Corp (Consumer Discretionary)
2.5
NKT Holding A/S (Industrials)
2.4
Applus Services SA (Industrials)
2.4
Moncler SpA (Consumer Discretionary)
2.3
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 Country (Equities)
Investment Ratio
Blend Investment Style
Morningstar Category™ Europe Mid-Cap Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
(C)
Lipper Leaders: Page 1 / 4
25.4
Mid
Growth
>>
11
Note: The key terms are explained in the glossary.
0.94 4.80%
Portfolio Analysis Breakdown by Sector (Equities)
Morningstar Style-Box™
-15.62%
Information Ratio
(in % of fundvolume)
Italy Germany France Great Britain Spain Netherlands Norway Sweden Great Britain OECD Denmark Finland Other Countries Gross weighting, not adjusted for any positions in derivatives.
16.2 15.1 9.5 9.4 8.8 8.4 7.7 6.3 4.3 4.1 2.5 7.4
Equities Cash and other assets
(in % of fundvolume) 99.8 0.2
Marketing Material
Factsheet: Deutsche Invest I European Small Cap Equity Funds - Europe December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro Pound sterling Norwegian krone Swedish krona Danish krone Swiss franc
62.3 17.3 7.8 6.4 4.1 2.2
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments.
Market Capitalization
(in % of fundvolume)
Large caps (> 5 bn. < 10 bn.) Mid caps (> 1 bn. < 5 bn.) Small caps (< 1 bn.)
7.1 74.6 18.1
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
48
Cumulative Performance (in %) 1m
Dividend Yield (in %)
1y
3y
5y
s. Launch
1.7
Ytd.
3yØ
5yØ
Ø Market Cap
2013
2,167.0 Mio. EUR
2014
2015
2016
FC(EUR)
4.8
-0.2
35.5
122.1
125.1
-0.2
10.7
17.3
26.2
6.6
27.4
-0.2
ID(EUR)
4.8
-0.1
36.1
123.8
153.3
-0.1
10.8
17.5
26.4
6.8
27.5
-0.1
LC(EUR)
4.7
-1.1
32.3
113.7
106.4
-1.1
9.8
16.4
25.2
5.8
26.4
-1.1
LD(EUR)
4.7
-1.1
32.3
113.7
113.1
-1.1
9.8
16.4
25.2
5.8
26.4
-1.1
NC(EUR)
4.6
-1.9
29.5
106.3
92.7
-1.9
9.0
15.6
24.4
5.1
25.5
-1.9
Page 2 / 4
>>
12
Marketing Material
Factsheet: Deutsche Invest I European Small Cap Equity Funds - Europe December 2016
As at 30/12/2016
Fund Data Portfolio Manager
European Small & Mid Cap Team
Portfolio Manager since
09/04/2009
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
67.2 Mio. EUR
Fund Currency
EUR
Launch Date
16/01/2006
Fiscal Year End
31/12/2016
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 LU0236150610
A0H MB8
Accumulation
0.00%
225.14
225.14
0.00
0.750%
0.90% (1)
--
400,000
ID
EUR LU0435837868
DWS 0XW
Distribution
0.00%
239.12
239.12
0.00
0.650%
0.75% (1)
--
25,000,000
LC
EUR LU0236146774
A0H MB5
Accumulation
5.00%
217.31
206.44
0.00
1.500%
1.70% (1)
--
--
LD
EUR LU0236146857
A0H MB6
Distribution
5.00%
222.47
211.35
0.00
1.500%
1.67% (1)
--
--
3.00% NC A0H MB7 EUR LU0236147079 Accumulation 198.68 192.72 0.00 2.38% (1) -2.000% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
13
Factsheet: Deutsche Invest I European Small Cap 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. • It is also permitted to acquire assets for the fund that are not admitted for official trading on an exchange or included in an organized market. The acquisition of such assets therefore entails the particular risk of problems arising when attempting to resell the assets to third parties. • 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.
Marketing Material
Factsheet: Deutsche Invest I Top Euroland Equity Funds - Europe December 2016
Fund Data Investment Policy
As at 30/12/2016
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
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.
Fund Management's Comment 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
-3.0 3.1
4.3 4.8
12.9 10.5
26.7 21.6
1.7 3.9
14.9 7.4
-3.0 3.1
6.7 7.9
-3.0 3.1
13.4 15.1
83.6 64.7
81.2 58.0
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.71%
Sharpe Ratio Alpha
0.30 0.03%
Maximum Drawdown
-18.64%
Information Ratio
-0.09
Beta
0.89
12.71%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.94 5.19%
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™ Market Capitalization Large
Financials Industrials Consumer Discretionary Materials Information Technology Energy Consumer Staples Health Care Telecommunication Serv. Utilities
23.8 20.2 10.6 9.5 8.1 7.9 5.9 4.5 3.9 3.1
Principal Holdings (Equities)
(in % of fundvolume)
Allianz SE (Financials)
5.5
Total SA (Energy)
4.4
BASF SE (Materials)
4.3
LVMH Moet Hennessy Vuitton SE (Consumer Disc
4.1
Deutsche Post AG (Industrials)
3.8
BNP Paribas (Financials)
3.7
ING Group NV (Financials)
3.4
SAP SE (Information Technology)
3.4
BANCO SANTANDER SA (Financials)
3.4
Industria de Diseno Textil SA (Consumer Discretio 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: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
France Germany Netherlands Spain Italy Finland Denmark Belgium Austria
(C)
Lipper Leaders: Page 1 / 4
(in % of fundvolume)
>>
15
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
31.2 30.9 15.2 10.3 4.2 2.3 1.6 1.1 0.6
Equities Cash and other assets Future Long
3.0 39.0
(in % of fundvolume) 97.4 2.6 4.9
Marketing Material
Factsheet: Deutsche Invest I Top Euroland Equity Funds - Europe December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro Danish krone
98.4 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.)
76.5 11.6 9.3
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
49
Cumulative Performance (in %) 1m
Dividend Yield (in %)
1y
3y
5y
s. Launch
2.7
Ø Market Cap
Ytd.
3yØ
5yØ
2013
49,820.5 Mio. EUR
2014
2015
2016
FC(EUR)
6.8
-2.3
16.0
90.6
105.3
-2.3
5.1
13.8
27.6
2.5
15.8
FD(EUR)
6.8
-2.3
--
--
16.2
-2.3
--
--
--
--
15.8
-2.3
GBP D RD(GBP)
6.9
12.5
17.3
--
22.6
12.5
5.5
--
--
-4.3
8.9
12.5
GBP DH RD(GBP)
7.0
-2.6
--
--
-2.2
-2.6
--
--
--
--
--
-2.6
IC(EUR)
6.8
-2.0
--
--
15.0
-2.0
--
--
--
--
16.1
-2.0
LC(EUR)
6.7
-3.0
13.4
83.6
81.2
-3.0
4.3
12.9
26.7
1.7
14.9
-3.0
LD(EUR)
6.7
-3.0
13.4
83.6
81.0
-3.0
4.3
12.9
26.7
1.7
14.9
-3.0
NC(EUR)
6.7
-3.7
11.1
77.2
63.4
-3.7
3.6
12.1
25.8
1.0
14.1
-3.7
SGD LCH (P)(SGD)
6.9
-2.1
--
--
9.6
-2.1
--
--
--
--
14.9
-2.1
USD FCH(USD)
6.9
-1.3
--
--
19.5
-1.3
--
--
--
--
14.3
-1.3
USD LCH(USD)
6.9
-2.0
13.1
--
14.5
-2.0
4.2
--
--
1.5
13.7
-2.0
Page 2 / 4
>>
16
-2.3
Marketing Material
Factsheet: Deutsche Invest I Top Euroland Equity Funds - Europe December 2016
As at 30/12/2016
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
915.9 Mio. EUR
Fund Currency
EUR
Launch Date
03/06/2002
Fiscal Year End
31/12/2016
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%
205.31
205.31
0.00
0.750%
0.83% (1)
--
400,000
FD
EUR LU0740840441
DWS 1CY
Distribution
0.00%
114.22
114.22
0.00
0.750%
0.84% (1)
--
400,000
GBP D RD
GBP
LU0911039740
DWS 1W7
Distribution
0.00%
119.59
119.59
0.00
0.750%
0.87% (1)
--
--
GBP DH RD
GBP LU1054342438
DWS 12W
Distribution
0.00%
96.15
96.15
0.00
0.750%
0.91% (2)
--
--
IC
EUR LU0616864954
DWS 07P
Accumulation
0.00%
115.04
115.04
0.00
0.500%
0.56% (1)
--
25,000,000
LC
EUR LU0145644893
552 516
Accumulation
5.00%
190.69
181.15
0.00
1.500%
1.59% (1)
--
--
LD
EUR LU0145647052
552 517
Distribution
5.00%
174.13
165.42
0.00
1.500%
1.59% (1)
--
--
NC
EUR LU0145647300
552 518
Accumulation
3.00%
168.47
163.41
0.00
2.000%
2.29% (1)
--
--
SGD LCH (P)
SGD LU1054341976
DWS 12S
Accumulation
5.00%
11.54
10.96
1.500%
1.62% (1)
--
--
USD FCH
USD
DWS 1W6
Accumulation
0.00%
119.47
119.47
0.750%
1.17% (1)
--
400,000
5.00% USD LCH DWS 112 USD LU0986127263 Accumulation 120.53 114.51 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 31/12/2015. 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 RD:02/03/2015). 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.
--
LU0911039666
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
0.00
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
17
Factsheet: 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.
Marketing Material
Factsheet: Deutsche Invest I Top Europe Equity Funds - Europe December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest I Top Europe is the Fund for European equities of all classes: Fund management invests in blue chips, also known as large caps, but also takes into consideration selected mid caps and small caps that Fund management believes have good prospects for growth.
Fund
Benchmark: MSCI Europe EUR (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.
Fund Management's Comment 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
5yØ
2013
2014
2015
2016
EUR BM IN EUR
-0.2 2.7
6.0 6.5
11.3 11.3
21.4 21.1
5.6 7.0
12.9 9.8
-0.2 2.7
5.8 5.9
-0.2 2.7
19.0 20.6
71.1 71.1
70.1 101.7
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
13.49%
Sharpe Ratio Alpha
0.45 -0.21%
Maximum Drawdown
-15.99%
Information Ratio
-0.12
Beta
0.96
13.09%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.96 3.83%
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 Energy Consumer Staples Materials Information Technology Telecommunication Serv. Utilities Not classified to MSCI
17.7 16.5 13.6 13.3 9.9 8.3 7.8 6.6 2.8 1.5 1.6
Principal Holdings (Equities)
(in % of fundvolume)
Royal Dutch Shell PLC (Energy)
5.3
ING Group NV (Financials)
3.4
Allianz SE (Financials)
3.2
Technip SA (Energy)
3.0
Roche Holding AG (Health Care)
2.8
WPP PLC (Consumer Discretionary)
2.5
Deutsche Post AG (Industrials)
2.4
Rentokil Initial PLC (Industrials)
2.3
Actelion Ltd (Health Care)
2.3
Straumann Holding AG (Health Care)
2.2
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: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
(in % of fundvolume)
Great Britain France Germany Switzerland Netherlands Spain Denmark Norway Italy Belgium Sweden
(C)
Lipper Leaders: Page 1 / 4
29.4
>>
19
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
21.3 18.5 16.3 13.5 11.9 5.3 5.0 2.9 2.8 1.1 0.9
Equities Cash and other assets Future Long
(in % of fundvolume) 99.6 0.4 1.6
Marketing Material
Factsheet: Deutsche Invest I Top Europe Equity Funds - Europe December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro Pound sterling Swiss franc Danish krone Norwegian krone Swedish krona
48.4 29.0 13.6 5.0 2.9 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.)
75.5 15.5 8.5
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
65
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
2.6
Ø Market Cap
Ytd.
3yØ
5yØ
2013
42,202.2 Mio. EUR
2014
2015
2016
FC(EUR)
5.9
0.6
21.7
77.6
92.2
0.6
6.8
12.2
22.3
6.4
13.7
0.6
LC(EUR)
5.8
-0.2
19.0
71.1
70.1
-0.2
6.0
11.3
21.4
5.6
12.9
-0.2
LD(EUR)
5.8
-0.2
19.0
71.1
70.5
-0.2
6.0
11.3
21.4
5.6
12.9
-0.2
NC(EUR)
5.8
-0.9
16.5
65.2
53.0
-0.9
5.2
10.6
20.5
4.9
12.1
-0.9
USD LC(USD)
5.3
-3.7
-9.1
34.2
-7.0
-3.7
-3.1
6.1
23.0
-6.5
1.0
-3.7
Page 2 / 4
>>
20
Marketing Material
Factsheet: Deutsche Invest I Top Europe Equity Funds - Europe December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Britta Weidenbach
Portfolio Manager since
01/07/2013
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
122.0 Mio. EUR
Fund Currency
EUR
Launch Date
03/06/2002
Fiscal Year End
31/12/2016
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 LU0145635479
552 496
Accumulation
0.00%
192.20
192.20
0.00
0.750%
0.89% (1)
--
400,000
LC
EUR LU0145634076
551 448
Accumulation
5.00%
179.01
170.06
0.00
1.500%
1.64% (1)
--
--
LD
EUR LU0145634662
551 449
Distribution
5.00%
176.21
167.40
0.00
1.500%
1.65% (1)
--
--
NC
EUR LU0145635123
551 631
Accumulation
3.00%
157.69
152.96
0.00
2.000%
2.35% (1)
--
--
5.00% USD LC USD LU0273160340 DWS 0AG Accumulation 97.91 93.02 0.00 1.88% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
21
Factsheet: Deutsche Invest I Top Europe Equity Funds - Europe
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 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.
Marketing Material
Factsheet: Deutsche Invest II European Equity Focussed Alpha Equity Funds - Europe December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest II European Equity Focussed Alpha mainly invests in equities of European companies. Fund management constructs a concentrated portfolio of equity ideas generated by fundamental bottom up research of the Deutsche AM European Large and Small & Mid Cap team. Furthermore exposure levels are actively managed to potentially improve the risk/return profile.
Fund
Benchmark: MSCI Europe (NR)
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.
Fund Management's Comment The positive trend in the equity markets continued in December, driven mainly by hopes of an economic boost from the US in 2017. As a result, the exchanges ended the year up again, although there were outflows from equities to other asset classes at a global level. In the last quarter, in particular, there was a strong rotation in the equity market to stocks with interest-rate sensitivity and to cyclical and risky stocks. The Fund's flexible investment strategy was rewarded in this phase, as it was able to generate a good performance by managing its investment ratio and by shifting investments from defensive segments to banks and cyclical stocks. The new year holds more stressful events which will have to be taken into account, such as China's debt, the Fed's monetary policy and political risks in Europe. On the other hand, European stocks not only have a valuation discount against the US, but they also have opportunities for corporate profits to rise after many years without growth, especially as currency developments have a supportive effect. The return of high volatility would provide new opportunities for this Fund to take advantage of distortions.
Morningstar Style-Box™ Market Capitalization
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch
Ytd.
3yØ
EUR BM IN EUR
-1.6 2.0
5.8 6.0
6.2 5.8
-1.6 2.0
18.5 19.0
---
49.6 56.9
5yØ
2013
2014
2015
2016
---
20.0 19.8
8.8 6.8
10.7 9.3
-1.6 2.0
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.53%
Sharpe Ratio Alpha
0.40 -0.37%
Maximum Drawdown
-16.47%
Information Ratio
-0.03
Beta
1.04
14.07%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Industrials Consumer Discretionary Financials Information Technology Health Care Materials Energy Consumer Staples Not classified to MSCI
21.5 19.0 13.4 12.6 8.7 8.6 4.9 2.6 3.7
Large
Principal Holdings (Equities)
(in % of fundvolume)
AP Moller - Maersk A/S (Industrials)
4.3
ASML Holding NV (Information Technology)
4.2
LVMH Moet Hennessy Vuitton SE (Consumer Disc
4.1
Compass Group PLC (Consumer Discretionary)
4.0
Prudential PLC (Financials)
3.9
Technip SA (Energy)
3.8
WPP PLC (Consumer Discretionary)
3.8
Syngenta AG (Not classified to MSCI)
3.7
Actelion Ltd (Health Care)
3.7
BHP Billiton PLC (Materials)
3.6
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 Country (Equities)
Investment Ratio
Blend Investment Style
Morningstar Category™ Europe Large-Cap Blend Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
39.1
Mid
Growth
>>
23
Note: The key terms are explained in the glossary.
0.95 4.69%
(in % of fundvolume)
Great Britain Switzerland France Germany Spain Denmark Netherlands Norway Austria Italy
Gross weighting, not adjusted for any positions in derivatives.
27.2 17.5 16.7 8.2 8.1 6.5 4.2 2.6 2.1 1.9
Equities Cash and other assets Future Long Future Short
(in % of fundvolume) 95.0 5.0 31.6 -20.8
Marketing Material
Factsheet: Deutsche Invest II European Equity Focussed Alpha Equity Funds - Europe December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro Pound sterling Swiss franc Danish krone Norwegian krone Swedish krona
39.4 32.7 17.6 6.6 2.7 0.9
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.)
49.9 21.4 16.1 7.6
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
34
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
1.7
Ø Market Cap
Ytd.
3yØ
5yØ
2013
22,746.2 Mio. EUR
2014
2015
2016
6.2
-0.9
21.5
--
55.3
-0.9
6.7
--
21.1
9.8
11.7
--
--
--
--
--
--
--
--
--
--
--
LC(EUR)
6.2
-1.6
18.5
--
49.6
-1.6
5.8
--
20.0
8.8
10.7
-1.6
LD(EUR)
6.2
-1.6
18.6
--
49.6
-1.6
5.8
--
20.0
8.8
10.7
-1.6
NC(EUR)
--
--
--
--
--
--
--
--
19.1
6.1
--
--
ND(EUR)
--
--
--
--
--
--
--
--
19.1
6.1
--
--
FC(EUR) FD(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
24
-0.9
Marketing Material
Factsheet: Deutsche Invest II European Equity Focussed Alpha Equity Funds - Europe December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Gerd Kirsten
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
10.7 Mio. EUR
Fund Currency
EUR
Launch Date
02/07/2012
Fiscal Year End
31/12/2016
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 LU0781237028
DWS 1D3
Accumulation
0.00%
155.33
155.33
0.00
0.750%
0.90% (1)
--
400,000
FD
EUR LU0781237291
DWS 1D4
Distribution
0.00%
109.63
109.63
0.00
0.750%
0.91% (2)
--
400,000
LC
EUR LU0781236566
DWS 1DZ
Accumulation
5.00%
157.43
149.55
0.00
1.500%
1.78% (1)
--
--
LD
EUR LU0781236640
DWS 1D0
Distribution
5.00%
154.96
147.21
0.00
1.500%
1.78% (1)
--
--
NC
EUR LU0781236723
DWS 1D1
Accumulation
3.00%
0.00
0.00
2.000%
1.14% (1)
--
--
3.00% ND EUR LU0781236996 DWS 1D2 Distribution 0.00 0.00 1.14% (1) -2.000% (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 31/12/2014. 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:29/01/2016). 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.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
25
Factsheet: Deutsche Invest II European Equity Focussed Alpha 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.
Marketing Material
Factsheet: Deutsche Invest II European Top Dividend Equity Funds - Europe December 2016
Fund Data Investment Policy
As at 30/12/2016
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 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.
Fund Management's Comment 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
4.8
2.9
15.9
--
52.1
Ytd.
3yØ
2.9
5.0
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
11.49%
Sharpe Ratio Alpha
0.45 --
Maximum Drawdown
-12.88%
10.82%
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 Energy Materials Health Care Industrials Telecommunication Serv. Utilities Real Estate Consumer Discretionary Other Sectors
19.1 13.2 10.9 9.8 9.5 8.6 8.5 7.4 3.0 2.8 1.8
Principal Holdings (Equities)
(in % of fundvolume)
Royal Dutch Shell PLC (Energy)
5.7
National Grid PLC (Utilities)
3.3
Deutsche Telekom AG (Telecommunication Serv.)
3.2
Nestle SA (Consumer Staples)
3.1
Roche Holding AG (Health Care)
2.8
ING Group NV (Financials)
2.7
Vodafone Group PLC (Telecommunication Serv.)
2.6
Unilever NV (Consumer Staples)
2.5
BHP Billiton PLC (Materials)
2.5
DNB ASA (Financials)
2.3
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™ Europe Equity Income
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
30.7
>>
27
Note: The key terms are explained in the glossary.
(in % of fundvolume)
Great Britain France Germany Netherlands Switzerland Norway Spain Finland Italy Denmark Sweden Other Countries Gross weighting, not adjusted for any positions in derivatives.
27.2 15.3 14.0 11.6 9.1 7.6 2.3 2.3 1.7 1.5 0.8 1.2
Equities Cash and other assets
(in % of fundvolume) 94.6 5.4
Marketing Material
Factsheet: Deutsche Invest II European Top Dividend Equity Funds - Europe December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro Pound sterling Swiss franc Norwegian krone Danish krone Swedish krona
47.4 32.0 9.1 9.1 1.5 0.9
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.)
85.1 5.2 4.3
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
69
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
3.8
Ø Market Cap
Ytd.
3yØ
5yØ
2013
55,736.4 Mio. EUR
2014
2015
2016
CHF LDH (P)(CHF)
4.6
6.9
--
--
3.8
6.9
--
--
--
--
--
6.9
FC(EUR)
4.8
3.7
--
--
-2.8
3.7
--
--
--
--
--
3.7
FD(EUR)
4.8
3.7
--
--
-2.8
3.7
--
--
--
--
--
3.7
LC(EUR)
4.8
2.9
15.9
--
52.1
2.9
5.0
--
24.5
5.7
6.6
2.9
LD(EUR)
4.8
2.9
16.0
--
52.1
2.9
5.1
--
24.4
5.7
6.6
2.9
LDH (P)(EUR)
4.8
7.4
--
--
4.3
7.4
--
--
--
--
--
7.4
NC(EUR)
4.7
2.2
13.4
--
47.1
2.2
4.3
--
23.5
4.9
5.8
2.2
ND(EUR)
4.7
2.2
13.3
--
47.0
2.2
4.3
--
23.5
4.9
5.7
2.2
SGD LDH (P)(SGD)
5.0
8.8
--
--
5.8
8.8
--
--
--
--
--
8.8
USD LDH (P)(USD)
4.9
8.9
--
--
5.7
8.9
--
--
--
--
--
8.9
XC(EUR)
4.9
4.2
20.2
--
59.7
4.2
6.3
--
25.5
6.7
8.0
4.2
XD(EUR)
4.9
4.2
--
--
16.9
4.2
--
--
--
--
8.0
4.2
Page 2 / 4
>>
28
Marketing Material
Factsheet: Deutsche Invest II European Top Dividend Equity Funds - Europe December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Stephan Werner
Portfolio Manager since
01/03/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
606.6 Mio. EUR
Fund Currency
EUR
Launch Date
02/07/2012
Fiscal Year End
31/12/2016
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes Share Class
Cur.
ISIN Code
German Sec. Code
Earnings
CHF LDH (P)
CHF
LU1322113702
DWS 2E1
Distribution
5.00%
108.97
103.52
0.00
1.500%
1.78% (2)
--
--
FC
EUR LU1241941308
DWS 2AU
Accumulation
0.00%
97.22
97.22
0.00
0.750%
0.91% (2)
--
400,000
FD
EUR LU1242509609
DWS 2AV
Distribution
0.00%
96.24
96.24
0.00
0.750%
0.91% (2)
--
400,000
LC
EUR LU0781237614
DWS 1D8
Accumulation
5.00%
160.10
152.09
0.00
1.500%
1.77% (1)
--
--
LD
EUR LU0781237705
DWS 1D9
Distribution
5.00%
145.41
138.14
0.00
1.500%
1.75% (1)
--
--
LDH (P)
EUR
LU1322113884
DWS 2E2
Distribution
5.00%
109.53
104.06
0.00
1.500%
1.78% (2)
--
--
NC
EUR LU0781237887
DWS 1EA
Accumulation
3.00%
151.61
147.06
0.00
2.000%
2.45% (1)
--
--
ND
EUR LU0781237960
DWS 1EB
Distribution
3.00%
140.34
136.13
0.00
2.000%
2.55% (1)
--
--
SGD LDH (P)
SGD LU1322113967
DWS 2E3
Distribution
5.00%
11.13
10.58
0.00
1.500%
1.78% (2)
--
--
USD LDH (P)
USD
LU1322114007
DWS 2E4
Distribution
5.00%
111.27
105.70
0.00
1.500%
1.78% (2)
--
--
XC
EUR LU0781238000
DWS 1EC
Accumulation
0.00%
159.67
159.67
0.00
0.300%
0.39% (1)
--
400,000
0.00% XD EUR LU0781238182 DWS 1ED Distribution 112.44 112.44 0.00 0.41% (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 31/12/2015. 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 LDH (P):01/12/2015, FC:17/07/2015, FD:17/07/2015, LDH (P):01/12/2015, SGD LDH (P):01/12/2015, USD LDH (P):01/12/2015). 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
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. 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.
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]
Page 3 / 4
Front-end Load ¹ Issue Price up to
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
29
Factsheet: Deutsche Invest II European Top Dividend Equity Funds - Europe - Regions/Countries
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.
Equity Funds
Europe - Regions/Countries
Marketing Material
Factsheet: Deutsche Invest II UK Equity Equity Funds - Europe - Regions/Countries December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance
The objective of the investment policy of Deutsche Invest II UK Equity is to achieve an above average return that exceeds the benchmark FTSE 350 Total Return Index. Fund management invests at least 70% of the funds assets in shares of issuers registered in the United Kingdom, or of issuers registered outside the United Kingdom that conduct their principal business activity in the UK.
The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Fund Management's Comment The FTSE 350 index gained 5% in December driven by strong performance of the energy sector following the OPEC production cut agreement at the start of the month which drove a sharp rally in crude prices. After strong performances in November post the unexpected US election result there was some profit taking in the Aerospace & Defence and Industrial Metals & Mining sectors which were the key laggards. The Fund closed December with a gain in line with market performance. Royal Dutch Shell provided the biggest absolute contribution to the fund’s performance benefiting from the rally in oil. The strongest relative positive contributor was Spectris. Despite weaker Q3 organic sales performance the market’s expectations in the group’s cost saving ability in 2017 as part of ‘Project Uplift’ appear to be building ahead of an update expected in February. Ultra Electronics the specialist defence engineer was the biggest drag on performance in December due to profit taking following a strong run after a Q3 trading statement indicated slightly slower top line growth outlook due to project delays.
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Financials Energy Industrials Health Care Consumer Discretionary Consumer Staples Materials Information Technology Telecommunication Serv.
22.8 15.2 15.0 10.6 10.4 9.7 5.3 5.0 2.9
Principal Holdings (Equities)
(in % of fundvolume)
Royal Dutch Shell PLC (Energy)
8.1
HSBC Holdings PLC (Financials)
6.0
BP PLC (Energy)
4.6
BHP Billiton PLC (Materials)
3.9
Imperial Brands PLC (Consumer Staples)
3.9
GlaxoSmithKline PLC (Health Care)
3.8
RELX PLC (Industrials)
3.8
WPP PLC (Consumer Discretionary)
3.6
Prudential PLC (Financials)
3.6
Lloyds Banking Group PLC (Financials) Total Gross weighting, not adjusted for any positions in derivatives.
Gross weighting, not adjusted for any positions in derivatives and certificates.
Breakdown by Country (Equities)
Investment Ratio
(in % of fundvolume)
Great Britain Great Britain OECD Netherlands Luxembourg Jersey
Page 1 / 4
>>
32
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
84.4 5.6 4.2 1.6 1.3
Equities Cash and other assets
3.2 44.5
(in % of fundvolume) 97.0 3.0
Marketing Material
Factsheet: Deutsche Invest II UK Equity Equity Funds - Europe - Regions/Countries December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Pound sterling
100.0
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.)
67.6 5.4 23.1 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
38
Dividend Yield (in %)
Ø Market Cap
Cumulative Performance (in %)
FCH(EUR)*** GBP C RD(GBP)***
1m
3m
6m
s. Launch
---
---
---
---
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
33
Ytd. ---
39,859.8 Mio. GBP
Marketing Material
Factsheet: Deutsche Invest II UK Equity Equity Funds - Europe - Regions/Countries December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Hilary Aldridge Alex Sloane
Portfolio Manager since
15/11/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
United Kingdom
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
28.9 Mio. GBP
Fund Currency
GBP
Launch Date
15/11/2016
Fiscal Year End
31/12/2016
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
0.00% EUR LU1506496501 DWS 13R Accumulation 104.32 104.32 0.00 0.91% (1) -0.750% 0.00% GBP C RD DWS 2L0 GBP LU1506496683 Accumulation 104.46 104.46 0.00 0.91% (1) -0.750% (1) 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 (FCH:15/11/2016, GBP C RD:15/11/2016). 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. FCH
Address
400,000 --
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Minimum Investment Amount
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
34
Factsheet: Deutsche Invest II UK Equity 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.
Equity Funds
Global
Marketing Material
Factsheet: Deutsche Invest I LowVol World Equity Funds - Global December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest I LowVol World offers an equity investment in global stocks in accordance with the principle of risk diversification with the aim of achieving an attractive risk/reward ratio. To this end, a portfolio is put together that is expected to have lower volatility than the broad equity market. The selection is based on attractiveness and risk forecasts and takes into account transaction costs.
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.
Fund Management's Comment After October and November were marked by the increased risk appetite on the markets, the picture normalized in December. The Fund achieved a return of +3.54% (FC EB tranche) in December, an outperformance of the 2.86% generated in the investment universe (MSCI World Net) in a generally positive market environment. At a regional level, more defensive stocks in Europe lagged behind their cyclical counterparts, while they performed more strongly in North America. At the sector level, the strategic underweight in financials cost performance, while the remaining sectors made positive or neutral relative contributions to performance.
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch EUR
3.4
6.9
--
--
6.5
Ytd.
3yØ
6.9
5yØ
2016
--
6.9
--
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™ Market Capitalization Large
Consumer Staples Consumer Discretionary Health Care Utilities Financials Materials Telecommunication Serv. Information Technology Industrials Energy Other Sectors
18.5 13.5 12.3 11.2 9.7 8.2 6.6 6.5 5.4 2.9 2.9
Principal Holdings (Equities)
(in % of fundvolume)
Consolidated Edison Inc
1.9
Endesa SA
1.7
AT & T
1.6
Mitsubishi Tanabe Pharma Corp
1.6
Iberdrola SA
1.5
Orion Oyj
1.5
Verizon Communications Inc
1.5
NH Foods Ltd
1.5
Total SA
1.5
Amadeus IT Group SA
1.5
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
(in % of fundvolume)
USA Japan Spain Switzerland Great Britain Belgium France Finland Germany Canada Denmark Other Countries
Growth Blend
Investment Style
Morningstar Category™ Global Large-Cap Blend Equity
Page 1 / 4
15.8
>>
37
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
46.0 13.5 7.8 7.6 6.8 2.9 2.8 1.8 1.6 1.5 1.5 4.1
Equities REITs Cash and other assets Future Long
(in % of fundvolume) 96.2 1.5 2.3 2.1
Marketing Material
Factsheet: Deutsche Invest I LowVol World Equity Funds - Global December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Euro Japanese yen Swiss franc Pound sterling Danish krone Canadian dollar Norwegian krone Hong Kong dollar New Zealand dollar
47.1 20.0 13.6 7.7 7.4 1.5 1.5 0.8 0.4 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.) Mid caps (> 1 bn. < 5 bn.) Others
62.8 24.1 9.3 1.5
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
129
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.7
Ø Market Cap
Ytd.
3yØ
5yØ
2016
FC EB(EUR)
3.5
8.3
--
--
8.5
8.3
--
--
8.3
FC(EUR)
3.5
7.8
--
--
8.1
7.8
--
--
7.8
FCH (P) EB(EUR)
3.1
5.7
--
--
4.2
5.7
--
--
5.7
--
--
--
--
--
--
--
--
LC(EUR)
3.4
6.9
--
--
6.5
6.9
--
--
6.9
LD(EUR)
3.4
6.8
--
--
6.4
6.8
--
--
6.8
ND(EUR)
3.4
6.0
--
--
5.3
6.0
--
--
6.0
USD LC(USD)
3.0
3.2
--
--
2.2
3.2
--
--
3.2
FD(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
38
50,501.6 Mio. EUR
Marketing Material
Factsheet: Deutsche Invest I LowVol World Equity Funds - Global December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Tanja Schubring
Portfolio Manager since
31/07/2015
Portfolio Management Company
Sal. Oppenheim jr. & Cie. AG & Co. KGaA
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
119.6 Mio. EUR
Fund Currency
EUR
Launch Date
31/07/2015
Fiscal Year End
31/12/2016
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 LU1230072396
DWS 2AE
Accumulation
0.00%
108.05
108.05
0.02
0.750%
0.91% (1)
--
400,000
FC EB
EUR LU1236797764
DWS 2AP
Accumulation
0.00%
108.50
108.50
0.02
0.375%
0.48% (1)
--
400,000
FCH (P) EB
EUR LU1236813124
DWS 2AQ
Accumulation
0.00%
104.22
104.22
0.02
0.375%
0.48% (1)
--
400,000
FD
EUR LU1342482624
DWS 2F0
Distribution
0.00%
110.57
110.57
0.02
0.750%
0.91% (1)
--
400,000
LC
EUR LU1230072479
DWS 2AF
Accumulation
5.00%
112.11
106.50
0.01
1.250%
1.78% (1)
--
--
LD
EUR LU1230072552
DWS 2AG
Distribution
5.00%
111.87
106.28
0.01
1.250%
1.78% (1)
--
--
ND
EUR LU1230072636
DWS 2AH
Distribution
3.00%
108.51
105.25
0.01
1.750%
2.55% (1)
--
--
5.00% USD LC USD LU1230072719 DWS 2AJ Accumulation 107.60 102.22 0.01 1.78% (1) -1.250% (1) 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:31/07/2015, FC EB:31/07/2015, FCH (P) EB:31/07/2015, FD:29/01/2016, LC:31/07/2015, LD:31/07/2015, ND:31/07/2015, USD LC:31/07/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
39
Factsheet: Deutsche Invest I LowVol World 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.
Marketing Material
Factsheet: Deutsche Invest I CROCI Flexible Allocation Equity Funds - Global December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The sub-fund’s assets are invested in equities of developed market issuers that have a sufficient CROCI Risk-Adjusted Economic Earnings Yield, as well as in money market instruments, deposits and cash.
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.
Fund Management's Comment The CROCI Flexible Allocation fund systematically seeks to allocate to equities to the extent that companies with sufficient risk adjusted economic earnings yield are available. The balance of the fund is allocated to cash and money market instruments. Global equities finished 2016 strongly, with the fourth quarter adding 9% to finish the year 11% higher (MSCI World total return in Euro). Currency had a strong influence, with significant moves between the major currency pairs. 2016 belonged to the cyclicals with Energy finishing the year +32%, Materials +26% and Industrials +17%. Financials joined the leaderboard in Q4 as a whole. December saw mean reversion and a rotation to defensive sectors, with Telecoms (+6%) and Utilities (+5%) leading. Rising valuations have been balanced by falls in the volatility measure used by the methodology. Therefore the fund continues to allocate the majority of its assets to cash and money market instruments. Portfolio management continues to seek Euro denominated opportunities to invest this element of the Fund in instruments consistent with capital preservation. The Fund depreciated by 0.02% (LC class in Euro) in December.
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch
Ytd.
EUR
-1.9
-0.2
-1.9
--
--
-2.2
3yØ
5yØ
2016
--
-1.9
--
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Health Care Industrials
2.6 0.5
Principal Holdings (Equities)
(in % of fundvolume)
Johnson & Johnson (Health Care)
1.3
Gilead Sciences Inc (Health Care)
1.2
Raytheon Co (Industrials)
0.5
Total
3.0
Gross weighting, not adjusted for any positions in derivatives and certificates.
Morningstar Style-Box™ Market Capitalization Large
Value
Mid
Gross weighting, not adjusted for any positions in derivatives.
Small
Breakdown by Country (Equities)
(in % of fundvolume)
USA
Growth Blend
Investment Style
Morningstar Category™ EUR Flexible Allocation - Global
Page 1 / 4
>>
41
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
3.1
Investment Ratio Bonds Money market funds Equities Cash and other assets
(in % of fundvolume) 19.0 9.7 3.1 68.1
Marketing Material
Factsheet: Deutsche Invest I CROCI Flexible Allocation Equity Funds - Global December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Market Capitalization
(in % of fundvolume)
94.3 3.6 1.3 0.9
Mega caps (> 10 bn.)
3.1
Euro United States dollar Pound sterling Japanese yen
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments.
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
3
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
2.6
Ø Market Cap
Ytd.
3yØ
5yØ
2016
FC(EUR)
-0.1
-1.3
--
--
-1.5
-1.3
--
--
-1.3
LC(EUR)
-0.2
-1.9
--
--
-2.2
-1.9
--
--
-1.9
LCH (P)(EUR)
-0.2
-1.8
--
--
-1.6
-1.8
--
--
-1.8
NC(EUR)
-0.2
-2.5
--
--
-2.9
-2.5
--
--
-2.5
USD LC(USD)
-0.7
-5.3
--
--
-3.9
-5.3
--
--
-5.3
0.0
-0.6
--
--
-0.3
-0.6
--
--
-0.6
-0.1
-1.2
--
--
-1.3
-1.2
--
--
-1.2
USD LCH (P)(USD) XC(EUR)
Page 2 / 4
>>
42
172,483.1 Mio. EUR
Marketing Material
Factsheet: Deutsche Invest I CROCI Flexible Allocation Equity Funds - Global December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Christopher Wane
Portfolio Manager since
18/11/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
3.9 Mio. EUR
Fund Currency
EUR
Launch Date
18/11/2015
Fiscal Year End
31/12/2016
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 LU1278916728
DWS 2EJ
Accumulation
0.00%
98.52
98.52
0.00
0.750%
0.91% (1)
--
400,000
LC
EUR LU1278916991
DWS 2EK
Accumulation
5.00%
102.98
97.83
0.00
1.300%
1.55% (1)
--
--
LCH (P)
EUR LU1308296513
DWS 2DU
Accumulation
5.00%
103.56
98.38
0.00
1.300%
1.55% (1)
--
--
NC
EUR LU1278917023
DWS 2EL
Accumulation
3.00%
100.13
97.13
0.00
1.700%
2.21% (1)
--
--
USD LC
USD LU1278917296
DWS 2EM
Accumulation
5.00%
101.21
96.15
0.00
1.300%
1.55% (1)
--
--
USD LCH (P)
USD LU1308296786
DWS 2DV
Accumulation
5.00%
104.95
99.71
0.00
1.300%
1.55% (1)
--
--
0.00% XC EUR LU1308296943 DWS 2DW Accumulation 98.67 98.67 0.00 0.51% (1) -0.400% (1) 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:18/11/2015, LC:18/11/2015, LCH (P):18/11/2015, NC:18/11/2015, USD LC:18/11/2015, USD LCH (P):18/11/2015, XC:18/11/2015). 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
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
43
Factsheet: Deutsche Invest I CROCI Flexible Allocation Equity Funds - Global
Opportunities In accordance with the investment policy. Risks • The fund reallocates investments between various asset classes depending on the market. Depending on the market phase and the reallocation of the fund's assets, it is therefore possible that the risk of the fund may vary. The risk/return profile can therefore fluctuate considerably within a short period of time. • 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 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.
Marketing Material
Factsheet: Deutsche Invest I Global Real Estate Securities Equity Funds - Global December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class USD FC(USD)
(in %)
The sub-fund invests worldwide in equities of real estate companies and real estate investment companies including real estate investment trusts (REITs).
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.
Fund Management's Comment As at 30/11/2016: Global Real Estate Securities were down in November as the FTSE EPRA/NAREIT Developed Local Currency Index returned -1.35%. Japan led the broader global real estate market, up 5.36% overall, with Developers outperforming their REIT counterparts. Australia returned 0.74% due to strength in Focused Rent segment of the region. The United Kingdom followed, returning -0.71% as large cap stocks underperformed. Asia (excluding Japan) was the largest negative performer during the month, down -4.36% as Developers led the way. Continental Europe returned -3.41% in November driven by Office and Retail names. The Americas ended the month down -1.97%, with Healthcare names and Specialty names among the weakest performers, though the Hotels space was a notable bright spot.
Cumulative Performance (in %) - Share Class USD FC(USD) 1m 1y 3y 5 y s. Launch USD EUR
2.5 3.0
1.4 4.7
19.1 54.5
50.1 83.0
55.2 99.7
Ytd.
3yØ
5yØ
2013
2014
2015
2016
1.4 4.7
6.0 15.6
8.5 12.8
4.9 0.9
16.4 31.4
0.9 12.3
1.4 4.7
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 FC(USD) Volatility
12.15%
Sharpe Ratio Alpha
0.46 --
Maximum Drawdown
-11.67%
8.54%
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
Retail Reits Office Reits Residential Reits Real Estate Operating Compa Diversified Reits Industrial Reits Diversified Real Estate Activiti Health Care Reits Specialized Reits Hotel & Resort Reits Other Sectors
23.0 14.5 9.6 9.0 8.4 6.9 6.6 6.3 6.0 3.5 5.0
Principal Holdings (Equities)
(in % of fundvolume)
Simon Property Group Inc (Retail Reits)
4.6
ProLogis Inc (Industrial Reits)
3.7
Welltower Inc (Health Care Reits)
2.8
Public Storage (Specialized Reits)
2.6
Vornado Realty Trust (Office Reits)
2.6
Mitsubishi Estate Co Ltd (Diversified Real Estate A
2.3
Mitsui Fudosan Co Ltd (Diversified Real Estate Act
2.2
General Growth Properties Inc (Retail Reits)
2.0
Mid-America Apartment Communities Inc (Reside
1.9
Alexandria Real Estate Equities Inc (Office Reits) 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™ Property - Indirect Global
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««««« FERI Fund Rating:
(B)
Lipper Leaders: Page 1 / 4
>>
45
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA Japan Hong Kong Australia France Great Britain Germany Singapore Great Britain OECD Canada Sweden Other Countries Gross weighting, not adjusted for any positions in derivatives.
54.7 11.2 6.3 6.0 3.8 3.3 3.2 2.1 1.9 1.7 1.3 3.2
REITs Equities Cash and other assets
1.8 26.5
(in % of fundvolume) 65.5 33.3 1.2
Marketing Material
Factsheet: Deutsche Invest I Global Real Estate Securities Equity Funds - Global December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Japanese yen Euro Australian dollar Hong Kong dollar Pound sterling Singapore dollar Canadian dollar Swedish krona Swiss franc
56.0 11.2 9.1 5.9 5.5 5.2 2.1 1.7 1.3 0.6
Currency structure of investments, excl. forward exchange transactions
Key Figures regarding the Fund's Assets Number of Shares
117
Cumulative Performance (in %) 1m CHF LDH (P)(CHF) FC(EUR)***
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2.8
-0.2
--
--
-2.2
-0.2
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
2016 -0.2
--
--
--
--
--
--
--
--
--
--
--
FDH (P)(EUR)
3.0
1.1
--
--
4.2
1.1
--
--
--
--
--
1.1
GBP DH (P) RD(GBP)
3.0
2.0
--
--
5.2
2.0
--
--
--
--
--
2.0
LD(EUR)
2.9
4.1
52.0
83.8
87.4
4.1
15.0
12.9
1.9
30.8
11.6
4.1
SEK FCH (P)(SEK)
2.9
0.6
--
--
3.6
0.6
--
--
--
--
--
0.6
USD FC(USD)
2.5
1.4
19.1
50.1
55.2
1.4
6.0
8.5
4.9
16.4
0.9
1.4
--
--
--
--
--
--
--
--
--
--
--
USD LC(USD)
2.4
0.6
16.3
--
13.7
0.6
5.2
--
--
15.5
0.1
0.6
USD LDMH (P)(USD)
3.0
2.4
--
--
5.4
2.4
--
--
--
--
--
2.4
FD(EUR)***
USD ID(USD)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
46
Marketing Material
Factsheet: Deutsche Invest I Global Real Estate Securities Equity Funds - Global December 2016
As at 30/12/2016
Fund Data Portfolio Manager
John Vojticek
Portfolio Manager since
15/06/2016
Portfolio Management Company
RREEF America LLC, (Chicago)
Portfolio Management Location
United States
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
179.3 Mio. USD
Fund Currency
USD
Launch Date
15/11/2010
Fiscal Year End
31/12/2016
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 LDH (P)
CHF LU1212621004
DWS 19V
Distribution
5.00%
100.14
95.13
0.09
1.500%
1.78% (2)
--
--
FC
EUR LU0507268786
DWS 0Z2
Accumulation
0.00%
95.49
95.49
0.04
0.750%
0.91% (2)
--
400,000
FD
EUR LU1445758904
DWS 2GU
Distribution
0.00%
95.48
95.48
0.04
0.750%
0.91% (2)
--
400,000
FDH (P)
EUR LU1316036224
DWS 2DZ
Distribution
0.00%
103.82
103.82
0.13
0.750%
0.91% (2)
--
400,000
GBP DH (P) R
GBP LU1316036497
DWS 2D0
Distribution
0.00%
104.87
104.87
0.14
0.750%
0.91% (2)
--
--
LD
EUR LU0507268513
DWS 0Z0
Distribution
5.00%
177.27
168.41
0.00
1.500%
1.67% (1)
--
--
SEK FCH (P)
SEK
DWS 2D1
Accumulation
0.00%
1,035.81
1,035.81
1.36
0.750%
0.91% (2)
--
4,000,000
USD FC
USD LU0507268943
DWS 0Z4
Accumulation
0.00%
155.17
155.17
0.00
0.750%
0.88% (1)
--
400,000
USD ID
USD LU1445759035
DWS 2GV
Distribution
0.00%
90.30
90.30
0.04
0.600%
0.70% (2)
--
25,000,000
5.00% USD LU0507268869 DWS 0Z3 Accumulation 120.86 114.82 0.11 1.65% (1) -1.500% 5.00% USD LDMH (P) USD LU1316036653 DWS 2D2 Distribution 103.52 98.35 1.78% (2) -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 31/12/2015. 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 LDH (P):20/04/2015, FC:01/08/2016, FD:01/08/2016, FDH (P):18/11/2015, GBP DH (P) RD:18/11/2015, SEK FCH (P):18/11/2015, USD ID:01/08/2016, USD LDMH (P):18/11/2015). 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.
--
LU1316036570
USD LC
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
--
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
47
Factsheet: Deutsche Invest I Global Real Estate Securities Equity Funds - Global
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. • 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.
Marketing Material
Factsheet: Deutsche Invest I Top Dividend Equity Funds - Global December 2016
Fund Data Investment Policy
As at 30/12/2016
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.
Fund Management's Comment 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
2.1
7.2
41.1
68.4
95.4
Ytd.
3yØ
5yØ
2013
2014
2015
2016
7.2
12.2
11.0
12.0
17.0
12.5
7.2
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
9.42%
Sharpe Ratio Alpha
1.24 --
Maximum Drawdown
-8.47%
6.27%
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 Utilities Financials Information Technology Energy Industrials Materials Consumer Discretionary Other Sectors
23.1 13.8 12.2 9.6 9.0 7.4 3.8 3.5 3.4 3.0 1.8
Principal Holdings (Equities)
(in % of fundvolume)
Allianz SE (Financials)
3.6
Nippon Telegraph & Telephone Corp (Telecommun
3.5
Taiwan Semiconductor Manufacturing Co Ltd (Info
3.4
Verizon Communications Inc (Telecommunication
3.4
Cisco Systems Inc (Information Technology)
3.3
Pfizer Inc (Health Care)
2.9
Unilever NV (Consumer Staples)
2.9
PepsiCo Inc/NC (Consumer Staples)
2.9
NextEra Energy Inc (Utilities)
2.8
Novartis AG (Health Care)
2.6
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 Equity Income
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««« FERI Fund Rating:
(C)
Lipper Leaders: Page 1 / 4
31.3
>>
49
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA Germany Switzerland Japan Great Britain Canada Taiwan Norway France Netherlands Finland Other Countries Gross weighting, not adjusted for any positions in derivatives.
41.3 7.8 7.4 7.1 6.0 5.2 3.9 3.3 3.1 2.9 1.4 1.1
Equities Bonds Cash and other assets
(in % of fundvolume) 90.6 7.9 1.5
Marketing Material
Factsheet: Deutsche Invest I Top Dividend Equity Funds - Global December 2016
As at 30/12/2016
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 -
53.3 15.2 7.4 7.1 6.0 5.3 3.3 1.2 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.) Small caps (< 1 bn.)
86.1 3.1 1.2 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
3.6
Ø Market Cap
Ytd.
3yØ
5yØ
2013
89,906.7 Mio. EUR
2014
2015
2016
CHF FCH (P)(CHF)
1.9
4.6
21.8
53.5
57.2
4.6
6.8
9.0
17.6
10.5
5.4
4.6
CHF LCH (P)(CHF)
1.8
3.9
18.9
47.6
50.9
3.9
6.0
8.1
16.7
9.7
4.4
3.9
FC(EUR)
2.2
8.0
44.3
74.8
105.2
8.0
13.0
11.8
12.9
17.9
13.3
8.0
FD(EUR)
2.2
8.0
44.3
--
53.7
8.0
13.0
--
--
17.9
13.3
8.0
GBP C RD(GBP)
2.2
25.0
--
--
34.9
25.0
--
--
--
--
--
25.0
GBP D RD(GBP)
2.2
24.9
47.0
--
41.2
24.9
13.7
--
--
10.3
6.7
24.9
--
--
--
--
--
--
--
--
--
--
--
2.2
24.0
43.7
71.7
101.2
24.0
12.9
11.4
14.3
9.5
5.8
--
--
--
--
--
--
--
--
--
--
--
ID(EUR)
2.2
8.3
--
--
25.8
8.3
--
--
--
--
13.7
8.3
IDH (P)(EUR)
2.0
5.6
--
--
17.2
5.6
--
--
--
--
6.5
5.6
LC(EUR)
2.1
7.2
41.1
68.4
95.4
7.2
12.2
11.0
12.0
17.0
12.5
7.2
LD(EUR)
2.1
7.2
41.1
68.4
95.3
7.2
12.2
11.0
12.0
17.0
12.5
7.2
NC(EUR)
2.0
6.5
38.2
62.6
86.7
6.5
11.4
10.2
11.2
16.2
11.7
6.5
ND(EUR)
2.0
6.5
38.2
62.6
74.6
6.5
11.4
10.2
11.2
16.2
11.7
6.5
SEK FCH (P)(SEK)
1.9
4.5
--
--
11.1
4.5
--
--
--
--
--
4.5
SEK LCH (P)(SEK)
1.8
3.7
--
--
10.0
3.7
--
--
--
--
--
3.7
SGD LC(SGD)
2.6
5.6
22.8
--
53.7
5.6
7.1
--
20.8
7.6
8.0
5.6
SGD LCH (P)(SGD)
2.0
5.7
23.2
--
51.2
5.7
7.2
--
17.0
9.9
6.1
5.7
SGD LDQ(SGD)
2.6
5.6
22.7
52.0
64.4
5.6
7.1
8.7
21.1
7.6
7.9
5.6
SGD LDQH (P)(SGD)
2.1
5.7
22.4
--
28.2
5.7
7.0
--
--
9.4
5.9
5.7
USD FC(USD)
1.7
4.3
9.8
--
24.0
4.3
3.2
--
--
3.5
1.7
4.3
--
--
--
--
--
--
--
--
--
--
--
USD LC(USD)
1.6
3.6
7.9
36.7
48.3
3.6
2.6
6.5
16.8
3.3
0.9
3.6
USD LCH (P)(USD)
2.0
5.7
22.0
--
54.6
5.7
6.8
--
17.1
9.7
5.2
5.7
USD LDH (P)(USD)
2.0
5.7
22.0
--
36.8
5.7
6.9
--
--
9.7
5.2
5.7
USD LDM(USD)
1.6
3.5
--
--
3.3
3.5
--
--
--
--
0.7
3.5
USD LDQ(USD)
1.6
3.5
8.4
--
13.8
3.5
2.7
--
--
3.8
0.8
3.5
GBP DH (P) RD(GBP)* GBP LD DS(GBP) IC(EUR)***
USD FCH (P)(USD)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
50
24.0
Marketing Material
Factsheet: Deutsche Invest I Top Dividend Equity Funds - Global December 2016
As at 30/12/2016
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
4,719.1 Mio. EUR
Fund Currency
EUR
Launch Date
01/07/2010
Fiscal Year End
31/12/2016
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%
157.15
157.15
0.18
0.750%
0.86% (1)
--
CHF LCH (P)
CHF LU0616864012
DWS 07K
Accumulation
5.00%
158.87
150.92
0.16
1.500%
1.61% (1)
--
--
FC
EUR LU0507266228
DWS 0ZG
Accumulation
0.00%
205.18
205.18
0.23
0.750%
0.84% (1)
--
400,000
FD
EUR LU0740838205
DWS 1CK
Distribution
0.00%
141.49
141.49
0.16
0.750%
0.84% (1)
--
400,000
GBP C RD
GBP LU1263963255
DWS 2BN
Accumulation
0.00%
134.94
134.94
0.15
0.750%
0.91% (2)
--
--
GBP D RD
GBP
LU0911038932
DWS 1W0
Distribution
0.00%
132.92
132.92
0.15
0.750%
0.91% (1)
--
--
GBP DH (P) R
GBP LU1466055248
DWS 2G3
Distribution
0.00%
99.11
99.11
0.750%
0.91% (2)
--
--
GBP LD DS
GBP
LU0511520347
DWS 00H
Distribution
5.00%
182.50
173.38
0.18
1.500%
1.60% (1)
--
--
IC
EUR LU1472572954
DWS 2G5
Accumulation
0.00%
102.75
102.75
0.04
0.500%
0.59% (2)
--
25,000,000
ID
EUR LU0616863808
DWS 07J
Distribution
0.00%
122.47
122.47
0.14
0.500%
0.53% (1)
--
25,000,000
IDH (P)
EUR
LU0911039310
DWS 1W3
Distribution
0.00%
112.20
112.20
0.14
0.500%
0.57% (1)
--
25,000,000
LC
EUR LU0507265923
DWS 0ZD
Accumulation
5.00%
205.63
195.35
0.20
1.500%
1.59% (1)
--
--
LD
EUR LU0507266061
DWS 0ZE
Distribution
5.00%
177.12
168.27
0.18
1.500%
1.58% (1)
--
--
NC
EUR LU0507266145
DWS 0ZF
Accumulation
3.00%
192.46
186.68
0.02
2.000%
2.28% (1)
--
--
ND
EUR LU0544572786
DWS 015
Distribution
3.00%
157.70
152.97
0.15
2.000%
2.28% (1)
--
--
SEK FCH (P)
SEK
LU1282658993
DWS 2C5
Accumulation
0.00%
1,111.08
1,111.08
1.34
0.750%
0.91% (2)
--
4,000,000
SEK LCH (P)
SEK
LU1282659025
DWS 2C6
Accumulation
5.00%
1,158.07
1,100.17
1.24
1.500%
1.78% (2)
--
--
SGD LC
SGD LU0740838460
DWS 1CL
Accumulation
5.00%
16.18
15.37
0.02
1.500%
1.58% (1)
--
--
SGD LCH (P)
SGD LU0740838544
DWS 1CM
Accumulation
5.00%
15.92
15.12
0.02
1.500%
1.61% (1)
--
--
SGD LDQ
SGD LU0616864442
DWS 07M
Distribution
5.00%
15.24
14.48
0.02
1.500%
1.60% (1)
--
--
SGD LDQH (P) SGD LU0911038858
DWS 1WZ
Distribution
5.00%
12.46
11.84
0.00
1.500%
1.63% (1)
--
--
USD FC
USD LU0507266574
DWS 0ZJ
Accumulation
0.00%
124.00
124.00
0.14
0.750%
0.87% (1)
--
400,000
USD FCH (P)
USD LU0813338588
DWS 1JX
Accumulation
0.00%
101.59
101.59
0.06
0.750%
0.91% (2)
--
400,000
USD LC
USD LU0507266491
DWS 0ZH
Accumulation
5.00%
156.10
148.29
0.16
1.500%
1.58% (1)
--
--
USD LCH (P)
USD LU0544572604
DWS 014
Accumulation
5.00%
162.78
154.64
0.16
1.500%
1.61% (1)
--
--
USD LDH (P)
USD LU0740838031
DWS 1CH
Distribution
5.00%
131.98
125.38
0.13
1.500%
1.61% (1)
--
--
USD LDM
USD
DWS 1WX
Distribution
5.00%
94.93
90.19
1.500%
1.61% (1)
--
--
5.00% USD LDQ USD LU0911038775 DWS 1WY Distribution 112.78 107.14 0.07 1.59% (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 31/12/2015. 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 C RD:30/09/2015, GBP DH (P) RD:01/09/2016, IC:01/09/2016, SEK FCH (P):30/09/2015, SEK LCH (P):30/09/2015, 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
51
Factsheet: 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.
Marketing Material
Factsheet: Deutsche Invest II Global Equity High Conviction Fund Equity Funds - Global December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest II Global Equity High Conviction Fund is a globally investing equity fund. The fund manager focuses on companies that could also offer an above average structural growth during an overall economic slow-down. This includes companies with a dominant positioning in growth niches in established markets and companies with a high exposure to developing economies as well as of emerging markets origin.
Fund
Benchmark: MSCI AC World TR Net (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.
Fund Management's Comment 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 BM IN EUR
5.6 10.8
9.2 12.9
0.2 2.7
5.6 10.8
30.1 44.1
---
44.2 63.5
5yØ
2014
2015
2016
---
14.2 19.3
7.9 9.0
5.6 10.8
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
11.63%
Sharpe Ratio Alpha
0.77 -2.85%
Maximum Drawdown
-12.52%
Information Ratio
-0.93
Beta
0.96
7.22%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.95 3.66%
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Information Technology Health Care Consumer Staples Consumer Discretionary Financials Industrials
21.0 20.2 20.1 15.7 11.9 8.8
Morningstar Style-Box™ Market Capitalization Large
Principal Holdings (Equities)
(in % of fundvolume)
Alphabet Inc (Information Technology)
6.4
Nestle SA (Consumer Staples)
4.7
Roche Holding AG (Health Care)
4.3
Cognizant Technology Solutions Corp (Information
4.0
United Technologies Corp (Industrials)
3.9
TJX Cos Inc/The (Consumer Discretionary)
3.7
Aon PLC (Financials)
3.5
Celgene Corp (Health Care)
3.5
Unilever NV (Consumer Staples)
3.5
Japan Tobacco Inc (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 Large-Cap Growth Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
>>
53
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA Switzerland Japan Netherlands Great Britain Korea Canada Taiwan Hong Kong Germany Finland Gross weighting, not adjusted for any positions in derivatives.
63.6 9.0 5.6 4.9 3.1 2.2 2.2 2.0 1.9 1.8 1.4
Equities Cash and other assets
3.4 40.9
(in % of fundvolume) 97.6 2.4
Marketing Material
Factsheet: Deutsche Invest II Global Equity High Conviction Fund Equity Funds - Global December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Swiss franc Euro Japanese yen South Korean won Taiwan dollar - new Canadian dollar Pound sterling Hong Kong dollar Nigerian naira
65.0 9.0 8.1 5.7 2.9 2.6 2.2 2.0 1.9 0.3
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.)
90.2 7.5
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
40
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
1.5
Ø Market Cap
Ytd.
3yØ
5yØ
2014
90,495.6 Mio. EUR
2015
2016
FC(EUR)
0.3
6.3
33.3
--
48.9
6.3
10.0
--
15.2
8.8
6.3
LC(EUR)
0.2
5.6
30.1
--
44.2
5.6
9.2
--
14.2
7.9
5.6
LD(EUR)
0.2
5.5
30.2
--
44.3
5.5
9.2
--
14.3
7.9
5.5
NC(EUR)
0.2
4.8
27.4
--
40.3
4.8
8.4
--
13.4
7.2
4.8
Page 2 / 4
>>
54
Marketing Material
Factsheet: Deutsche Invest II Global Equity High Conviction Fund Equity Funds - Global December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Andre Koettner
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
146.5 Mio. EUR
Fund Currency
EUR
Launch Date
11/02/2013
Fiscal Year End
31/12/2016
Investor profile
Growth-oriented
SICAV
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
Management Fee
Running costs / TER
plus performancerelated fee
Minimum Investment Amount
FC
EUR LU0826453069
DWS 1S2
Accumulation
0.00%
148.92
148.92
0.00
0.750%
0.91% (1)
--
400,000
LC
EUR LU0826452848
DWS 1S0
Accumulation
5.00%
151.80
144.21
0.00
1.500%
1.70% (1)
--
--
LD
EUR LU0826452921
DWS 1S1
Distribution
5.00%
151.11
143.55
0.00
1.500%
1.69% (1)
--
--
3.00% NC EUR LU0826453226 DWS 1S4 Accumulation 144.60 140.26 0.00 2.39% (1) -2.000% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
55
Factsheet: Deutsche Invest II Global Equity High Conviction Fund 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. • The fund invests in equities of smaller companies. Equities of smaller companies are generally subject to higher price fluctuations than blue-chips. The reasons for this include their lower liquidity due to their lower market capitalization and smaller trading volume. As a result, equities or units of smaller companies may be more difficult to buy or sell than those of larger companies. • 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.
Equity Funds
USA
Marketing Material
Factsheet: Deutsche Invest II US Top Dividend Equity Funds - USA December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest II US Top Dividend is an equity fund offering the opportunity of stable earnings. The management primarily invests in US-american companies with a high market capitalization. The companies show an above-average dividend yield, sound earnings distribution quota and/or a promising dividend growth. In addition, fundamental data like quality of the balance sheet and the business model are of decisive importance. If all criteria are met, the stock is considered to be selected.
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.
Fund Management's Comment 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
10.4
15.7
1.7
10.4
54.8
--
84.6
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
10.42%
Sharpe Ratio Alpha
1.42 --
Maximum Drawdown
-10.33%
6.08%
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 Health Care Information Technology Utilities Consumer Discretionary Industrials Financials Telecommunication Serv. Energy Materials
22.3 18.1 12.1 9.3 8.3 6.2 5.5 5.5 3.7 1.6
Principal Holdings (Equities)
(in % of fundvolume)
Johnson & Johnson (Health Care)
3.8
Exxon Mobil Corp (Energy)
3.7
Pfizer Inc (Health Care)
3.7
Procter & Gamble Co/The (Consumer Staples)
3.5
PepsiCo Inc/NC (Consumer Staples)
3.4
Microsoft Corp (Information Technology)
3.4
Merck & Co Inc (Health Care)
3.1
Verizon Communications Inc (Telecommunication
2.9
Cisco Systems Inc (Information Technology)
2.7
AT & T (Telecommunication Serv.)
2.6
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
(in % of fundvolume)
USA Ireland
Growth Blend
Investment Style
Morningstar Category™ US Large-Cap Value Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
32.8
>>
58
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
90.5 2.1
Equities Cash and other assets
(in % of fundvolume) 92.6 7.4
Marketing Material
Factsheet: Deutsche Invest II US Top Dividend Equity Funds - USA December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Euro Canadian dollar
96.7 3.1 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.)
87.5 2.9 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
67
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
3.0
Ø Market Cap
Ytd.
3yØ
5yØ
2013
130,239.3 Mio. EUR
2014
2015
2016
FC(EUR)
1.7
11.2
58.5
--
91.4
11.2
16.6
--
26.1
27.7
11.6
FD(EUR)
1.7
11.2
--
--
57.0
11.2
--
--
--
--
11.7
11.2
LC(EUR)
1.7
10.4
54.8
--
84.6
10.4
15.7
--
25.1
26.6
10.8
10.4
LCH (P)(EUR)
1.1
5.4
--
--
18.2
5.4
--
--
--
--
-0.4
5.4
LD(EUR)
1.7
10.4
54.8
--
84.6
10.4
15.7
--
25.1
26.6
10.8
10.4
NC(EUR)
1.6
9.6
51.7
--
78.7
9.6
14.9
--
24.1
25.8
10.0
9.6
NCH (P)(EUR)
1.0
4.7
--
--
15.5
4.7
--
--
--
--
-1.5
4.7
USD LC(USD)
1.2
6.6
--
--
19.0
6.6
--
--
--
--
-0.6
6.6
Page 2 / 4
>>
59
11.2
Marketing Material
Factsheet: Deutsche Invest II US Top Dividend Equity Funds - USA December 2016
As at 30/12/2016
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
378.1 Mio. EUR
Fund Currency
EUR
Launch Date
02/07/2012
Fiscal Year End
31/12/2016
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%
191.44
191.44
0.00
0.750%
0.90% (1)
--
400,000
FD
EUR LU0781239230
DWS 1EN
Distribution
0.00%
151.77
151.77
0.00
0.750%
0.89% (1)
--
400,000
LC
EUR LU0781238778
DWS 1EH
Accumulation
5.00%
194.29
184.58
0.00
1.500%
1.66% (1)
--
--
LCH (P)
EUR LU0781239586
DWS 1ER
Accumulation
5.00%
124.45
118.23
0.00
1.500%
1.69% (1)
--
--
LD
EUR LU0781238851
DWS 1EJ
Distribution
5.00%
181.37
172.30
0.00
1.500%
1.67% (1)
--
--
NC
EUR LU0781238935
DWS 1EK
Accumulation
3.00%
184.27
178.74
0.00
2.000%
2.36% (1)
--
--
NCH (P)
EUR LU0781239743
DWS 1ET
Accumulation
3.00%
119.06
115.49
0.00
2.000%
2.38% (1)
--
--
5.00% USD LC USD LU0781240089 DWS 1EV Accumulation 125.23 118.97 0.00 1.68% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
60
Factsheet: 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.
Equity Funds
Asia
Marketing Material
Factsheet: Deutsche Invest I Asian Equities Unconstrained Equity Funds - Asia December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The sub-fund broadly invests in equities of the Asian markets excluding Japanese equities.
Fund
Benchmark: MSCI AC Asia ex Japan EUR Net (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.
Fund Management's Comment 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 EUR BM IN EUR
-2.6 -1.5
1.9 9.4
29.1 31.9
51.2 56.6
29.1 39.2
Ytd.
3yØ
1.9 9.4
8.9 9.7
5yØ
2013
2014
2015
2016
8.6 9.4
-1.5 -0.8
19.8 18.8
5.7 1.4
1.9 9.4
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.40%
Sharpe Ratio Alpha
0.61 -0.17%
Maximum Drawdown
-20.82%
Information Ratio
-0.23
Beta
0.94
8.03%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.98 3.09%
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 Materials Real Estate Industrials Telecommunication Serv. Consumer Staples Utilities Health Care Other Sectors
25.7 18.8 11.6 5.6 4.4 3.4 3.3 2.7 2.7 2.6 1.9
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
6.7
Taiwan Semiconductor Manufacturing Co Ltd (Info
6.0
Tencent Holdings Ltd (Information Technology)
5.5
AIA Group Ltd (Financials)
3.6
Ping An Insurance Group Co (Financials)
3.4
Alibaba Group Holding Ltd (Information Technolog
3.0
Samsung Fire & Marine Insurance Co Ltd (Financi
2.1
China Construction Bank Corp (Financials)
2.1
NAVER Corp (Information Technology)
2.0
China Overseas Land & Investment Ltd (Real Esta 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 ex Japan Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
China Korea Taiwan Hong Kong Cayman Islands Philippines Thailand Singapore Indonesia India Bermuda
(B)
Lipper Leaders: Page 1 / 4
(in % of fundvolume)
>>
63
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
26.8 20.0 9.1 7.9 4.7 3.6 3.0 2.9 2.4 1.1 1.0
Equities Cash and other assets
1.9 36.3
(in % of fundvolume) 82.7 17.3
Marketing Material
Factsheet: Deutsche Invest I Asian Equities Unconstrained Equity Funds - Asia December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar United States dollar South Korean won Euro Taiwan dollar - new Philippines pesos Thai baht Singapore dollar Indonesian rupiah
34.7 20.3 13.5 11.7 7.2 4.0 3.1 3.0 2.4
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.)
55.9 8.9 11.5 6.4
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
55
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
1.5
Ø Market Cap
Ytd.
3yØ
5yØ
2013
46,465.7 Mio. EUR
2014
2015
2016
FC(EUR)
-2.5
2.8
32.5
57.9
35.3
2.8
9.8
9.6
-0.7
20.8
6.6
2.8
LC(EUR)
-2.6
1.9
29.1
51.2
29.1
1.9
8.9
8.6
-1.5
19.8
5.7
1.9
LD(EUR)
-2.5
1.9
29.1
51.2
29.1
1.9
8.9
8.6
-1.5
19.8
5.7
1.9
Page 2 / 4
>>
64
Marketing Material
Factsheet: Deutsche Invest I Asian Equities Unconstrained Equity Funds - Asia December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Sean Taylor
Assets
Portfolio Manager since
15/04/2015
Fund Currency
Portfolio Management Company
Deutsche Asset Management Investment GmbH, Deutsch
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
3.0 Mio. EUR EUR
Launch Date
01/08/2011
Fiscal Year End
31/12/2016
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 LU0544569303
DWS 01A
Accumulation
0.00%
135.29
135.29
0.00
0.750%
0.90% (1)
--
400,000
LC
EUR LU0544569055
DWS 007
Accumulation
5.00%
135.87
129.07
0.00
1.500%
1.77% (1)
--
--
5.00% LD DWS 008 EUR LU0544569139 Distribution 134.92 128.18 0.00 1.78% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
65
Factsheet: Deutsche Invest I Asian Equities Unconstrained 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. • 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.
Marketing Material
Factsheet: Deutsche Invest I Asian Small/Mid Cap Equity Funds - Asia December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Invests in Asian companies (ex-Japan) with small and medium market capitalizations.
Fund
Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report.
Benchmark*
*Benchmark: MSCI AC Asia ex Japan Small Cap TR Net ab 12.4.12 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.
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch EUR BM IN EUR
-0.7 -1.0
2.0 1.2
22.7 25.7
68.8 53.1
102.2 94.8
Ytd.
3yØ
5yØ
2013
2014
2015
2016
2.0 1.2
7.1 7.9
11.0 8.9
10.3 2.5
18.5 15.1
1.5 8.0
2.0 1.2
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.21%
Sharpe Ratio Alpha
0.50 0.41%
Maximum Drawdown
-20.80%
Information Ratio
-0.13
Beta
0.84
8.32%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.91 6.49%
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™ Market Capitalization Large
Consumer Discretionary Information Technology Industrials Health Care Materials Financials Real Estate Consumer Staples Telecommunication Serv. Utilities Not classified to MSCI
24.0 15.1 14.4 9.5 8.3 7.8 5.3 4.6 2.0 1.4 2.7
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
3.8
Dah Sing Financial Holdings Ltd (Financials)
3.0
Best Pacific International Holdings Ltd (Consumer
3.0
Taiwan Semiconductor Manufacturing Co Ltd (Info
2.9
SPCG PCL (Not classified to MSCI)
2.7
TK Group Holdings Ltd (Industrials)
2.7
i-SENS Inc (Health Care)
2.6
Shree Cement Ltd (Materials)
2.3
KD Holding Corp (Industrials)
2.3
ASM Pacific Technology Ltd (Information Technolo 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 ex Japan Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
Taiwan Korea China Singapore Hong Kong Cayman Islands India Philippines Thailand Indonesia Bermuda
(B)
Lipper Leaders: Page 1 / 4
(in % of fundvolume)
>>
67
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
15.8 15.4 14.4 10.5 9.9 9.9 6.0 5.6 3.7 2.8 1.0
Equities Cash and other assets
2.3 27.6
(in % of fundvolume) 95.0 5.0
Marketing Material
Factsheet: Deutsche Invest I Asian Small/Mid Cap Equity Funds - Asia December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar Taiwan dollar - new South Korean won Singapore dollar Indian rupee Philippines pesos Thai baht United States dollar Indonesian rupiah Euro
33.8 16.1 15.8 11.4 6.8 5.8 3.7 3.1 3.0 0.5
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.) Small caps (< 1 bn.)
12.4 10.6 26.7 45.3
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
60
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
2.3
Ø Market Cap
Ytd.
3yØ
5yØ
2013
14,924.6 Mio. EUR
2014
2015
2016
-0.6
2.9
25.9
76.1
120.5
2.9
8.0
12.0
11.2
19.5
2.4
2.9
--
2.9
--
--
14.8
2.9
--
--
--
--
--
2.9
LC(EUR)
-0.7
2.0
22.7
68.8
102.2
2.0
7.1
11.0
10.3
18.5
1.5
2.0
LD(EUR)
-0.7
2.0
22.7
68.8
109.7
2.0
7.1
11.0
10.3
18.5
1.5
2.0
LS(EUR)
-0.7
2.0
22.7
68.8
108.6
2.0
7.1
11.0
10.3
18.5
1.5
2.0
NC(EUR)
-0.8
1.2
20.1
62.8
87.2
1.2
6.3
10.2
9.5
17.7
0.8
1.2
USD FC(USD)
-1.1
-0.8
-3.7
44.6
71.1
-0.8
-1.3
7.6
16.4
5.2
-7.7
-0.8
USD LC(USD)
-1.1
-1.5
-6.5
36.9
60.3
-1.5
-2.2
6.5
15.9
3.9
-8.6
-1.5
FC(EUR) GBP C RD(GBP)
Page 2 / 4
>>
68
Marketing Material
Factsheet: Deutsche Invest I Asian Small/Mid Cap Equity Funds - Asia December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Linus Kwan
Assets
Portfolio Manager since
12/04/2012
Fund Currency
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
64.9 Mio. EUR EUR
Launch Date
16/01/2006
Fiscal Year End
31/12/2016
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
FC
EUR LU0236154950
A0H MCG
Accumulation
0.00%
220.50
220.50
GBP C RD
GBP LU0982753047
DWS 10R
Accumulation
0.00%
0.00
0.00
LC
EUR LU0236153390
A0H MCD
Accumulation
5.00%
212.82
202.17
LD
EUR LU0236153556
A0H MCE
Distribution
5.00%
206.15
LS
EUR LU0254485450
A0J MDL
Accumulation
5.00%
NC
EUR LU0236154448
A0H MCF
Accumulation
USD FC
USD LU0273175025
DWS 0AT
Accumulation
Interim Gains
Running costs / TER
plus performancerelated fee
Minimum Investment Amount
0.750%
0.91% (1)
--
400,000
0.750%
0.91% (2)
--
--
0.00
1.500%
1.77% (1)
--
--
195.84
0.00
1.500%
1.77% (1)
--
--
219.62
208.64
0.00
1.500%
1.77% (1)
--
--
3.00%
192.95
187.16
0.00
2.000%
2.47% (1)
--
--
0.00%
171.09
171.09
0.00
0.750%
0.89% (1)
--
400,000
5.00% USD LC USD LU0273161744 DWS 0AS Accumulation 168.76 160.32 0.00 1.77% (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 31/12/2015. 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 C RD:14/09/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
0.00
Management Fee
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
69
Factsheet: Deutsche Invest I Asian Small/Mid Cap 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 equities of smaller companies. Equities of smaller companies are generally subject to higher price fluctuations than blue-chips. The reasons for this include their lower liquidity due to their lower market capitalization and smaller trading volume. As a result, equities or units of smaller companies may be more difficult to buy or sell than those of larger companies. • 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.
Marketing Material
Factsheet: Deutsche Invest I Top Asia Equity Funds - Asia December 2016
Fund Data Investment Policy
As at 30/12/2016
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
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.
Fund Management's Comment 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
-1.8 -1.0
6.5 9.3
31.1 33.1
52.1 62.3
136.8 147.7
Ytd.
3yØ
5yØ
2013
2014
2015
2016
6.5 9.3
9.4 10.0
8.8 10.2
3.2 4.9
15.0 14.8
7.0 6.1
6.5 9.3
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.67%
Sharpe Ratio Alpha
0.63 -0.18%
Maximum Drawdown
-21.64%
Information Ratio
-0.19
Beta
0.96
8.63%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.98 2.77%
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 Telecommunication Serv. Materials Real Estate Energy Health Care
27.8 21.9 10.6 7.6 6.9 4.9 4.8 4.8 1.1 1.0
Principal Holdings (Equities)
(in % of fundvolume)
Taiwan Semiconductor Manufacturing Co Ltd (Info
7.2
Samsung Electronics Co Ltd (Information Technol
6.3
Tencent Holdings Ltd (Information Technology)
5.5
FANUC CORP (Industrials)
3.5
Alibaba Group Holding Ltd (Information Technolog
3.5
Keyence Corp (Information Technology)
3.4
AIA Group Ltd (Financials)
3.3
Seven & I Holdings Co Ltd (Consumer Staples)
3.2
China Construction Bank Corp (Financials)
3.0
ORIX Corp (Financials)
1.9
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™ Asia-Pacific inc. Japan Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
(in % of fundvolume)
Japan China Korea Taiwan Hong Kong Indonesia Philippines Singapore Cayman Islands Thailand
(C)
Lipper Leaders: Page 1 / 4
40.8
>>
71
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
25.2 24.6 15.1 9.6 7.5 2.5 2.1 1.7 1.6 1.5
Equities Investment funds Warrants Cash and other assets
(in % of fundvolume) 91.4 2.0 1.0 5.6
Marketing Material
Factsheet: Deutsche Invest I Top Asia Equity Funds - Asia December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar Japanese yen South Korean won United States dollar Euro Taiwan dollar - new Indonesian rupiah Singapore dollar Philippines pesos Thai baht Indian rupee
28.8 25.3 15.8 14.6 3.0 2.9 2.8 2.2 2.1 1.5 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.)
80.1 5.3 6.0
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
60
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
1.7
Ø Market Cap
Ytd.
3yØ
5yØ
2013
68,162.2 Mio. EUR
2014
2015
2016
FC(EUR)
-1.8
7.3
34.1
57.9
167.2
7.3
10.3
9.6
4.0
15.8
7.9
7.3
GBP D RD(GBP)
-1.7
24.2
36.6
60.6
109.8
24.2
11.0
9.9
6.5
8.5
1.5
24.2
LC(EUR)
-1.8
6.5
31.1
52.1
136.8
6.5
9.4
8.8
3.2
15.0
7.0
6.5
LD(EUR)
-1.8
6.5
31.1
52.1
136.8
6.5
9.4
8.8
3.2
15.0
7.0
6.5
NC(EUR)
-1.9
5.8
28.4
46.9
113.8
5.8
8.7
8.0
2.5
14.2
6.3
5.8
USD FC(USD)
-2.2
3.6
2.6
28.5
30.6
3.6
0.9
5.1
8.5
2.2
-3.2
3.6
USD LC(USD)
-2.3
4.3
3.4
25.6
23.9
4.3
1.1
4.7
6.5
3.3
-4.1
4.3
Page 2 / 4
>>
72
Marketing Material
Factsheet: Deutsche Invest I Top Asia Equity Funds - Asia December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Sean Taylor
Assets
Portfolio Manager since
26/05/2014
Fund Currency
Portfolio Management Company
Deutsche Asset Management Investment GmbH, Deutsch
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
246.8 Mio. EUR EUR
Launch Date
03/06/2002
Fiscal Year End
31/12/2016
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%
267.15
267.15
0.00
0.750%
0.87% (1)
--
400,000
GBP D RD
GBP LU0399358562
DWS 0V3
Distribution
0.00%
189.80
189.80
0.00
0.750%
0.88% (1)
--
--
LC
EUR LU0145648290
552 521
Accumulation
5.00%
249.29
236.82
0.00
1.500%
1.63% (1)
--
--
LD
EUR LU0145648456
552 522
Distribution
5.00%
235.03
223.27
0.00
1.500%
1.63% (1)
--
--
NC
EUR LU0145648886
552 523
Accumulation
3.00%
220.42
213.80
0.00
2.000%
2.33% (1)
--
--
USD FC
USD LU0273174648
DWS 0AR
Accumulation
0.00%
130.56
130.56
0.00
0.750%
0.88% (1)
--
400,000
5.00% USD LC USD LU0273161231 DWS 0AQ Accumulation 130.42 123.90 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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
73
Factsheet: 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.
Marketing Material
Factsheet: Deutsche Invest II Asian Top Dividend Equity Funds - Asia December 2016
Fund Data Investment Policy
As at 30/12/2016
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 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.
Fund Management's Comment 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
-1.9
1.9
22.3
--
28.7
Ytd.
3yØ
1.9
6.9
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
13.47%
Sharpe Ratio Alpha
0.51 --
Maximum Drawdown
-22.09%
7.98%
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 Utilities Consumer Discretionary Energy Materials Real Estate
20.2 17.3 12.2 9.7 7.8 7.8 7.2 3.0 2.2 2.1
Principal Holdings (Equities)
(in % of fundvolume)
Taiwan Semiconductor Manufacturing Co Ltd (Info
5.3
Samsung Electronics Co Ltd (Information Technol
5.1
KT&G Corp (Consumer Staples)
2.8
China Mobile Ltd (Telecommunication Serv.)
2.7
Chunghwa Telecom Co Ltd (Telecommunication S
2.2
AIA Group Ltd (Financials)
2.1
SK Telecom Co Ltd (Telecommunication Serv.)
2.1
Singapore Telecommunications Ltd (Telecommuni
2.0
Uni-President Enterprises Corp (Consumer Staple
1.9
Guangdong Investment Ltd (Utilities)
1.9
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™ Asia ex Japan Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««
Lipper Leaders: Page 1 / 4
28.1
>>
75
Note: The key terms are explained in the glossary.
(in % of fundvolume)
China Taiwan Hong Kong Korea Singapore Indonesia Thailand Philippines Malaysia India Luxembourg Other Countries Gross weighting, not adjusted for any positions in derivatives.
22.7 16.4 15.3 12.9 8.0 3.4 3.4 3.2 3.1 0.6 0.3 0.2
Equities Warrants Cash and other assets
(in % of fundvolume) 89.4 1.8 8.8
Marketing Material
Factsheet: Deutsche Invest II Asian Top Dividend Equity Funds - Asia December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar South Korean won Taiwan dollar - new Singapore dollar Euro United States dollar Indonesian rupiah Philippines pesos Malaysian ringgit Thai baht Indian rupee
37.8 13.2 13.2 9.5 6.1 5.7 3.4 3.4 3.2 2.6 1.8
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.)
57.3 15.5 13.9 2.8
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
103
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
3.3
Ø Market Cap
Ytd.
3yØ
5yØ
2013
38,829.2 Mio. EUR
2014
2015
2016
FC(EUR)
-1.9
2.7
25.3
--
34.3
2.7
7.8
--
-0.7
19.9
1.7
2.7
LC(EUR)
-1.9
1.9
22.3
--
28.7
1.9
6.9
--
-2.1
18.9
0.9
1.9
LD(EUR)
-2.0
1.9
22.3
--
28.7
1.9
6.9
--
-2.1
18.9
0.9
1.9
Page 2 / 4
>>
76
Marketing Material
Factsheet: Deutsche Invest II Asian Top Dividend Equity Funds - Asia December 2016
As at 30/12/2016
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
233.0 Mio. EUR
Fund Currency
EUR
Launch Date
02/07/2012
Fiscal Year End
31/12/2016
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%
134.29
134.29
0.00
0.750%
0.91% (1)
--
400,000
LC
EUR
DWS 1DH
Accumulation
5.00%
135.51
128.74
0.00
1.500%
1.70% (1)
--
--
5.00% LD EUR LU0781233381 DWS 1DJ Distribution 123.84 117.64 0.00 1.70% (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 31/12/2015. They are subject to change from year to year.
--
LU0781233118
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
77
Factsheet: Deutsche Invest II Asian Top Dividend Equity Funds - Emerging Markets
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.
Equity Funds
Emerging Markets
Marketing Material
Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest I Africa is the Fund for the whole of Africa. The focus is currently on countries like South Africa, Egypt, Nigeria and Ghana. Selecting securities is based on a mix of the bottom-up approach, in which the fundamental data of companies is reviewed, and the top-down method, in which the focus is on the selection of countries and industries. In each case, Fund management follows the DWS maxim by which solid companies with strong growth are only bought at a price that Fund management views as sensible and reasonable.
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.
Fund Management's Comment As at 30/11/2016: MSCI South Africa (SA) continued to underperform by 8.2% in November, driven by a steady rise in global bond yields. The high-beta rand fell out of favour, depreciating by 4.4% in November. Sectorally, Energy sector rallied with oil prices, Financials with -3.5% outperformed the broad index, driven by Banks, as markets began to price in that the SA ratings downgrade could be averted near term. Materials was the biggest laggard, as precious metal sectors remained out of favor in an environment of rising real rates. Consumer Discretionary also saw a big selloff, with Naspers out of favour, at the back of the global tech sell-off. Fitch changed its outlook on SA from stable to negative, similar to S&P, while the rand rallied, when Moody’s, rather than affirming or downgrading SA’s rating, highlighted the risks and opportunities in SA. MSCI Nigeria fell 4% in November. The Nigerian economy entered a recession in Q2 for the first time in over 20 years. MSCI Kenya fell 1.6% in November. Kenya continues to show resilient growth in the face of a regional slowdown.
Morningstar Style-Box™ Market Capitalization Large
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch EUR
4.7
1.0
-17.7
-21.8
-13.4
Ytd.
3yØ
1.0
-6.3
5yØ
2013
2014
2015
2016
-4.8
-11.6
-3.8
-15.4
1.0
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.64%
Sharpe Ratio Alpha
-0.43 --
Maximum Drawdown
-29.64%
14.25%
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 Financials Consumer Discretionary Materials Telecommunication Serv. Energy Real Estate Industrials Utilities Health Care Consumer Staples Other Sectors
26.6 18.8 15.4 8.6 4.7 4.3 4.2 3.1 3.1 2.9 1.9
Principal Holdings (Equities)
(in % of fundvolume)
Naspers Ltd (Consumer Discretionary)
9.6
Commercial International Bank Egypt SAE (Financ
7.2
FirstRand Ltd (Financials)
5.3
Steinhoff International Holdings NV (Consumer Di
4.6
Egyptian Financial Group-Hermes Holding Co (Fin
4.6
Randgold Resources Ltd (Materials)
4.1
Safaricom Ltd (Telecommunication Serv.)
3.8
Curro Holdings Ltd (Consumer Discretionary)
3.0
Mondi Ltd (Materials)
3.0
AngloGold Ashanti Ltd (Materials)
2.8
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™ Africa Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««
Lipper Leaders: Page 1 / 4
48.0
>>
80
Note: The key terms are explained in the glossary.
(in % of fundvolume)
South Africa Egypt Kenya Netherlands Mali Nigeria United Arab Emirates Morocco Uganda Great Britain OECD Jersey Other Countries Gross weighting, not adjusted for any positions in derivatives.
38.8 22.5 10.0 4.6 4.1 3.9 2.0 1.9 1.3 1.2 1.1 2.4
Equities Cash and other assets
(in % of fundvolume) 93.8 6.2
Marketing Material
Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
South African rand Egyptian pound Pound sterling Kenyan schilling United States dollar Moroccan dirham Nigerian naira Euro Canadian dollar
44.0 20.5 11.8 11.2 7.9 1.9 1.7 0.6 0.4
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.) Others
26.3 11.0 19.9 36.4 0.2
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
55
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
2.1
Ø Market Cap
Ytd.
3yØ
5yØ
2013
11,070.9 Mio. EUR
2014
2015
2016
FC(EUR)
4.8
2.1
-15.4
-17.9
-5.6
2.1
-5.4
-3.9
-10.7
-3.0
-14.5
2.1
GBP D RD(GBP)
4.9
18.0
-13.4
-16.4
44.1
18.0
-4.7
-3.5
-8.1
-8.1
-20.1
18.0
LC(EUR)
4.7
1.0
-17.7
-21.8
-13.4
1.0
-6.3
-4.8
-11.6
-3.8
-15.4
1.0
LD(EUR)
4.7
1.0
-17.8
-22.0
-13.2
1.0
-6.3
-4.8
-11.7
-3.9
-15.4
1.0
NC(EUR)
4.6
0.3
-19.3
-24.1
-17.2
0.3
-6.9
-5.4
-12.1
-4.4
-15.9
0.3
USD LC(USD)
4.2
-2.5
-36.6
-34.9
-39.1
-2.5
-14.1
-8.2
-6.4
-14.2
-24.2
-2.5
Page 2 / 4
>>
81
Marketing Material
Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Sebastian Kahlfeld
Portfolio Manager since
01/01/2011
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
74.1 Mio. EUR
Fund Currency
EUR
Launch Date
10/07/2008
Fiscal Year End
31/12/2016
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 LU0329759921
DWS 0QP
Accumulation
0.00%
94.44
94.44
0.00
0.850%
1.02% (1)
--
400,000
GBP D RD
GBP LU0399357671
DWS 0VU
Distribution
0.00%
138.47
138.47
0.00
0.900%
1.18% (1)
--
--
LC
EUR LU0329759764
DWS 0QM
Accumulation
5.00%
91.17
86.61
0.00
1.750%
2.00% (1)
--
--
LD
EUR LU0363465583
DWS 0SH
Distribution
5.00%
91.17
86.62
0.00
1.750%
2.00% (1)
--
--
NC
EUR LU0329759848
DWS 0QN
Accumulation
3.00%
85.38
82.82
0.00
2.200%
2.65% (1)
--
--
5.00% USD LC USD LU0329761075 DWS 0QQ Accumulation 64.09 60.88 0.00 2.05% (1) -1.800% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
82
Factsheet: Deutsche Invest I Africa Equity Funds - Emerging Markets
Opportunities In accordance with the investment policy. Risks • There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. • 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.
Marketing Material
Factsheet: Deutsche Invest I Chinese Equities Equity Funds - Emerging Markets December 2016
Fund Data Investment Policy
As at 30/12/2016
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
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.
Fund Management's Comment 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
-2.9 -3.6
2.3 4.4
17.9 32.7
40.5 59.3
85.1 105.8
Ytd.
3yØ
2.3 4.4
5.7 9.9
5yØ
2013
2014
2015
2016
7.0 9.8
5.1 -0.6
14.5 22.8
0.7 3.4
2.3 4.4
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
21.71%
Sharpe Ratio Alpha
0.26 -3.94%
Maximum Drawdown
-36.97%
Information Ratio
-0.71
Beta
1.00
11.27%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.97 5.49%
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™ Market Capitalization Large
Information Technology Financials Telecommunication Serv. Consumer Discretionary Industrials Energy Materials Real Estate Health Care Consumer Staples Other Sectors
26.6 24.5 7.8 7.5 7.0 5.5 4.0 3.9 3.8 3.1 2.7
Principal Holdings (Equities)
(in % of fundvolume)
Tencent Holdings Ltd (Information Technology)
9.7
China Mobile Ltd (Telecommunication Serv.)
7.3
Alibaba Group Holding Ltd (Information Technolog
6.2
China Construction Bank Corp (Financials)
4.8
Bank of China Ltd (Financials)
4.5
Industrial & Commercial Bank of China Ltd (Financ
4.0
Baidu Inc/China (Information Technology)
3.3
Beijing Enterprises Water Group Ltd (Utilities)
2.7
Ping An Insurance Group Co (Financials)
2.6
Metallurgical Corp of China Ltd (Industrials) 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 Currency
Investment Ratio
Hong Kong dollar United States dollar Chinese yuan renminbi
Growth Blend
(in % of fundvolume) 80.6 15.2 0.5
Investment Style
Morningstar Category™ China Equity
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «« FERI Fund Rating:
(D) Currency structure of investments, excl. forward exchange transactions
Lipper Leaders: Page 1 / 4
>>
84
Note: The key terms are explained in the glossary.
Equities Cash and other assets
1.9 47.0
(in % of fundvolume) 96.3 3.7
Marketing Material
Factsheet: Deutsche Invest I Chinese Equities Equity Funds - Emerging Markets December 2016
As at 30/12/2016
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.)
52.9 15.2 19.1 9.2
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
60
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
0.8
Ø Market Cap
Ytd.
3yØ
5yØ
2013
69,601.2 Mio. EUR
2014
2015
2016
FC(EUR)
-2.9
3.1
20.9
46.6
101.4
3.1
6.5
7.9
6.2
15.5
1.5
3.1
GBP D RD(GBP)
-2.8
18.9
20.6
47.3
30.7
18.9
6.4
8.1
9.0
6.3
-4.6
18.9
LC(EUR)
-2.9
2.3
17.9
40.5
85.1
2.3
5.7
7.0
5.1
14.5
0.7
2.3
NC(EUR)
-3.0
1.6
16.0
36.6
73.6
1.6
5.1
6.4
4.6
14.3
0.0
1.6
USD FC(USD)
-3.3
-0.5
-8.2
19.7
63.7
-0.5
-2.8
3.7
11.9
1.5
-9.1
-0.5
USD LC(USD)
-3.4
-1.5
-10.4
15.0
52.0
-1.5
-3.6
2.8
10.7
0.5
-9.5
-1.5
Page 2 / 4
>>
85
Marketing Material
Factsheet: Deutsche Invest I Chinese Equities Equity Funds - Emerging Markets December 2016
As at 30/12/2016
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
130.3 Mio. EUR
Fund Currency
EUR
Launch Date
15/12/2006
Fiscal Year End
31/12/2016
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%
201.40
201.40
0.00
0.750% *
0.90% (1)
0.00%
400,000
GBP D RD
GBP LU0333022746
DWS 0RD
Distribution
0.00%
124.77
124.77
0.00
0.850%
1.00% (1)
--
--
LC
EUR LU0273157635
DWS 0BJ
Accumulation
5.00%
194.86
185.12
0.00
1.500% *
1.66% (1)
0.00%
--
NC
EUR LU0273145622
DWS 0BK
Accumulation
3.00%
178.95
173.58
0.00
2.000% *
2.35% (1)
0.00%
--
USD FC
USD LU0273176932
DWS 0BP
Accumulation
0.00%
163.74
163.74
0.00
0.850%
1.07% (1)
--
400,000
5.00% USD LC USD LU0273164177 DWS 0BN Accumulation 160.02 152.02 0.00 2.03% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
86
Factsheet: 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.
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Top Dividend Equity Funds - Emerging Markets December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
At least 70 % invested in equities of Emerging Market companies - blue chips, small and mid caps - which the fund management believes have a strong market position and good growth prospects and offer a reasonable annual distribution income.
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.
Fund Management's Comment 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
-0.5
7.0
14.5
17.9
3.9
Ytd.
3yØ
7.0
4.6
5yØ
2013
2014
2015
2016
3.3
-9.5
12.9
-5.3
7.0
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
13.10%
Sharpe Ratio Alpha
0.36 --
Maximum Drawdown
-24.45%
8.67%
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 Consumer Staples Telecommunication Serv. Energy Utilities Consumer Discretionary Materials Industrials Health Care Other Sectors
16.8 16.6 16.0 14.4 8.1 6.9 5.7 4.9 4.4 1.4 1.0
Principal Holdings (Equities)
(in % of fundvolume)
Taiwan Semiconductor Manufacturing Co Ltd (Info
5.1
Samsung Electronics Co Ltd (Information Technol
4.8
KT&G Corp (Consumer Staples)
2.9
China Mobile Ltd (Telecommunication Serv.)
2.8
Chunghwa Telecom Co Ltd (Telecommunication S
2.3
AIA Group Ltd (Financials)
2.2
ITC Ltd (Consumer Staples)
2.2
SK Telecom Co Ltd (Telecommunication Serv.)
2.2
Mobile TeleSystems PJSC (Telecommunication Se
2.1
Uni-President Enterprises Corp (Consumer Staple 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: 30/11/2016) Morningstar Overall Rating™: «« FERI Fund Rating:
(D)
Lipper Leaders: Page 1 / 4
>>
88
Note: The key terms are explained in the glossary.
(in % of fundvolume)
China Taiwan Korea Russia Hong Kong Brazil Malaysia Thailand Mexico India South Africa Other Countries Gross weighting, not adjusted for any positions in derivatives.
21.2 17.3 12.8 10.4 8.2 6.1 3.6 3.2 2.7 2.6 2.5 5.6
Equities Cash and other assets
2.1 28.7
(in % of fundvolume) 96.2 3.8
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Top Dividend Equity Funds - Emerging Markets December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Hong Kong dollar Taiwan dollar - new United States dollar South Korean won Brasilian real Malaysian ringgit Mexican peso - new Indian rupee Singapore dollar South African rand Other Currencies
29.8 14.9 14.3 13.4 6.2 3.6 2.7 2.7 2.6 2.6 7.1
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.) Small caps (< 1 bn.)
61.6 15.8 16.0 2.9
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
97
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
3.2
Ø Market Cap
Ytd.
3yØ
5yØ
2013
37,538.4 Mio. EUR
2014
2015
2016
FC(EUR)
-0.5
7.8
17.1
22.4
11.5
7.8
5.4
4.1
-8.8
13.8
-4.6
7.8
LC(EUR)
-0.5
7.0
14.5
17.9
3.9
7.0
4.6
3.3
-9.5
12.9
-5.3
7.0
LD(EUR)
-0.5
7.0
14.4
17.8
23.1
7.0
4.6
3.3
-9.5
12.9
-5.3
7.0
NC(EUR)
-0.6
6.3
12.1
13.8
-3.2
6.3
3.9
2.6
-10.1
12.2
-6.0
6.3
USD FC(USD)
-0.9
4.2
-10.3
-0.7
14.9
4.2
-3.6
-0.1
-5.0
0.4
-14.2
4.2
USD LC(USD)
-1.0
3.4
-11.8
-4.0
-19.5
3.4
-4.1
-0.8
-5.8
-0.6
-14.1
3.4
USD LDQ(USD)
-1.0
3.1
-12.8
--
-15.2
3.1
-4.5
--
--
-0.4
-15.0
3.1
Page 2 / 4
>>
89
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Top Dividend Equity Funds - Emerging Markets December 2016
As at 30/12/2016
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
190.8 Mio. EUR
Fund Currency
EUR
Launch Date
14/01/2008
Fiscal Year End
31/12/2016
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%
111.47
111.47
0.00
0.750%
0.90% (1)
--
400,000
LC
EUR LU0329760002
DWS 0QT
Accumulation
5.00%
109.36
103.89
0.00
1.500%
1.66% (1)
--
--
LD
EUR LU0363468686
DWS 0S9
Distribution
5.00%
110.17
104.66
0.00
1.500%
1.66% (1)
--
--
NC
EUR LU0329760184
DWS 0QU
Accumulation
3.00%
99.76
96.77
0.00
2.000%
2.35% (1)
--
--
USD FC
USD LU0329761406
DWS 0QX
Accumulation
0.00%
114.86
114.86
0.00
0.750%
0.93% (1)
--
400,000
5.00% USD LU0329761232 DWS 0QW Accumulation 84.71 80.47 0.00 1.67% (1) -1.500% 5.00% USD LDQ USD LU0911034865 DWS 1VY Distribution 85.60 81.32 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 31/12/2015. They are subject to change from year to year.
--
USD LC
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
--
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
90
Factsheet: 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.
Marketing Material
Factsheet: Deutsche Invest I Global Emerging Markets Equities Equity Funds - Emerging Markets December 2016
Fund Data Investment Policy
As at 30/12/2016
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
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.
Fund Management's Comment 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
EUR BM IN EUR
14.1 15.4
7.4 6.6
0.2 0.8
14.1 15.4
23.8 21.3
18.6 26.1
102.9 205.0
5yØ
2013
2014
2015
2016
3.5 4.8
-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
15.58%
Sharpe Ratio Alpha
0.47 0.46%
Maximum Drawdown
-26.33%
8.95%
VAR (99%/10 days)
Information Ratio
0.21
Correlation Coefficient
Beta
1.03
Tracking Error
0.98 3.18%
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 Telecommunication Serv. Industrials Real Estate Utilities Other Sectors
26.3 22.2 11.0 8.0 7.0 5.3 3.9 3.3 2.4 1.5 0.2
Principal Holdings (Equities)
(in % of fundvolume)
Samsung Electronics Co Ltd (Information Technol
6.4
Tencent Holdings Ltd (Information Technology)
5.2
Taiwan Semiconductor Manufacturing Co Ltd (Info
4.8
China Mobile Ltd (Telecommunication Serv.)
2.3
China Construction Bank Corp (Financials)
2.3
PetroChina Co Ltd (Energy)
2.2
Industrial & Commercial Bank of China Ltd (Financ
2.2
Ping An Insurance Group Co (Financials)
2.1
Itau Unibanco Holding SA (Financials)
2.0
Alibaba Group Holding Ltd (Information Technolog 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: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
(D)
Lipper Leaders: Page 1 / 4
>>
92
Note: The key terms are explained in the glossary.
(in % of fundvolume)
China Korea Taiwan Brazil India South Africa Russia Mexico Indonesia Philippines Argentina Other Countries Gross weighting, not adjusted for any positions in derivatives.
25.7 14.8 10.0 7.7 7.2 6.1 5.7 2.9 2.3 2.2 1.8 4.9
Equities Investment funds Cash and other assets
1.9 31.4
(in % of fundvolume) 91.2 1.0 7.8
Marketing Material
Factsheet: Deutsche Invest I Global Emerging Markets Equities Equity Funds - Emerging Markets December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Hong Kong dollar South Korean won Taiwan dollar - new Indian rupee South African rand Brasilian real Mexican peso - new Indonesian rupiah Philippines pesos Other Currencies
23.1 20.6 14.9 10.6 6.7 6.1 5.7 2.9 2.3 2.2 4.9
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.)
67.6 11.2 11.6 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
60,707.2 Mio. EUR
2014
2015
2016
FC(EUR)
0.2
14.9
26.6
23.1
122.7
14.9
8.2
4.2
-8.0
10.9
-0.6
14.9
LC(EUR)
0.2
14.1
23.8
18.6
102.9
14.1
7.4
3.5
-8.7
10.0
-1.4
14.1
LD(EUR)
0.1
14.1
23.8
18.6
102.8
14.1
7.4
3.5
-8.7
10.0
-1.4
14.1
NC(EUR)
0.1
13.3
21.2
14.5
86.4
13.3
6.6
2.7
-9.3
9.3
-2.1
13.3
USD FC(USD)
-0.3
11.0
-2.9
0.4
-1.7
11.0
-1.0
0.1
-4.1
-1.9
-10.9
11.0
USD LC(USD)
-0.3
9.8
-5.9
-4.2
-6.6
9.8
-2.0
-0.9
-4.7
-3.0
-11.6
9.8
Page 2 / 4
>>
93
Marketing Material
Factsheet: Deutsche Invest I Global Emerging Markets Equities Equity Funds - Emerging Markets December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Andrew Beal
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
618.4 Mio. EUR
Fund Currency
EUR
Launch Date
29/03/2005
Fiscal Year End
31/12/2016
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%
222.71
222.71
0.00
0.750%
0.86% (1)
--
400,000
LC
EUR LU0210301635
A0D P7P
Accumulation
5.00%
213.59
202.91
0.00
1.500%
1.61% (1)
--
--
LD
EUR LU0210302013
A0D P7Q
Distribution
5.00%
204.75
194.52
0.00
1.500%
1.61% (1)
--
--
NC
EUR LU0210302286
A0D P7R
Accumulation
3.00%
192.15
186.38
0.00
2.000%
2.30% (1)
--
--
USD FC
USD LU0273227354
DWS 0A3
Accumulation
0.00%
98.32
98.32
0.00
0.750%
0.86% (1)
--
400,000
5.00% USD LC USD LU0273227784 DWS 0A2 Accumulation 98.36 93.44 0.00 1.61% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
94
Factsheet: Deutsche Invest I Global Emerging Markets Equities Equity Funds - Sectors/Categories
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.
Equity Funds
Sectors/Categories
Marketing Material
Factsheet: Deutsche Invest I CROCI Sectors Equity Funds - Sectors/Categories December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The sub-fund's assets are invested in shares with the lowest CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from the three sectors with the lowest median CROCI Economic P/Es. The sectors eligible for selection are: Consumer Discretionary, Consumer Staples, Health Care, Information Technology, Industrials, Materials, Telecom Services, Utilities and Energy.
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.
Fund Management's Comment The CROCI Sectors fund is driven by a CROCI Strategy that seeks to allocate to the three sectors with the most attractive (lowest) CROCI Economic Price Earnings ratios and to the ten most attractive stocks in each of these sectors on the same basis. Global equities finished 2016 strongly, with the fourth quarter adding 9% to finish the year 11% higher (MSCI World total return in Euro). Currency had a strong influence, with significant moves between the major currency pairs. 2016 belonged to the cyclicals with Energy finishing the year +32%, Materials +26% and Industrials +17%. Financials joined the leaderboard in Q4 as a whole. December saw mean reversion and a rotation to defensive sectors, with Telecoms (+6%) and Utilities (+5%) leading. During December, the fund took exposure to Health Care (+2% in December), selling its exposure to Information Technology (+2%). This reflected the change in relative valuations. The fund also holds Consumer Discretionary (+2%) and Industrials (+1%). The sector rotation trimmed the overweight of Japan relative to the US. The CROCI Sectors Fund appreciated by 2.6% (LC class in Euro) during December and by 20.6% during the year.
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch
Ytd.
EUR
20.6
2.6
20.6
--
--
16.5
3yØ
5yØ
2016
--
20.6
--
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Health Care Industrials Consumer Discretionary
33.7 33.3 32.8
Morningstar Style-Box™ Market Capitalization Large
Principal Holdings (Equities)
(in % of fundvolume)
Vestas Wind Systems A/S (Industrials)
3.5
Sanofi (Health Care)
3.4
Biogen Inc (Health Care)
3.4
Mylan NV (Health Care)
3.4
Safran SA (Industrials)
3.4
Ryanair Holdings PLC (Industrials)
3.4
Amgen Inc (Health Care)
3.4
Roche Holding AG (Health Care)
3.4
Adecco Group AG (Industrials)
3.4
Continental AG (Consumer Discretionary) 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
USA Japan France Switzerland Germany Denmark Ireland
Growth Blend
Investment Style
Morningstar Category™ Global Large-Cap Value Equity
Ratings
(As at: 30/11/2016)
Lipper Leaders: Page 1 / 4
(in % of fundvolume)
>>
97
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
42.9 29.7 6.8 6.7 6.7 3.5 3.4
Equities Cash and other assets
3.4 34.1
(in % of fundvolume) 99.8 0.2
Marketing Material
Factsheet: Deutsche Invest I CROCI Sectors Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Japanese yen Euro Swiss franc Danish krone
42.9 29.8 17.2 6.7 3.4
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.)
83.5 16.3
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
30
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
1.7
Ø Market Cap
Ytd.
3yØ
5yØ
2016
FC(EUR)
2.6
21.4
--
--
17.4
21.4
--
--
21.4
LC(EUR)
2.6
20.6
--
--
16.5
20.6
--
--
20.6
NC(EUR)
2.5
19.5
--
--
15.3
19.5
--
--
19.5
XC(EUR)
2.6
21.9
--
--
17.9
21.9
--
--
21.9
Page 2 / 4
>>
98
31,937.8 Mio. EUR
Marketing Material
Factsheet: Deutsche Invest I CROCI Sectors Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Christopher Wane
Portfolio Manager since
18/11/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
14.7 Mio. EUR
Fund Currency
EUR
Launch Date
18/11/2015
Fiscal Year End
31/12/2016
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 LU1278917379
DWS 2EN
Accumulation
0.00%
117.38
117.38
0.00
0.750%
0.91% (1)
--
400,000
LC
EUR LU1278917452
DWS 2EP
Accumulation
5.00%
122.64
116.50
0.00
1.350%
1.60% (1)
--
--
NC
EUR LU1278917536
DWS 2EQ
Accumulation
3.00%
118.82
115.25
0.00
2.000%
2.55% (1)
--
--
0.00% XC EUR LU1308283701 DWS 2DX Accumulation 117.89 117.89 0.00 0.51% (1) -0.400% (1) 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:18/11/2015, LC:18/11/2015, NC:18/11/2015, XC:18/11/2015). 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
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
99
Factsheet: Deutsche Invest I CROCI Sectors Equity Funds - Sectors/Categories
Opportunities In accordance with the investment policy. Risks • The fund reallocates investments between various asset classes depending on the market. Depending on the market phase and the reallocation of the fund's assets, it is therefore possible that the risk of the fund may vary. The risk/return profile can therefore fluctuate considerably within a short period of time. • 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 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.
Marketing Material
Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The subfund invests globally in companies that are either in the agricultural sector or profit from this sector.
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 EUR
4.4
4.4
7.7
20.5
31.4
Ytd.
3yØ
4.4
2.5
5yØ
2013
2014
2015
2016
3.8
-2.9
12.9
-8.6
4.4
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
14.80%
Sharpe Ratio Alpha
0.18 --
Maximum Drawdown
-28.22%
7.91%
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
Fertilizers & Agricultural Chem Agricultural Products Packaged Foods & Meat Agricultural & Farm Machinery Tobacco Food Retail Diversified Chemicals Speciality Chemicals Food Distributors Personal Products Other Sectors
32.0 16.8 15.4 5.1 4.7 4.6 4.0 3.1 2.4 2.2 6.8
Principal Holdings (Equities)
(in % of fundvolume)
CF Industries Holdings Inc (Fertilizers & Agricultur
6.4
Agrium Inc (Fertilizers & Agricultural Chemicals)
5.8
Monsanto Co (Fertilizers & Agricultural Chemicals)
5.4
Vilmorin & Cie SA (Agricultural Products)
3.9
KWS Saat SE (Agricultural Products)
3.5
Yara International ASA (Fertilizers & Agricultural C
3.4
Mosaic Co/The (Fertilizers & Agricultural Chemical
3.1
Potash Corp of Saskatchewan Inc (Fertilizers & Ag
3.1
Archer-Daniels-Midland Co (Agricultural Products)
2.7
Syngenta AG (Fertilizers & Agricultural Chemicals) 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™ Sector Equity Agriculture
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «
Lipper Leaders: Page 1 / 4
>>
101
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA Canada Brazil Germany France Japan Norway Netherlands Great Britain Switzerland Cayman Islands Other Countries Gross weighting, not adjusted for any positions in derivatives.
42.9 11.9 6.7 5.6 5.5 5.3 3.4 3.3 3.0 2.7 1.6 5.2
Equities Cash and other assets
2.7 40.0
(in % of fundvolume) 97.2 2.8
Marketing Material
Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Euro Brasilian real Japanese yen Norwegian krone Pound sterling Swiss franc Hong Kong dollar Canadian dollar Australian dollar Other Currencies
57.0 15.5 6.1 5.5 3.4 3.0 2.7 1.8 1.7 1.7 1.4
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.)
52.0 19.9 19.0 6.3
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
56
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
2.6
Ø Market Cap
Ytd.
3yØ
5yØ
2013
20,493.2 Mio. USD
2014
2015
2016
FC(EUR)
4.4
5.2
10.2
25.2
43.9
5.2
3.3
4.6
-2.1
13.8
-8.0
5.2
GBP D RD(GBP)
4.4
21.6
12.2
27.5
53.6
21.6
3.9
5.0
-0.3
6.6
-13.5
21.6
GBP LD DS(GBP)
4.5
20.8
9.9
22.9
30.1
20.8
3.2
4.2
-1.0
5.8
-14.0
20.8
LC(EUR)
4.4
4.4
7.7
20.5
31.4
4.4
2.5
3.8
-2.9
12.9
-8.6
4.4
LD(EUR)
4.4
4.4
8.6
21.0
24.4
4.4
2.8
3.9
-3.0
13.9
-8.7
4.4
NC(EUR)
4.3
3.7
5.6
16.6
22.7
3.7
1.8
3.1
-3.5
12.3
-9.3
3.7
USD FC(USD)
4.0
1.7
-15.6
1.9
17.8
1.7
-5.5
0.4
2.1
0.5
-17.4
1.7
USD IC(USD)
4.0
2.0
--
--
-13.8
2.0
--
--
--
--
--
2.0
USD JD(USD)
3.9
1.7
-15.5
2.1
-2.0
1.7
-5.5
0.4
2.1
0.6
-17.4
1.7
USD LC(USD)
3.9
0.9
-17.5
-1.8
8.9
0.9
-6.2
-0.4
1.3
-0.2
-18.0
0.9
Page 2 / 4
>>
102
Marketing Material
Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Stephan Werner
Portfolio Manager since
15/09/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
437.5 Mio. USD
Fund Currency
USD
Launch Date
20/11/2006
Fiscal Year End
31/12/2016
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 LU0273147834
DWS 0BW
Accumulation
0.00%
143.94
143.94
0.00
0.750%
0.86% (1)
--
400,000
GBP D RD
GBP LU0435837942
DWS 0XX
Distribution
0.00%
145.53
145.53
0.00
0.750%
0.87% (1)
--
--
GBP LD DS
GBP LU0329762636
DWS 0RC
Distribution
5.00%
111.78
106.19
0.00
1.500%
1.62% (1)
--
--
LC
EUR LU0273158872
DWS 0BU
Accumulation
5.00%
138.27
131.35
0.00
1.500%
1.60% (1)
--
--
LD
EUR LU0363470070
DWS 0TM
Distribution
5.00%
128.42
122.00
0.00
1.500%
1.58% (1)
--
--
NC
EUR LU0273147594
DWS 0BV
Accumulation
3.00%
126.49
122.69
0.00
2.000%
2.30% (1)
--
--
USD FC
USD LU0273177401
DWS 0BY
Accumulation
0.00%
117.81
117.81
0.00
0.750%
0.85% (1)
--
400,000
USD IC
USD LU1203060063
DWS 19P
Accumulation
0.00%
86.25
86.25
0.00
0.500%
0.59% (2)
--
25,000,000
USD JD
USD LU0300358362
DWS 0NB
Distribution
0.00%
90.82
90.82
0.00
0.750%
0.81% (1)
--
25,000,000
5.00% USD LC USD LU0273164847 DWS 0BX Accumulation 114.66 108.93 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 31/12/2015. 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 IC:31/03/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
103
Factsheet: Deutsche Invest I Global Agribusiness Equity Funds - Sectors/Categories
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 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.
Marketing Material
Factsheet: Deutsche Invest I Global Infrastructure Equity Funds - Sectors/Categories December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Deutsche Invest I Global Infrastructure invests primarily in equities from issuers in the global infrastructure sector. This includes the following segments: Transportation (roads, airports, marine ports and railways), energy (gas and electricity transmission, distribution and generation), water (irrigation, drinking water and sewage) and communications (radio and cell towers, satellites, fiber optic and copper cable).
Fund
Fund Management's Comment As at 30/11/2016: Global Infrastructure Securities were down in November, in local currency terms. During the month, Midstream and Pipelines stocks were the top performers. On the negative side, Communications, Power T&D, and Airports were among the weakest performers. Within Midstream, Targa Resources, EnLink, and Williams Companies were the top performers. Pipelines companies also performed well, namely ONEOK and SemGroup. On the negative side, most sectors ended the month in negative territory, with Communications and Power T&D performing the worst. Within the Communications sector, American Tower, SBA Communications, and Cellnex Telecom sported the worst performance. Within Power T&D, Acea, National Grid, and Red Electrica Corp were the worst performers.
Benchmark (since 29/11/2013)*
*Benchmark: DJ Brookfield Global Infrastructure TR ab 29.11.13 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.
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
11.1 16.0
12.1 13.8
10.0 11.7
9.0 13.3
35.0 33.3
-6.0 -4.8
11.1 16.0
1.8 2.9
11.1 16.0
40.9 47.2
60.7 73.5
38.8 62.8
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
11.08%
Sharpe Ratio Alpha
1.05 -0.80%
Maximum Drawdown
-16.14%
Information Ratio
-0.44
Beta
0.95
9.16%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.95 3.35%
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™ Market Capitalization Large
Oil & Gas Storage & Transport Multi Utilities Specialized Reits Electric Utilities Gas Utilities Water Utilities Highways & Railtracks Railroads Airport Serv. Construction & Engineering Other Sectors
30.0 15.4 10.6 9.0 7.8 5.0 4.3 4.2 3.7 3.2 2.0
Principal Holdings (Equities)
(in % of fundvolume)
Kinder Morgan Inc/DE (Oil & Gas Storage & Trans
6.5
American Tower REIT Inc (Specialized Reits)
6.0
National Grid PLC (Multi Utilities)
6.0
Sempra Energy (Multi Utilities)
5.4
TransCanada Corp (Oil & Gas Storage & Transpor
4.8
Crown Castle International Corp (Specialized Reit
4.7
PG&E Corp (Electric Utilities)
4.3
Eversource Energy (Electric Utilities)
4.0
Pembina Pipeline Corp (Oil & Gas Storage & Tran
3.2
Ferrovial SA (Construction & Engineering) 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™ Sector Equity Infrastructure
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
>>
105
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA Canada Great Britain Spain Australia Japan Mexico France Hong Kong Switzerland Italy Other Countries Gross weighting, not adjusted for any positions in derivatives.
46.8 16.4 11.0 4.7 4.3 1.9 1.8 1.7 1.6 1.5 1.1 2.2
Equities REITs Investment funds Cash and other assets
3.2 48.1
(in % of fundvolume) 84.4 10.6 0.5 4.5
Marketing Material
Factsheet: Deutsche Invest I Global Infrastructure Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Canadian dollar Pound sterling Euro Australian dollar Hong Kong dollar Mexican peso - new Japanese yen Swiss franc
51.3 15.6 11.2 8.1 4.8 3.5 2.1 2.0 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.) Others
55.7 21.1 7.6 10.6
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
46
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
3.1
Ytd.
3yØ
5yØ
2013
2014
2015
2016
CHF FDH (P)(CHF)
1.3
9.2
--
--
10.1
9.2
--
--
--
--
--
9.2
CHF LCH(CHF)
1.6
10.5
37.8
--
39.7
10.5
11.3
--
--
34.6
-7.3
10.5
FC(EUR)
1.8
11.9
44.1
67.0
49.0
11.9
13.0
10.8
9.9
36.0
-5.3
11.9
FCH (P)(EUR)
1.4
9.6
--
--
-0.5
9.6
--
--
--
--
-11.8
9.6
FD(EUR)
1.8
11.9
--
--
1.1
11.9
--
--
--
--
--
11.9
FDH (P)(EUR)
1.4
9.6
--
--
-1.6
9.6
--
--
--
--
--
9.6
GBP DH (P) RD(GBP)
1.6
9.8
--
--
-1.1
9.8
--
--
--
--
--
9.8
--
--
--
--
--
--
--
--
--
--
---
IC(EUR)***
--
--
--
--
--
--
--
--
--
--
IDH (P)(EUR)
1.4
9.8
--
--
-2.0
9.8
--
--
--
--
--
9.8
LC(EUR)
1.8
11.1
40.9
60.7
38.8
11.1
12.1
10.0
9.0
35.0
-6.0
11.1
LD(EUR)
1.8
11.1
40.9
60.7
59.9
11.1
12.1
10.0
9.0
34.9
-6.0
11.1
LDH (P)(EUR)
1.4
8.8
--
--
9.6
8.8
--
--
--
--
--
8.8
NC(EUR)
1.7
10.3
38.0
55.2
29.8
10.3
11.3
9.2
8.3
34.0
-6.7
10.3
SEK FCH (P)(SEK)
1.4
9.1
--
--
10.0
9.1
--
--
--
--
--
9.1
SEK LCH (P)(SEK)
1.4
8.2
--
--
8.5
8.2
--
--
--
--
--
8.2
SGD LDMH (P)(SGD)
1.5
9.9
--
--
-2.5
9.9
--
--
--
--
--
9.9
USD FC(USD)
1.3
8.1
--
--
4.5
8.1
--
--
--
--
-15.0
8.1
--
--
--
--
--
--
--
--
--
--
--
USD FDM(USD)
1.4
8.1
--
--
7.8
8.1
--
--
--
--
--
8.1
USD ID(USD)
1.4
8.3
--
--
8.1
8.3
--
--
--
--
--
8.3
USD LC(USD)
1.3
7.3
7.6
30.3
16.1
7.3
2.5
5.4
13.8
19.0
-15.7
7.3
USD LCH (P)(USD)
1.6
10.2
--
--
-1.8
10.2
--
--
--
--
--
10.2
USD LD(USD)
1.3
7.3
--
--
6.7
7.3
--
--
--
--
--
7.3
USD LDMH (P)(USD)
1.6
10.2
--
--
11.1
10.2
--
--
--
--
--
10.2
ID(EUR)***
USD FCH (P)(USD)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
106
Marketing Material
Factsheet: Deutsche Invest I Global Infrastructure Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Fund Data Portfolio Manager
RREEF America LLC
Portfolio Manager since
29/11/2013
Portfolio Management Company
RREEF America LLC, (Chicago)
Portfolio Management Location
United States
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
921.0 Mio. EUR
Fund Currency
EUR
Launch Date
14/01/2008
Fiscal Year End
31/12/2016
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 FDH (P)
CHF LU1277646979
DWS 2CL
Distribution
0.00%
109.12
109.12
0.01
0.750%
0.91% (2)
--
CHF LCH
CHF LU0616865175
DWS 07Q
Accumulation
5.00%
147.07
139.72
0.00
1.500%
1.64% (1)
--
--
FC
EUR LU0329760937
DWS 0Q4
Accumulation
0.00%
148.95
148.95
0.00
0.750%
0.85% (1)
--
400,000
FCH (P)
EUR LU0813335303
DWS 1JB
Accumulation
0.00%
99.50
99.50
0.01
0.750%
0.83% (1)
--
400,000
FD
EUR LU1222730084
DWS 196
Distribution
0.00%
97.16
97.16
0.01
0.750%
0.91% (2)
--
400,000
FDH (P)
EUR LU1222730241
DWS 197
Distribution
0.00%
94.57
94.57
0.01
0.750%
0.91% (2)
--
400,000
GBP DH (P) R
GBP
LU1222731132
DWS 198
Distribution
0.00%
96.99
96.99
0.01
0.750%
0.91% (2)
--
--
IC
EUR LU1466055321
DWS 2G1
Accumulation
0.00%
101.08
101.08
0.00
0.600%
0.70% (2)
--
25,000,000
ID
EUR LU1466055594
DWS 2G2
Distribution
0.00%
101.08
101.08
0.00
0.600%
0.70% (2)
--
25,000,000
IDH (P)
EUR LU1217772315
DWS 19U
Distribution
0.00%
96.62
96.62
0.01
0.600%
0.70% (2)
--
25,000,000
LC
EUR LU0329760770
DWS 0Q2
Accumulation
5.00%
146.07
138.76
0.00
1.500%
1.61% (1)
--
--
LD
EUR LU0363470237
DWS 0TN
Distribution
5.00%
157.17
149.31
0.00
1.500%
1.62% (1)
--
--
LDH (P)
EUR LU1277647191
DWS 2CM
Distribution
5.00%
111.17
105.61
0.01
1.500%
1.78% (2)
--
--
NC
EUR LU0329760853
DWS 0Q3
Accumulation
3.00%
133.84
129.83
0.00
2.000%
2.29% (1)
--
--
SEK FCH (P)
SEK
LU1278214884
DWS 2CR
Accumulation
0.00%
1,099.57
1,099.57
0.10
0.750%
0.91% (2)
--
4,000,000
SEK LCH (P)
SEK
0.10
1.500%
1.78% (2)
--
--
1.500%
1.78% (2)
--
--
400,000
LU1278222390
DWS 2CS
Accumulation
5.00%
1,142.60
1,085.47
SGD LDMH (P) SGD LU1054338089
DWS 1R4
Distribution
5.00%
9.12
8.66
USD FC
USD LU0329761745
DWS 0Q6
Accumulation
0.00%
104.46
104.46
0.01
0.750%
0.88% (1)
--
400,000
USD FCH (P)
USD LU0813335642
DWS 1JD
Accumulation
0.00%
96.93
96.93
0.00
0.750%
0.91% (2)
--
400,000
USD FDM
USD LU1277647274
DWS 2CN
Distribution
0.00%
102.80
102.80
0.750%
0.91% (2)
--
400,000
USD ID
USD LU1277647357
DWS 2CP
Distribution
0.00%
107.14
107.14
0.01
0.600%
0.70% (2)
--
25,000,000
USD LC
USD LU0329761661
DWS 0Q5
Accumulation
5.00%
122.16
116.05
0.00
1.500%
1.61% (1)
--
--
USD LCH (P)
USD LU1222731306
DWS 199
Accumulation
5.00%
103.36
98.19
0.00
1.500%
1.78% (2)
--
--
USD LD
USD LU1277647431
DWS 2CQ
Distribution
5.00%
111.34
105.77
0.01
1.500%
1.78% (2)
--
--
5.00% USD LDMH (P) USD LU1225178372 DWS 2AC Distribution 111.58 106.00 1.78% (2) -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 31/12/2015. 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 FDH (P):14/09/2015, FD:15/05/2015, FDH (P):15/05/2015, GBP DH (P) RD:15/05/2015, IC:16/08/2016, ID:16/08/2016, IDH (P):15/05/2015, LDH (P):14/09/2015, SEK FCH (P):14/09/2015, SEK LCH (P):14/09/2015, SGD LDMH (P):16/02/2015, USD FCH (P):16/08/2016, USD FDM:14/09/2015, USD ID:14/09/2015, USD LCH (P):15/05/2015, USD LD:14/09/2015, USD LDMH (P):14/09/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
107
Factsheet: Deutsche Invest I Global Infrastructure Equity Funds - Sectors/Categories
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.
Marketing Material
Factsheet: Deutsche Invest I Global Thematic Equity Funds - Sectors/Categories December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class USD LC(USD)
(in %)
Within this subfund, fund management invests in selected global trends and themes, investing in companies that are active in these selected business segments.
Fund
Fund Management's Comment
Benchmark: MSCI World (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.
For detailed comments on the fund and its corresponding markets please see the annual report. Cumulative Performance (in %) - Share Class USD LC(USD) 1m 1y 3y 5 y s. Launch USD EUR BM IN USD
0.5 1.0 2.4
3.5 6.9 7.3
-5.1 23.2 14.1
32.6 61.8 68.8
0.2 21.5 59.5
Ytd.
3yØ
5yØ
2013
2014
2015
2016
3.5 6.9 7.3
-1.7 7.2 4.5
5.8 10.1 11.0
21.2 16.6 28.1
1.3 14.4 6.5
-9.5 0.7 -0.2
3.5 6.9 7.3
Further Characteristics (3 years) / VAR (1 year) - Share Class USD LC(USD) Volatility
14.79%
Sharpe Ratio Alpha
-0.14 -7.12%
Maximum Drawdown
-24.78%
Information Ratio
-0.99
Beta
1.23
6.91%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.92 6.20%
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI
Morningstar Style-Box™ Market Capitalization Large
Information Technology Consumer Discretionary Financials Health Care Consumer Staples Industrials Materials Energy Real Estate Not classified to MSCI
20.4 16.5 15.2 15.1 13.4 9.8 3.1 2.8 1.5 0.1
Principal Holdings (Equities)
(in % of fundvolume)
Alphabet Inc (Information Technology)
2.5
Costco Wholesale Corp (Consumer Staples)
2.3
Priceline Group Inc/The (Consumer Discretionary)
2.3
Activision Blizzard Inc (Information Technology)
2.2
Apple Inc (Information Technology)
2.1
Nestle SA (Consumer Staples)
2.0
Roche Holding AG (Health Care)
1.9
Rockwell Automation Inc (Industrials)
1.8
MTU Aero Engines AG (Industrials)
1.8
Nasdaq Inc (Financials)
1.7
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: 30/11/2016) Morningstar Overall Rating™: «« FERI Fund Rating:
(D)
Lipper Leaders: Page 1 / 4
20.6
>>
109
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA Japan Switzerland Netherlands Hong Kong Great Britain Germany Korea France Taiwan Norway Other Countries Gross weighting, not adjusted for any positions in derivatives.
59.3 9.2 4.6 3.0 2.4 2.3 2.3 2.3 1.5 1.3 1.3 8.6
Equities REITs Cash and other assets
(in % of fundvolume) 96.3 1.5 2.2
Marketing Material
Factsheet: Deutsche Invest I Global Thematic Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Euro Japanese yen Swiss franc Canadian dollar Australian dollar South Korean won Pound sterling Taiwan dollar - new Hong Kong dollar Other Currencies
60.1 10.3 7.0 4.6 3.7 2.6 2.4 2.3 1.3 1.1 4.5
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.) Small caps (< 1 bn.) Others
69.3 13.8 9.2 4.0 1.5
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
93
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
1.4
Ø Market Cap
Ytd.
3yØ
5yØ
2013
60,121.6 Mio. USD
2014
2015
2016
FC(EUR)
1.1
7.9
26.8
69.3
32.0
7.9
8.2
11.1
17.2
15.7
1.6
7.9
GBP D RD(GBP)
1.2
25.1
29.8
71.2
73.9
25.1
9.1
11.4
18.7
8.3
-4.3
25.1
LC(EUR)
1.0
7.1
23.2
61.7
22.9
7.1
7.2
10.1
16.2
14.2
0.7
7.1
NC(EUR)
0.9
6.3
20.9
52.9
9.0
6.3
6.5
8.9
13.8
14.0
-0.3
6.3
USD FC(USD)
0.6
4.4
-2.6
38.1
8.8
4.4
-0.9
6.7
22.1
2.2
-8.8
4.4
USD LC(USD)
0.5
3.5
-5.1
32.6
0.2
3.5
-1.7
5.8
21.2
1.3
-9.5
3.5
Page 2 / 4
>>
110
Marketing Material
Factsheet: Deutsche Invest I Global Thematic Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Tim Bachmann
Portfolio Manager since
15/09/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
40.8 Mio. USD
Fund Currency
USD
Launch Date
20/11/2006
Fiscal Year End
31/12/2016
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 LU0273147164
DWS 0BR
Accumulation
0.00%
131.98
131.98
0.01
0.750%
0.93% (1)
--
400,000
GBP D RD
GBP LU0507270337
DWS 00F
Distribution
0.00%
168.57
168.57
0.03
0.750%
0.85% (1)
--
--
LC
EUR LU0273158526
DWS 0BQ
Accumulation
5.00%
129.32
122.85
0.00
1.500%
1.81% (1)
--
--
NC
EUR LU0298697664
DWS 0FB
Accumulation
3.00%
112.41
109.03
0.00
2.000%
2.67% (1)
--
--
USD FC
USD LU0273177237
DWS 0BT
Accumulation
0.00%
108.83
108.83
0.01
0.750%
0.91% (1)
--
400,000
5.00% USD LC USD LU0273164680 DWS 0BS Accumulation 105.52 100.24 0.00 1.72% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
111
Factsheet: Deutsche Invest I Global Thematic Equity Funds - Sectors/Categories
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 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.
Marketing Material
Factsheet: Deutsche Invest I Gold and Precious Metals Equities Equity Funds - Sectors/Categories December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class USD LC(USD)
(in %)
Invests globally in companies in the precious metals sector that have good prospects.
Fund
Fund Management's Comment As at 30/11/2016: The S&P BMI returned 14.35% November (in $); Deutsche Invest I Gold & Precious Metals Equities returned 13.92%* in the same period. The top contributors were the OW in Stillwater Mining Company (12.84%), the OW in Asanko Gold, Inc. (-5.16%), and the OW in OceanaGold Corporation (-9.32%). The top detractors were the OW in Northern Star Resources Ltd (21.82%), the UW in ALROSA PJSC (2.31%), and the OW in Belo Sun Mining Corp. (34.23%). The allocation to cash (~3.26% for the period) contributed to performance (~0.52%). *NAV for the Deutsche Invest I Gold & Precious Metals Equities fund is struck at close of business in Luxembourg, which could lead to a lag in performance when comparing the fund to the benchmark for a discrete time period.
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
Ytd.
3yØ
5yØ
2013
2014
2015
2016
USD EUR
55.6 60.8
-1.3 7.6
-15.6 -12.2
-49.7 -51.6
-14.2 -3.2
-28.1 -20.0
55.6 60.8
6.3 6.7
55.6 60.8
-4.0 24.6
-57.1 -47.7
-41.3 -28.9
Further Characteristics (3 years) / VAR (1 year) - Share Class USD LC(USD) Volatility
41.34%
Sharpe Ratio Alpha
-0.04 --
Maximum Drawdown
-49.80%
22.51%
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 Gold Silver Precious Metals & Minerals
82.2 7.2 6.6
Morningstar Style-Box™ Market Capitalization Large
Principal Holdings (Equities)
(in % of fundvolume)
Newmont Mining Corp (Gold)
9.1
Barrick Gold Corp (Gold)
8.1
Newcrest Mining Ltd (Gold)
6.0
Franco-Nevada Corp (Gold)
5.7
Agnico Eagle Mines Ltd (Gold)
5.4
Silver Wheaton Corp (Silver)
4.8
Randgold Resources Ltd (Gold)
4.4
Goldcorp Inc (Gold)
3.9
B2Gold Corp (Gold)
3.5
OceanaGold Corp (Gold)
3.3
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™ Sector Equity Precious Metals
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «« FERI Fund Rating:
(in % of fundvolume)
Canada USA Australia Mexico South Africa Mali Great Britain OECD Great Britain Jersey Bermuda
(D)
Lipper Leaders: Page 1 / 4
54.2
>>
113
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
52.1 11.8 11.4 4.8 4.5 4.4 2.2 2.1 1.4 1.4
Equities Cash and other assets
(in % of fundvolume) 96.1 3.9
Marketing Material
Factsheet: Deutsche Invest I Gold and Precious Metals Equities Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Canadian dollar United States dollar Pound sterling Australian dollar South African rand
55.9 15.6 12.0 11.9 4.6
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.)
34.8 14.7 35.1 11.5
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
38
Cumulative Performance (in %) 1m
Ø Market Cap
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2013
7,911.4 Mio. USD
2014
2015
2016
FC(EUR)
6.9
61.8
27.3
-47.2
-24.3
61.8
8.4
-12.0
-52.0
-3.0
-18.9
61.8
LC(EUR)
6.8
61.0
25.3
-47.5
-28.7
61.0
7.8
-12.1
-51.9
-2.8
-19.9
61.0
LD(EUR)
6.8
61.0
25.4
-47.1
-34.2
61.0
7.8
-11.9
-51.8
-2.8
-19.8
61.0
NC(EUR)
6.7
59.8
22.2
-49.7
-35.1
59.8
6.9
-12.8
-52.2
-3.9
-20.4
59.8
USD FC(USD)
6.4
57.0
-1.5
-55.3
-35.7
57.0
-0.5
-14.9
-49.3
-13.5
-27.5
57.0
USD LC(USD)
6.3
55.6
-4.0
-57.1
-41.3
55.6
-1.3
-15.6
-49.7
-14.2
-28.1
55.6
Page 2 / 4
>>
114
Marketing Material
Factsheet: Deutsche Invest I Gold and Precious Metals Equities Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Deutsche Investment Management Americas Inc.
Portfolio Manager since
01/04/2012
Portfolio Management Company
Deutsche Investment Management Americas, Inc.
Portfolio Management Location
United States
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
137.0 Mio. USD
Fund Currency
USD
Launch Date
20/11/2006
Fiscal Year End
31/12/2016
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 LU0273148212
DWS 0B3
Accumulation
0.00%
75.66
75.66
0.00
0.750%
0.99% (1)
--
400,000
LC
EUR LU0273159177
DWS 0B1
Accumulation
5.00%
75.03
71.28
0.00
1.500%
1.79% (1)
--
--
LD
EUR LU0363470401
DWS 0TP
Distribution
5.00%
69.11
65.66
0.00
1.500%
1.78% (1)
--
--
NC
EUR LU0273148055
DWS 0B2
Accumulation
3.00%
66.93
64.92
0.00
2.000%
2.61% (1)
--
--
USD FC
USD LU0273177823
DWS 0B5
Accumulation
0.00%
64.30
64.30
0.00
0.750%
0.91% (1)
--
400,000
5.00% USD LC USD LU0273165570 DWS 0B4 Accumulation 61.75 58.66 0.00 1.77% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
115
Factsheet: Deutsche Invest I Gold and Precious Metals Equities Equity Funds - Sectors/Categories
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 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.
Marketing Material
Factsheet: Deutsche Invest I New Resources Equity Funds - Sectors/Categories December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Equities of selected companies, mainly from the commodity, energy and utility sectors.
Fund
Fund Management's Comment The MSCI World rose almost 3% on a total return basis in December. US markets also continued to work higher on optimism of higher economic growth led by a Trump presidency. The Federal Reserve also saw the economy as strong enough to increase interest rates by 25 basis points at their December 14th meeting. The Deutsche Invest New Resources underperformed the MSCI World and the composite index (consisting of 1/3 of each, the DAX Global Agribusiness Index, the FTSE Environmental Opportunities Index and the S&P Global Water Index) in December. Despite significant sector underperformance last year, we stick to our solar stocks underweighting as cyclical headwinds likely persist near-term. Although we are in the middle of the downturn supply response remains weak and pricing for solar modules could downtick again due to oversupply. We believe in the near- to midterm the prospects for wind turbine manufacturer are much better given the consolidated market structure and decent demand outlook. Therefore we stick to our wind sector exposure of about 8% for the time being.
Morningstar Style-Box™ Market Capitalization Large
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
0.0
1.6
17.2
54.5
34.7
Ytd.
3yØ
1.6
5.4
5yØ
2013
2014
2015
2016
9.1
19.5
1.2
13.9
1.6
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility
13.59%
Sharpe Ratio Alpha
0.40 --
Maximum Drawdown
-15.85%
7.46%
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 Building Products Industrial Machinery Fertilizers & Agricultural Chem Agricultural Products Environmental & Facilities Ser Electrical Components & Equi Multi Utilities Speciality Chemicals Heavy Electrical Equipment Electric Utilities Other Sectors
16.1 11.6 6.3 5.1 4.6 4.2 3.9 3.8 3.4 3.3 36.2
Principal Holdings (Equities)
(in % of fundvolume)
Geberit AG (Building Products)
5.4
Masco Corp (Building Products)
3.3
Ecolab Inc (Speciality Chemicals)
3.0
AO Smith Corp (Building Products)
2.8
NextEra Energy Inc (Electric Utilities)
2.8
Acuity Brands Inc (Electrical Components & Equip
2.8
Cisco Systems Inc (Telecommunications Equipme
2.7
Danaher Corp (Health Care Equipment)
2.4
Archer-Daniels-Midland Co (Agricultural Products)
2.4
Syngenta AG (Not classified to MSCI)
2.3
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™ Sector Equity Ecology
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
29.9
>>
117
Note: The key terms are explained in the glossary.
(in % of fundvolume)
USA Japan Switzerland France Ireland Taiwan Germany Norway Canada Korea Denmark Other Countries Gross weighting, not adjusted for any positions in derivatives.
52.5 10.4 7.7 4.4 3.3 2.2 2.1 2.1 2.0 1.9 1.6 8.2
Equities Money market funds Cash and other assets Future Long
(in % of fundvolume) 98.3 2.0 -0.3 3.0
Marketing Material
Factsheet: Deutsche Invest I New Resources Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Japanese yen Euro Swiss franc Norwegian krone South Korean won Canadian dollar Hong Kong dollar Danish krone Pound sterling Other Currencies
58.9 10.4 10.0 7.7 2.1 2.0 2.0 2.0 1.7 1.5 1.8
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.)
48.1 30.6 16.3 3.3
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
89
Cumulative Performance (in %) 1m
1y
Dividend Yield (in %)
3y
5y
s. Launch
1.9
Ø Market Cap
Ytd.
3yØ
5yØ
2013
23,671.7 Mio. EUR
2014
2015
2016
FC(EUR)
0.1
2.5
20.2
60.9
47.1
2.5
6.3
10.0
20.5
2.1
14.9
2.5
LC(EUR)
0.0
1.6
17.2
54.5
34.7
1.6
5.4
9.1
19.5
1.2
13.9
1.6
LD(EUR)
0.0
1.6
17.2
54.5
34.6
1.6
5.4
9.1
19.5
1.2
13.9
1.6
NC(EUR)
-0.1
0.9
14.7
49.1
24.6
0.9
4.7
8.3
18.7
0.5
13.2
0.9
USD FC(USD)
-0.4
-1.0
-8.1
31.0
12.4
-1.0
-2.8
5.5
25.6
-9.9
3.1
-1.0
USD LC(USD)
-0.5
-1.9
-11.1
24.4
6.0
-1.9
-3.8
4.5
24.5
-11.3
2.2
-1.9
Page 2 / 4
>>
118
Marketing Material
Factsheet: Deutsche Invest I New Resources Equity Funds - Sectors/Categories December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Paul Buchwitz
Portfolio Manager since
03/11/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
62.8 Mio. EUR
Fund Currency
EUR
Launch Date
27/02/2006
Fiscal Year End
31/12/2016
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 LU0237015887
A0H NPK
Accumulation
0.00%
147.11
147.11
0.00
0.750%
0.93% (1)
--
400,000
LC
EUR LU0237014641
A0H NPN
Accumulation
5.00%
141.78
134.69
0.00
1.500%
1.74% (1)
--
--
LD
EUR LU0237015291
A0H NPM
Distribution
5.00%
139.36
132.39
0.00
1.500%
1.74% (1)
--
--
NC
EUR LU0237015457
A0H NPL
Accumulation
3.00%
128.41
124.56
0.00
2.000%
2.43% (1)
--
--
USD FC
USD LU0273228162
DWS 0A5
Accumulation
0.00%
112.35
112.35
0.00
0.750%
0.91% (1)
--
400,000
5.00% USD LC USD LU0273227941 DWS 0A4 Accumulation 111.60 106.02 0.00 1.74% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
119
Factsheet: Deutsche Invest I New Resources Bond Funds - EUR
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 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.
Bond Funds
EUR
Marketing Material
Factsheet: Deutsche Invest I Euro Bonds (Premium) Bond Funds - EUR December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The fund mainly invests in Euro-denominated government and government related bonds and covered bonds. An option strategy is implemented (covered call writing) to generate additional income. The option strategy is an essential feature of the fund and systematically influences the performance. The benchmark reflects the conservative approach of the basis portfolio, but due to the implemented option strategy is only suitable for a longer-term performance comparison. Furthermore one has to expect major differences between the fund performance and the benchmark in different market phases. Fund
Fund Management's Comment Global bond yields saw diverging developments in December, with US yields rising slightly after the Fed raised interest rates, while Bund yields fell slightly after the ECB announced an extension of the bond purchase program by the end of 2017. The option weighting was kept low against the backdrop of the limited liquidity at the end of the year and the divergent interest rate and yield developments of the Eurozone and Dollar. Deutsche Invest I Euro Bonds (Premium) had a positive performance in December and in the calendar year. Due to the declining residual term of the options and the low delta, duration increased in December. Overall duration was increased at month’s end. Due to low or even negative interest income on government bonds, the option strategy should remain attractive and offer investors additional income.
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
0.7
1.5
10.3
28.1
44.4
Ytd.
3yØ
1.5
3.3
5yØ
2013
2014
2015
2016
5.1
3.8
11.0
-2.1
1.5
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility Sharpe Ratio Alpha
4.25% 0.82 --
Maximum Drawdown
-7.27%
1.12%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Government bonds Emerging markets sovereigns Covered Bonds Agencies Other Securities
65.7 12.5 8.1 3.7 5.0
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
High Medium
Interest Rate Sensitivity
(in % of bond holdings) 23.3 29.6 5.3 31.0 10.8
Morningstar Category™ EUR Diversified Bond
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
>>
122
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.
Investment Ratio Bonds Investment funds Cash and other assets Future Short
(in % of fundvolume) 90.0 5.0 5.0 -15.5
Marketing Material
Factsheet: Deutsche Invest I Euro Bonds (Premium) Bond Funds - EUR December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro United States dollar
99.9 0.1
Principal Holdings (Bonds)
(in % of fundvolume)
Germany 12/15.04.23 INFL Germany 15/15.08.25 Italy B.T.P. 12/01.09.22 Germany 15/15.02.25 Italy B.T.P. 07/15.09.23 INFL Portugal 09/14.06.19 France O.A.T. 13/25.11.24 Portugal 05/15.04.21 Bulgaria 14/03.09.24 Bulgaria 15/26.03.22 MTN
6.2 5.9 4.1 3.4 2.9 2.4 2.4 2.4 2.4 2.3
Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
34.4
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
Germany France Italy Portugal Spain Bulgaria Luxembourg Austria Finland Romania Other Countries
19.2 17.2 15.2 8.0 7.8 7.1 5.0 3.2 2.9 2.5 7.0
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
0.8
Current Interest Rate (in %)
2.7
Duration (in years)
6.8
Modified Duration
6.8
Number of Bonds
52
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
Maturity (in years)
7.7
A
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
FC(EUR)
0.8
1.9
11.7
30.5
50.7
1.9
3.7
5.5
4.1
11.4
-1.7
1.9
LC(EUR)
0.7
1.5
10.3
28.1
44.4
1.5
3.3
5.1
3.8
11.0
-2.1
1.5
LD(EUR)
0.7
1.5
10.2
28.2
44.4
1.5
3.3
5.1
3.8
11.0
-2.1
1.5
NC(EUR)
0.7
1.0
8.9
26.1
38.8
1.0
2.9
4.8
3.8
10.5
-2.5
1.0
Page 2 / 4
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123
Marketing Material
Factsheet: Deutsche Invest I Euro Bonds (Premium) Bond Funds - EUR December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Ralf Schreyer
Portfolio Manager since
15/05/2011
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
92.2 Mio. EUR
Fund Currency
EUR
Launch Date
03/07/2006
Fiscal Year End
31/12/2016
Investor profile
Income-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 LU0254490534
A0J ME9
Accumulation
0.00%
150.66
150.66
3.18
0.500%
0.59% (1)
--
400,000
LC
EUR LU0254489874
A0J ME8
Accumulation
3.00%
148.81
144.35
2.67
0.900%
0.99% (1)
--
--
LD
EUR LU0254491003
A0J MFA
Distribution
3.00%
117.55
114.02
2.12
0.900%
0.99% (1)
--
--
1.50% NC A0J ME7 EUR LU0254489106 Accumulation 140.90 138.79 2.25 1.39% (1) -1.200% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
Page 3 / 4
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.
>>
124
Factsheet: Deutsche Invest I Euro Bonds (Premium) Bond Funds - EUR
Opportunities In accordance with the investment policy. Risks • 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. • The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Income-oriented The Fund is designed for income-oriented investors seeking higher returns through interest income and from possible capital gains. Return expectations are offset by only moderate equity, interest rate and currency risk, as well as minor default risks. Loss of capital is thus improbable in the medium to long term.
Marketing Material
Factsheet: Deutsche Invest I Euro Bonds (Short) Bond Funds - EUR December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Euroland fixed income fund focusing on bonds with an average maturity between 0 and 3 years. The fund invests in government bonds, government related bonds and covered bonds. Additional investments in corporate bonds, financials, subordinated bonds and Emerging Markets bonds are possible as well. The fund is only investing in euro-denominated securities.
Fund
Fund Management's Comment In December, the Fund performed well and in line with its benchmark. Given the uncertainties about the US election and the Italian referendum, corporate bonds and Italian government bonds had underperformed in November. This changed in December and the Fund benefited from the stabilization of the markets. We will continue to pursue this strategy in the new year. For example, we will buy the most interesting Eurozone government bonds; the yield on 3year Italian bonds is currently about 0.9% more than that of their German counterparts. Of course there will also be political uncertainties in 2017, pessimists see problems because of a certain dissatisfaction with the EU in some countries and do not rule out the possibility that there might be other unpredictable votes in the medium term. However, we believe in Europe and do not see any major distortions, particularly in the short term. The ECB should, if necessary, keep the markets running. In addition, we continue to look for interesting corporate bonds in order to give a small boost to the Fund's return.
Benchmark: iBoxx € Overall 1-3Y (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.
Cumulative Performance (in %) - Share Class LC(EUR) 1m 1y 3y 5 y s. Launch EUR BM IN EUR
0.3 0.1
1.0 0.6
1.9 3.0
12.6 10.3
47.0 54.2
Ytd.
3yØ
1.0 0.6
0.6 1.0
5yØ
2013
2014
2015
2016
2.4 2.0
3.4 2.0
1.2 1.8
-0.3 0.6
1.0 0.6
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility Sharpe Ratio Alpha
0.88% 0.97 -0.75%
Maximum Drawdown Information Ratio Beta
-1.21% -0.50 1.42
0.28%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.67 0.68%
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Government bonds Corporate Bonds Financial bonds Emerging markets corporates Covered Bonds Agencies Cash equivalents
50.7 11.1 10.8 7.6 7.1 7.0 5.5
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
High Medium
Interest Rate Sensitivity
(in % of bond holdings) 0.4 6.2 22.5 69.2 1.7
Morningstar Category™ EUR Diversified Bond - Short Term
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
(B)
Lipper Leaders: Page 1 / 4
>>
126
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.
Investment Ratio Bonds Investment funds Cash and other assets Future Short
(in % of fundvolume) 91.2 8.7 0.1 -2.9
Marketing Material
Factsheet: Deutsche Invest I Euro Bonds (Short) Bond Funds - EUR December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro
100.0
Principal Holdings (Bonds)
(in % of fundvolume)
Italy B.T.P. 13/12.11.17 INFL Banca Monte dei Paschi di Siena 12/20.03.17 Sinopec Group Overseas Develop. 15/27.04.18 Reg S Spain 02/30.07.17 Italy B.T.P. 07/01.02.17 Volkswagen Leasing 15/11.08.20 MTN Italy B.T.P. 11/01.09.21 Fdo. Tit. Deficit Sist. Elec. 14/17.09.17 S.20 MTN Italy B.T.P. 12/01.06.17 Deutsche Bank 16/18.03.19 MTN
5.1 4.5 4.2 4.2 3.5 3.5 3.3 3.3 3.0 2.8
Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
37.4
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
Italy Spain Germany Luxembourg China Ireland Slovenia Great Britain Portugal Turkey Other Countries
37.5 17.9 10.1 8.6 4.2 3.4 2.5 2.4 2.0 2.0 9.3
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
0.2
Current Interest Rate (in %)
Duration (in years)
1.5
Modified Duration
Number of Bonds
57
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
2.7 1.5
Maturity (in years)
1.6
BBB
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
FC(EUR)
0.3
1.4
2.8
14.0
53.8
1.4
0.9
2.7
3.5
1.4
0.1
1.4
LC(EUR)
0.3
1.0
1.9
12.6
47.0
1.0
0.6
2.4
3.4
1.2
-0.3
1.0
LD(EUR)
0.3
1.0
1.9
12.7
47.0
1.0
0.6
2.4
3.4
1.2
-0.3
1.0
NC(EUR)
0.2
0.4
0.3
9.5
37.1
0.4
0.1
1.8
2.7
0.6
-0.7
0.4
SEK FCH(SEK)***
--
--
--
--
--
--
--
--
--
--
--
SEK LCH(SEK)***
--
--
--
--
--
--
--
--
--
--
--
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
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127
Marketing Material
Factsheet: Deutsche Invest I Euro Bonds (Short) Bond Funds - EUR December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Dr. Claus Meyer-Cording
Portfolio Manager since
01/03/2003
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
2,028.3 Mio. EUR
Fund Currency
EUR
Launch Date
03/06/2002
Fiscal Year End
31/12/2016
Investor profile
Income-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 LU0145657366
551 876
Accumulation
0.00%
153.79
153.79
3.53
0.200%
0.30% (1)
--
400,000
LC
EUR LU0145655824
551 872
Accumulation
3.00%
151.56
147.01
2.86
0.400%
0.65% (1)
--
--
LD
EUR LU0145656475
551 874
Distribution
3.00%
101.72
98.67
1.94
0.400%
0.65% (1)
--
--
NC
EUR LU0145656715
551 875
Accumulation
1.50%
139.23
137.14
1.98
0.600%
1.11% (1)
--
--
SEK FCH
SEK
DWS 2FF
Accumulation
0.00%
1,012.01
1,012.01
20.64
0.200%
0.27% (2)
--
4,000,000
3.00% SEK LCH SEK LU1333039953 DWS 2FG Accumulation 1,039.68 1,008.49 17.20 0.70% (2) -0.400% (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 31/12/2015. 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 (SEK FCH:14/01/2016, SEK LCH:14/01/2016). 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.
--
LU1333039870
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
Page 3 / 4
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.
>>
128
Factsheet: Deutsche Invest I Euro Bonds (Short) Bond Funds - EUR
Opportunities In accordance with the investment policy. Risks • There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. • The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Income-oriented The Fund is designed for income-oriented investors seeking higher returns through interest income and from possible capital gains. Return expectations are offset by only moderate equity, interest rate and currency risk, as well as minor default risks. Loss of capital is thus improbable in the medium to long term.
Marketing Material
Factsheet: Deutsche Invest I Euro-Gov Bonds Bond Funds - EUR December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Euro-zone government bonds and bonds of other investment-grade public-sector issuers; active management of the portfolio's interest rates and maturities.
Fund
Fund Management's Comment In December, the Fund performed well in absolute terms. Given the uncertainties about the US election and the Italian referendum, Italian government bonds had underperformed in November. This changed in December and the Fund benefited from the stabilization of the markets. Because of our fundamental outlook and the rather low yields, the average duration of the Fund was slightly lower than its benchmark, which cost a bit of relative performance. We will continue to pursue this strategy in the new year. For example, we will buy the most interesting Eurozone government bonds; the yield on 5year Italian bonds is currently about 1.2% more than that of their German counterparts. We believe in Europe and do not see any major distortions, particularly in the short and medium term. The ECB should, if necessary, keep the markets running. For this reason, the Fund remains overweight in shorter maturities in Southern Europe.
Benchmark: iBoxx Sovereign Eurozone Overall (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
0.7 0.7
3.0 3.2
17.3 18.6
38.8 34.6
87.1 108.6
Ytd.
3yØ
3.0 3.2
5.5 5.9
5yØ
2013
2014
2015
2016
6.8 6.1
4.7 2.2
12.3 13.0
1.3 1.7
3.0 3.2
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility Sharpe Ratio Alpha
4.51% 1.23 -0.40%
Maximum Drawdown Information Ratio Beta
-5.95% -0.48 1.00
1.89%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.98 0.80%
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Government bonds Cash equivalents
95.6 4.2
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
High Medium
Interest Rate Sensitivity
(in % of bond holdings) 2.4 25.8 6.5 65.2
Morningstar Category™ EUR Government Bond
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««« FERI Fund Rating:
(B)
Lipper Leaders: Page 1 / 4
>>
130
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.
Investment Ratio Bonds Investment funds Cash and other assets Future Short
(in % of fundvolume) 92.3 7.5 0.2 -8.4
Marketing Material
Factsheet: Deutsche Invest I Euro-Gov Bonds Bond Funds - EUR December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro
100.0
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
Principal Holdings (Bonds)
(in % of fundvolume)
Italy B.T.P. 14/23.04.20 INFL Italy B.T.P. 93/01.11.23 Italy B.T.P. 13/12.11.17 INFL Spain 99/31.01.29 France O.A.T. 93/25.10.25 France O.A.T. 00/25.10.32 Spain 11/31.01.22 Ireland 09/13.03.25 Belgium 04/28.03.35 S.44 Italy B.T.P. 97/01.11.27
10.9 9.8 9.3 4.9 4.8 4.4 4.3 3.7 3.3 2.8
Total
58.2
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
Italy France Spain Belgium Luxembourg Ireland Germany Austria
44.7 15.6 15.5 7.8 7.5 6.0 2.2 0.4
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
1.1
Current Interest Rate (in %)
4.4
Duration (in years)
7.1
Modified Duration
7.1
Number of Bonds
38
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
Maturity (in years)
9.2
A
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
0.7
3.3
18.1
40.5
96.6
3.3
5.7
7.0
5.0
12.6
1.6
--
--
--
--
--
--
--
--
--
--
--
LC(EUR)
0.7
3.0
17.3
38.8
87.1
3.0
5.5
6.8
4.7
12.3
1.3
3.0
LD(EUR)
0.7
3.0
17.3
38.8
87.3
3.0
5.5
6.8
4.7
12.3
1.3
3.0
NC(EUR)
0.7
2.4
15.2
34.7
73.7
2.4
4.8
6.1
4.1
11.7
0.7
2.4
FC(EUR) IC(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
131
3.3
Marketing Material
Factsheet: Deutsche Invest I Euro-Gov Bonds Bond Funds - EUR December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Dr. Claus Meyer-Cording
Portfolio Manager since
01/02/2007
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
1,551.3 Mio. EUR
Fund Currency
EUR
Launch Date
03/06/2002
Fiscal Year End
31/12/2016
Investor profile
Income-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 LU0145654009
551 815
Accumulation
0.00%
196.60
196.60
3.26
0.350%
0.43% (1)
--
400,000
IC
EUR LU1370690676
DWS 2GC
Accumulation
0.00%
100.98
100.98
1.24
0.300%
0.36% (2)
--
25,000,000
LC
EUR LU0145652052
551 812
Accumulation
3.00%
192.85
187.07
2.90
0.600%
0.68% (1)
--
--
LD
EUR LU0145652300
551 813
Distribution
3.00%
123.49
119.79
1.93
0.600%
0.68% (1)
--
--
1.50% NC 551 814 EUR LU0145652649 Accumulation 176.39 173.74 2.22 1.27% (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 31/12/2015. 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:15/03/2016). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
Page 3 / 4
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.
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Factsheet: Deutsche Invest I Euro-Gov Bonds Bond Funds - EUR
Opportunities In accordance with the investment policy. Risks • 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. • The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Income-oriented The Fund is designed for income-oriented investors seeking higher returns through interest income and from possible capital gains. Return expectations are offset by only moderate equity, interest rate and currency risk, as well as minor default risks. Loss of capital is thus improbable in the medium to long term.
Marketing Material
Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR December 2016
Fund Data
Performance³
Market Comment
Performance per Year (in EUR)
At the beginning of the month the Italian Prime Minister Renzi resigned following the 60% “no” victory in the Italian referendum. At its December 8 meeting, the ECB extended the QE (Quantitative Easing) programme by 9 months while reducing the size by 20bn (billion) to 60bn. Mr Draghi indicated that deflation was no longer a threat, however, making clear on multiple occasions that tapering had not been discussed during the meeting. Headline inflation in the Eurozone increased again and reached 0.6% year on year (yy) in November. Core inflation, however, remained unchanged at 0.8%yy. US GDP for quarter three was revised up to 3.5%yy (from 3.2%yy), nonfarm payrolls increased by 36k to 178k, headline CPI (Consumer Price Index) reached 1.5%yy while core CPI stayed unchanged at 2%yy. The FED increased the funds target rate by 0.25%, while the dot plot implied 3 additional rate hikes in 2017. In the UK, unemployment remained stable at 4.8% while November CPI came out higher than expected at 1.2%yy with core inflation at 1.4%yy.The Bank of England kept rates unchanged indicating “Monetary policy can respond, in either direction, to changes to the economic outlook to ensure a sustainable return of inflation to the 2% target.” EU and US investment grade (IG) had a total return of +0.65% and +0.35% respectively while EU and US high yield (HY) finished the month with a total return of +1.83% and +1.97% respectively. Emerging market total return for sovereign and quasi sovereigns was +1.3%, while corporates had a total return of +0.43% (IG) and +1.29% (HY). Oil prices rallied following the decision by OPEC (Organization of the Petroleum Exporting Countries) to cut production at the end of November.
As at 30/12/2016
(in %) Deutsche Invest I Global Bonds FC
Performance per Month (in EUR) 2016 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Deutsche Invest I Global Bonds FC
-0.4
-0.2
0.5
0.4
0.2
-0.3
0.7
0.2
-0.2
0.1
-0.1
2015
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Deutsche Invest I Global Bonds FC
0.4
0.3
0.0
-0.3
-0.1
-0.5
0.1
-0.3
-0.7
0.5
0.2
2012 7.1
2013 3.3
2014 3.3
2015 -0.6
1.1
-0.1
-0.6
2016 1.1
(in %)
Volatility (in EUR) Deutsche Invest I Global Bonds FC
0.3
Dec 2015
(in %)
Performance per Year (in EUR) Deutsche Invest I Global Bonds FC
(in %) Dec 2016
1y 1.2
3y 1.2
5y 2.1
s. Launch 2.1
Morningstar Category™ Global Bond - EUR Hedged
³ Calculations are based on monthly data since inception.Calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. 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.
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 5
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134
Note: The key terms are explained in the glossary.
Marketing Material
Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR December 2016
Investment Policy
Portfolio Analysis
Globally investing fixed-income fund. The Fund invests in government bonds, bonds from near-government issuers and covered bonds. It may also invest in corporate bonds, financials, subordinated bonds and emerging market bonds, among other segments. Active duration and maturity management.
Principal holdings
(in %)
6.7 3.5 2.5 2.4 2.3 2.0 1.9 1.9 1.7 1.4
Japan 0.1 07/15/2017 New Zealand 6 05/15/2021 United Kingdom 1 09/07/2017 German Postal 4.25 01/18/2017 Queensland TC 4 ¼ 07/21/23 CVS Health 1.9 07/20/2018 Bank of America 5 ¾ 12/01/17 Citigroup Inc. 2.15 07/30/18 Australia 5.25 03/15/19 Citigroup Inc.5.125 12/12/18
As at 30/12/2016
Sector Exposure
(in %)
Financials Sovereigns Corporate bonds ABS EM corporates Corporate Hybrids Liquidity fund EM Sovereigns Cash Fund Covered bonds
25.4 19.6 15.1 11.2 7.3 6.1 4.3 4.0 2.8 2.3 1.9
Fund Management's Comment The strategy started the month with an overall duration of +0.2y (year), with long duration positions in AUD, NZD and GBP (+0.2y, +0.1y and +0.2y respectively) and short duration in USD (-0.3y) while EUR duration was flat. Throughout the month the PM (portfolio management) team reduced its EUR and USD duration to -0.4y and -0.6y respectively and also went long MXN duration (+0.1y). The strategy closed the month with an overall duration contribution of -0.4y. The PM team modified its corporate emerging market exposure, by closing positions in Argentina and Russia and reducing exposure to Mexico. The PM team reduced its short subordinated Italian bank positions by half. The PM team continued to favour US (United States) credit risk versus EUR credit risk. The PM team reduced its US HY (high yield) exposure slightly given good performance, and went short EUR HY via iTraxx Crossover (index of credit default swaps) going into the Italian referendum, closing it thereafter. In addition, the PM team made some adjustments to: (i) its corporate hybrid exposure; (ii) its 10y10y swaption straddles trade; and, (iii) its ABS exposure.
Breakdown by country
(in %)
Rating allocation
(in % of bond holdings)
United States United Kingdom Japan Germany Australia Netherlands New Zealand Mexico France Switzerland
32.5 13.2 7.4 5.9 5.5 4.4 3.8 3.5 3.1 2.8
AAA AA A BBB BB B
15.2 20.2 26.9 27.9 7.6 2.1
Derivatives for Investment purpose
(in %)
Derivatives for hedging purpose
(in %)
Long CDX 3/5/10y fly Long EUR vs Short USD 10y De Long 5y CDX HY Risk Long 5y5y EUR Inflation Long 5y UK Risk Long Single Name CDS Risk Long 5y CDX EM Risk USD/JPY Cross Currency Swap Short 10y UK inflation breakeve Long 10y10y EUR Straddles Short Sub financials CDS Risk
10.9 6.1 6.0 5.9 5.5 5.0 3.8 3.3 2.6 2.3 1.4
Short EUR Swaps Short 5y US Treasury Short 2y US Treasury Short Bund Futures Short USD Swaps Short Single Name CDS Risk Short Schatz Futures Short EUR IFS Short 10y US Treasury Short Gilt Futures
-16.9 -11.4 -8.6 -7.4 -6.6 -2.3 -1.5 -1.1 -0.2 -0.1
Modified Duration (in years)
Deutsche Invest I Global Bonds FC
Key Figures regarding the Fund's Assets Average Rating Page 2 / 5
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135
Current Interest Rate (in %)
A
Yield (in %)
-1.1 Number of Bonds
-1.3 Maturity (in years) 129
2.8
Marketing Material
Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR December 2016
As at 30/12/2016
Performance³ Performance (indexed) FC(EUR)
(in %)
Deutsche Invest I Global Bonds FC
Cumulative Performance 1m
1y
3y
5y
CHF FCH(CHF) CHF FDH(CHF) CHF ICH(CHF) CHF LCH(CHF) CHF LDH(CHF) FC(EUR) FD(EUR) GBP CH RD(GBP) GBP DH RD(GBP) GBP IDH(GBP) IC(EUR) ID(EUR) LC(EUR) LD(EUR) NC(EUR) SEK FCH(SEK) SEK LCH(SEK) USD FCH(USD) USD LCH(USD)
0.5 0.5 0.8 0.1 0.1 1.1 1.1 1.9 1.9 2.1 1.3 1.3 0.7 0.7 0.2 0.8 0.4 2.4 2.0
-----3.9 --------------
-----15.0 --------------
0.2 0.2 0.4 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.5 0.5
s. Launch -1.1 -1.1 0.0 -1.7 -1.7 14.9 -0.1 1.9 3.1 3.7 0.5 0.1 1.4 2.4 0.0 1.3 0.8 2.2 1.9
Ytd.
3yØ
5yØ
0.5 0.5 0.8 0.1 0.1 1.1 1.1 1.9 1.9 2.1 1.3 1.3 0.7 0.7 0.2 0.8 0.4 2.4 2.0
-----1.3 --------------
-----2.8 --------------
2013
2014
2015
(in %) 2016
-----3.3 --------------
-----3.3 --------------
---1.4 ---0.6 --0.0 0.2 ---1.0 -1.0 -1.5 ---0.2 -0.6
0.5 0.5 0.8 0.1 0.1 1.1 1.1 1.9 1.9 2.1 1.3 1.3 0.7 0.7 0.2 0.8 0.4 2.4 2.0
Note
Address Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
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. The data source is Bloomberg, Datastream and Deutsche Asset Management Investment GmbH.
Page 3 / 5
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Marketing Material
Factsheet: Deutsche Invest I Global Bonds Bond Funds - EUR December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Roger Douglas
Portfolio Manager since
20/09/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
880.9 Mio. EUR
Fund Currency
EUR
Launch Date
22/12/2011
Fiscal Year End
31/12/2016
Investor profile
Income-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes Share Class
Cur.
ISIN Code
German Sec. Code
Earnings
Front-end Load Issue Price ¹ up to
Redemption Price
Interim Gains
Management Fee
Running costs / TER
plus performancerelated fee
Minimum Invest- ment Amount
CHF FCH
CHF LU1054335655 DWS 1PG
Accumulation
0.00%
98.91
98.91
2.05
0.500%
0.63% (2)
--
CHF FDH
CHF LU1054335739 DWS 1PM
Distribution
0.00%
97.69
97.69
2.03
0.500%
0.63% (2)
--
400,000
CHF ICH
CHF LU1054335499
DWS 1N6
Accumulation
0.00%
99.87
99.87
2.18
0.350%
0.44% (1)
--
25,000,000
CHF LCH
CHF LU1054335812 DWS 1PS
Accumulation
3.00%
101.34
98.30
1.74
0.900%
1.09% (2)
--
--
CHF LDH
CHF LU1054335903 DWS 1PX
Distribution
3.00%
100.31
97.30
1.72
0.900%
1.09% (2)
--
--
FC
EUR LU0616846035
Accumulation
0.00%
114.94
114.94
2.36
0.500%
0.56% (1)
--
400,000
FD
EUR LU1054334179 DWS 1ME
Distribution
0.00%
98.45
98.45
2.02
0.500%
0.63% (2)
--
400,000
GBP CH RD
GBP LU1249493864
DWS 2A2
Accumulation
0.00%
101.88
101.88
2.15
0.500%
0.63% (2)
--
--
GBP DH RD
GBP LU1054335226
DWS 1N1
Distribution
0.00%
100.22
100.22
2.13
0.500%
0.63% (1)
--
--
GBP IDH
GBP LU1054335069 DWS 1NR
Distribution
0.00%
100.23
100.23
2.30
0.350%
0.43% (1)
--
25,000,000
IC
EUR LU1054333791
DWS 1LU
Accumulation
0.00%
100.46
100.46
2.24
0.350%
0.41% (2)
--
25,000,000
ID
EUR LU1054333874
DWS 1LZ
Distribution
0.00%
98.42
98.42
2.17
0.350%
0.41% (2)
--
25,000,000
LC
EUR LU0616844923
DWS 044
Accumulation
3.00%
104.50
101.37
1.77
0.900%
1.01% (1)
--
--
LD
EUR LU0616845144
DWS 045
Distribution
3.00%
101.75
98.69
1.68
0.900%
1.00% (1)
--
--
NC
EUR LU0616845490
DWS 046
Accumulation
1.50%
101.48
99.96
1.34
1.300%
1.50% (1)
--
--
SEK FCH
SEK LU1281067584
DWS 2C0
Accumulation
0.00%
1,013.40
1,013.40
20.83
0.500%
0.63% (2)
--
4,000,000
SEK LCH
SEK LU1281067741
DWS 2C1
Accumulation
3.00%
1,039.45
1,008.26
17.49
0.900%
1.09% (2)
--
--
USD FCH
USD LU1054334682 DWS 1M5
Accumulation
0.00%
102.18
102.18
1.97
0.500%
0.63% (1)
--
400,000
DWS 049
3.00% USD LCH USD LU1054334849 DWS 1NF Accumulation 104.91 101.76 1.65 1.04% (1) -0.900% (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 31/12/2015. 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:30/04/2015, CHF FDH:30/04/2015, CHF LCH:30/04/2015, CHF LDH:30/04/2015, FD:16/03/2015, GBP CH RD:17/08/2015, IC:30/01/2015, ID:02/03/2015, SEK FCH:30/09/2015, SEK LCH:30/09/2015). 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.
--
Note
Address Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
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. The data source is Bloomberg, Datastream and Deutsche Asset Management Investment GmbH.
Page 4 / 5
400,000
>>
137
Factsheet: Deutsche Invest I Global Bonds Bond Funds - International Currencies
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. • The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Income-oriented The Fund is designed for income-oriented investors seeking higher returns through interest income and from possible capital gains. Return expectations are offset by only moderate equity, interest rate and currency risk, as well as minor default risks. Loss of capital is thus improbable in the medium to long term.
Bond Funds
International Currencies
Marketing Material
Factsheet: Deutsche Invest I Global Bonds Dynamic Plus Bond Funds - International Currencies December 2016
Fund Data
Performance³
Market Comment
Performance per Year (in EUR)
At the beginning of the month the Italian Prime Minister Renzi resigned following the 60% “no” victory in the Italian referendum. At its December 8 meeting, the ECB extended the QE (Quantitative Easing) programme by 9 months while reducing the size by 20bn (billion) to 60bn. Mr Draghi indicated that deflation was no longer a threat, however, making clear on multiple occasions that tapering had not been discussed during the meeting. Headline inflation in the Eurozone increased again and reached 0.6% year on year (yy) in November. Core inflation, however, remained unchanged at 0.8%yy. US Gross Domestic Product (GDP) for quarter three was revised up to 3.5%yy (from 3.2%yy), nonfarm payrolls increased by 36k to 178k, headline CPI (Consumer Price Index) reached 1.5%yy while core CPI stayed unchanged at 2%yy. The FED increased the funds target rate by 0.25%, while the dot plot implied 3 additional rate hikes in 2017. In the UK, unemployment remained stable at 4.8% while November CPI came out higher than expected at 1.2%yy with core inflation at 1.4%yy.The Bank of England kept rates unchanged indicating “Monetary policy can respond, in either direction, to changes to the economic outlook to ensure a sustainable return of inflation to the 2% target.” EU and US investment grade (IG) had a total return of +0.65% and +0.35% respectively while EU and US high yield (HY) finished the month with a total return of +1.83% and +1.97% respectively. Emerging market total return for sovereign and quasi sovereigns was +1.3%, while corporates had a total return of +0.43% (IG) and +1.29% (HY). Oil prices rallied following the decision by OPEC (Organization of the Petroleum Exporting Countries) to cut production at the end of November.
As at 30/12/2016
(in %) Deutsche Invest I Global Bonds Dynamic Plus FC
Performance per Month (in EUR) 2016 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
0.5
0.3
-0.5
0.9
0.1
-0.1
0.1
-0.1
Deutsche Invest I Global Bonds Dynamic Plus FC
-0.5
-0.1
0.6
2015
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Deutsche Invest I Global Bonds Dynamic Plus FC
0.5
0.7
0.1
-0.5
-0.7
-0.6
0.0
-0.3
-1.0
0.6
0.2
2012 7.1
2013 6.3
2014 11.6
2015 -1.0
1.2
Dec 2015 -0.1
-1.0
2016 1.2
(in %)
Volatility (in EUR) Deutsche Invest I Global Bonds Dynamic Plus FC
0.2
(in %)
Performance per Year (in EUR) Deutsche Invest I Global Bonds Dynamic Plus FC
(in %) Dec 2016
1y 1.4
3y 2.3
5y 2.9
s. Launch 2.9
Morningstar Style-Box™ Market Capitalization Large
Mid
Small Value
Growth Blend
Investment Style
Morningstar Category™ Global Bond
Ratings
³ Calculations are based on monthly data since inception.Calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. 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.
(As at: 30/11/2016)
Lipper Leaders: Page 1 / 5
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Note: The key terms are explained in the glossary.
Marketing Material
Factsheet: Deutsche Invest I Global Bonds Dynamic Plus Bond Funds - International Currencies December 2016
Investment Policy
Portfolio Analysis
The Fund predominantly invests in fixed income securities globally, including but not limited to government bonds, corporate bonds, emerging market bonds, subordinated bonds and asset-back securities. In addition the portfolio management team has the ability to invest a portion of fund assets in currencies, equities and equity-like instruments. Derivatives may be used for efficient portfolio management purposes.
Breakdown by Country (Bonds)
(in % of fundvolume)
Largest Individual Holdings
(in % of fundvolume)
30.9 4.0 3.9 3.7 3.7 2.4 2.3 1.9 1.8 1.6 12.9
Japan 15/15.07.17 No.354
1.9
Hutchison Whampoa Europe Finance (13) 13/und.
1.8
Bank of America 07/01.12.17
1.7
Citigroup 15/30.07.18
1.6
CVS Health 15/20.07.18
1.6
US Treasury 16/15.05.26
1.3
Anthem 14/15.08.19
1.2
Santander UK 15/17.02.20 MTN
1.2
SMFG Preferred Capital USD 3 08/und. 144a
1.2
USA Netherlands Great Britain Japan France Germany Mexico Indonesia Hong Kong Canada Other Countries
Fund Management's Comment As at 30/11/2016: The team maintained its long duration position in AUD (+0.14 year (y)) and NZD (+0.14y). The team gradually closed the short EUR duration position of -0.6y ending the month with +0.1y of EUR duration. As well, the team kept its strategic GBP duration position constant at +0.16y, and took a tactical long position (+0.3y) towards monthend, closing the month with an overall GBP duration of +0.4y. The strategy was long +0.16y USD duration going into the US (United States) elections, but went short -0.4y thereafter. The team remained short USD duration for the remainder of the month ending with -0.25y. The team modified its 5y5y EUR versus USD real yield trade, closing the inflation component of the USD leg. The team went short iTraxx Fin Senior risk (index of European Senior financial CDS (credit default swap)) closing it following the sell off on the back of news flow from an Italian bank recapitalization plan. The team continues to favor US versus EUR credit risk adding to US risk via US HY (high yield) CDS index. The team went long USD/JPY and short EUR/USD taking profit on favorable movements. Furthermore, the team closed both MXN/USD option strategy and EUR/USD risk reversal.
As at 30/12/2016
Federal Home Loan Mtge.16/25.07.28 S.DNA1 Cl. Total
Gross weighting, not adjusted for any positions in derivatives.
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating
Investment Ratio
(in % of bond holdings)
AAA AA A BBB BB B
17.8 8.5 22.5 40.3 6.2 4.8
1.1 14.6
Bonds Equities REITs Cash and other assets Future Long Future Short
(in % of fundvolume) 69.2 18.8 0.1 11.9 0.9 -2.2
The presentation of the structure of the bond credit ratings is based on both internal and external ratings.
Modified Duration (in years)
Deutsche Invest I Global Bonds Dynamic Plus FC
Key Figures regarding the Fund's Assets Average Rating Page 2 / 5
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141
Current Interest Rate (in %)
A
Yield (in %)
2.6 Number of Bonds
2.6 Maturity (in years) 99
3.9
Marketing Material
Factsheet: Deutsche Invest I Global Bonds Dynamic Plus Bond Funds - International Currencies December 2016
As at 30/12/2016
Performance³ Performance (indexed) FC(EUR)
(in %)
Deutsche Invest I Global Bonds Dynamic Plus FC
Cumulative Performance 1m
1y
3y
5y
CHF FCH(CHF) CHF LCH(CHF) FC(EUR) FD(EUR) LC(EUR) LD(EUR) NC(EUR) ND(EUR)
0.5 0.1 1.2 1.2 0.7 0.7 -0.1 0.0
--11.7 ------
--27.1 ------
0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1
0.0 -0.6 27.1 1.1 0.3 0.3 -0.7 -0.7
Ytd.
3yØ
5yØ
0.5 0.1 1.2 1.2 0.7 0.7 -0.1 0.0
--3.8 ------
--4.9 ------
2013
2014
2015
(in %) 2016
--6.3 ------
--11.6 ------
---1.0 ------
0.5 0.1 1.2 1.2 0.7 0.7 -0.1 0.0
Note
Address Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 5
s. Launch
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
142
Marketing Material
Factsheet: Deutsche Invest I Global Bonds Dynamic Plus Bond Funds - International Currencies December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Roger Douglas
Portfolio Manager since
26/09/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
20.2 Mio. EUR
Fund Currency
EUR
Launch Date
22/12/2011
Fiscal Year End
31/12/2016
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes Share Class
Cur.
ISIN Code
German Sec. Code
Earnings
Front-end Load Issue Price ¹ up to
Redemption Price
Interim Gains
Management Fee
Running costs / TER
plus performancerelated fee
Minimum Invest- ment Amount
CHF FCH
CHF LU1272328656 DWS 2CH
Accumulation
0.00%
100.02
100.02
2.75
0.550%
0.68% (2)
--
CHF LCH
CHF LU1272328813
DWS 2CJ
Accumulation
3.00%
102.51
99.44
2.62
0.950%
1.14% (2)
--
--
FC
EUR LU0616844766
DWS 043
Accumulation
0.00%
127.13
127.13
3.58
0.550%
0.64% (1)
--
400,000
FD
EUR LU1264174118
DWS 2BP
Distribution
0.00%
100.37
100.37
2.80
0.550%
0.68% (2)
--
400,000
LC
EUR LU0616843958
DWS 04Z
Accumulation
3.00%
103.38
100.27
2.68
0.950%
1.14% (2)
--
--
LD
EUR LU0616844170
DWS 040
Distribution
3.00%
102.87
99.79
2.67
0.950%
1.14% (2)
--
--
NC
EUR LU0616844337
DWS 041
Accumulation
1.50%
100.84
99.33
2.49
1.500%
1.88% (2)
--
--
400,000
1.50% ND EUR LU1272329464 DWS 2CK Distribution 100.56 99.05 2.49 1.88% (2) -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 31/12/2015. 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:14/09/2015, CHF LCH:14/09/2015, FD:14/09/2015, LC:14/09/2015, LD:14/09/2015, NC:14/09/2015, ND:14/09/2015). 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.
Note
Address Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 4 / 5
--
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
143
Factsheet: Deutsche Invest I Global Bonds Dynamic Plus Bond Funds - International Currencies
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.
Marketing Material
Factsheet: Deutsche Invest I Global Bonds High Conviction Bond Funds - International Currencies December 2016
As at 30/12/2016
Performance³
Fund Data Market Comment
The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
³ Calculations are based on monthly data since inception.Calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. 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.
Page 1 / 3
>>
145
Note: The key terms are explained in the glossary.
Marketing Material
Factsheet: Deutsche Invest I Global Bonds High Conviction Bond Funds - International Currencies December 2016
As at 30/12/2016
Investment Policy
Portfolio Analysis
The investment objective of Deutsche Invest I Global Bonds High Conviction is to achieve an above-average return for the sub-fund. The term “high conviction” refers to the fund concept. High conviction implies that – based on the portfolio manager’s investment decision – bond and currency strategies with higher weightings and lower diversification may be implemented than with a product that is oriented toward a benchmark.
Principal holdings
(in %)
Sector Exposure
(in %)
GERMANY (FEDERAL REPUBL FRANCE (REPUBLIC OF) NORDDEUTSCHE LANDESBA KAZAGRO NATIONAL MANAG PORTUGAL (REPUBLIC OF) VEOLIA ENVIRONNEMENT SA PETROLEOS MEXICANOS HUTCHISON WHAMPOA EUR GAZ CAPITAL SA ALLIANZ SE
11.1 9.6 6.2 4.6 3.4 3.3 3.2 3.2 3.2 3.1
Sovereigns Corporate bonds EM Sovereigns Cash Corporate Hybrids Financials EM corporates
26.1 25.7 12.9 11.7 10.0 8.8 4.8
Breakdown by country
(in %)
Rating allocation
Germany France Kazakhstan United States Mexico United Kingdom Portugal Hong Kong Russian Federation Indonesia
28.9 20.4 6.3 5.6 4.4 3.5 3.4 3.2 3.2 2.9
AAA AA A BBB BB Not Rated
13.9 10.2 18.3 35.5 20.6 1.5
Derivatives for Investment purpose
(in %)
Derivatives for hedging purpose
(in %)
Feb17 Bund C @ 164 Bund Future OAT Furture
-3.9 -9.8 -10.1
FX Forward
Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report.
(in % of bond holdings)
-4.3
Modified Duration (in years)
Deutsche Invest I Global Bonds High Conviction FC
Key Figures regarding the Fund's Assets Average Rating Page 2 / 3
>>
146
Current Interest Rate (in %)
A
Yield (in %)
2.2 Number of Bonds
0.7 Maturity (in years) 52
7.2
Marketing Material
Factsheet: Deutsche Invest I Global Bonds High Conviction Bond Funds - International Currencies December 2016
As at 30/12/2016
Performance³
(in %)
Cumulative Performance FC(EUR)*** FD(EUR)*** LC(EUR)*** LD(EUR)***
1m
3m
6m
s. Launch
-----
-----
-----
-----
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Fund Data Portfolio Manager
Bernhard Falk
Portfolio Manager since
01/08/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
32.9 Mio. EUR
Fund Currency
EUR
Launch Date
01/08/2016
Fiscal Year End
31/12/2016
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes Share Class
Cur.
ISIN Code
German Sec. Code
Earnings
Front-end Load Issue Price ¹ up to
Redemption Price
Interim Gains
Management Fee
Running costs / TER
plus performancerelated fee
Minimum Invest- ment Amount
FC
EUR LU1445758144 DWS 2GP
Accumulation
0.00%
101.61
101.61
0.79
0.550%
0.68% (1)
--
400,000
FD
EUR LU1445758227 DWS 2GQ
Distribution
0.00%
101.61
101.61
0.79
0.550%
0.68% (1)
--
400,000
LC
EUR LU1445758573 DWS 2GR
Accumulation
3.00%
104.55
101.42
0.77
0.950%
1.14% (1)
--
--
3.00% LD EUR LU1445758656 DWS 2GS Distribution 104.55 101.42 0.77 1.14% (1) -0.950% (1) 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:01/08/2016, FD:01/08/2016, LC:01/08/2016, LD: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.
--
Note
Address Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 3
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
147
Factsheet: Deutsche Invest I Global Bonds High Conviction Bond Funds - International Currencies
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.
Marketing Material
Factsheet: Deutsche Invest I Global Short Duration Bond Funds - International Currencies December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class USD LC(USD)
(in %)
Deutsche Invest I Global Short Duration may acquire interest-bearing securities, like sovereign and sovereign-related bonds, covered and corporate bonds as well as other liquid assets. At least 70% of the sub-fund’s assets are invested in interest-bearing securities having maturities classified as short-term. A minimum of 90% of the subfund’s assets will be in USD or hedged into USD.
Fund
Fund Management's Comment Global bond markets showed a strong tone in December with the fund finishing the calendar year 2016 close to its performance high – in relative as well as absolute terms. Driven by a rally in Emerging Markets and to a lesser extent in Corporate Credit the portfolio outperformed its respective benchmark over the past month by around 16 basis points. An active overweight of the Swedish Krona against the Euro also contributed to the overall positive result. Being underweight in Euro duration somewhat slowed down the outperformance over the past trading days. With all major central bank meetings behind global markets should benefit from generous liquidity provisions and lower volatility in the first weeks of the New Year. In anticipation of tighter spreads for risk assets the sector allocations remains unchanged. The long position in the Swedish Krona will be held in the portfolio waiting for more positive economic data surprising not only the Riksbank but also most investors around the globe.
Benchmark (since 26/04/2016)*
*Benchmark: Barclays Global Aggregate 1-3Y TR (hedged in USD) 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 BM IN USD
0.3 0.7 0.2
2.3 5.7 1.6
----
----
2.9 4.7 1.8
Ytd. 2.3 5.7 1.6
3yØ
5yØ
2016
----
2.3 5.7 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.
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Government bonds Corporate Bonds Emerging markets corporates Financial bonds Emerging markets sovereigns Agencies Covered Bonds Other Securities
50.0 8.6 8.1 7.2 6.0 4.4 3.7 9.1
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AAA AA A BBB BB B Not Rated
Morningstar Category™ Global Bond - USD Hedged
Page 1 / 4
>>
149
Note: The key terms are explained in the glossary.
(in % of bond holdings) 31.9 8.4 31.7 21.5 3.2 1.6 1.6
The presentation of the structure of the bond credit ratings is based on both internal and external ratings.
Investment Ratio Bonds Investment funds Cash and other assets Future Short
(in % of fundvolume) 96.4 0.7 2.9 -5.6
Marketing Material
Factsheet: Deutsche Invest I Global Short Duration Bond Funds - International Currencies December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Swedish krona Pound sterling Euro
100.0 2.1 -0.1 -2.0
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
Largest Issuer
(in % of fundvolume)
America, United States of... Japan Italy, Republic of Vereinigte Mexikanische Staaten Indonesia, Republic of State Bank of India Export-Import Bank of Malaysia Berhad Canada, Government of Department of Finance Canada Petr¢leos Mexicanos Deutsche Bank AG, Frankfurt
22.2 18.4 2.9 2.1 1.7 1.7 1.6 1.5 1.3 1.2
Total
54.6
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
USA Japan Germany Mexico Great Britain Italy Canada Portugal Indonesia India Other Countries
29.0 20.0 6.9 3.5 3.3 3.0 2.4 2.0 1.7 1.7 23.7
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
1.7
Current Interest Rate (in %)
2.2
Duration (in years)
1.9
Modified Duration
1.9
Number of Bonds
114
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
Maturity (in years)
A
s. Launch
Ytd.
3yØ
5yØ
2016
0.1
1.2
--
--
1.8
1.2
--
--
--
--
--
--
--
--
--
--
LCH(EUR)
0.1
1.0
--
--
1.4
1.0
--
--
1.0
NCH(EUR)
0.0
0.4
--
--
0.2
0.4
--
--
0.4
PFCH(EUR)***
--
--
--
--
--
--
--
--
USD FC(USD)
0.3
2.5
--
--
3.2
2.5
--
--
2.5
USD LC(USD)
0.3
2.3
--
--
2.9
2.3
--
--
2.3
FCH(EUR) FDH(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
150
1.2
2.0
Marketing Material
Factsheet: Deutsche Invest I Global Short Duration Bond Funds - International Currencies December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Daniel Kittler
Portfolio Manager since
16/03/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
SICAV
Custodian
Investment advisor
Deutsche Investment Management Americas Inc.
Assets
61.7 Mio. USD
Fund Currency
USD
Launch Date
16/03/2015
Fiscal Year End
31/12/2016
Investor profile
Growth-oriented
State Street Bank, Lux.
Share Classes Share Class
Cur.
ISIN Code
German Sec. Code
Earnings
FCH
EUR
LU1189352500
DWS 19H
Accumulation
0.00%
101.77
101.77
2.19
0.450%
0.57% (1)
--
400,000
FDH
EUR LU1479553916
DWS 13D
Distribution
0.00%
99.69
99.69
0.55
0.450%
0.57% (1)
--
400,000
LCH
EUR
LU1189343186
DWS 19F
Accumulation
3.00%
104.58
101.44
2.13
0.600%
0.74% (1)
--
--
NCH
EUR
LU1189343772
DWS 19G
Accumulation
1.50%
101.74
100.21
1.90
1.100%
1.42% (1)
--
--
PFCH
EUR LU1496318871
DWS 13N
Accumulation
0.00%
99.39
99.39
0.300%
1.37% (1)
--
--
USD FC
USD
DWS 19Q
Accumulation
0.00%
103.20
103.20
0.450%
0.57% (1)
--
400,000
3.00% USD LC USD LU1211655896 DWS 19R Accumulation 106.03 102.85 2.05 0.74% (1) -0.600% (1) 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 (FCH:16/03/2015, FDH:01/09/2016, LCH:16/03/2015, NCH:16/03/2015, PFCH:14/10/2016, USD FC:20/04/2015, USD LC:20/04/2015). 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.
--
LU1211655540
Address
Redemption Price
Interim Gains
2.11
Management Fee
Running costs / TER
plus performancerelated fee
Minimum Investment Amount
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Front-end Load ¹ Issue Price up to
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
151
Factsheet: Deutsche Invest I Global Short Duration Bond Funds - Emerging Markets/ High Yield Corporate Bonds
Opportunities In accordance with the investment policy. Risks • There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. • 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.
Bond Funds
Emerging Markets/ High Yield Corporate Bonds
Marketing Material
Factsheet: Deutsche Invest I Asian Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class USD FC(USD)
(in %)
Asian Bond Fund. The fund has a regional focus on Asia and invests in fixed income/debt securities issued by governments of Asian countries, Asian government agencies, Asian country municipals and Asian corporates, that are denominated in Asian and non-Asian currencies. The fund may also invest in bonds of non-Asian issuers that are denominated in Asian currencies. The fund may invest in investment grade and high yield bond issuers/issues.
Fund
Fund Management's Comment
Benchmark: JP Morgan Asian Credit Index (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.
For detailed comments on the fund and its corresponding markets please see the annual report. Cumulative Performance (in %) - Share Class USD FC(USD) 1m 1y 3y 5 y s. Launch
Ytd.
USD EUR BM IN USD
20.9 24.8 5.8
0.2 0.7 -0.2
20.9 24.8 5.8
----
----
25.5 60.3 11.7
3yØ
5yØ
2015
2016
----
3.5 15.1 2.9
20.9 24.8 5.8
----
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.
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Emerging markets corporates Government bonds Corporate Bonds Emerging markets sovereigns Financial bonds Other Securities
28.9 12.8 6.0 5.3 3.1 32.5
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AAA AA A BBB BB B CCC Not Rated
Morningstar Category™ Asia Bond
Page 1 / 4
>>
154
Note: The key terms are explained in the glossary.
(in % of bond holdings) 14.4 5.8 18.8 13.7 13.9 22.4 7.7 3.3
The presentation of the structure of the bond credit ratings is based on both internal and external ratings.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 88.8 11.2
Marketing Material
Factsheet: Deutsche Invest I Asian Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar
100.0
Principal Holdings (Bonds)
(in % of fundvolume)
US Treasury 15/31.01.17 Vedanta Resources 13/31.01.19 Reg S Harvest Operations 12/01.10.17 Noble Group 13/20.03.18 MTN US Treasury 14/15.01.17 FMG Resources 12/01.04.22 Reg S Star Energy Geothermal 13/27.03.20 Reg S Alam Synergy 13/27.03.20 Reg S Indonesia 06/09.03.17 Reg S LS Finance 2017 12/26.01.17
9.1 4.6 4.3 4.0 3.7 2.9 2.8 2.8 2.8 2.8
Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
39.8
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
Indonesia Hong Kong USA Korea Japan Australia Singapore Great Britain OECD Canada Philippines Other Countries
17.4 13.7 12.8 9.2 7.0 5.2 4.7 4.6 4.3 3.3 6.6
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
5.8
Current Interest Rate (in %)
Duration (in years)
0.9
Modified Duration
Number of Bonds
44
Average Rating
Cumulative Performance (in %) 1m FCH(EUR) LDH(EUR)*** USD FC(USD) USD LDM(USD)***
1y
3y
5y
3.8 0.8
s. Launch
Ytd.
3yØ
5yØ
2015
0.0
19.4
--
--
23.4
19.4
--
--
3.0
--
--
--
--
--
--
--
--
--
0.2
20.9
--
--
25.5
20.9
--
--
3.5
--
--
--
--
--
--
--
--
--
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
Maturity (in years)
>>
155
0.9
BBB
2016 19.4 20.9
Marketing Material
Factsheet: Deutsche Invest I Asian Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Henry Wong
Portfolio Manager since
16/06/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Hong Kong
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
54.8 Mio. USD
Fund Currency
USD
Launch Date
16/06/2014
Fiscal Year End
31/12/2016
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
FCH
EUR LU0813324794
DWS 1GH
Accumulation
0.00%
123.36
123.36
6.39
0.600%
0.78% (1)
--
LDH
EUR LU0813324521
DWS 1GG
Distribution
3.00%
103.12
100.03
0.18
1.100%
1.32% (2)
--
--
USD FC
USD LU0813325502
DWS 1GN
Accumulation
0.00%
125.54
125.54
6.16
0.600%
0.74% (1)
--
400,000
3.00% USD LDM USD LU1525638091 DWS 2MB Distribution 103.16 100.06 1.32% (2) -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 31/12/2015. 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 (LDH:30/11/2016, USD LDM:15/12/2016). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
156
Factsheet: Deutsche Invest I Asian Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds
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 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.
Marketing Material
Factsheet: Deutsche Invest I China Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
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 down 2.1% in USD terms in line with the CNH depreciating 0.87% against USD over the month. In China, Economic indicators released in December showed strong trade growth, higher inflation at +2.3%, better sequential industrial production growth, and mixed money and credit growth in November. As positive import growth stood against an elevated but still negative export growth, the November trade balance declined to US $44.2bn. Finally, retail sales came in stronger than October at +10.8% y/y vs. +10.0% y/y the prior month. The primary dim sum bond issuance picked up in December thanks to China government bond issuances. The market saw accelerated bond issuance of CNH 16.6bn in Dec., up from CNH6.91bn in November. CD issuance was also up to CNH 16.5bn in December, from CNH12.67bn in November. China issued CNH14bn government bonds, accounting for the bulk of issuance in the month. Foreign issuers, including Morgan Stanley, BMW and Rabobank also issued dim sum bonds. USD bond issuance slowed to $11.0bn, from $18.4bn in November. Chinese banks such as Minsheng Bank ($1.4bn), ICBC ($550mn) and estate developer Vanke ($600mn) are among the largest issuers.
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
Ytd.
3yØ
USD EUR
-1.7 1.6
-0.8 8.2
-2.2 -1.7
-1.7 1.6
-2.3 26.8
11.5 36.0
10.5 49.2
5yØ
2013
2014
2015
2016
2.2 6.3
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
5.97% -0.18 --
Maximum Drawdown
-6.68%
1.59%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Emerging markets corporates Financial bonds Corporate Bonds Asset back - / Mortgage back securities Other Securities
16.0 6.2 1.4 0.8 73.7
Morningstar Style-Box™ Credit Quality High
Low
Medium
Gross weighting, not adjusted for any positions in derivatives.
Low
Breakdown by Rating AA A BBB BB B
High Medium
Interest Rate Sensitivity
(in % of bond holdings) 3.9 16.7 54.6 14.9 9.9
Morningstar Category™ RMB Bond
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««
Lipper Leaders: Page 1 / 4
>>
158
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 96.2 3.8
Marketing Material
Factsheet: Deutsche Invest I China Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Country (Bonds)
(in % of fundvolume)
China Hong Kong Switzerland Japan Great Britain Korea Germany France Australia Russia
83.8 6.1 2.0 1.8 0.8 0.7 0.5 0.5 0.5 0.4
Largest Individual Holdings
(in % of fundvolume)
Deutsche Invest II China High Income Bonds USD FC Maikun Investment 14/06.06.17 Fuqing Investment 15/21.07.18 China City Construct International 14/03.07.17 Start Plus Investments 15/24.06.18 Vast Expand 14/11.09.17 Unican 14/18.09.17 MTN Wealth Driven 16/17.08.23 China Electronics 14/16.01.17 Reg S Eastern Dragon Int./EXIM Bank China14/19.02.19
5.2 3.7 3.4 3.3 3.2 3.0 2.9 2.9 2.8 2.7
Total
33.1
Gross weighting, not adjusted for any positions in derivatives.
Key Figures regarding the Fund's Assets Yield (in %)
5.5
Current Interest Rate (in %)
Duration (in years)
2.4
Modified Duration
Number of Bonds
86
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
4.8 2.5
Maturity (in years)
2.5
BBB
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
CHF FCH(CHF)
-2.4
-3.3
-4.6
--
1.6
-3.3
-1.5
--
6.2
1.2
-2.5
-3.3
CHF LCH(CHF)
-2.4
-3.7
-5.9
--
-0.4
-3.7
-2.0
--
5.6
0.7
-3.0
-3.7
FCH(EUR)
-2.3
-2.5
-2.9
11.3
10.4
-2.5
-1.0
2.2
6.4
1.5
-1.8
-2.5
FDH(EUR)
-2.3
-2.5
--
--
-1.9
-2.5
--
--
--
--
--
-2.5
--
--
--
--
--
--
--
--
--
--
--
IDH(EUR)
-2.3
-2.3
-2.3
--
-2.0
-2.3
-0.8
--
--
1.7
-1.7
-2.3
LCH(EUR)
-2.4
-3.1
-4.3
8.4
7.3
-3.1
-1.5
1.6
5.8
0.9
-2.3
-3.1
LDH(EUR)
-2.4
-3.0
-4.3
--
7.5
-3.0
-1.5
--
5.9
0.9
-2.2
-3.0
NC(EUR)
-1.7
1.4
26.8
--
26.6
1.4
8.2
--
--
14.7
9.1
1.4
NDH(EUR)
-2.4
-3.4
--
--
-6.1
-3.4
--
--
--
--
-2.7
-3.4
RMB FC(CNY)
-1.3
4.8
13.8
--
17.2
4.8
4.4
--
--
3.8
4.5
4.8
RMB LC(CNY)
-1.3
4.2
12.3
--
15.3
4.2
3.9
--
--
3.4
4.2
4.2
SEK FCH(SEK)
-2.3
-2.9
--
--
-5.2
-2.9
--
--
--
--
--
-2.9
SEK LCH(SEK)
-2.4
-3.4
--
--
-5.8
-3.4
--
--
--
--
--
-3.4
USD FC(USD)
-2.1
-1.1
-0.8
14.4
13.6
-1.1
-0.3
2.7
6.7
1.6
-1.3
-1.1
USD FCH (P)(USD)
-1.4
1.0
--
--
-0.1
1.0
--
--
--
--
--
1.0
USD LC(USD)
-2.2
-1.7
-2.3
11.5
10.5
-1.7
-0.8
2.2
6.1
1.1
-1.8
-1.7
ICH(EUR)***
--
--
--
--
--
--
--
--
--
--
--
USD LDH (P)(USD)
-1.5
0.4
--
--
-1.0
0.4
--
--
--
--
--
0.4
USD LDMH (P)(USD)
-1.4
0.4
--
--
-0.8
0.4
--
--
--
--
--
0.4
USD LCH (P)(USD)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page
2 / 6
Marketing Material
Factsheet: Deutsche Invest I China Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
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
390.0 Mio. USD
Fund Currency
USD
Launch Date
16/08/2011
Fiscal Year End
31/12/2016
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%
101.61
101.61
4.68
0.600%
0.69% (1)
--
CHF LCH
CHF LU0813327896
DWS 1G2
Accumulation
3.00%
102.69
99.61
4.03
1.100%
1.18% (1)
--
--
FCH
EUR LU0632808951
DWS 08F
Accumulation
0.00%
110.40
110.40
5.12
0.600%
0.70% (1)
--
400,000
FDH
EUR LU0740831374
DWS 1BG
Distribution
0.00%
96.69
96.69
4.51
0.600%
0.74% (2)
--
400,000
ICH
EUR LU0982747239
DWS 10U
Accumulation
0.00%
93.50
93.50
1.40
0.400%
0.47% (2)
--
25,000,000
IDH
EUR LU0982747312
DWS 10V
Distribution
0.00%
89.54
89.54
4.40
0.400%
0.47% (1)
--
25,000,000
LCH
EUR LU0632805262
DWS 08E
Accumulation
3.00%
110.66
107.34
4.37
1.100%
1.19% (1)
--
--
LDH
EUR LU0740830996
DWS 1BF
Distribution
3.00%
98.54
95.58
3.92
1.100%
1.20% (1)
--
--
NC
EUR LU0616855887
DWS 06J
Accumulation
1.50%
128.48
126.55
4.33
1.400%
1.61% (1)
--
--
NDH
EUR LU0740832000
DWS 1BJ
Distribution
1.50%
89.33
87.99
3.20
1.400%
1.59% (1)
--
--
RMB FC
CNY LU0813328860
DWS 1G7
Accumulation
0.00%
117.23
117.23
5.16
0.600%
0.68% (1)
--
400,000
RMB LC
CNY LU0813328787
DWS 1G6
Accumulation
3.00%
118.87
115.30
4.46
1.100%
1.17% (1)
--
--
SEK FCH
SEK
LU1322112480
DWS 2EW
Accumulation
0.00%
947.56
947.56
44.02
0.600%
0.74% (2)
--
4,000,000
SEK LCH
SEK
LU1322112563
DWS 2EX
Accumulation
3.00%
971.40
942.26
38.50
1.100%
1.32% (2)
--
--
USD FC
USD LU0616856778
DWS 06N
Accumulation
0.00%
113.58
113.58
5.01
0.600%
0.66% (1)
--
400,000
USD FCH (P)
USD
LU1322112647
DWS 2EY
Accumulation
0.00%
99.87
99.87
4.22
0.600%
0.74% (2)
--
400,000
USD LC
USD LU0616856422
DWS 06M
Accumulation
3.00%
113.87
110.45
4.28
1.100%
1.16% (1)
--
--
USD LCH (P)
USD LU1360450164
DWS 2F5
Accumulation
3.00%
104.37
101.24
3.00
1.100%
1.32% (2)
--
--
USD LDH (P)
USD
DWS 2EZ
Distribution
3.00%
101.74
98.69
3.70
1.100%
1.32% (2)
--
--
3.00% USD LDMH (P) USD LU1322112993 DWS 2E0 Distribution 98.25 95.31 1.32% (2) -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 31/12/2015. 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 (FDH:31/08/2015, ICH:16/08/2016, SEK FCH:01/12/2015, SEK LCH:01/12/2015, USD FCH (P):01/12/2015, USD LCH (P):29/02/2016, USD LDH (P):01/12/2015, USD LDMH (P):01/12/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
160
Factsheet: 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.
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LCH(EUR)
(in %)
Global Emerging Markets Corporate Bond Fund. The fund invests in Emerging Markets corporate bonds. Investments will be made in investment grade bonds as well as in high yield bonds. The fund mainly invests in USD denominated bonds.
Fund
Fund Management's Comment Monthly returns of the CEMBI Broad Div. and its IG and HY sub-indices were +0.78%, +0.43% and +1.33%. Credit spreads for the corresponding indices tightened by 17, 8 and 27 bps. Markets continued to climb higher as investors bet on a potentially stimulative fiscal program by the new US administration as rising Treasury yields were largely ignored by credit markets. A further positive factor was the oil price which advanced on the surprise OPEC production cut at the end of November. The main beneficiary was Russia as corporates from the broader region continued to tighten substantially from already compressed levels. Chinese credits were mostly unchanged in the context of a weakening Yuan. EM Corporate earnings so far showed some negative impact of EM FX weakness but mixed pictures on top line and margins while macro fundamentals continued to show signs of stabilization with few exceptions. We maintain our medium-term constructive view with a cautious eye on nearterm external events such as fiscal and monetary policy decisions in key developed market countries. The fund’s monthly returns for its institutional and retail share classes were +1.67% and +1.61%, respectively.
Benchmark (since 24/11/2016)*
*Benchmark: JPM CEMBI Broad Diversified (hedged in EUR) - 24.11.16 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 LCH(EUR) 1m 1y 3y 5 y s. Launch
Ytd.
3yØ
EUR BM IN EUR
11.8 9.4
4.0 4.5
1.4 0.6
11.8 9.4
12.6 14.1
28.9 29.0
32.8 33.2
5yØ
2013
2014
2015
2016
5.2 5.2
-2.5 -2.7
3.2 3.9
-2.4 0.5
11.8 9.4
Further Characteristics (3 years) / VAR (1 year) - Share Class LCH(EUR) Volatility Sharpe Ratio Alpha
6.32% 0.66 -1.30%
Maximum Drawdown Information Ratio Beta
-7.28% -0.30 1.19
2.61%
VAR (99%/10 days)
Correlation Coefficient Tracking Error
0.98 1.51%
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Emerging markets corporates Corporate Bonds Financial bonds Emerging markets sovereigns Covered Bonds Asset back - / Mortgage back securities Other Securities
79.6 4.2 3.2 0.7 0.2 0.2 10.9
Morningstar Style-Box™ Credit Quality High
Low
Medium
Gross weighting, not adjusted for any positions in derivatives.
Low
Breakdown by Rating AA A BBB BB B CCC Others Not Rated
High Medium
Interest Rate Sensitivity
Morningstar Category™ Global Emerging Markets Corporate Bond - EUR Biased
(in % of bond holdings) 1.6 13.0 32.7 28.4 18.6 2.2 0.4 3.1
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««««
Lipper Leaders: Page 1 / 4
>>
162
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.
Investment Ratio Bonds Equities Cash and other assets
(in % of fundvolume) 98.5 0.1 1.4
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Brasilian real Indian rupee Euro South Korean won South African rand Turkish lira - new -
99.9 1.5 0.7 0.4 -0.5 -0.9 -1.0
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
Principal Holdings (Bonds)
(in % of fundvolume)
Israel Electric 14/12.11.24 144a Banco de Bogota 16/12.05.26 Reg S Petrobras Global Finance 13/20.05.43 CNOOC Finance 2013 13/09.05.23 GPN Capital/Gazprom 12/19.09.22 LPN Reg S Krung Thai Bank (Cayman Isld. Br.) 14/26.12,24 MTN MHP 13/02.04.20 Reg S Novatek Finance/Novatek 12/13.12.22 LPN Reg S Bharti Airtel Int. (Netherlands) 13/11.03.23 Reg S VimpelCom Holdings 11/01.03.22 Reg S
1.0 0.9 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7
Total
8.0
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
Russia Brazil China Hong Kong Mexico India Turkey Colombia United Arab Emirates Israel Other Countries
11.9 11.8 9.3 5.7 5.7 5.1 4.3 4.0 3.8 3.7 33.2
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
5.5
Current Interest Rate (in %)
5.4
Duration (in years)
5.2
Modified Duration
5.0
Number of Bonds
334
Average Rating
BB
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Ytd.
3yØ
Maturity (in years)
5yØ
2013
8.1
2014
2015
2016
CHF FCH(CHF)
1.4
11.7
--
--
9.6
11.7
--
--
--
--
--
11.7
FCH(EUR)
1.5
12.4
14.5
32.7
37.5
12.4
4.6
5.8
-1.9
3.8
-1.9
12.4
LC (BRIC)(EUR)
5.5
35.7
41.9
54.1
55.2
35.7
12.4
9.0
-9.1
4.9
-0.3
35.7
LCH(EUR)
1.4
11.8
12.6
28.9
32.8
11.8
4.0
5.2
-2.5
3.2
-2.4
11.8
LDH(EUR)
1.4
11.8
12.8
29.2
33.1
11.8
4.1
5.3
-2.5
3.3
-2.3
11.8
NCH(EUR)
1.4
11.3
11.4
26.5
29.7
11.3
3.7
4.8
-2.9
2.9
-2.7
11.3
ND(EUR)
2.0
16.9
--
--
24.4
16.9
--
--
--
--
8.2
16.9
NDH(EUR)
1.4
11.4
11.4
26.6
29.7
11.4
3.7
4.8
-2.9
2.9
-2.8
11.4
SEK FCH(SEK)
1.4
12.2
--
--
9.9
12.2
--
--
--
--
--
12.2
SEK LCH(SEK)
1.4
11.7
--
--
9.3
11.7
--
--
--
--
--
11.7
SGD LDMH(SGD)
1.7
13.7
15.7
--
17.6
13.7
5.0
--
--
3.1
-1.3
13.7
USD FC(USD)
1.7
14.0
16.6
36.0
50.7
14.0
5.3
6.3
-1.6
3.8
-1.5
14.0
USD ID(USD)
1.7
14.3
--
--
10.4
14.3
--
--
--
--
--
14.3
USD LC(USD)
1.6
13.4
14.8
32.4
42.9
13.4
4.7
5.8
-2.2
3.3
-2.0
13.4
USD LD(USD)
1.6
13.4
14.8
32.4
43.1
13.4
4.7
5.8
-2.2
3.3
-2.0
13.4
USD LDM(USD)
1.6
13.4
14.8
--
16.7
13.4
4.7
--
--
3.3
-2.0
13.4
Page 2 / 4
>>
163
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Maruf Siddiquee
Portfolio Manager since
30/06/2010
Portfolio Management Company
Deutsche Asset Management Investment GmbH & Deuts
Portfolio Management Location
Multi manager
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
326.4 Mio. USD
Fund Currency
USD
Launch Date
20/11/2006
Fiscal Year End
31/12/2016
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 LU0616861778
DWS 069
Accumulation
0.00%
109.59
109.59
4.88
0.600%
0.74% (2)
--
400,000
FCH
EUR LU0507270097
DWS 00C
Accumulation
0.00%
137.53
137.53
6.24
0.600%
0.74% (1)
--
400,000
LC (BRIC)
EUR LU0616861935
DWS 07A
Accumulation
3.00%
159.98
155.18
5.54
1.100%
1.27% (1)
--
--
LCH
EUR LU0436052673
DWS 0XU
Accumulation
3.00%
136.87
132.76
5.41
1.100%
1.25% (1)
--
--
LDH
EUR LU0507269834
DWS 00B
Distribution
3.00%
109.67
106.38
4.39
1.100%
1.26% (1)
--
--
NCH
EUR LU0436053051
DWS 0XV
Accumulation
1.50%
131.64
129.67
4.86
1.400%
1.65% (1)
--
--
ND
EUR LU1054326233
DWS 1PA
Distribution
1.50%
120.69
118.88
4.12
1.400%
1.76% (1)
--
--
NDH
EUR LU0544572190
DWS 01Z
Distribution
1.50%
107.41
105.80
4.00
1.400%
1.65% (1)
--
--
SEK FCH
SEK
LU1297621101
DWS 2DL
Accumulation
0.00%
1,098.77
1,098.77
49.73
0.600%
0.74% (2)
--
4,000,000
SEK LCH
SEK
LU1297621283
DWS 2DM
Accumulation
3.00%
1,127.05
1,093.24
45.65
1.100%
1.32% (2)
--
--
SGD LDMH
SGD LU0911034782
DWS 1VX
Distribution
3.00%
10.55
10.24
0.06
1.100%
1.23% (1)
--
--
USD FC
USD LU0273179951
DWS 0CW
Accumulation
0.00%
150.72
150.72
6.56
0.600%
0.72% (1)
--
400,000
USD ID
USD LU1054326746
DWS 1PH
Distribution
0.00%
105.91
105.91
4.79
0.400%
0.47% (2)
--
25,000,000
USD LC
USD LU0273170737
DWS 0CV
Accumulation
3.00%
147.33
142.91
5.61
1.100%
1.21% (1)
--
--
USD LD
USD LU0273170653
DWS 0CU
Distribution
3.00%
100.80
97.78
3.90
1.100%
1.23% (1)
--
--
3.00% USD LDM DWS 010 USD LU0544572273 Distribution 104.52 101.38 0.43 1.24% (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 31/12/2015. 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:15/01/2015, SEK FCH:01/12/2015, SEK LCH:01/12/2015, USD ID:31/03/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
164
Factsheet: Deutsche Invest I Emerging Markets Corporates Bond Funds - Emerging Markets/ High Yield Corporate Bonds
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 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 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.
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets IG Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class IDH(EUR)
(in %)
At least 80% of the sub-fund’s assets shall be invested worldwide in investment-grade interest-bearing debt securities issued by governments or quasi-sovereign entities from the emerging markets denominated in USD or Euro, which have an investment-grade status at the time of acquisition.
Fund
Fund Management's Comment USD-denominated bonds of emerging market sovereigns and quasi-sovereigns with “investment grade” rating posted a moderate positive return in December (+0.5%, in USD). Yields of US Treasury bonds temporarily moved higher after the US central bank (“Fed”) raised interest rates and provided comments on the interest rate outlook. This also had moderate impact on cash prices of USD bonds from some emerging market countries. In turn, the overall positive news flow for many emerging economies provided support for the asset class of emerging market bonds. An outperformance was recorded for some commodity-exporting issuers (Mexico, Kazakhstan, Colombia). Meanwhile, a return below index average was seen for bonds of several countries with higher rating and lower risk premium (Slovakia, Philippines) and of Indonesia. The latter was driven by the fact that this sovereign issued three new USD sovereign bonds at the beginning of the month, which was temporarily weighing on prices in secondary markets.
Benchmark (since 21/01/2016)*
*Benchmark: JPM EMBI Global Diversified Inv Grade (hedged in EUR) - 24.11.16 (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 IDH(EUR) 1m 1y 3y 5 y s. Launch EUR BM IN EUR
0.6 0.4
5.7 5.4
---
---
0.9 1.3
Ytd. 5.7 5.4
3yØ
5yØ
2016
---
5.7 5.4
---
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Emerging markets sovereigns Emerging markets corporates Other Securities
66.8 21.0 7.7
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AA A BBB BB
(in % of bond holdings) 5.1 10.4 81.8 2.7
Morningstar Category™ Global Emerging Markets Bond - EUR Bias ed
Page 1 / 4
>>
166
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 95.7 4.3
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets IG Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Euro
99.9 0.1
Principal Holdings (Bonds)
(in % of fundvolume)
Romania 13/22.08.23 MTN Reg S Colombia 13/26.02.24 Sultanate of Oman 16/15.06.26 Reg.S Panama 05/29.01.26 Hungary 14/25.03.24 Kazakhstan 15/21.07.25 Reg S PT Pertamina (Persero) 12/03.05.22 Reg S Indonesia 12/25.04.22 MTN Reg S Uruguay 13/14.08.24 Peru 03/21.11.33 Total
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
2.5 2.2 2.1 2.1 2.0 2.0 1.9 1.8 1.8 1.8 20.2
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
Indonesia Mexico Kazakhstan Colombia Peru South Africa Panama Chile Hungary Philippines Other Countries
10.8 10.5 8.3 8.0 7.2 7.1 5.8 5.1 5.0 4.7 23.0
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
4.6
Current Interest Rate (in %)
Duration (in years)
7.9
Modified Duration
Number of Bonds
85
Average Rating
Cumulative Performance (in %) 1m IDH(EUR) LDH(EUR)***
1y
3y
5y
5.0 7.5
s. Launch
Ytd.
3yØ
5yØ
0.6
5.7
--
--
0.9
5.7
--
--
--
--
--
--
--
--
--
--
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
Maturity (in years)
BBB
>>
167
2016 5.7
11.8
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets IG Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Dr. Nicolas Schlotthauer
Portfolio Manager since
01/02/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
219.1 Mio. USD
Fund Currency
USD
Launch Date
20/03/2015
Fiscal Year End
31/12/2016
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
0.00% EUR LU0982740572 DWS 1Y1 Distribution 97.75 97.75 3.61 0.47% (1) -0.400% 3.00% LDH EUR LU0982740143 DWS 1YY Distribution 108.92 105.65 3.21 1.32% (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. The total expenses listed here represent an estimate since the Fund was launched on (IDH:20/03/2015, LDH:14/01/2016). 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. IDH
Address
25,000,000 --
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Minimum Investment Amount
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
168
Factsheet: Deutsche Invest I Emerging Markets IG Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds
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 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.
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LDH(EUR)
(in %)
At least 80% of the sub-fund’s assets shall be invested worldwide in interest-bearing debt securities issued by governments or quasisovereign entities from the emerging markets denominated in USD or Euro.
Fund
Fund Management's Comment USD-denominated bonds of emerging market sovereign and quasi-sovereign issuer posted a positive return in December (+1.3%, in USD). Yields of US Treasury bonds temporarily moved higher after the US central bank (“Fed”) raised interest rates and provided comments on the interest rate outlook. This also had moderate impact on cash prices of USD bonds from some emerging market countries. In turn, the overall positive news flow for many emerging economies provided support for the asset class of emerging market bonds. An outperformance was recorded for several commodity-exporting smaller countries with very low rating (Venezuela, Ghana, Gabon, Zambia). Meanwhile, a return below index average was seen for bonds of several countries with higher rating and lower risk premium (Slovakia, Philippines) and of Indonesia. The latter was driven by the fact that this sovereign issued three new USD sovereign bonds at the beginning of the month, which was temporarily weighing on prices in secondary markets.
Benchmark*
*Benchmark: JPM EMBI Global Diversified (hedged in EUR) 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 LDH(EUR) 1m 1y 3y 5 y s. Launch EUR BM IN EUR
1.4 1.2
9.6 8.3
---
---
5.8 7.0
Ytd. 9.6 8.3
3yØ
5yØ
2016
---
9.6 8.3
---
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Emerging markets sovereigns Emerging markets corporates Corporate Bonds Government bonds Other Securities
53.0 22.2 1.6 0.5 16.3
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AA A BBB BB B Others
Morningstar Category™
(in % of bond holdings) 2.2 3.2 37.0 33.7 21.3 2.6
Global Emerging Markets Bond - EUR Bias ed
Page 1 / 4
>>
170
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 93.5 6.5
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Euro
99.8 0.2
Principal Holdings (Bonds)
(in % of fundvolume)
Panama 05/29.01.26 Southern Gas Corridor 16/24.03.26 Reg S Nigeria 11/28.01.21 Reg S Turkey 14/22.03.24 Namibia 15/29.10.25 Reg S Republic of Angola 15/12.11.25 Reg S Argentina 16/22.04.26 Reg S Phase 1 Colombia 09/18.01.41 Sri Lanka 11/27.07.21 Reg S VEB Finance 13/21.11.23 LPN Total
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
2.2 1.9 1.8 1.7 1.7 1.7 1.6 1.6 1.6 1.6 17.4
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
Mexico Indonesia Turkey Russia Kazakhstan Colombia Dominican Republic Peru Panama Azerbaijan Other Countries
6.3 5.9 5.4 4.5 4.3 4.3 3.4 3.3 3.1 3.1 50.1
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
5.8
Current Interest Rate (in %)
5.6
Duration (in years)
6.8
Modified Duration
6.4
Number of Bonds
98
Average Rating
BB
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Maturity (in years)
Ytd.
3yØ
5yØ
2016
IDH(EUR)
1.5
10.4
--
--
7.4
10.4
--
--
LDH(EUR)
1.4
9.6
--
--
5.8
9.6
--
--
9.6
USD IC(USD)
1.7
12.0
--
--
9.2
12.0
--
--
12.0
Page 2 / 4
>>
171
10.4
10.2
Marketing Material
Factsheet: Deutsche Invest I Emerging Markets Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Dr. Nicolas Schlotthauer
Portfolio Manager since
01/02/2016
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
58.7 Mio. USD
Fund Currency
USD
Launch Date
25/03/2015
Fiscal Year End
31/12/2016
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
IDH
EUR LU0982741547
DWS 1ZB
Distribution
0.00%
103.05
103.05
5.55
0.400%
0.47% (1)
--
LDH
EUR LU0982741208
DWS 1Y8
Distribution
3.00%
105.40
102.24
5.05
1.100%
1.32% (1)
--
--
0.00% USD IC USD LU0982741976 DWS 1ZE Accumulation 109.15 109.15 5.54 0.47% (1) -0.400% (1) 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 (IDH:25/03/2015, LDH:25/03/2015, USD IC:25/03/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
25,000,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
172
Factsheet: Deutsche Invest I Emerging Markets Sovereign Debt Bond Funds - Emerging Markets/ High Yield Corporate Bonds
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 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.
Marketing Material
Factsheet: Deutsche Invest II China High Income Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
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 down 1.21% in USD terms in line with the CNH depreciating 0.87% against USD over the month. Global bond markets moderately recovered in December after the rout following US election in November. However, Asia credit spreads continued to leap wider, lagging developed markets in the rebound. Asian sovereign USD bonds continued to underperform as investors turned cautious on EM assets and outflows accelerated. In the IG corporate space, Chinese credit remained well support by the local bid, posting flat performance for the month, while other EM Asia credit such as Indonesia and Philippines underperformed as foreign investors cut exposure. HY bonds generally outperformed thanks to higher spread cushion and shorter duration. China’s December Economic indicators showed strong trade growth, higher inflation at +2.3%, better sequential industrial production growth, and mixed money and credit growth in November. As positive import growth stood against an elevated but still negative export growth, the November trade balance declined to US $44.2bn. Finally, retail sales came in stronger than October at +10.8% y/y vs. +10.0% y/y the prior 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 USD LC(USD) 1m 1y 3y 5 y s. Launch USD EUR
-1.3 -0.8
3.7 7.1
13.4 47.1
---
23.3 55.3
Ytd.
3yØ
3.7 7.1
4.3 13.7
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
6.89% 0.57 --
Maximum Drawdown
-5.66%
1.55%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Emerging markets corporates Corporate Bonds Emerging markets sovereigns Cash equivalents
79.5 14.8 3.7 2.0
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AA A BBB BB B
(in % of bond holdings) 2.6 10.3 30.3 15.0 41.8
Morningstar Category™ RMB Bond
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««««
Lipper Leaders: Page
1 / 6
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 98.0 2.0
Marketing Material
Factsheet: Deutsche Invest II China High Income Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Country (Bonds)
(in % of fundvolume)
China Indonesia Hong Kong India Australia Switzerland Great Britain Thailand Korea France
64.9 9.2 7.5 6.8 4.2 1.3 1.1 0.9 0.9 0.7
Largest Individual Holdings
(in % of fundvolume)
db x-Trackers II-Harvest CSI China Sov. Bd. 1D ETF Times Property Holding 15/05.03.20 Greenland Hong Kong Holding 14/23.01.18 21Vianet Group 14/26.06.17 Perusahaan Gas Negara (Persero) 14/16.05.24 Reg S CIFI Holdings Group 15/05.06.20 Powerlong Real Estate Holdings 14/18.09.17 China SCE Property Holding 15/02.07.20 Jinchuan Group 14/17.07.17 Studio City Finance 12/01.12.20 Reg S
2.5 2.3 2.0 2.0 2.0 1.9 1.9 1.8 1.8 1.7
Total
19.9
Gross weighting, not adjusted for any positions in derivatives.
Key Figures regarding the Fund's Assets Yield (in %)
5.5
Current Interest Rate (in %)
6.3
Duration (in years)
3.0
Modified Duration
3.2
Number of Bonds
90
Average Rating
BB
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Ytd.
Maturity (in years)
3yØ
5yØ
2014
3.5
2015
2016
AUD LDMH(AUD)
-1.2
5.3
--
--
7.9
5.3
--
--
--
--
5.3
FCH(EUR)
-1.4
2.8
13.2
--
23.4
2.8
4.2
--
5.5
4.3
2.8
HKD LDMH(HKD)
-1.3
3.3
--
--
5.2
3.3
--
--
--
--
3.3
LCH(EUR)
-1.5
2.2
11.2
--
20.6
2.2
3.6
--
4.9
3.7
2.2
LDH(EUR)
-1.5
2.3
11.3
--
20.7
2.3
3.6
--
4.9
3.7
2.3
SGD LDMH(SGD)
-1.3
3.6
--
--
5.9
3.6
--
--
--
--
3.6
USD FC(USD)
-1.2
4.3
15.3
--
26.1
4.3
4.9
--
5.6
4.7
4.3
USD FCH (P)(USD)
-0.5
6.4
--
--
6.5
6.4
--
--
--
--
6.4
USD FDQ(USD)
-1.2
4.3
15.4
--
26.1
4.3
4.9
--
5.6
4.7
4.3
USD LC(USD)
-1.3
3.7
13.4
--
23.3
3.7
4.3
--
5.0
4.1
3.7
USD LDH (P)(USD)
-0.5
5.9
--
--
5.9
5.9
--
--
--
--
5.9
USD LDM(USD)
-1.3
3.7
--
--
5.6
3.7
--
--
--
--
3.7
USD LDMH (P)(USD)
-0.6
5.6
--
--
5.7
5.6
--
--
--
--
5.6
Page
2 / 6
Marketing Material
Factsheet: Deutsche Invest II China High Income Bonds Bond Funds - Emerging Markets/ High Yield Corporate Bonds December 2016
As at 30/12/2016
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
56.8 Mio. USD
Fund Currency
USD
Launch Date
15/02/2013
Fiscal Year End
31/12/2016
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%
98.30
95.35
FCH
EUR LU0826450982
DWS 1SH
Accumulation
0.00%
123.37
123.37
HKD LDMH
HKD LU1255929538
DWS 2BH
Distribution
3.00%
98.25
95.30
LCH
EUR LU0826450719
DWS 1SF
Accumulation
3.00%
124.36
120.63
6.43
LDH
EUR LU0826450800
DWS 1SG
Distribution
3.00%
106.82
103.62
5.57
SGD LDMH
SGD LU1255929454
DWS 2BG
Distribution
3.00%
101.54
98.49
USD FC
USD LU0826451444
DWS 1SN
Accumulation
0.00%
126.11
126.11
USD FCH (P)
USD LU1309716527
DWS 2DR
Accumulation
0.00%
106.47
USD FDQ
USD LU0842590555
DWS 1TM
Distribution
0.00%
102.44
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%
1.32% (2)
--
--
0.600%
0.78% (1)
--
400,000
1.100%
1.32% (2)
--
--
1.100%
1.34% (1)
--
--
1.100%
1.34% (1)
--
--
1.100%
1.32% (2)
--
--
7.11
0.600%
0.74% (1)
--
400,000
106.47
5.85
0.600%
0.74% (2)
--
400,000
102.44
1.39
0.600%
0.72% (1)
--
400,000
127.14
123.32
6.27
1.100%
1.33% (1)
--
--
3.00%
108.45
105.20
5.20
1.100%
1.32% (2)
--
--
3.00%
98.65
95.69
1.100%
1.32% (2)
--
--
3.00% USD LDMH (P) USD LU1309716956 DWS 2DT Distribution 102.69 99.61 1.32% (2) -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 31/12/2015. 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 (AUD LDMH:17/08/2015, HKD LDMH:17/08/2015, SGD LDMH:17/08/2015, USD FCH (P):18/11/2015, USD LDH (P):18/11/2015, USD LDM:17/08/2015, USD LDMH (P):18/11/2015). 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]
Page
3 / 6
7.31
Note ¹ Based on the gross investment. 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. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
Bond Funds
Corporate Bonds
Marketing Material
Factsheet: Deutsche Invest I Corporate Hybrid Bonds Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
At least 50% of the fund’s assets shall be invested globally in corporate hybrid bonds issued by non-financial corporate issuers. Corporate hybrid bonds are bonds, which due to their structure have both debt and equity capital characteristics. Equity-like features can include coupon deferrals or infinite maturities (perpetuals). Corporate hybrids are subordinated to senior debt. Debt-like features include coupon payments or call dates fixed at issuance. The fund manager aims to hedge any currency risk versus the EUR in the portfolio. Derivatives may be used for hedging and investment purposes. Fund
Fund Management's Comment Following a very weak performance in November on the back of higher government bond yields and volatile credit spreads, global credit markets stabilized in December. Adding a decent 0.8% total return in December, global credit posted 7.5% total return in 2016 with 5.8% excess return over government bonds. Markets once again were able to absorb political events such as the negative outcome of the Italian constitutional referendum, which seemed to be well expected by the market. Also the ECB found a market-friendly compromise in reducing the size of its current asset purchase program but at the same time extending it until end of 2017. In credit markets, higher yielding and lower rated segments outperformed. Similarly, Corporate Hybrids also did well and saw spreads tightening by 9 basis points (bp) on average for investment grade and 33bp for high yield rated bonds. Especially bonds with shorter calls performed well. Primary and secondary markets turned quiet towards midDecember, with overall liquidity still being relatively sound. Fund performance was +1.52%, driven by good performance in lower rated bonds. Sectors utilities and energy also stood out as positive contributors.
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
1.5
8.5
--
--
6.0
--
8.5
--
Breakdown by Sector
(in %)
Corporate Hybrids Senior
96.70 2.60
Electric - Integrated Energy Telecommunications Basic Industry Automotive Electric - Generation Non-Electric Utilities Healthcare Real Estate Capital Goods
29.20 13.90 12.70 10.40 7.90 5.50 5.30 4.80 3.90 1.90
(in % of bond holdings) 8.3 64.7 26.5 0.5
Other Bond
Note: The key terms are explained in the glossary.
2016
(in %)
Morningstar Category™
179
5yØ
Breakdown Capital Structure
A BBB BB Not Rated
>>
8.5
3yØ
Portfolio Analysis
Breakdown by Rating
Page 1 / 4
Ytd.
The presentation of the structure of the bond credit ratings is based on both internal and external ratings.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 99.3 0.7
Marketing Material
Factsheet: Deutsche Invest I Corporate Hybrid Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro Pound sterling
99.9 0.1
Breakdown by Currency
(in % of fundvolume)
Euro Pound sterling United States dollar
84.5 9.7 5.1
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments.
Currency structure of investments, excl. forward exchange transactions
Breakdown by Country (Bonds)
Largest Issuer
(in % of fundvolume)
Germany France Great Britain Australia Netherlands Austria Italy Spain Mexico Hong Kong Other Countries
25.0 24.2 9.6 9.2 4.8 4.1 4.0 4.0 2.6 2.5 9.1
(in % of fundvolume)
Total S.A. Volkswagen International Finance N.V. Electricité de France S.A. Centrica PLC BHP Billiton Finance Ltd. Orange S.A. Omv Ag Vonovia Finance B.V. Telefonica Europe B.V. EnBW Energie Baden-Württemberg AG Total
6.5 6.3 5.9 5.5 5.1 4.6 4.1 3.9 3.8 3.6 49.3
Gross weighting, not adjusted for any positions in derivatives and certificates.
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
3.1
Current Interest Rate (in %)
Duration (in years)
3.5
Modified Duration
Number of Bonds
112
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
4.3 3.7
Maturity (in years)
BBB
s. Launch
Ytd.
3yØ
5yØ
2016
CHF FCH(CHF)
1.4
8.1
--
--
8.1
8.1
--
--
8.1
CHF LCH(CHF)
1.4
7.8
--
--
7.7
7.8
--
--
7.8
FC(EUR)
1.5
8.9
--
--
6.6
8.9
--
--
8.9
LC(EUR)
1.5
8.5
--
--
6.0
8.5
--
--
8.5
LD(EUR)
1.5
8.5
--
--
6.0
8.5
--
--
8.5
--
--
--
--
--
--
--
--
1.7
10.2
--
--
10.4
10.2
--
--
--
--
--
--
--
--
--
--
1.7
9.8
--
--
10.0
9.8
--
--
--
--
--
--
--
--
--
--
XC(EUR)
1.6
9.4
--
--
9.6
9.4
--
--
9.4
XD(EUR)
1.6
9.4
--
--
9.6
9.4
--
--
9.4
SGD LDMH(SGD)*** USD FCH(USD) USD FDH(USD)*** USD LCH(USD) USD LDMH(USD)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
180
10.2 9.8
5.5
Marketing Material
Factsheet: Deutsche Invest I Corporate Hybrid Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Max Berger
Assets
Portfolio Manager since
06/07/2015
Fund Currency
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
148.7 Mio. EUR EUR
Launch Date
06/07/2015
Fiscal Year End
31/12/2016
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 LU1292896518
DWS 2DH
Accumulation
0.00%
108.09
108.09
3.55
0.600%
0.74% (1)
--
CHF LCH
CHF LU1292896609
DWS 2DG
Accumulation
3.00%
111.02
107.69
3.20
0.900%
1.09% (1)
--
--
FC
EUR LU1245923302
DWS 2AR
Accumulation
0.00%
106.56
106.56
3.59
0.600%
0.74% (1)
--
400,000
LC
EUR LU1245923484
DWS 2AS
Accumulation
3.00%
109.29
106.01
3.21
0.900%
1.09% (1)
--
--
LD
EUR LU1245923641
DWS 2AT
Distribution
3.00%
107.59
104.36
3.16
0.900%
1.09% (1)
--
--
SGD LDMH
SGD LU1532502355
DWS 2MK
Distribution
3.00%
10.37
10.06
0.900%
1.09% (1)
--
--
USD FCH
USD LU1292896781
DWS 2DF
Accumulation
0.00%
110.42
110.42
3.48
0.600%
0.74% (1)
--
400,000
USD FDH
USD LU1532502272
DWS 2MJ
Distribution
0.00%
100.58
100.58
0.14
0.600%
0.74% (1)
--
400,000
USD LCH
USD LU1292896864
DWS 2DE
Accumulation
3.00%
113.39
109.99
3.13
0.900%
1.09% (1)
--
--
USD LDMH
USD LU1532502439
DWS 2ML
Distribution
3.00%
103.67
100.56
0.900%
1.09% (1)
--
--
XC
EUR LU1292896948
DWS 2DK
Accumulation
0.00%
109.62
109.62
0.200%
0.28% (1)
--
1,000,000
0.00% XD EUR LU1292897086 DWS 2DJ Distribution 108.63 108.63 4.13 0.28% (1) -0.200% (1) 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:15/10/2015, CHF LCH:15/10/2015, FC:06/07/2015, LC:06/07/2015, LD:06/07/2015, SGD LDMH:15/12/2016, USD FCH:15/10/2015, USD FDH:15/12/2016, USD LCH:15/10/2015, USD LDMH:15/12/2016, XC:15/10/2015, XD:15/10/2015). 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
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
4.20
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
181
Factsheet: Deutsche Invest I Corporate Hybrid Bonds Bond Funds - 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 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.
Marketing Material
Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
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 As at 30/11/2016: Most market participants had expected a different outcome in the US presidential elections at the beginning of the month. And everybody would have expected a major risk-off reaction in case of a Trumpsuccess. The awaited market reaction only lasted a couple of hours before markets again turned for the unexpected: The interest rates of safe haven assets rose, not only in the US but also in Europe. With the unexpected outcome of the Brexit vote and the US election all eyes are now on the Italian referendum. Market participants were reducing interest rate exposures and positioning defensively in credit. The strong volatility in Euro rates also weighted on spreads as did the virtual flood of new issues. Invest Euro Corporate Bonds had a difficult month underperforming the benchmark by 0.2% as we were hit in the cross fire of the general fixed income weekness. Year to date we are still at 4.6%, or ca. 0.6% ahead of the benchmark. After the recent repricing and rise in yields we remain constructive on the market and feel comfortably going into December. Although the market has the potential to remain volatile.
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
0.9 0.7
5.2 4.7
12.8 12.6
34.0 30.8
55.0 54.9
Ytd.
3yØ
5.2 4.7
4.1 4.0
5yØ
2013
2014
2015
2016
6.0 5.5
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
3.57% 1.18 -0.90%
Maximum Drawdown
-5.00%
1.10%
VAR (99%/10 days)
Information Ratio
0.05
Correlation Coefficient
Beta
1.24
Tracking Error
0.97 1.05%
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Financial bonds Emerging markets corporates Government bonds Covered Bonds Other Securities
56.6 32.9 3.3 0.5 0.1 2.2
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) 0.6 6.2 28.5 57.3 5.8 1.7
EUR Corporate Bond
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««« FERI Fund Rating:
(B)
Lipper Leaders: Page 1 / 4
>>
183
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.
Investment Ratio Bonds Investment funds Cash and other assets Future Long Future Short
(in % of fundvolume) 93.7 2.1 4.2 8.6 -12.2
Marketing Material
Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro
100.0
Largest Issuer
(in % of fundvolume)
Goldman Sachs Group Inc., The ENI S.p.A. Citigroup Inc. JPMorgan Chase & Co. Glencore Finance Europe S.A. Credit Agricole S.A. Anheuser-Busch InBev S.A./N.V. Bank of America Corp. Electricité de France S.A. BP Capital Markets PLC
1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.0 1.0 0.9
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 Germany Great Britain Netherlands Switzerland Italy Spain Luxembourg Belgium Other Countries
22.0 14.4 9.3 7.8 6.6 4.8 4.3 3.5 2.6 2.4 18.1
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)
5.8
Modified Duration
Number of Bonds
386
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
2.3 5.7
Maturity (in years)
6.5
BBB
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
--
--
--
--
--
--
--
--
--
--
--
FC(EUR)
0.9
5.6
13.8
36.0
59.9
5.6
4.4
6.3
3.0
9.1
-1.2
5.6
GBP CH RD(GBP)
0.9
6.4
--
--
5.4
6.4
--
--
--
--
--
6.4
IC(EUR)
0.9
5.8
--
--
7.9
5.8
--
--
--
--
-1.0
5.8
LC(EUR)
0.9
5.2
12.8
34.0
55.0
5.2
4.1
6.0
2.7
8.8
-1.5
5.2
LD(EUR)
0.9
5.2
12.8
34.0
44.1
5.2
4.1
6.0
2.7
8.8
-1.5
5.2
NC(EUR)
0.8
4.8
11.4
31.5
49.4
4.8
3.7
5.6
2.3
8.4
-1.9
4.8
--
--
--
--
--
--
--
--
--
--
--
SEK FCH(SEK)
0.8
5.2
--
--
4.0
5.2
--
--
--
--
--
5.2
SEK LCH(SEK)
0.8
4.9
--
--
3.8
4.9
--
--
--
--
--
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 / 4
>>
184
Marketing Material
Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
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
1,713.6 Mio. EUR
Fund Currency
EUR
Launch Date
21/05/2007
Fiscal Year End
31/12/2016
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%
99.43
99.43
0.23
0.600%
0.74% (2)
--
400,000
FC
EUR LU0300357802
DWS 0M6
Accumulation
0.00%
159.86
159.86
2.49
0.600%
0.68% (1)
--
400,000
GBP CH RD
GBP
LU1322113371
DWS 2EF
Accumulation
0.00%
105.35
105.35
1.69
0.600%
0.74% (2)
--
--
IC
EUR LU0982748476
DWS 103
Accumulation
0.00%
107.94
107.94
1.89
0.400%
0.44% (1)
--
25,000,000
LC
EUR LU0300357554
DWS 0M3
Accumulation
3.00%
159.82
155.02
1.98
0.900%
0.97% (1)
--
--
LD
EUR LU0441433728
DWS 0X4
Distribution
3.00%
126.89
123.08
1.58
0.900%
0.98% (1)
--
--
NC
EUR LU0300357638
DWS 0M4
Accumulation
1.50%
151.71
149.43
1.35
1.200%
1.37% (1)
--
--
RC
EUR LU1490674006
DWS 13H
Accumulation
0.00%
98.84
98.84
0.34
0.600%
0.70% (2)
--
50,000,000
SEK FCH
SEK
LU1322113538
DWS 2EG
Accumulation
0.00%
1,040.47
1,040.47
16.15
0.600%
0.74% (2)
--
4,000,000
SEK LCH
SEK
LU1322113611
DWS 2EH
Accumulation
3.00%
1,069.61
1,037.52
13.28
0.900%
1.09% (2)
--
--
0.00% USD FCH USD LU0911036217 DWS 1WB Accumulation 99.82 99.82 0.22 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 31/12/2015. 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, GBP CH RD:01/12/2015, RC:30/09/2016, SEK FCH:01/12/2015, SEK LCH:01/12/2015, 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. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
185
Factsheet: Deutsche Invest I Euro Corporate Bonds Bond Funds - Corporate Bonds
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.
Marketing Material
Factsheet: Deutsche Invest I Financial Hybrid Bonds Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class FC(EUR)
(in %)
At least 50% of the sub-fund’s assets are invested globally in hybrid bonds issued by financial issuers. Hybrid bonds are bonds, which due to their structure have both debt and equity capital characteristics. They can encompass subordinated bonds (Tier 1 and Tier 2 bonds), dividend-right certificates, convertible and warrant-linked bonds.
Fund
Fund Management's Comment An interesting year 2016 has passed with a strong performance in the final month. The FED did hike interest rates, but this time the move was widely expected by most market participants. Main driver for a risk-on move was probably the changed expectations related to Trump’s victory in the US elections. The ECB has also announced important changes in their extraordinary measures: Quantitative easing was extended, but monthly buying amounts were reduced to €60 bn. This lead to discussions if this is the beginning of “tapering”, i.e. an exit of the extraordinary measures. The ECB denied and reassured that they will do everything necessary to reach their targets. This, together with the reassuring market reaction to the FED hike, led to further spread tightening in bonds. In addition the latest regulatory announcements were on the positive side, e.g. lower SREP requirements. Overall the sentiment remains volatile and sensitive to negative news. In Financials subordinated paper (EBSU Index; ex AT 1) returned of 1,497% and AT 1 (CoCo Index) had 2.671%. The fund remained fully hedged in currencies and returned 2.33% in December.
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(EUR) 1m 1y 3y 5 y s. Launch EUR
2.3
1.3
--
--
1.3
Ytd.
3yØ
1.3
5yØ
2016
--
1.3
--
Portfolio Analysis Portfolio breakdown
(in %)
AT 1 Cocos Tier 2 Banks Tier 2 Insurance Tier 1 Banks Cash & Cash Equivalents Tier 1 Insurance
55.30 27.80 7.70 7.60 -0.40 1.90
Largest Issuer
(in % of fundvolume)
Crédit Agricole S.A.
7.9
Intesa Sanpaolo S.p.A.
6.0
UBS Group AG
5.4
Erste Group Bank AG
4.3
Société Générale S.A.
4.2
ABN AMRO Bank N.V., Amsterdam
4.1
Banco Bilbao Vizcaya Argentaria S.A.
3.9
Aareal Bank AG
3.6
Lloyds Banking Group PLC
2.9
Danske Bank A/S
2.8
Total
45.1
Gross weighting, not adjusted for any positions in derivatives and certificates. Breakdown by Rating A BBB BB B
(in % of bond holdings) 5.3 35.0 57.0 2.7
Morningstar Category™ Other Bond
Page 1 / 4
>>
191
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 100.4 -0.4
Marketing Material
Factsheet: Deutsche Invest I Financial Hybrid Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro United States dollar Pound sterling
98.9 1.0 0.1
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
Breakdown by Currency
(in % of fundvolume)
United States dollar Euro Pound sterling
51.4 46.5 2.6
Currency structure of investments, excl. forward exchange transactions
(in % of fundvolume)
France Spain Italy Great Britain Switzerland Netherlands USA Ireland Germany Austria Other Countries
18.7 11.4 8.9 8.3 8.1 7.9 7.4 5.2 4.7 4.3 15.6
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
4.2
Current Interest Rate (in %)
6.3
Duration (in years)
3.3
Modified Duration
3.3
Number of Bonds
67
Average Rating
BB
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Maturity (in years)
Ytd.
3yØ
5yØ
2016
FC(EUR)
2.3
1.3
--
--
1.3
1.3
--
--
1.3
FD(EUR)
2.3
1.3
--
--
1.1
1.3
--
--
1.3
IC(EUR)
2.4
1.6
--
--
1.6
1.6
--
--
1.6
Page 2 / 4
>>
192
5.6
Marketing Material
Factsheet: Deutsche Invest I Financial Hybrid Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Michael Liller
Portfolio Manager since
30/11/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
14.9 Mio. EUR
Fund Currency
EUR
Launch Date
30/11/2015
Fiscal Year End
31/12/2016
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 LU1318737514
DWS 2D3
Accumulation
0.00%
101.27
101.27
4.59
0.600%
0.74% (1)
--
FD
EUR
DWS 2D5
Distribution
0.00%
100.77
100.77
4.63
0.600%
0.74% (1)
--
400,000
0.00% IC EUR LU1318737787 DWS 2D4 Accumulation 101.60 101.60 4.91 0.47% (1) -0.400% (1) 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:30/11/2015, FD:30/11/2015, IC:30/11/2015). 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
LU1322112308
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
193
Factsheet: Deutsche Invest I Financial Hybrid Bonds Bond Funds - Corporate Bonds
Opportunities In accordance with the investment policy. Risks • The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value. • 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.
Marketing Material
Factsheet: Deutsche Invest I Euro High Yield Corporates Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Bond fund with a focus on high-yield corporate bonds. The Fund concentrates on Euro issues. Currency risks against the Euro are largely hedged.
Fund
Fund Management's Comment In December the market could strongly recover from the temporary weakness in November driven by declining spreads. The fund could outperform its benchmark as it benefitted from the overweight of single B rated bonds and the overweight of bonds with maturity of 5 to 7 years. Additionally it benefitted from security selection. We still prefer single B versus BB rated credits and bonds with 5 to 8 years maturity versus shorter or longer bonds for valuation reasons. We are overweight Chemicals, Consumer Goods and Media. We are underweight Automotive, Utilities and Retail. We are overweight US issuers for which the EUR denominated bonds are cheap versus the USD bonds. We are underweight Italian issuers. We like selectively higher beta credits for which the valuation is still attractive and which should be less exposed to the interest rate risk. We expect a stable start into 2017 given the strong technical support currently.
Benchmark*
*Benchmark: ML Euro BB-B Non-Financial Fixed & FRN HY Constr. Index (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
EUR BM IN EUR
11.7 10.1
6.3 5.2
2.0 1.7
11.7 10.1
20.0 16.4
---
43.3 38.1
5yØ
2013
2014
2015
2016
---
8.4 8.4
3.9 5.6
3.4 0.2
11.7 10.1
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility Sharpe Ratio Alpha
4.94% 1.27 1.04%
Maximum Drawdown
-4.25%
1.81%
VAR (99%/10 days)
Information Ratio
0.94
Correlation Coefficient
Beta
0.99
Tracking Error
0.98 1.08%
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Emerging markets corporates Financial bonds Other Securities
74.1 5.9 0.1 14.4
Morningstar Style-Box™ Credit Quality High
Low
Medium
Gross weighting, not adjusted for any positions in derivatives.
Low
Breakdown by Rating BBB BB B CCC Not Rated
High Medium
Interest Rate Sensitivity
(in % of bond holdings) 3.7 51.7 38.6 5.3 0.6
Morningstar Category™ EUR High Yield Bond
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««««« FERI Fund Rating:
(A)
Lipper Leaders: Page
1 / 6
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 94.7 5.3
Marketing Material
Factsheet: Deutsche Invest I Euro High Yield Corporates Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro
100.0
Largest Issuer
(in % of fundvolume)
Anglo American Capital PLC Telecom Italia S.p.A. Telefonica Europe B.V. Gaz Capital S.A. Unitymedia NRW GmbH / Unitymedia Hessen GmbH & Co. Matterhorn Telecom S.A. Solvay Finance Petrobras Global Finance B.V. New Areva Holding Fiat Chrysler Finance Europe S.A.
2.6 2.3 2.2 2.1 1.9 1.8 1.7 1.7 1.6 1.5
Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
19.4
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
France USA Germany Great Britain Italy Spain Luxembourg Netherlands Sweden Switzerland Other Countries
15.3 13.2 10.5 8.1 6.9 6.6 5.1 5.0 2.5 2.4 18.6
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
4.1
Current Interest Rate (in %)
5.4
Duration (in years)
4.5
Modified Duration
4.2
Number of Bonds
290
Average Rating
BB
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Ytd.
Maturity (in years)
3yØ
5yØ
2013
5.7
2014
2015
2016
--
--
--
--
--
--
--
--
--
--
--
FC(EUR)
2.0
12.2
21.6
--
46.2
12.2
6.7
--
8.9
4.4
3.9
12.2
FD(EUR)
2.0
12.2
21.6
--
29.7
12.2
6.7
--
--
4.3
3.9
12.2
LC(EUR)
2.0
11.7
20.0
--
43.3
11.7
6.3
--
8.4
3.9
3.4
11.7
LD(EUR)
2.0
11.7
20.0
--
43.3
11.7
6.3
--
8.4
3.9
3.4
11.7
NC(EUR)
1.9
11.3
18.6
--
30.6
11.3
5.8
--
7.9
3.5
3.0
11.3
ND(EUR)
1.9
11.3
--
--
18.0
11.3
--
--
--
--
3.0
11.3
--
--
--
--
--
--
--
--
--
--
--
CHF FCH(CHF)***
RC(EUR)***
--
--
--
--
--
--
--
--
--
--
--
SEK FCH(SEK)
2.0
11.9
--
--
10.2
11.9
--
--
--
--
--
SEK LCH(SEK)
1.9
11.3
--
--
9.6
11.3
--
--
--
--
--
11.3
USD FCH(USD)
2.3
13.8
--
--
18.9
13.8
--
--
--
--
4.6
13.8
USD LCH(USD)
2.1
13.1
--
--
17.5
13.1
--
--
--
--
4.1
13.1
USD LDMH(USD)
2.2
13.2
--
--
14.8
13.2
--
--
--
--
--
13.2
RD(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page
2 / 6
11.9
Marketing Material
Factsheet: Deutsche Invest I Euro High Yield Corporates Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Per Wehrmann
Portfolio Manager since
30/07/2012
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
1,308.8 Mio. EUR
Fund Currency
EUR
Launch Date
30/07/2012
Fiscal Year End
31/12/2016
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 LU1426784200
DWS 2GJ
Accumulation
0.00%
105.96
105.96
2.35
0.650%
0.80% (2)
--
400,000
FC
EUR LU0616840772
DWS 04K
Accumulation
0.00%
146.17
146.17
6.00
0.650%
0.77% (1)
--
400,000
FD
EUR LU0813334322
DWS 1H4
Distribution
0.00%
111.02
111.02
4.60
0.650%
0.78% (1)
--
400,000
LC
EUR LU0616839501
DWS 04E
Accumulation
3.00%
147.72
143.29
5.79
1.100%
1.22% (1)
--
--
LD
EUR LU0616839766
DWS 04F
Distribution
3.00%
123.28
119.58
4.87
1.100%
1.22% (1)
--
--
NC
EUR LU0616840186
DWS 04H
Accumulation
1.50%
132.54
130.56
5.20
1.400%
1.62% (1)
--
--
ND
EUR LU0616840426
DWS 04J
Distribution
1.50%
109.47
107.82
4.33
1.400%
1.63% (1)
--
--
RC
EUR LU1506496410
DWS 13Q
Accumulation
0.00%
101.43
101.43
0.74
0.350%
0.41% (2)
--
50,000,000
RD
EUR LU1432415641
DWS 2GM
Distribution
0.00%
104.53
104.53
1.94
0.350%
0.41% (2)
--
50,000,000
SEK FCH
SEK
LU1322113025
DWS 2E5
Accumulation
0.00%
1,102.07
1,102.07
45.58
0.650%
0.80% (2)
--
4,000,000
SEK LCH
SEK
LU1322113298
DWS 2E6
Accumulation
3.00%
1,129.86
1,095.96
44.62
1.100%
1.32% (2)
--
--
USD FCH
USD
LU0911036480
DWS 1WD
Accumulation
0.00%
118.87
118.87
4.63
0.650%
0.82% (1)
--
400,000
3.00% USD LU0911036308 DWS 1WC Accumulation 121.08 117.45 4.48 1.26% (1) -1.100% 3.00% USD LDMH DWS 04L USD LU0616840939 Distribution 109.63 106.34 1.50 1.32% (2) -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 31/12/2015. 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:15/06/2016, RC:31/10/2016, RD:15/07/2016, SEK FCH:01/12/2015, SEK LCH:01/12/2015, USD LDMH:16/02/2015). 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.
--
USD LCH
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]
Page
3 / 6
--
Note ¹ Based on the gross investment. 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. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
Marketing Material
Factsheet: Deutsche Invest I Global Corporate Bonds Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class FC(EUR)
(in %)
At least 70% of the sub-fund’s assets shall be invested worldwide in corporate bonds denominated in or hedged against the Euro that have an investment-grade status at the time of acquisition.
Fund
Fund Management's Comment After the first interest rate hike a year ago, the FED did hike interest rates again in the final month of 2016. But other than the year before, the fear that the US economy might be too weak to cope with higher interest rates, this time the move was widely expected and welcomed by most market participants. Main driver for the change in sentiment is probably the changed expectations related to Trump’s victory in the US presidential elections. This drove a wider risk-on move in capital markets. In Europe, the ECB has also announced important changes in their extraordinary measures going forward: Quantitative easing was and monthly buying amounts were reduced. This lead to intense discussions if this is the beginning of “tapering”, i.e. an exit of the extraordinary measures. The ECB denied this and reassured that they will do everything necessary to reach their targets. Together with the reassuring market reaction to the FED hike, this led to further spread tightening in EURO corporate bonds. The fund outperformed its benchmark by over 20bp due to the high market beta.
Benchmark (since 17/08/2015)*
*Benchmark: Barclays Global Aggregate Corporate TR (hedged EUR) - 17.8.15 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(EUR) 1m 1y 3y 5 y s. Launch EUR BM IN EUR
0.7 0.5
5.1 4.7
---
---
1.3 2.1
Ytd. 5.1 4.7
3yØ
5yØ
2016
---
5.1 4.7
---
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Financial bonds Emerging markets corporates Covered Bonds Government bonds Other Securities
53.7 18.7 6.0 0.3 0.1 19.9
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AAA AA A BBB BB B Not Rated
Page 1 / 4
>>
195
Note: The key terms are explained in the glossary.
(in % of bond holdings) 0.6 6.3 33.5 49.5 8.3 1.1 0.6
The presentation of the structure of the bond credit ratings is based on both internal and external ratings.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 98.8 1.2
Marketing Material
Factsheet: Deutsche Invest I Global Corporate Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro United States dollar
100.2 -0.2
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
Principal Holdings (Bonds)
(in % of fundvolume)
Goldman Sachs Group 1616.11.26 General Electric 13/30.01.43 MTN Gaz Capital/Gazprom 16/17.11.23 LPN Reg S Shougang Corp 16/09.12.2019 Kroger 16/30.09.19 American Tower 14/15.09.21 Apache 12/15.04.22 Intesa Sanpaolo 14/13.01.17 Sinopec Group Overseas Develop. 16/29.09.21 Reg S Tereos Finance Group I 16/16.06.23 Reg S
1.1 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.8 0.8
Total
9.4
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
USA France Great Britain Germany China Italy Canada Japan Netherlands Ireland Other Countries
57.8 6.8 6.0 4.9 3.0 2.9 1.9 1.7 1.6 1.5 10.8
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
3.6
Current Interest Rate (in %)
Duration (in years)
7.6
Modified Duration
Number of Bonds
225
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
3.5 7.3
Maturity (in years)
BBB
s. Launch
Ytd.
3yØ
5yØ
2016
FC(EUR)
0.7
5.1
--
--
1.3
5.1
--
--
5.1
FD(EUR)
0.7
5.0
--
--
3.1
5.0
--
--
5.0
ID(EUR)
0.7
5.3
--
--
1.7
5.3
--
--
5.3
Page 2 / 4
>>
196
10.4
Marketing Material
Factsheet: Deutsche Invest I Global Corporate Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Rainer Haerle
Portfolio Manager since
31/03/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
SICAV
Custodian
Investment advisor
Deutsche Investment Management Americas Inc.
Assets
78.1 Mio. EUR
Fund Currency
EUR
Launch Date
31/03/2015
Fiscal Year End
31/12/2016
Investor profile
Risk-tolerant
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 LU0982744301
DWS 1Z2
Accumulation
0.00%
101.25
101.25
2.52
0.600%
0.74% (1)
--
FD
EUR LU0982744483
DWS 1Z3
Distribution
0.00%
101.58
101.58
2.54
0.600%
0.74% (1)
--
400,000
0.00% ID EUR LU1054336893 DWS 1Q3 Distribution 99.64 99.64 2.76 0.47% (1) -0.400% (1) 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:31/03/2015, FD:15/05/2015, ID:31/03/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
197
Factsheet: Deutsche Invest I Global Corporate Bonds Bond Funds - Corporate Bonds
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 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.
Marketing Material
Factsheet: Deutsche Invest I Global High Yield Corporates Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance
The fund invests primarily in High Yield Corporate Bonds. Bonds issued in USD are the focus as well as bonds issued in other currencies such as EUR. Currency exposure is hedged back to USD to the extent possible. The portfolio manager selects High Yield bonds based on our internal proprietary bottom-up research. We believe that credit selection will be the main source of active performance of the fund.
The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Fund Management's Comment For detailed comments on the fund and its corresponding markets please see the annual report.
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Emerging markets corporates Other Securities
56.2 2.3 31.8
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating BBB BB B CCC
Page 1 / 4
>>
199
Note: The key terms are explained in the glossary.
(in % of bond holdings) 0.7 52.9 40.8 5.6
The presentation of the structure of the bond credit ratings is based on both internal and external ratings.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 90.3 9.7
Marketing Material
Factsheet: Deutsche Invest I Global High Yield Corporates Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Euro
Breakdown by Currency
99.9 0.1
(in % of fundvolume)
United States dollar Euro
67.1 23.2
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments.
Currency structure of investments, excl. forward exchange transactions
Largest Issuer
Breakdown by Country (Bonds)
(in % of fundvolume)
HCA Inc. Teck Resources Ltd. Sabine Pass Liquefaction LLC Sprint Corp. Anglo American Capital PLC Huntsman International LLC The Chemours Co. Fiat Chrysler Automobiles N.V. Constellium N.V. NRG Energy Inc.
3.6 3.3 3.0 2.8 2.6 2.4 2.3 2.3 2.3 2.1
Total
USA Canada France Germany Great Britain Netherlands Ireland Brazil Cayman Islands Italy Other Countries
26.7
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume) 63.1 5.4 4.5 4.1 2.6 2.3 1.7 1.5 1.0 1.0 3.1
Gross weighting, not adjusted for any positions in derivatives.
Key Figures regarding the Fund's Assets Yield (in %)
4.9
Current Interest Rate (in %)
5.1
Duration (in years)
4.7
Modified Duration
4.5
Number of Bonds
102
Average Rating
B
Cumulative Performance (in %)
CHF XCH(CHF)*** FCH(EUR)*** LDH(EUR)*** USD FC(USD)*** USD LD(USD)*** USD XC(USD)*** XCH(EUR)***
1m
3m
6m
s. Launch
--------
--------
--------
--------
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
200
Ytd. --------
Maturity (in years)
5.5
Marketing Material
Factsheet: Deutsche Invest I Global High Yield Corporates Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Gary Russell
Portfolio Manager since
15/12/2016
Portfolio Management Company
Deutsche Investment Management Americas, Inc.
Portfolio Management Location
United States
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
14.1 Mio. USD
Fund Currency
USD
Launch Date
15/12/2016
Fiscal Year End
31/12/2016
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 XCH
CHF LU1506495529
DWS 2L1
Accumulation
0.00%
100.27
100.27
0.14
0.200%
0.28% (1)
--
1,000,000
FCH
EUR LU1506495875
DWS 2L2
Accumulation
0.00%
100.05
100.05
0.13
0.650%
0.80% (1)
--
400,000
LDH
EUR LU1506495958
DWS 2L3
Distribution
3.00%
103.12
100.03
0.13
1.100%
1.32% (1)
--
--
USD FC
USD LU1506496097
DWS 2L4
Accumulation
0.00%
100.39
100.39
0.14
0.650%
0.80% (1)
--
400,000
USD LD
USD LU1506496170
DWS 2L5
Distribution
3.00%
103.47
100.37
0.13
1.100%
1.32% (1)
--
--
USD XC
USD LU1506496253
DWS 2L6
Accumulation
0.00%
100.41
100.41
0.14
0.200%
0.28% (1)
--
1,000,000
0.00% XCH DWS 2L7 EUR LU1506496337 Accumulation 100.07 100.07 0.14 0.28% (1) -0.200% (1) 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 XCH:15/12/2016, FCH:15/12/2016, LDH:15/12/2016, USD FC:15/12/2016, USD LD:15/12/2016, USD XC:15/12/2016, XCH:15/12/2016). 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.
1,000,000
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
201
Factsheet: Deutsche Invest I Global High Yield Corporates Bond Funds - Corporate Bonds
Opportunities In accordance with the investment policy. Risks • 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.
Marketing Material
Factsheet: Deutsche Invest I Multi Credit Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class USD LD(USD)
(in %)
The fund invests globally in bonds, money markets instruments and liquid assets. At least 70% of the fund’s assets are invested in corporate bonds. Up to 20% may be invested in asset backed securities/mortgage backed securities. Derivatives may be used for investment and hedging purposes.
Fund
Fund Management's Comment After the first interest rate hike a year ago, the FED did hike interest rates again in the final month of 2016. But other than the year before, the fear that the US economy might be too weak to cope with higher interest rates, this time the move was widely expected and welcomed by most market participants. Main driver for the change in sentiment is probably the changed expectations related to Trump’s victory in the US presidential elections. This drove a wider risk-on move in capital markets. In Europe, the ECB has also announced important changes in their extraordinary measures going forward: Quantitative easing was and monthly buying amounts were reduced. This lead to intense discussions if this is the beginning of “tapering”, i.e. an exit of the extraordinary measures. The ECB denied this and reassured that they will do everything necessary to reach their targets. Together with the reassuring market reaction to the FED hike, this led to further spread tightening in EURO corporate bonds. The fund outperformed the maket by over 50bp due to its high market beta.
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 LD(USD) 1m 1y 3y 5 y s. Launch USD EUR
0.8 1.3
5.9 9.4
---
---
5.7 9.1
Ytd. 5.9 9.4
3yØ
5yØ
2016
---
5.9 9.4
---
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.
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Financial bonds Emerging markets corporates Covered Bonds Government bonds Other Securities
43.6 19.7 11.8 0.6 0.1 23.5
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AA A BBB BB B Not Rated
Page 1 / 4
>>
203
Note: The key terms are explained in the glossary.
(in % of bond holdings) 4.6 20.9 54.4 16.7 2.3 1.0
The presentation of the structure of the bond credit ratings is based on both internal and external ratings.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 99.4 0.6
Marketing Material
Factsheet: Deutsche Invest I Multi Credit Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar
99.9
Principal Holdings (Bonds)
(in % of fundvolume)
Kroger 16/30.09.19 Sinopec Group Overseas Develop. 16/29.09.21 Reg S Telefónica Europe 13/Und. HP Enterprise 16/05.10.18 Shougang Corp 16/09.12.2019 Yunnan Energy Ins. 16/13.12.19 Diamond 1 Finance/Diam. 2 Fin. 16/01.06.19 144a Ladbrokes Group Finance16/08.09.23 Reg S Goldman Sachs Group 1616.11.26 Bank of China (Luxembourg Branch) 16/12.07.21 MTN Total
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
1.2 1.2 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 10.5
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
USA China Great Britain Germany France Italy Netherlands Ireland Sweden United Arab Emirates Other Countries
47.5 7.5 7.4 6.4 6.3 3.8 2.6 1.9 1.7 1.6 12.6
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
3.5
Current Interest Rate (in %)
Duration (in years)
5.5
Modified Duration
Number of Bonds
150
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
3.7 5.3
Maturity (in years)
BBB
s. Launch
Ytd.
3yØ
5yØ
2016
FCH(EUR)
0.7
4.9
--
--
4.6
4.9
--
--
4.9
LDH(EUR)
0.6
4.5
--
--
4.0
4.5
--
--
4.5
USD FC(USD)
0.9
6.3
--
--
6.3
6.3
--
--
6.3
USD LD(USD)
0.8
5.9
--
--
5.7
5.9
--
--
5.9
Page 2 / 4
>>
204
6.7
Marketing Material
Factsheet: Deutsche Invest I Multi Credit Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Rainer Haerle
Portfolio Manager since
31/07/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
SICAV
Custodian
Investment advisor
Deutsche Investment Management Americas Inc.
Assets
24.6 Mio. USD
Fund Currency
USD
Launch Date
31/07/2015
Fiscal Year End
31/12/2016
Investor profile
Growth-oriented
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
FCH
EUR LU1249492031
DWS 2A3
Accumulation
0.00%
104.55
104.55
3.03
0.600%
0.74% (1)
--
LDH
EUR
LU1249492114
DWS 2A4
Distribution
3.00%
106.47
103.27
2.67
0.900%
1.09% (1)
--
--
USD FC
USD LU1249492387
DWS 2A5
Accumulation
0.00%
106.26
106.26
2.94
0.600%
0.74% (1)
--
400,000
3.00% USD LD USD LU1249492460 DWS 2A6 Distribution 108.23 104.98 2.58 1.09% (1) -0.900% (1) 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 (FCH:31/07/2015, LDH:31/07/2015, USD FC:31/07/2015, USD LD:31/07/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
205
Factsheet: Deutsche Invest I Multi Credit Bond Funds - Corporate Bonds
Opportunities In accordance with the investment policy. Risks • 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.
Marketing Material
Factsheet: Deutsche Invest I Senior Secured High Yield Corporates Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class FC(EUR)
(in %)
At least 80% of the sub-fund’s assets shall be invested globally in senior secured high yield corporate bonds, predominantly from developed markets. The bonds are denominated in Euros or hedged against the Euro. The bonds ratings shall be at least B3/B-.
Fund
Fund Management's Comment The Fund turned in a positive performance in December. This was mainly the result of a decline in interest rates, which was somewhat stronger in Europe than in the US. Due to its move defensive positioning, the Fund was somewhat weaker than the broad market indices. The Fund benefited from the heavier weighting of European high-yield bonds, which slightly outperformed US high-yield bonds. The industry allocation remains defensively oriented, with media, service providers, basic materials and telecoms the largest sectors.
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(EUR) 1m 1y 3y 5 y s. Launch EUR
1.4
8.4
--
--
10.4
Ytd. 8.4
3yØ
5yØ
2016
--
8.4
--
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Emerging markets corporates Other Securities
77.7 3.6 16.4
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating BBB BB B
(in % of bond holdings) 3.5 41.1 55.4
Morningstar Category™ Global High Yield Bond - EUR Hedged
Page 1 / 4
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207
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 97.6 2.4
Marketing Material
Factsheet: Deutsche Invest I Senior Secured High Yield Corporates Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro
99.9
Principal Holdings (Bonds)
(in % of fundvolume)
Telenet Finance VI 15/15.07.27 Reg S Virgin Media Secured Finance 15/15.01.25 Reg S Matterhorn Telecommunications 15/01.05.22 Reg S Tenet Healthcare 11/01.11.18 Unitymedia NRW/Hessen 15/15.02.26 Reg.S eircom Finance 16/31.05.22 Reg S HomeVi 14/15.08.21 Reg S Sabine Pass Liquefaction 16/30.06.26 144a UPCB Finance IV 15/15.01.25 144a Silk Bidco 15/01.02.22 Reg S Total
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
2.7 2.7 2.3 1.8 1.8 1.5 1.4 1.4 1.4 1.3 18.3
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
USA France Germany Great Britain Spain Ireland Switzerland Luxembourg Netherlands Italy Other Countries
19.6 14.0 11.5 10.2 4.8 4.5 4.3 3.4 3.4 3.1 17.7
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
4.7
Current Interest Rate (in %)
5.8
Duration (in years)
4.3
Modified Duration
4.1
Number of Bonds
126
Average Rating
Cumulative Performance (in %) 1m FC(EUR) FD(EUR)*** ID(EUR) LD(EUR)***
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
1.4
8.4
--
--
10.4
8.4
--
--
--
--
--
--
--
--
--
--
1.4
8.7
--
--
10.9
8.7
--
--
--
--
--
--
--
--
--
--
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
Maturity (in years)
B
>>
208
2016 8.4 8.7
5.1
Marketing Material
Factsheet: Deutsche Invest I Senior Secured High Yield Corporates Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Klaus Oster
Assets
Portfolio Manager since
10/03/2015
Fund Currency
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
69.7 Mio. EUR EUR
Launch Date
10/03/2015
Fiscal Year End
31/12/2016
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 LU0982745456
DWS 10A
Accumulation
0.00%
110.37
110.37
4.90
0.600%
0.74% (1)
--
FD
EUR LU0982745530
DWS 10B
Distribution
0.00%
109.12
109.12
4.64
0.600%
0.74% (1)
--
400,000
ID
EUR LU0982745613
DWS 10C
Distribution
0.00%
106.29
106.29
4.94
0.400%
0.47% (1)
--
25,000,000
3.00% LD EUR LU0982745373 DWS 1Z9 Distribution 112.12 108.76 4.40 1.09% (1) -0.900% (1) 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:10/03/2015, FD:14/01/2016, ID:10/03/2015, LD:14/01/2016). 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.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
209
Factsheet: Deutsche Invest I Senior Secured High Yield Corporates Bond Funds - Corporate Bonds
Opportunities In accordance with the investment policy. Risks • 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.
Marketing Material
Factsheet: Deutsche Invest I Short Duration Credit Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Bond fund with a duration between 0 and 3 years (relatively low interest rate sensitivity) and focus on corporate bonds globally. The fund also invests among others into financial bonds, covered bonds, Emerging Markets corporate bonds, structured bonds (ABS) and subordinated bonds. Positions in government bonds for the purpose of liquidity management are limited to German government bonds. Currency risks are hedged against Euro.
Fund
Fund Management's Comment So finally, one year after the first interest rate hike, the FED did hike interest rates again in the final month of 2016. But other than the year before, the fear that the US economy might be too weak to cope with higher interest rates, this time the move was widely expected and welcomed by market participants. Main driver for the change in sentiment is probably the changed expectations related to Trump’s victory in the US presidential elections. This drove a wider risk-on move in capital markets. In Europe, the ECB has also announced important changes going forward: Quantitative easing was extended to December 2017 (from March), which is slightly longer than expected by the market. But on the other hand, monthly buying amounts were reduced from €80 bn. to only €60 bn. This lead to intense discussions if this is the beginning to exit the extraordinary measures. The ECB denied this and reassured that they will do everything necessary to reach their targets. This, together with the reassuring market reaction to the FED hike, led to further spread tightening in EURO corporate bonds. In this environment the fund returned 0.30% outperforming the benchmark by 22 bp.
Benchmark (since 16/08/2011): iBoxx € Corp 1-3Y (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
0.3 0.1
2.3 1.5
5.0 4.4
20.8 14.4
30.8 --
Ytd.
3yØ
2.3 1.5
1.6 1.5
5yØ
2013
2014
2015
2016
3.8 2.7
3.9 2.2
2.8 2.3
-0.1 0.6
2.3 1.5
Further Characteristics (3 years) / VAR (1 year) - Share Class LC(EUR) Volatility Sharpe Ratio Alpha
1.36% 1.36 -1.32%
Maximum Drawdown
-1.45%
0.40%
VAR (99%/10 days)
Information Ratio
0.20
Correlation Coefficient
Beta
2.04
Tracking Error
0.85 0.93%
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Financial bonds Emerging markets corporates Emerging markets sovereigns Other Securities
54.7 23.7 7.8 1.1 7.4
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) 0.4 4.7 20.9 59.1 13.5 1.4
EUR Corporate Bond - Short Term
Ratings
(As at: 30/11/2016)
Lipper Leaders: Page 1 / 4
>>
211
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.
Investment Ratio Bonds Cash and other assets Future Short
(in % of fundvolume) 94.9 5.1 -13.7
Marketing Material
Factsheet: Deutsche Invest I Short Duration Credit Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
Euro United States dollar
99.9 0.1
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments.
Breakdown by Country (Bonds)
(in % of fundvolume)
USA Germany France Great Britain Netherlands Spain Italy Belgium China Denmark Other Countries
19.9 9.3 8.6 8.1 7.9 5.8 4.4 2.9 2.7 2.7 22.3
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)
2.5
Modified Duration
Number of Bonds
205
Average Rating
Cumulative Performance (in %) 1m FC(EUR) IC(EUR)***
1y
3y
5y
3.2 2.4
Maturity (in years)
2.7
BBB
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
0.3
2.4
5.5
21.8
35.4
2.4
1.8
4.0
4.1
3.0
0.0
--
--
--
--
--
--
--
--
--
--
--
2016 2.4
--
--
--
--
--
--
--
--
--
--
--
LC(EUR)
0.3
2.3
5.0
20.8
30.8
2.3
1.6
3.8
3.9
2.8
-0.1
2.3
LD(EUR)
0.3
2.3
--
--
4.6
2.3
--
--
--
--
-0.1
2.3
NC(EUR)
0.2
1.7
3.1
17.0
23.0
1.7
1.0
3.2
3.2
2.2
-0.7
1.7
--
--
--
--
--
--
--
--
--
--
--
ID(EUR)***
PFC(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
212
Marketing Material
Factsheet: Deutsche Invest I Short Duration Credit Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Oliver Krenn
Portfolio Manager since
01/04/2015
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
396.5 Mio. EUR
Fund Currency
EUR
Launch Date
27/02/2006
Fiscal Year End
31/12/2016
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 LU0236146428
A0H MB3
Accumulation
0.00%
135.36
135.36
3.20
0.450%
0.56% (1)
--
400,000
IC
EUR LU0982752155
DWS 110
Accumulation
0.00%
99.93
99.93
0.56
0.300%
0.36% (2)
--
25,000,000
ID
EUR LU0982752239
DWS 111
Distribution
0.00%
99.94
99.94
0.57
0.300%
0.36% (2)
--
25,000,000
LC
EUR LU0236145453
A0H MB1
Accumulation
3.00%
134.85
130.81
2.90
0.600%
0.71% (1)
--
--
LD
EUR LU0507269321
DWS 0Z7
Distribution
3.00%
102.49
99.41
2.27
0.600%
0.72% (1)
--
--
NC
EUR LU0236146006
A0H MB2
Accumulation
1.50%
124.89
123.02
2.01
1.100%
1.30% (1)
--
--
0.00% PFC EUR LU1496318525 DWS 13P Accumulation 99.72 99.72 1.37% (2) -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 31/12/2015. 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:14/10/2016, ID:14/10/2016, PFC:14/10/2016). 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.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
213
Factsheet: Deutsche Invest I Short Duration Credit Bond Funds - Corporate Bonds
Opportunities In accordance with the investment policy. Risks • There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. • 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. • 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.
Marketing Material
Factsheet: Deutsche Invest I USD Corporate Bonds Bond Funds - Corporate Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance
The fund invests globally at least 80% of the its assets in government related bonds and corporate bonds denominated in USD. Up to 20% may be invested in covered bonds or in US Treasuries. At least 90% of the sub-fund’s assets shall be invested into interest-bearing debt securities that have an investment grade status at the time of the acquisition. Derivatives may be used for investment and hedging purposes.
The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Fund Management's Comment In December 2016, US Investment Grade (IG) Credit spreads tighten by 5 basis points (bps) to close the month at 118 bps. Flows into the asset class were positive as Investment Grade Credit experienced steady inflows over the course of the month, totaling roughly $5 Billion. The Federal Reserve unanimously voted to increase interest rates by 25 basis points. The move was well anticipated however the Fed’s expectation to raise interest rates three times in 2017 came as more of a surprise. During the month, IG credit index generated total returns of 0.35% and excess returns of 0.75%. Industrials led the excess returns of 0.51% as Government Related (0.14%) and Financial Institutions (0.19%) lagged in performance. The strongest performing sector was energy attributed to stability in oil prices, hovering around $55 over the course of December. Issuance was in line with expectations for the month totaling $35 billion, with majority of deals pricing in the first two weeks of the month. We are overweight in US Investment Grade Credit as we believe strong technicals will continue to drive credit spreads tighter.
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Corporate Bonds Financial bonds Emerging markets corporates Government bonds Other Securities
39.6 39.3 7.4 5.6 7.2
Gross weighting, not adjusted for any positions in derivatives.
Breakdown by Rating AAA AA A BBB BB Not Rated
Morningstar Category™
(in % of bond holdings) 6.0 5.5 25.6 61.8 0.5 0.7
USD Corporate Bond
Ratings
(As at: 30/11/2016)
Lipper Leaders: Page 1 / 4
>>
215
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 99.1 0.9
Marketing Material
Factsheet: Deutsche Invest I USD Corporate Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar
Largest Issuer
100.0
(in % of fundvolume)
America, United States of... AT & T Inc. General Motors Financial Co. Inc. Standard Chartered PLC JPMorgan Chase & Co. Diamond 1 Finance Corp./Diamond 2 Finance Corp. UBS Group Funding CBL & Associates L.P. Santander UK Group Holdings PLC Government Properties Income Trust Total
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Breakdown by Country (Bonds)
5.6 2.6 2.6 2.1 1.8 1.7 1.7 1.7 1.6 1.6 23.0
Gross weighting, not adjusted for any positions in derivatives and certificates.
(in % of fundvolume)
USA Great Britain France Australia Great Britain OECD China Canada Switzerland Mexico Korea Other Countries
67.7 4.5 4.4 3.2 2.5 2.3 1.9 1.8 1.4 1.2 8.2
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
4.1
Current Interest Rate (in %)
3.7
Duration (in years)
7.2
Modified Duration
6.9
Number of Bonds
176
Average Rating
A
Cumulative Performance (in %)
FCH(EUR)*** LCH(EUR)*** LDH(EUR)*** USD FC(USD)*** USD LC(USD)*** USD LD(USD)*** USD XC(USD)*** XCH(EUR)***
1m
3m
6m
s. Launch
---------
---------
---------
---------
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
>>
216
Ytd. ---------
Maturity (in years)
10.0
Marketing Material
Factsheet: Deutsche Invest I USD Corporate Bonds Bond Funds - Corporate Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Thomas Farina
Portfolio Manager since
15/01/2016
Portfolio Management Company
Deutsche Investment Management Americas, Inc.
Portfolio Management Location
United States
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
42.1 Mio. USD
Fund Currency
USD
Launch Date
15/01/2016
Fiscal Year End
31/12/2016
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
FCH
EUR LU1333038393
DWS 2FH
Accumulation
0.00%
103.66
103.66
3.60
0.600%
0.74% (1)
--
400,000
LCH
EUR LU1333038476
DWS 2FJ
Accumulation
3.00%
106.26
103.07
3.52
1.100%
1.32% (1)
--
--
LDH
EUR LU1333038559
DWS 2FK
Distribution
3.00%
106.27
103.08
3.52
1.100%
1.32% (1)
--
--
USD FC
USD LU1333038633
DWS 2FL
Accumulation
0.00%
105.06
105.06
3.45
0.600%
0.74% (1)
--
400,000
USD LC
USD LU1333038716
DWS 2FM
Accumulation
3.00%
107.72
104.49
3.37
1.100%
1.32% (1)
--
--
USD LD
USD LU1333038807
DWS 2FN
Distribution
3.00%
107.72
104.48
3.37
1.100%
1.32% (1)
--
--
USD XC
USD LU1333038989
DWS 2FP
Accumulation
0.00%
105.52
105.52
3.52
0.200%
0.28% (1)
--
1,000,000
0.00% XCH EUR LU1333039011 DWS 2FQ Accumulation 104.13 104.13 3.67 0.28% (1) -0.200% (1) 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 (FCH:15/01/2016, LCH:15/01/2016, LDH:15/01/2016, USD FC:15/01/2016, USD LC:15/01/2016, USD LD:15/01/2016, USD XC:15/01/2016, XCH:15/01/2016). 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.
1,000,000
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
217
Factsheet: Deutsche Invest I USD Corporate Bonds Money Market - Money Market Fund
Opportunities In accordance with the investment policy. Risks • The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. • The fund concludes transactions with various contractual partners. If the contracting partner becomes insolvent, for example, this can lead to payment defaults. The fund acquires securities of various issuers. In addition to general trends on capital markets, the particular developments at the respective issuer affect the price of a security. The risk of a decline in the assets of issuers cannot be entirely eliminated even through careful selection of securities. • 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.
Money Market
Money Market Fund
Marketing Material
Factsheet: Deutsche Invest I Liquidity Fund Money Market - Money Market Fund December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class NC(EUR)
(in %)
The sub-fund invests all of its assets, excluding cash and deposits, in high quality transferable debt securities and/or bonds and/or money market instruments denominated in Euro, issued by Member States of the European Union or by OECD countries, or their local authorities, or public international bodies of which one or more are Member States of the EU or the OECD. The sub-fund’s average modified duration shall not exceed 60 days.
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 NC(EUR) 1m 1y 3y 5 y s. Launch
Ytd.
3yØ
EUR
-0.1
0.0
0.0
-0.1
-0.1
-0.1
0.8
5yØ
2013
2014
2015
2016
0.0
0.0
0.1
0.0
-0.1
Further Characteristics (3 years) / VAR (1 year) - Share Class NC(EUR) Volatility
0.05%
Sharpe Ratio Alpha
4.06 --
Maximum Drawdown
-0.15%
0.05%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis Portfolio Breakdown
(in % of fundvolume)
Bonds with a variable interest rate Commercial paper Cash and other Assets
90.0 5.9 4.1
Morningstar Style-Box™ Credit Quality High
Low
Medium
Gross weighting, not adjusted for any positions in derivatives.
Low
Breakdown by Rating AAA AA A
High Medium
(in % of bond holdings) 1.8 35.6 62.6
Interest Rate Sensitivity
Morningstar Category™ EUR Money Market
Ratings
(As at: 30/11/2016)
FERI Fund Rating:
Page 1 / 4
(D)
>>
220
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.
Investment Ratio Bonds Cash and other assets
(in % of fundvolume) 95.9 4.1
Marketing Material
Factsheet: Deutsche Invest I Liquidity Fund Money Market - Money Market Fund December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Country (Bonds)
(in % of fundvolume)
France Netherlands Canada Sweden Germany Great Britain USA Switzerland Belgium Australia Other Countries
16.0 12.8 12.4 10.0 9.9 8.1 6.6 5.9 4.2 3.5 6.2
Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %)
-0.2
Duration (in years)
0.1
Modified Duration
0.1
Average Rating Cumulative Performance (in %) 1m
1y
3y
5y
Maturity (in years)
0.7
A
s. Launch
Ytd.
3yØ
5yØ
2013
2014
2015
2016
FC(EUR)
0.0
-0.1
-0.1
-0.1
1.0
-0.1
0.0
0.0
0.0
0.0
-0.1
-0.1
NC(EUR)
0.0
-0.1
-0.1
-0.1
0.8
-0.1
0.0
0.0
0.0
0.1
0.0
-0.1
ND(EUR)
0.0
-0.1
-0.1
-0.1
0.8
-0.1
0.0
0.0
0.0
0.0
-0.1
-0.1
Page 2 / 4
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221
Marketing Material
Factsheet: Deutsche Invest I Liquidity Fund Money Market - Money Market Fund December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Marco Neto
Assets
Portfolio Manager since
09/11/2009
Fund Currency
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
59.5 Mio. EUR EUR
Launch Date
09/11/2009
Fiscal Year End
31/12/2016
Investor profile
Risk-averse
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 LU0416134327
DWS 0W1
Accumulation
0.00%
100.96
100.96
0.06
0.050%
0.07% (1)
--
200,000
NC
EUR LU0416134160
DWS 0WZ
Accumulation
0.00%
100.77
100.77
0.06
0.050%
0.07% (1)
--
--
0.00% ND EUR LU0416134244 DWS 0W0 Distribution 98.65 98.65 0.06 0.08% (1) -0.050% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
Page 3 / 4
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.
>>
222
Factsheet: Deutsche Invest I Liquidity Fund Balanced Funds - Flexible
Opportunities In accordance with the investment policy. Risks • There is the risk of loss resulting from the inadequacy or failure of internal systems, processes or people and as a result of external events. • The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Risk-averse The Fund is intended for the risk-averse investor seeking steady performance at comparatively low interest rates. Moderate short-term fluctuations are possible, but no loss of capital is to be expected in the medium to long term.
Balanced Funds
Flexible
Marketing Material
Factsheet: Deutsche Invest I Real Assets Income Balanced Funds - Flexible December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LD(EUR)
(in %)
The sub-fund invests globally in equities, interest-bearing securities, convertible bonds, warrant-linked bonds whose underlying warrants are for securities, equity warrants and participation certificates. Real asset issuers can be out of the real estate, infrastructure or the commodity sector.
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 LD(EUR) 1m 1y 3y 5 y s. Launch EUR
3.4
9.5
--
--
5.8
Ytd. 9.5
3yØ
5yØ
2016
--
9.5
--
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Real Estate Utilities Industrials Energy Health Care Consumer Discretionary
54.9 16.2 13.4 10.8 1.0 1.0
Morningstar Style-Box™ Market Capitalization Large
Principal Holdings (Equities)
(in % of fundvolume)
Crown Castle International Corp (Real Estate)
4.2
Inter Pipeline Ltd (Energy)
3.5
Enbridge Energy Management LLC (Energy)
2.8
Pembina Pipeline Corp (Energy)
2.4
National Grid PLC (Utilities)
2.4
ProLogis Inc (Real Estate)
2.3
Transurban Group (Industrials)
2.2
Ferrovial SA (Industrials)
2.2
Senior Housing Properties Trust (Real Estate)
2.2
Canadian National Railway Co (Industrials) 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
USA Canada Great Britain Australia Spain Japan France Singapore Hong Kong Austria Switzerland Other Countries
Growth Blend
Investment Style
Morningstar Category™ EUR Flexible Allocation - Global
Page 1 / 4
(in % of fundvolume)
>>
225
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
46.2 13.7 7.6 7.4 5.4 4.4 3.6 2.7 2.3 1.6 0.7 1.6
Equities REITs Cash and other assets
2.1 26.3
(in % of fundvolume) 55.3 42.0 2.7
Marketing Material
Factsheet: Deutsche Invest I Real Assets Income Balanced Funds - Flexible December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Currency
(in % of fundvolume)
United States dollar Canadian dollar Euro Pound sterling Australian dollar Japanese yen Singapore dollar Hong Kong dollar Swiss franc Brasilian real
46.6 13.8 12.8 8.4 7.6 4.4 2.7 2.3 0.7 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.) Small caps (< 1 bn.) Others
25.7 15.6 13.5 0.5 42.0
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
74
Cumulative Performance (in %) 1m
1y
3y
Dividend Yield (in %)
5y
s. Launch
4.2
Ytd.
3yØ
5yØ
2016
--
--
--
--
--
--
--
--
LD(EUR)
3.4
9.5
--
--
5.8
9.5
--
--
9.5
LDH (P)(EUR)
3.4
6.4
--
--
3.6
6.4
--
--
6.4
LDQ(EUR)
3.4
9.6
--
--
5.8
9.6
--
--
9.6
--
--
--
--
--
--
--
--
USD LD(USD)
3.0
6.4
--
--
2.2
6.4
--
--
USD XD(USD)
3.3
7.3
--
--
3.8
7.3
--
--
7.3
XD(EUR)
3.6
11.0
--
--
7.4
11.0
--
--
11.0
FC(EUR)***
SEK XDH (P)(SEK)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
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226
6.4
2017
Marketing Material
Factsheet: Deutsche Invest I Real Assets Income Balanced Funds - Flexible December 2016
As at 30/12/2016
Fund Data Portfolio Manager
John Vojticek
Portfolio Manager since
02/11/2015
Portfolio Management Company
RREEF America LLC, (Chicago)
Portfolio Management Location
United States
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
5.1 Mio. EUR
Fund Currency
EUR
Launch Date
02/11/2015
Fiscal Year End
31/12/2016
Investor profile
Income-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 LU1487338995
DWS 13F
Accumulation
0.00%
102.79
102.79
0.02
0.750%
0.91% (1)
--
400,000
LD
EUR LU1279614413
DWS 2CU
Distribution
5.00%
110.36
104.84
0.06
1.500%
1.78% (1)
--
--
LDH (P)
EUR LU1279614504
DWS 2CV
Distribution
5.00%
108.02
102.61
0.06
1.500%
1.78% (1)
--
--
LDQ
EUR LU1279614686
DWS 2CW
Distribution
5.00%
104.72
99.48
1.500%
1.78% (1)
--
--
SEK XDH (P)
SEK
LU1486579391
DWS 13G
Distribution
0.00%
990.68
990.68
0.19
0.375%
0.48% (1)
--
10,000,000
USD LD
USD LU1279614769
DWS 2CX
Distribution
5.00%
106.57
101.24
0.06
1.500%
1.78% (1)
--
--
USD XD
USD LU1279614843
DWS 2CY
Distribution
0.00%
102.79
102.79
0.07
0.375%
0.48% (1)
--
1,000,000
0.00% XD EUR LU1279614926 DWS 2CZ Distribution 106.44 106.44 0.07 0.48% (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. The total expenses listed here represent an estimate since the Fund was launched on (FC:15/09/2016, LD:02/11/2015, LDH (P):02/11/2015, LDQ:02/11/2015, SEK XDH (P):15/09/2016, USD LD:02/11/2015, USD XD:02/11/2015, XD:02/11/2015). 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
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
Page 3 / 4
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.
>>
227
Factsheet: Deutsche Invest I Real Assets Income Balanced Funds - Flexible
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 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. • The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Income-oriented The Fund is designed for income-oriented investors seeking higher returns through interest income and from possible capital gains. Return expectations are offset by only moderate equity, interest rate and currency risk, as well as minor default risks. Loss of capital is thus improbable in the medium to long term.
Marketing Material
Factsheet: Deutsche Invest II Multi Opportunities Total Return Balanced Funds - Flexible December 2016
Fund Data Investment Policy
As at 30/12/2016
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 The Deutsche Invest II Multi Opportunities TR Fund was up by 1.12% in December. The continued risk appetite of market participants in the wake of the US elections and after the Italian referendum contributed significantly to this performance. The equity weighting was actively managed and reduced from over 35% to around 23% in the recovery. The equity positions contributed around +40 bp in the month, while the bond segment generated a positive return of around 90 bp. The biggest contributions to performance were generated by our overweight in high-yield bonds (+45 bp) and emerging market bonds (+40 bp). Bond derivatives performed positively in December (around 10 bp), while the gold position cost 4 bp of performance. Earnings missed out on due to USD currency hedges were around 20 bp. In the new year, we expect a period of high volatility which we will manage by acting anticyclically.
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
1.0
2.9
--
--
-1.4
Ytd. 2.9
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
(0.6) (37.5) (55.2) (6.7)
8.8 37.6 47.0 6.5
(in % of fundvolume) Prev. month
Cash (incl. funds) Bonds (incl. funds) Equities (incl. funds) Alternative investments
Current
(0.8) (37.5) (30.7) (6.7)
8.2 37.6 23.4 6.5
Morningstar Style-Box™ Market Capitalization Large
Value
Mid
Gross weighting, not adjusted for any positions in derivatives.
Small
Breakdown by Currency Euro Hong Kong dollar Mexican peso - new Russian ruble South Korean won United States dollar Swiss franc Japanese yen Pound sterling
Growth Blend
Investment Style
Morningstar Category™ Alt - Multistrategy
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume) 84.9 5.0 2.9 2.2 2.0 1.6 1.4 1.0 -0.9
Largest Individual Holdings
(in % of fundvolume)
Deutsche Invest I Global Infrastructure IDH (P)
9.8
DB ETC/Gold 15.06.60 ETC
6.5
JSC Nat. Company KazMunayGas 10/05.05.20 M
3.7
Deutsche Invest I Financial Hybrid Bonds FC
3.2
Mexico 11/10.06.21
2.8
Russia 11/10.03.18 Reg S
2.2
VEB Finance 13/21.11.18 MTN Reg S
2.1
Banco Bilbao Vizcaya Argentaria 14/und. Reg S
2.0
T-Mobile USA 16/15.04.24 Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Page 1 / 4
>>
229
Note: The key terms are explained in the glossary.
10.0
Deutsche Invest I Senior Sec. High Yield Corp. ID
Gross weighting, not adjusted for any positions in derivatives.
1.9 44.2
Marketing Material
Factsheet: Deutsche Invest II Multi Opportunities Total Return Balanced Funds - Flexible December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Sector (Equities)
(in % of fundvolume)
Portfolio Breakdown according to MSCI Financials Consumer Discretionary Information Technology Telecommunication Serv. Industrials Health Care Materials Energy Real Estate Consumer Staples Not classified to MSCI Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating
9.4 8.6 6.9 2.9 2.6 2.1 1.8 1.1 0.7 0.5 0.5
(in % of bond holdings)
A BBB BB Not Rated
11.5 22.6 63.3 2.6
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 China USA Italy Spain France Korea Netherlands Switzerland Great Britain India Other Countries Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds)
8.8 6.0 5.1 2.9 2.8 2.0 2.0 1.9 1.4 1.4 1.2 1.5
(in % of fundvolume)
Luxembourg Russia USA Mexico Kazakhstan Spain Azerbaijan Switzerland France Finland
13.0 5.6 4.6 3.8 3.7 3.5 1.1 1.1 0.7 0.6
Gross weighting, not adjusted for any positions in derivatives.
Key Figures regarding the Fund's Assets Yield (in %)
5.9
Current Interest Rate (in %)
1.5
Duration (in years)
0.9
Modified Duration
0.9
Number of Bonds
15
Average Rating
BB
Number of Shares
46
Dividend Yield (in %)
2.6
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Maturity (in years) Ø Market Cap
Ytd.
3yØ
5yØ
2016
FC(EUR)
1.0
3.7
--
--
-0.2
3.7
--
--
3.7
FD(EUR)
1.0
3.7
--
--
-0.2
3.7
--
--
3.7
IC(EUR)
1.1
4.0
--
--
0.2
4.0
--
--
4.0
ID(EUR)
1.1
4.0
--
--
0.2
4.0
--
--
4.0
LD(EUR)
1.0
2.9
--
--
-1.4
2.9
--
--
2.9
XD(EUR)
1.1
4.3
--
--
0.7
4.3
--
--
4.3
Page 2 / 4
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230
1.0 41,768.8 Mio. EUR
Marketing Material
Factsheet: Deutsche Invest II Multi Opportunities Total Return Balanced Funds - Flexible December 2016
As at 30/12/2016
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
79.3 Mio. EUR
Fund Currency
EUR
Launch Date
30/06/2015
Fiscal Year End
31/12/2016
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%
99.78
99.78
1.98
0.750%
0.91% (1)
--
FD
EUR LU1246175704
DWS 2AX
Distribution
0.00%
99.71
99.71
1.98
0.750%
0.91% (1)
--
400,000
IC
EUR LU1246175886
DWS 2AY
Accumulation
0.00%
100.21
100.21
2.13
0.500%
0.59% (1)
--
25,000,000
ID
EUR LU1246175969
DWS 2AZ
Distribution
0.00%
100.11
100.11
2.14
0.500%
0.59% (1)
--
25,000,000
LD
EUR LU1246176181
DWS 2A1
Distribution
5.00%
103.77
98.58
1.57
1.500%
1.78% (1)
--
--
0.00% XD EUR LU1246176009 DWS 2A0 Distribution 100.41 100.41 2.31 0.21% (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. The total expenses listed here represent an estimate since the Fund was launched on (FC:30/06/2015, FD:30/06/2015, IC:30/06/2015, ID:30/06/2015, LD:30/06/2015, XD:30/06/2015). 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
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
231
Factsheet: Deutsche Invest II Multi Opportunities Total Return Balanced Funds - Convertible Bonds
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.
Balanced Funds
Convertible Bonds
Marketing Material
Factsheet: Deutsche Invest I Convertibles Balanced Funds - Convertible Bonds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class FC(EUR)
(in %)
The fund provides access to a diversified global convertibles investment universe. By investing in classic vanilla convertibles the fund has a stringent pure approach. The targeted investment horizon is between 3-5 years. In order to provide a convex and therefore preferable risk-return profile, the fund invests primarily in convertibles with a medium delta. Currency risk is systematically hedged (except for the share class FC (CE)). Christian Hille (Lead-manager) Hans-Joachim Weber (Co-manager) Fund
Fund Management's Comment The markets were buoyant overall in December. Most global equities were up and bonds stabilized after slipping in November. While the US Federal Reserve Bank raised interest rates as expected, the ECB extended its bond purchase program. The USD continued to benefit and appreciated against the EUR and other currencies. In this environment, Deutsche Invest I Convertible Bonds gained 1.24%. The changes made in the portfolio in November and the resulting higher fund delta paid off, especially in the US and Asia ex. But there was a certain recovery in Europe, too, after the recent weaker months, especially in highly undervalued convertible bonds from the financial and telecoms sector. As in the previous month, the weighting in the low delta range was increased with attractive lateral yields and favorable valuations. In contrast, we reduced structures with a high conversion premium, short residual maturity and negative yield. The Fund’s delta was around 47.6% most recently, with an average rating of BBB.
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(EUR) 1m 1y 3y 5 y s. Launch
Ytd.
3yØ
EUR
-1.7
2.7
1.2
-1.7
Volatility Sharpe Ratio Alpha
Regions delta weighted
US EMEA Japan Asia ex Japan Total
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: ««««« FERI Fund Rating:
(B)
Lipper Leaders: Page 1 / 4
>>
234
Note: The key terms are explained in the glossary.
79.7
2014
2015
2016
6.5
16.1
6.4
3.7
-1.7
5.93% 0.49 --
Maximum Drawdown
-6.95%
2.95%
VAR (99%/10 days)
Information Ratio
--
Correlation Coefficient
--
Beta
--
Tracking Error
--
Portfolio Analysis
Information Technology Consumer Discretionary Industrials Health Care Energy Materials Financials Telecommunication Services Real estate Consumer Staples Total
Convertible Bond - Global, EUR Hedged
37.1
2013
Further Characteristics (3 years) / VAR (1 year) - Share Class FC(EUR)
Sectors delta weighted
Morningstar Category™
8.4
5yØ
(in % of fundvolume)
11.8 10.2 8.5 5.5 2.9 2.0 1.7 1.6 1.5 1.2 46.9
(in % of fundvolume)
20.6 16.6 8.1 2.3 47.6
Principal holdings
(in % of fundvolume)
Siemens Financierings. 15/16.08.19 Cv cum W.
3.7
América Móvil/Koninklijke KPN 15/28.05.20
3.6
TOTAL 0 1/2 12/02/22
2.7
MCHP 1 5/8 02/15/25
2.5
SUZUKI 0 03/31/23
2.0
STEINHOFF FINANCE HLDG 1 1/4 10/21/23
1.9
CITRIX SYSTEMS INC CTXS 0 1/2 04/15/19
1.9
Steinhoff Finance 15/11.08.22 S.SHF Cv
1.7
Toray Industries 14/31.08.21 Cv Reg S
1.6
DISH 3 3/8 08/15/26 Total
1.6 23.2
Fund figures
Holdings Average maturity (in years) Current Yield (in %) Fund average rating (*) Cash and equivalents (in %) Non-rated and other securities (in %) Interest sensitivity Equity sensitivity Ø Market Cap (€ bn)
110.00 5.50 1.00 BBB 1.90 2.50 47.60 27.20
Marketing Material
Factsheet: Deutsche Invest I Convertibles Balanced Funds - Convertible Bonds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by issuer rating
(in % of fundvolume)
AA A BBB BB B
0.40 25.10 44.50 23.60 6.40
Market capitalization
(in %)
Large-cap Mid-cap Small-cap
67.50 27.80 4.70
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Convertible bond profiles
(in % of fundvolume)
Balanced Bond Like Equity Like
56.10 25.90 17.90
Ytd.
3yØ
5yØ
2013
2014
2015
2016
CHF FCH(CHF)
1.1
-2.4
6.5
33.9
30.3
-2.4
2.1
6.0
15.9
6.1
2.9
-2.4
CHF LCH(CHF)
1.1
-2.9
--
--
2.6
-2.9
--
--
--
--
2.3
-2.9
FC (CE)(EUR)
1.3
1.0
27.8
--
44.1
1.0
8.5
--
10.5
14.2
10.8
1.0
FC(EUR)
1.2
-1.7
8.4
37.1
79.7
-1.7
2.7
6.5
16.1
6.4
3.7
-1.7
FD(EUR)
1.2
-1.7
8.4
--
10.3
-1.7
2.7
--
--
6.4
3.7
-1.7
GBP DH RD(GBP)
1.3
-1.1
9.9
39.2
74.5
-1.1
3.2
6.8
16.4
6.7
4.2
-1.1
LC (CE)(EUR)
1.1
0.5
--
--
19.0
0.5
--
--
--
--
10.1
0.5
LC(EUR)
1.2
-2.2
6.6
33.4
66.4
-2.2
2.2
5.9
15.5
5.8
3.1
-2.2
LD(EUR)
1.2
-2.2
6.6
33.4
66.4
-2.2
2.2
5.9
15.5
5.8
3.1
-2.2
NC(EUR)
1.2
-2.6
5.4
30.8
57.6
-2.6
1.8
5.5
15.0
5.4
2.7
-2.6
--
--
--
--
--
--
--
--
--
--
--
SEK FCH(SEK)
1.2
-2.1
--
--
0.8
-2.1
--
--
--
--
--
-2.1
SEK LCH(SEK)
1.2
-2.6
--
--
0.2
-2.6
--
--
--
--
--
-2.6
USD FCH(USD)
1.4
-0.6
9.8
39.7
71.3
-0.6
3.2
6.9
16.4
6.2
3.9
-0.6
USD LCH(USD)
1.4
-1.1
8.0
36.0
63.3
-1.1
2.6
6.3
15.8
5.8
3.2
-1.1
RC (CE)(EUR)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page 2 / 4
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235
Marketing Material
Factsheet: Deutsche Invest I Convertibles Balanced Funds - Convertible Bonds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Christian Hille
Portfolio Manager since
01/06/2011
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
2,242.3 Mio. EUR
Fund Currency
EUR
Launch Date
12/01/2004
Fiscal Year End
31/12/2016
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 LU0616868195
DWS 071
Accumulation
0.00%
130.30
130.30
1.50
0.650%
0.75% (1)
--
CHF LCH
CHF LU0616867890
DWS 070
Accumulation
3.00%
105.76
102.59
0.74
1.200%
1.33% (1)
--
--
FC
EUR LU0179220412
727 467
Accumulation
0.00%
179.69
179.69
2.24
0.650%
0.73% (1)
--
400,000
FC (CE)
EUR LU0740833669
DWS 1BT
Accumulation
0.00%
144.10
144.10
1.56
0.650%
0.74% (1)
--
400,000
FD
EUR LU0616868518
DWS 073
Distribution
0.00%
107.87
107.87
1.34
0.650%
0.73% (1)
--
400,000
GBP DH RD
GBP LU0399358133
DWS 0V0
Distribution
0.00%
164.91
164.91
1.83
0.650%
0.75% (1)
--
--
LC
EUR LU0179219752
727 462
Accumulation
3.00%
171.50
166.36
1.65
1.200%
1.28% (1)
--
--
LC (CE)
EUR LU0740833404
DWS 1BS
Accumulation
3.00%
122.72
119.04
0.34
1.200%
1.33% (1)
--
--
LD
EUR LU0179219919
727 463
Distribution
3.00%
163.88
158.96
1.59
1.200%
1.28% (1)
--
--
NC
EUR LU0179220255
727 466
Accumulation
1.50%
159.98
157.58
0.61
1.500%
1.67% (1)
--
--
RC (CE)
EUR LU1483365398
DWS 13E
Accumulation
0.00%
103.94
103.94
0.43
0.650%
0.76% (2)
--
25,000,000
SEK FCH
SEK
LU1282658647
DWS 2C3
Accumulation
0.00%
1,007.70
1,007.70
0.00
0.650%
0.80% (2)
--
4,000,000
SEK LCH
SEK
LU1282658720
DWS 2C4
Accumulation
3.00%
1,033.11
1,002.11
0.00
1.200%
1.43% (2)
--
--
USD FCH
USD LU0273179522
DWS 0CR
Accumulation
0.00%
171.34
171.34
1.60
0.650%
0.75% (1)
--
400,000
5.00% USD LCH USD LU0273170141 DWS 0CQ Accumulation 171.86 163.27 1.12 1.30% (1) -1.200% (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 31/12/2015. 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 (RC (CE):15/09/2016, SEK FCH:30/09/2015, SEK LCH:30/09/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
400,000
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
236
Factsheet: Deutsche Invest I Convertibles Balanced Funds - Multi-Asset-funds
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.
Balanced Funds
Multi-Asset-funds
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Balance Balanced Funds - Multi-Asset-funds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The fund invests globally in interest bearing securities, equities, certificates, funds and cash. Up to 65% of the fund’s assets must be invested in interest-bearing securities, in certificates on bonds or bond indices, or in bond funds. At least 35% but a maximum of 65% of the fund’s assets can be invested in equities, equity funds or equity certificates. Up to 10% may be invested in certificates on commodities and commodity indices. The investment policy may also be implemented through the use of suitable derivatives.
Fund
Fund Management's Comment The equity markets ended December with gains, despite the negative outcome of the Italian referendum and ongoing problems in the Italian banking sector. Overall solid economic data supported the markets. The US equity market recorded a gain of 1.97% and the Euro Stoxx 50 rose by 7.9%. Japanese equities improved by 4.5% on a monthly basis, supported by the depreciation of the yen. On the bond market, recovering economic data coupled with rising commodity prices led to a further rise in yields on 10-year US government bonds. The yield on 10-year German government bonds decreased from 0.28% to 0.21%, and the corresponding yield in the US jumped from 2.38% to 2.44%. The US Dollar profited from the increasing yield differential and appreciated against the Euro from USD 1.06 to USD 1.05. The price of Brent crude oil rose from USD 50.5 to USD 56.8. The Fund closed the month up by around 1.5%.
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
1.5
1.7
--
--
16.5
Ytd. 1.7
3yØ
5yØ
2015
2016
--
3.5
1.7
--
Further Characteristics - Share Class LC(EUR) 3.89%
VAR (99%/10 days)
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
(13.5) (43.2) (40.3) (3.0)
13.7 42.7 40.7 2.9
(in % of fundvolume) Prev. month
Cash (incl. funds) Bonds (incl. funds) Equities (incl. funds) Alternative investments
Current
(12.7) (43.3) (46.2) (2.6)
12.8 42.7 46.1 2.6
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 Japanese yen Hong Kong dollar Australian dollar Singapore dollar Swedish krona Canadian dollar Pound sterling
Growth Blend
Investment Style
Morningstar Category™ EUR Moderate Allocation - Global
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume) 65.6 29.1 1.9 0.7 0.7 0.7 0.6 0.4 0.3 0.2
Largest Individual Holdings
(in % of fundvolume)
Netherlands 10/15.07.20
2.6
iShs II-J.P.Morgan USD EM Bond UCITS ETF (Dis
2.2
Neuberger Berman - US High Yield Bond Fd. USD
2.1
Spain 13/30.04.17
2.0
Germany 15/15.04.26 INFL
2.0
Italy B.T.P. 07/01.02.17
1.9
Source Physical Markets/Gold 30.12.2100 ETC
1.9
Deutsche Invest I Emerging Markets Corp. USD F
1.1
db X-trackers IBOXX EUR High Yield Bond ETF
1.1
Germany 10/04.01.21 Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Page 1 / 4
>>
239
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
1.1 18.0
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Balance Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Rating
(in % of bond holdings)
AAA AA A BBB BB
33.8 12.1 16.6 36.8 0.6
The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Key Figures regarding the Fund's Assets Yield (in %)
1.5
Duration (in years)
1.5
Modified Duration
Number of Bonds
60
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
1.5 A
s. Launch
Ytd.
3yØ
5yØ
2015
2016
FC(EUR)
1.6
2.5
--
--
15.0
2.5
--
--
4.4
2.5
LC(EUR)
1.5
1.7
--
--
16.5
1.7
--
--
3.5
1.7
NC(EUR)
1.5
1.2
--
--
7.3
1.2
--
--
3.0
1.2
Page 2 / 4
>>
240
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Balance Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Philipp Brugger
Portfolio Manager since
31/01/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
27.5 Mio. EUR
Fund Currency
EUR
Launch Date
31/01/2014
Fiscal Year End
31/12/2016
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 LU1054338832
DWS 1X1
Accumulation
0.00%
114.97
114.97
1.83
0.650%
0.79% (1)
--
400,000
LC
EUR LU0544571200
DWS 01T
Accumulation
4.00%
121.39
116.53
1.54
1.400%
1.65% (1)
--
--
2.00% NC EUR LU1054338758 DWS 1X0 Accumulation 109.48 107.29 1.13 2.12% (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 31/12/2015. They are subject to change from year to year.
--
Address
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
241
Factsheet: Deutsche Invest I Multi Asset Balance Balanced Funds - Multi-Asset-funds
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 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.
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Defensive Balanced Funds - Multi-Asset-funds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The fund invests globally in interest bearing securities, equities, certificates, funds and cash. At least 65% of the fund’s assets will be invested in interest bearing securities, in certificates on bonds or bond indices, or in bond funds. Up to 35% of the fund’s assets can be invested in equities, equity funds or equity certificates. Up to 10% may be invested in certificates on commodities and commodity indices. The investment policy may also be implemented through the use of suitable derivatives.
Fund
Fund Management's Comment The equity markets ended December with gains, despite the negative outcome of the Italian referendum and ongoing problems in the Italian banking sector. Overall solid economic data supported the markets. The US equity market recorded a gain of 1.97% and the Euro Stoxx 50 rose by 7.9%. Japanese equities improved by 4.5% on a monthly basis, supported by the depreciation of the yen. On the bond market, recovering economic data coupled with rising commodity prices led to a further rise in yields on 10-year US government bonds. The yield on 10-year German government bonds decreased from 0.28% to 0.21%, and the corresponding yield in the US jumped from 2.38% to 2.44%. The US Dollar profited from the increasing yield differential and appreciated against the Euro from USD 1.06 to USD 1.05. The price of Brent crude oil rose from USD 50.5 to USD 56.8. The Fund closed the month up by around 1.3%.
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
1.3
0.6
--
--
4.3
Ytd. 0.6
3yØ
5yØ
2015
2016
--
0.6
0.6
--
Further Characteristics - Share Class LC(EUR) 1.56%
VAR (99%/10 days)
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
(7.5) (66.2) (23.9) (2.4)
13.1 61.9 22.7 2.3
(in % of fundvolume) Prev. month
Cash (incl. funds) Bonds (incl. funds) Balanced fund Equities (incl. funds) Alternative investments
Current
(7.0) (64.7) (2.0) (25.1) (2.5)
12.8 60.4 1.9 20.7 2.3
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 Canadian dollar Singapore dollar Pound sterling Swiss franc Australian dollar Danish krone Swedish krona Japanese yen
Growth Blend
Investment Style
Morningstar Category™ EUR Cautious Allocation - Global
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume) 82.8 15.1 0.9 0.7 0.2 0.2 0.2 0.1 0.1 -0.3
Largest Individual Holdings
(in % of fundvolume)
iShs II-J.P.Morgan USD EM Bond UCITS ETF (Dis
4.6
Deutsche MAG FI SICAV - EUR IG Corp. EUR I (I
2.8
Netherlands 10/15.07.20
2.8
db X-trackers IBOXX EUR High Yield Bond ETF
2.6
LYXOR EURO CORPORATE BOND UCITS ETF
2.5
Germany 15/15.04.26 INFL
2.5
France O.A.T. 03/25.04.19
2.3
Spain 13/30.04.17
2.3
iShares EURO STOXX 50 UCITS ETF (DE)
2.0
Italy B.T.P. 07/01.02.17 Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Page 1 / 4
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243
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
1.9 26.3
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Defensive Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Rating
(in % of bond holdings)
AAA AA A BBB BB
42.5 12.0 9.4 35.9 0.2
The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Key Figures regarding the Fund's Assets Yield (in %)
1.2
Duration (in years)
1.6
Modified Duration
1.6
Number of Bonds
69
Average Rating
AA
Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2015
2016
FD(EUR)
1.4
1.4
--
--
0.4
1.4
--
--
--
1.4
LC(EUR)
1.3
0.6
--
--
4.3
0.6
--
--
0.6
0.6
LD(EUR)
1.3
0.6
--
--
4.3
0.6
--
--
0.6
0.6
NC(EUR)
1.3
0.3
--
--
3.4
0.3
--
--
0.2
0.3
Page 2 / 4
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244
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Defensive Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Philipp Brugger
Portfolio Manager since
16/06/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
30.1 Mio. EUR
Fund Currency
EUR
Launch Date
16/06/2014
Fiscal Year End
31/12/2016
Investor profile
Income-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
FD
EUR LU1303742552
DWS 2DP
Distribution
0.00%
100.12
100.12
1.59
0.500%
0.63% (2)
--
400,000
LC
EUR LU1054319964
DWS 1MF
Accumulation
3.00%
107.54
104.32
1.67
1.200%
1.51% (1)
--
--
LD
EUR LU1054320038
DWS 1MG
Distribution
3.00%
106.38
103.19
1.66
1.200%
1.51% (1)
--
--
1.00% NC EUR LU1054320111 DWS 1MH Accumulation 104.48 103.44 1.40 1.85% (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 31/12/2015. 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:29/10/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted.
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]
Page 3 / 4
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.
>>
245
Factsheet: Deutsche Invest I Multi Asset Defensive Balanced Funds - Multi-Asset-funds
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 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. • The share value may fall below the purchase price at which the customer acquired the share at any time.
Investor profile: Income-oriented The Fund is designed for income-oriented investors seeking higher returns through interest income and from possible capital gains. Return expectations are offset by only moderate equity, interest rate and currency risk, as well as minor default risks. Loss of capital is thus improbable in the medium to long term.
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Dynamic Balanced Funds - Multi-Asset-funds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
The fund invests globally in interest bearing securities, equities, certificates, funds and cash. At least 65% of the fund’s assets will be invested in equities, equity funds or equity certificates. Up to 35% of the fund’s assets will be invested in interest-bearing securities, in certificates on bonds or bond indices, or in bond funds. Up to 10% may be invested in certificates on commodities and commodity indices. The investment policy may also be implemented through the use of suitable derivatives.
Fund
Fund Management's Comment The equity markets ended December with gains, despite the negative outcome of the Italian referendum and ongoing problems in the Italian banking sector. Overall solid economic data supported the markets. The US equity market recorded a gain of 1.97% and the Euro Stoxx 50 rose by 7.9%. Japanese equities improved by 4.5% on a monthly basis, supported by the depreciation of the yen. On the bond market, recovering economic data coupled with rising commodity prices led to a further rise in yields on 10-year US government bonds. The yield on 10-year German government bonds decreased from 0.28% to 0.21%, and the corresponding yield in the US jumped from 2.38% to 2.44%. The US Dollar profited from the increasing yield differential and appreciated against the Euro from USD 1.06 to USD 1.05. The price of Brent crude oil rose from USD 50.5 to USD 56.8. The Fund closed the month up by around 2.4%.
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
2.2
--
--
13.5
Ytd.
3yØ
2.2
5yØ
2015
2016
--
4.3
2.2
--
Further Characteristics - Share Class LC(EUR) 6.04%
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
(6.3) (18.0) (2.1) (71.8) (1.8)
5.7 17.9 2.1 72.6 1.7
Gross weighting, not adjusted for any positions in derivatives. Breakdown by Currency Euro United States dollar Swiss franc Japanese yen Australian dollar Pound sterling Hong Kong dollar Swedish krona Danish krone Singapore dollar Canadian dollar
Morningstar Category™ EUR Aggressive Allocation - Global
Asset class (net)
Current
(in % of fundvolume) Prev. month
Cash (incl. funds) Bonds (incl. funds) Balanced fund Equities (incl. funds) Alternative investments
Current
(4.7) (16.1) (4.1) (68.4) (1.3)
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume) 49.6 40.6 3.0 1.7 1.7 1.5 1.1 0.6 0.3 0.2 -0.4
Largest Individual Holdings
(in % of fundvolume)
iShs II-J.P.Morgan USD EM Bond UCITS ETF (Dis
3.2
DWS European Opportunities
2.8
iShares ¤ Corp.Bd.Large Cap UCITS ETF
2.8
Deutsche Invest I Multi Asset Balance FC
2.1
Deutsche Invest I Convertibles FC
2.0
Deutsche Invest I Emerging Markets Corp. USD F
1.7
Apple
1.5
Microsoft Corp.
1.3
Alphabet Cl.A
1.2
JPMorgan Chase & Co. Total
Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Page 1 / 4
>>
247
Note: The key terms are explained in the glossary.
3.8 16.0 4.1 66.9 1.2
Gross weighting, not adjusted for any positions in derivatives.
1.1 19.7
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Dynamic Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Rating
(in % of bond holdings)
AAA AA A BBB
16.8 4.1 23.2 55.9
The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Key Figures regarding the Fund's Assets Yield (in %)
2.5
Duration (in years)
0.2
Modified Duration
Number of Bonds
31
Average Rating
Cumulative Performance (in %) 1m
1y
3y
5y
0.2 A
s. Launch
Ytd.
3yØ
5yØ
2015
2016
LC(EUR)
2.4
2.2
--
--
13.5
2.2
--
--
4.3
2.2
LD(EUR)
2.4
2.2
--
--
-1.1
2.2
--
--
--
2.2
NC(EUR)
2.4
1.7
--
--
12.3
1.7
--
--
3.8
1.7
Page 2 / 4
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248
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Dynamic Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Gerrit Rohleder
Portfolio Manager since
16/06/2014
Portfolio Management Company
Deutsche Asset Management Investment GmbH
Portfolio Management Location
Germany
Management Company
Deutsche Asset Management S.A.
Legal Structure
Assets
72.6 Mio. EUR
Fund Currency
EUR
Launch Date
16/06/2014
Fiscal Year End
31/12/2016
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
LC
EUR LU1054320384
DWS 1QZ
Accumulation
5.00%
119.51
113.54
1.33
1.500%
1.87% (1)
--
--
LD
EUR LU1054320467
DWS 1Q0
Distribution
5.00%
104.06
98.86
0.83
1.500%
1.78% (2)
--
--
3.00% NC EUR LU1054320541 DWS 1Q1 Accumulation 115.76 112.29 1.32 2.34% (1) -1.800% (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 31/12/2015. 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 (LD:18/11/2015). 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
Note
Deutsche Asset Management Investment GmbH
¹ Based on the gross investment. 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.
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]
Page 3 / 4
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
249
Factsheet: Deutsche Invest I Multi Asset Dynamic Balanced Funds - Multi-Asset-funds
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 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.
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Income Balanced Funds - Multi-Asset-funds December 2016
Fund Data Investment Policy
As at 30/12/2016
Performance Performance - Share Class LD(EUR)
(in %)
The objective of the investment policy is to achieve a positive mid- to long-term investment performance taking in account the opportunities and risks of the international capital markets. The fund generally has an investment focus on income-oriented assets such as interest-bearing securities and equities that are expected to deliver an above-average dividend yield.
Fund
Fund Management's Comment In December, global equity markets continued to gain and were thus able to record a gain for the full year after a turbulent 12 months. Contributions to this trend came from positive sentiment indicators and the decision of the European Central Bank to extend its borrowing program to the end of 2017. The increase in interest rates in the US and the failure of the constitutional referendum in Italy did not detract from the positive sentiment on the equity market. While interest rates continued to rise in the US, the rise in the Eurozone was halted and yields declined as a result of the ECB decision at the end of the month. In this environment, the Fund generated a positive result. A significant contribution came from the allocation to equities from the industrialized countries, especially from the US. Our positions in European equities, which we recently increased, also rose significantly. In addition, our bonds continued to record gains. Highyield bonds from Europe and the US recorded the strongest gains. In addition, we profited from our emerging markets bonds. Our convertible bonds, especially from Europe, also contributed to the positive overall result.
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
2.1
3.7
--
--
8.1
Ytd. 3.7
3yØ
5yØ
2015
2016
--
0.5
3.7
--
Further Characteristics - Share Class LD(EUR) 4.37%
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
(7.8) (26.0) (6.4) (59.1) (0.7)
7.4 49.6 4.7 38.0 0.4
(in % of fundvolume) Prev. month
Cash (incl. funds) Bonds (incl. funds) Balanced fund Equities (incl. funds)
Current
(7.1) (24.9) (3.1) (46.4)
6.8 48.5 2.6 46.6
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 Japanese yen Norwegian krone Hong Kong dollar Pound sterling Australian dollar Swiss franc
Growth Blend
Investment Style
Morningstar Category™ EUR Flexible Allocation - Global
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume) 76.8 19.2 2.4 0.5 0.4 0.3 0.1 0.1
Largest Individual Holdings
(in % of fundvolume)
Deutsche Invest I Global Infrastructure FC
3.0
Deutsche Invest I Global Real Estate Sec. USD F
2.9
Pictet - Emerging Local Currency Debt I EUR
2.0
Germany 07/04.01.18
1.6
Italy B.T.P. 10/01.03.21
1.3
Austria 03/15.01.18 MTN
1.3
France O.A.T. 10/25.10.20
1.2
France O.A.T. 15/25.02.18
1.2
Italy B.T.P. 08/01.08.18
1.0
Cisco Systems Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. Page 1 / 4
>>
251
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
0.8 16.3
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Income Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Portfolio Analysis Breakdown by Rating
(in % of bond holdings)
AAA AA A BBB BB B Not Rated
12.0 16.9 16.1 43.2 6.8 4.9 0.1
The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Key Figures regarding the Fund's Assets Yield (in %)
2.0
Duration (in years)
2.6
Number of Bonds
209
Cumulative Performance (in %) 1m
1y
3y
Average Rating
5y
A
s. Launch
Ytd.
3yØ
5yØ
2015
2016
FC(EUR)
2.2
4.4
--
--
-0.6
4.4
--
--
--
4.4
LC(EUR)
2.1
3.7
--
--
-1.8
3.7
--
--
--
3.7
LD(EUR)
2.1
3.7
--
--
8.1
3.7
--
--
0.5
3.7
NC(EUR)
2.1
3.3
--
--
-2.4
3.3
--
--
--
3.3
ND(EUR)
2.1
3.4
--
--
7.2
3.4
--
--
0.2
3.4
Page 2 / 4
>>
252
Marketing Material
Factsheet: Deutsche Invest I Multi Asset Income Balanced Funds - Multi-Asset-funds December 2016
As at 30/12/2016
Fund Data Portfolio Manager
Heiko Mayer
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
90.5 Mio. EUR
Fund Currency
EUR
Launch Date
16/06/2014
Fiscal Year End
31/12/2016
Investor profile
Growth-oriented
SICAV
Custodian
State Street Bank, Lux.
Share Classes Share Class
Cur.
ISIN Code
German Sec. Code
Earnings
FC
EUR
LC LD NC
LU1186220148
DWS 19E
Accumulation
0.00%
99.37
99.37
0.60
0.600%
0.74% (2)
--
400,000
EUR LU1054320897
DWS 19N
Accumulation
4.00%
102.27
98.18
0.25
1.200%
1.43% (2)
--
--
EUR LU1054320970
DWS 1KV
Distribution
4.00%
106.61
102.34
0.37
1.200%
1.42% (1)
--
--
EUR
DWS 19D
Accumulation
1.00%
98.60
97.61
0.11
1.400%
1.66% (2)
--
--
1.00% ND EUR LU1054321192 DWS 1KW Distribution 102.51 101.48 0.21 1.76% (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 31/12/2015. 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:16/03/2015, LC:16/03/2015, NC:16/03/2015). 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.
--
LU1186218753
Address
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. 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.
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]
Page 3 / 4
Front-end Load ¹ Issue Price up to
Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
>>
253
Factsheet: Deutsche Invest I Multi Asset Income Fund of Funds
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 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.
Fund of Funds
Marketing Material
Factsheet: Deutsche Invest I Multi Opportunities Fund of Funds December 2016
Fund Data Investment Policy
As at 30/12/2016
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 The global capital markets recorded a gain in December and ended a turbulent 2016 well into positive territory. This is a remarkable development in view of the sharp downturn at the beginning of the year, the British vote to leave the EU and the election victory of Donald Trump. US equities profited significantly more strongly than their European counterparts during the year (MSCI USA +15% in Euro, MSCI Europe +3.2%). Most bond markets developed positively until Q3 before Q4 saw a marked increase in yields on government bonds in the US and Europe. In December the focus was on the rejection of constitutional reform in Italy and the second interest rate hike in the US (after December 2015).
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
2.1
6.4
--
--
13.8
Ytd.
3yØ
6.4
--
5yØ
2015
2016
--
-0.5
6.4
Further Characteristics - Share Class LC(EUR) 2.87%
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
(7.1) (50.0) (1.1) (41.8)
8.0 49.9 0.9 41.2
(in % of fundvolume) Prev. month
Cash (incl. funds) Bonds (incl. funds) Balanced fund Equities (incl. funds)
Current
(8.4) (45.9) (2.4) (33.1)
9.6 45.2 3.2 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™ EUR Flexible Allocation - Global
Euro United States dollar Swiss franc Mexican peso - new Hong Kong dollar Pound sterling Canadian dollar
Net weighting, adjusted for any positions in derivatives.
(in % of fundvolume) 85.6 14.1 3.1 0.7 0.4 -1.2 -2.8
Ratings
(As at: 30/11/2016) Morningstar Overall Rating™: «««««
Largest Individual Holdings
(in % of fundvolume)
Deutsche Floating Rate Notes LC
9.0
DWS Top Europe
5.1
DWS Rendite Optima Four Seasons
4.8
Deutsche Invest I Global Bonds IC
4.3
iShs III EM Local Govt Bond UCITS ETF USD (Dis
2.8
db X-trackers-Stoxx® Global Sel.Div.100 UCITS 1
2.6
Deutsche Floating Rate Notes (USD)
2.4
DWS Biotech
2.2
DWS Vermögensbildungsfonds I ID
2.1
db X-trackers IBOXX EUR High Yield Bond ETF Total Incl. forward exchange transactions, negative and positive figures reflect expected currency developments.
Page
1 / 6
Note: The key terms are explained in the glossary.
Gross weighting, not adjusted for any positions in derivatives.
2.1 37.4
Marketing Material
Factsheet: Deutsche Invest I Multi Opportunities Fund of Funds December 2016 Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
2015
As at 30/12/2016
2016
AUD LDMH(AUD)
2.3
8.4
--
--
5.3
8.4
--
--
--
8.4
CHF FCH(CHF)
2.0
6.3
--
--
2.7
6.3
--
--
--
6.3
FC(EUR)
2.1
6.9
--
--
9.4
6.9
--
--
0.0
6.9
FD(EUR)
2.1
6.9
--
--
3.6
6.9
--
--
--
6.9
GBP CH RD(GBP)
2.2
7.5
--
--
-0.1
7.5
--
--
--
7.5
HKD LDMH(HKD)
2.3
6.9
--
--
-2.0
6.9
--
--
--
6.9
LC(EUR)
2.1
6.4
--
--
13.8
6.4
--
--
-0.5
6.4
LD(EUR)
2.1
6.4
--
--
2.9
6.4
--
--
--
6.4
LDQ(EUR)
2.1
6.4
--
--
13.8
6.4
--
--
-0.5
6.4
NC(EUR)
2.1
5.9
--
--
12.4
5.9
--
--
-1.0
5.9
NDQ(EUR)
2.1
5.9
--
--
12.4
5.9
--
--
-1.0
5.9
PFC(EUR)
2.0
5.5
--
--
11.5
5.5
--
--
-1.4
5.5
PFDQ(EUR)
2.0
5.5
--
--
11.3
5.5
--
--
-1.6
5.5
RC(EUR)***
--
--
--
--
--
--
--
--
--
SEK FCH(SEK)
2.1
6.5
--
--
6.0
6.5
--
--
--
6.5
SEK LCH(SEK)
2.0
5.9
--
--
5.3
5.9
--
--
--
5.9
SGD LDMH(SGD)
2.2
7.7
--
--
2.1
7.7
--
--
--
7.7
USD FCH(USD)
2.3
8.0
--
--
-0.2
8.0
--
--
--
8.0
USD LCH(USD)
2.3
7.3
--
--
-0.8
7.3
--
--
--
7.3
USD LDMH(USD)
2.3
7.7
--
--
4.0
7.7
--
--
--
7.7
--
--
--
--
--
--
--
--
--
USD RDMH(USD)***
***The presentation of performance occurs after a period of at least one year following launch of the Fund / unit class.
Page
2 / 6
Marketing Material
Factsheet: Deutsche Invest I Multi Opportunities Fund of Funds December 2016
As at 30/12/2016
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
2,695.2 Mio. EUR
Fund Currency
EUR
Launch Date
04/06/2014
Fiscal Year End
31/12/2016
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
AUD LDMH
AUD LU1254146217
DWS 2A9
Distribution
4.00%
101.31
97.26
1.300%
1.55% (2)
--
--
CHF FCH
CHF LU1254146308
DWS 2BA
Accumulation
0.00%
102.65
102.65
1.34
0.750%
0.91% (2)
--
400,000
FC
EUR LU1054322166
DWS 1M7
Accumulation
0.00%
109.44
109.44
1.29
0.750%
0.87% (1)
--
400,000
FD
EUR LU1254146480
DWS 2BB
Distribution
0.00%
103.20
103.20
1.38
0.750%
0.91% (2)
--
400,000
GBP CH RD
GBP LU1220887316
DWS 195
Accumulation
0.00%
99.94
99.94
1.51
0.750%
0.91% (2)
--
--
HKD LDMH
HKD LU1230072123
DWS 2AD
Distribution
4.00%
92.24
88.55
1.300%
1.55% (2)
--
--
LC
EUR LU1054321358
DWS 1MX
Accumulation
4.00%
118.55
113.81
3.10
1.300%
1.40% (1)
--
--
LD
EUR LU1254146563
DWS 2BC
Distribution
4.00%
106.97
102.69
1.08
1.300%
1.55% (2)
--
--
LDQ
EUR LU1054321515
DWS 1MZ
Distribution
4.00%
108.63
104.29
1.300%
1.40% (1)
--
--
NC
EUR LU1054321606
DWS 1M1
Accumulation
2.00%
114.65
112.35
1.700%
1.90% (1)
--
--
NDQ
EUR LU1054321861
DWS 1M3
Distribution
2.00%
105.08
102.98
1.700%
1.90% (1)
--
--
PFC
EUR LU1054321945
DWS 1M4
Accumulation
0.00%
111.48
111.48
1.200%
2.38% (1)
--
--
PFDQ
EUR LU1054322083
DWS 1M6
Distribution
0.00%
101.97
101.97
1.200%
2.51% (1)
--
--
RC
EUR LU1452351460
DWS 2GW
Accumulation
0.00%
103.73
103.73
0.39
0.750%
0.87% (2)
--
25,000,000
SEK FCH
SEK
LU1289020239
DWS 2DB
Accumulation
0.00%
1,059.81
1,059.81
12.99
0.750%
0.91% (2)
--
4,000,000
SEK LCH
SEK
LU1289020312
DWS 2DC
Accumulation
4.00%
1,096.58
1,052.72
9.75
1.300%
1.55% (2)
--
--
SGD LDMH
SGD LU1196386152
DWS 19L
Distribution
4.00%
9.49
9.11
1.300%
1.55% (2)
--
--
USD FCH
USD LU1224427564
DWS 2AB
Accumulation
0.00%
99.84
99.84
1.33
0.750%
0.91% (2)
--
400,000
USD LCH
USD
LU1196394099
DWS 19M
Accumulation
4.00%
103.34
99.21
1.03
1.300%
1.55% (2)
--
--
USD LDMH
USD LU1254146647
DWS 2BD
Distribution
4.00%
100.06
96.06
1.300%
1.55% (2)
--
--
0.00% USD RDMH USD LU1433454672 DWS 2GN Distribution 103.06 103.06 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 31/12/2015. 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 (AUD LDMH:17/08/2015, CHF FCH:17/08/2015, FD:17/08/2015, GBP CH RD:15/05/2015, HKD LDMH:22/05/2015, LD:17/08/2015, RC:01/08/2016, SEK FCH:15/10/2015, SEK LCH:15/10/2015, SGD LDMH:16/03/2015, USD FCH:05/05/2015, USD LCH:15/05/2015, USD LDMH:17/08/2015, 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 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]
Page
3 / 6
2.78
Note ¹ Based on the gross investment. 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. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
Commodity
Marketing Material
Factsheet: Deutsche Invest I Global Commodities Blend Commodity December 2016
Fund Data
As at 30/12/2016
Performance Performance - Share Class LC(EUR)
(in %)
Fund
Fund Management's Comment As at 30/11/2016: The Bloomberg Commodity Index returned +4.81% during the period, while the DWS Invest I Global Commodities Blend returned +4.03%*. Industrial Metals (+14.12%) and Livestock (+7.85%) were among the best performing commodity sectors. The best performing commodities were Copper (+23.03%), Zinc (+13.37%), and Nickel (+10.94%). Coffee (-7.13%) and Sugar (-4.97%) were among the worst performing commodities. The worst performing commodity sectors were Precious Metals (4.83%) and Agriculture (+0.48%). All performance figures are in EUR. *NAV for the Deutsche Invest I Global Commodities Blend fund is calculated as of close of business in Luxembourg, which could lead to variations in performance when comparing the fund to the benchmark for a discrete time period.
Benchmark: Bloomberg-Commodity (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.
EUR BM IN EUR
16.5 15.4
2.7 2.3
16.5 15.4
---
---
-9.9 -10.5
3yØ ---
5yØ
2016
---
16.5 16.1
Portfolio Analysis Portfolio breakdown
Morningstar Style-Box™
(in % of securities holdings)
Fund (Investment segments)
(in %)
Agriculturals Energy Industrial metals Precious metals Livestock Energy Materials Cash
16.30 15.80 9.80 9.10 1.40 27.20 26.50 -6.10
Equities Commodities Bonds Commodity ETFs Cash and others
53.60 46.20 38.40 6.20 1.70
Goldman Sachs Commodity Index
(in %)
Bloomberg Commodity Index
(in %)
Energy Agriculturals Industrial metals Livestock Precious metals
62.80 16.80 9.30 7.10 4.00
Energy Agriculturals Industrial metals Precious metals Livestock
38.80 26.80 17.00 13.30 4.20
Market Capitalization Large
Mid
Small Value
Growth Blend
Investment Style
Morningstar Category™ Commodities - Broad Basket
Page
1 / 5
Note: The key terms are explained in the glossary.
Marketing Material
Factsheet: Deutsche Invest I Global Commodities Blend Commodity December 2016 Cumulative Performance (in %) 1m
1y
3y
5y
s. Launch
Ytd.
3yØ
5yØ
As at 30/12/2016
2016
FC(EUR)
2.8
17.5
--
--
-8.5
17.5
--
--
17.5
LC(EUR)
2.7
16.5
--
--
-9.9
16.5
--
--
16.5
NC(EUR)
2.7
16.1
--
--
-10.5
16.1
--
--
16.1
USD FC(USD)
2.3
13.5
--
--
-13.8
13.5
--
--
13.5
USD LC(USD)
2.3
12.5
--
--
-15.1
12.5
--
--
12.5
Fund Data Portfolio Manager
Scott Ikuss
Assets
Portfolio Manager since
07/11/2016
Fund Currency
Portfolio Management Company
Deutsche Investment Management Americas, Inc.
Portfolio Management Location
United States
Management Company
Deutsche Asset Management S.A.
Legal Structure
16.3 Mio. EUR EUR
Launch Date
30/04/2015
Fiscal Year End
31/12/2016
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 LU0982743832
DWS 1ZX
Accumulation
0.00%
91.51
91.51
0.00
0.750%
0.91% (1)
--
400,000
LC
EUR LU0982743675
DWS 1ZV
Accumulation
4.00%
93.82
90.07
0.00
1.500%
1.78% (1)
--
--
NC
EUR LU0982743758
DWS 1ZW
Accumulation
3.00%
92.25
89.48
0.00
1.750%
2.16% (1)
--
--
USD FC
USD LU1205724070
DWS 19S
Accumulation
0.00%
86.17
86.17
0.00
0.750%
0.91% (1)
--
400,000
4.00% USD LC USD LU1205730390 DWS 19T Accumulation 88.47 84.93 0.00 1.78% (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. The total expenses listed here represent an estimate since the Fund was launched on (FC:30/04/2015, LC:30/04/2015, NC:30/04/2015, USD FC:30/04/2015, USD LC:30/04/2015). 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]
Page
2 / 5
Note ¹ Based on the gross investment. 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. Please note that not all share classes and subfunds respectively are registered in every country. Units issued by Deutsche Invest SICAV may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. 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.
Legal Disclaimer
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 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.
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.
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
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.
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
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.
Description of Share Classes
CHF - share classes Share class CHF FCH There is no sales charge on units in class CHF FCH. Income is accumulated. The sub-fund currency is hedged automatically. The minimum initial investment is CHF 400.000. Exception: The minimum initial investment for money market funds is CHF 200.000. Share class CHF FCH (P) There is no sales charge on units in class CHF FCH (P). Income is accumulated. The portfolio currency is hedged automatically. The minimum initial investment is CHF 400.000. Exception: The minimum initial investment for money market funds is CHF 200.000. Share class CHF LCH There is a sales charge on units in class CHF LCH. Income is accumulated. The sub-fund currency is hedged automatically. Share class CHF LCH (P) There is a sales charge on units in class CHF LCH (P). Income is accumulated. The portfolio currency is hedged automatically.
CNY - share classes Share class RMB FC There is no sales charge on units in class RMB FC. Income is accumulated. The minimum initial investment is CNY 400.000. Exception: The minimum initial investment for money market funds is CNY 200.000. Share class RMB LC There is a sales charge on units in class RMB LC. Income is accumulated.
EUR - share classes Share class BC Units of class BC are currently subject to a contingent deferred sales charge (“CDSC”). The amount of this charge depends on the length of time the units are held. Share classes with the suffix “B” are only offered by authorized distributors. Share class FC There is no sales charge on units in class FC. Income is accumulated. The minimum initial investment is EUR 400.000. Exception: The minimum initial investment for money market funds is EUR 200.000. Share class FC (CE) There is no sales charge on units in class FC (CE). Income is accumulated. The minimum initial investment is EUR 400.000. Exception: The minimum initial investment for money market funds is EUR 200.000. In addition, the share class with the suffix "CE" for currency exposure aims to build up an additional position in the currencies in which the assets of the sub-fund's portfolio are denominated. Share class FCH There is no sales charge on units in class FCH. Income is accumulated. The sub-fund currency is hedged automatically. The minimum initial investment is EUR 400.000. Exception: The minimum initial investment for money market funds is EUR 200.000. Share class FD There is no sales charge on units in class FD. Income is distributed. The minimum initial investment is EUR 400.000. Exception: The minimum initial investment for money market funds is EUR 200.000. Share class IC There is no sales charge on units in class IC. Income is accumulated. Share class IC is intended exclusively for institutional investors. The minimum initial investment is EUR 1 million. Share class ID There is no sales charge on units in class ID. Income is distributed. Share class ID is intended exclusively for institutional investors. The minimum initial investment is EUR 1 million. Share class IDH There is no sales charge on units in class IDH. Income is distributed. The sub-fund currency is hedged automatically. Share class IDH is intended exclusively for institutional investors. The minimum initial investment is EUR 1 million. Share class LC There is a sales charge on units in class LC. Income is accumulated. Share class LC (BRIC)
Description of Share Classes
There is a sales charge on units in class LC. Income is accumulated. In addition, the share class with the suffix "BRIC" for the currencies of Brazil, Russia, India and China aims to build up an additional currency position against a currency basket. Share class LC (CC) There is a sales charge on units in class LC. Income is accumulated. In addition, the share class with the suffix “CC” for commodity countries aims to build up an additional currency position against this currency basket. Share class LCH There is a sales charge on units in class LCH. Income is accumulated. The sub-fund currency is hedged automatically. Share class LCH (P) There is a sales charge on units in class LCH (P). Income is accumulated. The portfolio currency is hedged automatically. Share class LD There is a sales charge on units in class LD. Income is distributed. Share class LDH There is a sales charge on units in class LDH. Income is distributed. The sub-fund currency is hedged automatically. Share class LDQ There is a sales charge on units in class LDQ. Income is distributed quarterly. Share class LS There is a sales charge on units in class LS. Income is accumulated. No performance-related fee is charged. Share class NC There is a lower sales charge on units in class NC, but in comparison with classes LC and LD, the management fee is somewhat higher. Income is accumulated. This share class is not publicly distributed in Germany. Share class NCH There is a lower sales charge on units in class NCH, but in comparison with classes LCH and LDH, the management fee is somewhat higher. Income is accumulated. The sub-fund currency is hedged automatically. This share class is not publicly distributed in Germany. Share class NCH (P) There is a lower sales charge on units in class NCH (P), but in comparison with classes LCH (P) and LDH, the management fee is somewhat higher. Income is accumulated. The portfolio currency is hedged automatically. This share class is not publicly distributed in Germany. Share class ND There is a lower sales charge on units in class ND, but in comparison with classes LC and LD, the management fee is somewhat higher. Income is distributed. This share class is not publicly distributed in Germany. Share class NDH There is a lower sales charge on units in class NDH, but in comparison with classes LCH and LDH, the management fee is somewhat higher. Income is distributed. The sub-fund currency is hedged automatically. This share class is not publicly distributed in Germany. Share class NDQ There is a lower sales charge on units in class NDQ, but in comparison with class LDQ, the management fee is somewhat higher. Income is distributed quarterly. This share class is not publicly distributed in Germany.
GBP - share classes Share class GBP FC There is no sales charge on units in class GBP FC. Income is accumulated. The minimum initial investment is GBP 400,000. Exception: The minimum initial investment for money market funds is GBP 200,000. Share class GBP FD DS There is no sales charge on units in class GBP FD DS. Income is distributed. In addition, this share class will seek to gain UK distributor status annually. This share class is intended exclusively for institutional investors. The minimum initial investment is GBP 400,000. Exception: The minimum initial investment for money market funds is EUR 200.000. Share class GBP LD DS There is a sales charge on units in class GBP LD DS. Income is distributed. In addition, this share class will seek to gain UK distributor status annually. The units of this share class are thus intended primarily for UK investors. Share class GBP RD
Description of Share Classes
There is no sales charge on units in class GBP RD. Income is distributed. In addition, this share class will seek to gain UK distributor status annually.
SGD - share classes Share class SGD LC There is a sales charge on units in class SGD LC. Income is accumulated. Share class SGD LCH (P) There is a sales charge on units in class SGD LCH (P). Income is accumulated. The portfolio currency is hedged automatically. Share class SGD LDQ There is a sales charge on units in class SGD LDQ. Income is distributed quarterly.
USD - share classes Share class USD FC There is no sales charge on units in class USD FC. Income is accumulated. The minimum initial investment is USD 400,000. Exception: The minimum initial investment for money market funds is USD 200,000. Share class USD FCH There is no sales charge on units in class USD FCH. Income is accumulated. The sub-fund currency is hedged automatically. The minimum initial investment is USD 400,000. Exception: The minimum initial investment for money market funds is USD 200,000. Share class USD FDQ There is no sales charge on units in class USD FDQ. Income is distributed quarterly. The minimum initial investment is USD 400,000. Exception: The minimum initial investment for money market funds is USD 200,000. Share class USD JD There is no sales charge on units in class JD. Income is distributed. The minimum initial investment is USD 1 million. Class JD is intended exclusively for institutional investors, according to the article 129 of the act dated December 20, 2002, whereas the distribution of units of the class JD is intended to organisations exclusively in terms of mutual investments. Share class USD KC There is a sales charge on units in class KC. Income is accumulated. In contrast to share class USD LC, share class USD KC has an initial unit value of USD 10, i.e., it has a different denomination. Share class USD LC There is a sales charge on units in class USD LC. Income is accumulated. Share class USD LCH There is a sales charge on units in class USD LCH. Income is accumulated. The sub-fund currency is hedged automatically. Share class USD LCH (P) There is a sales charge on units in class USD LCH (P). Income is accumulated. The portfolio currency is hedged automatically. Share class USD LD There is a sales charge on units in class USD LD. Income is distributed. Share class USD LDH There is a sales charge on units in class USD LDH. Income is distributed. The sub-fund currency is hedged automatically. Share class USD LDH (P) There is a sales charge on units in class USD LDH (P). Income is distributed quarterly. The portfolio currency is hedged automatically.
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]
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Internet: www.dws.com
