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Transcript of Deutsche Asset & Wealth Management Investment S.A. … · Deutsche Asset & Wealth Management...
Deutsche Asset Management
n DWS Global Agribusiness
Investment Fund Organized under Luxembourg Law
Annual Report 2015DWS Global
Deutsche Asset & Wealth Management Investment S.A.
DWS Global Agribusiness
1
Contents
Annual report 2015
for the period from January 1, 2015, through December 31, 2015
General information 2
Annual report, DWS Global
DWS Global Agribusiness 4
Annual financial statements
Investment portfolios and statements of income and expenses 8
Report of the Réviseur d’Entreprises agréé 14
2015
2
General information
The fund described in this report
is a sub-fund of an umbrella fund
organized under Luxembourg law.
Performance
The investment return, or performance,
of a mutual fund investment is meas
ured by the change in value of the
fund’s units. The net asset values per
unit (= redemption prices) with the
addition of intervening distributions,
which are, for example, reinvested free
of charge within the scope of invest
ment accounts at Deutsche Asset &
Wealth Management Investment S.A.,
are used as the basis for calculating the
value. Past performance is not a guide
to future results.
The corresponding benchmark – if
available – is also presented in the
report. All financial data in this publi
cation is as of December 31, 2015
(unless otherwise stated).
Sales prospectuses
Fund units are purchased on the basis
of the current sales prospectus and
management regulations, as well as
the key investor information document,
in combination with the latest audited
annual report and any semiannual report
that is more recent than the latest
annual report.
Issue and redemption prices
The current issue and redemption
prices and all other information for
unitholders may be requested at any
time at the registered office of the
Management Company and from the
paying agents. In addition, the issue
and redemption prices are published in
every country of distribution through
appropriate media (such as the Internet,
electronic information systems, news
papers, etc.).
The names of the following companies will change in March 2016:
Deutsche Asset & Wealth Management Investment GmbH will become Deutsche Asset Management Investment GmbHDeutsche Asset & Wealth Management International GmbH will become Deutsche Asset Management International GmbHDeutsche Asset & Wealth Management Investment S.A. will become Deutsche Asset Management S.A.
The official date of the entry into force of the renaming of the companies was not yet known at the time of the editorial deadline for this report; the previous company names are therefore used in this report.
Annual report
4
DWS Global Agribusiness
Investment objective and
performance in the reporting period
DWS Global Agribusiness focuses on
equities of global companies that are
active in the agribusiness value chain.
As part of the investment process,
particular attention is paid to compa-
nies that contribute to the elimination
of global inefficiencies in food produc-
tion and logistics and in consumption.
These include, for instance, fertilizer
manufacturers and seed producers,
producers of crop-protection chem-
icals and food producers, as well as
companies that generally operate in
the entire food value-added chain.
In the fiscal year through the end of
December 2015, the sub-fund recorded
a decline of 17.5% per unit (A2 unit
class, BVI method, in U.S. dollars).
Investment policy
in the reporting period
In fiscal year 2015, declining emerg-
ing markets and their currencies as
well as the weak commodity and
materials sectors had an adverse
impact on the portfolio of DWS Global
Agribusiness. The positive performance
of the sub-themes New Agribusiness
Technologies, Private Label, Land Qual-
ity and Operators, and Premier Proces-
sor was more than offset by weakness
in the sub-themes Nutrient Scarcity,
Organic Food, Emerging Brands and
Logistics.
In 2015 the Global Agribusiness strat-
egy continued to focus on Materials
and Consumer Staples as building
blocks for the agribusiness value chain.
In the area of Materials, the perfor-
DWS GLOBAL AGRIBUSINESSFive-year performance
115
110
105
100
95
90
85
80
* 12/2010 = 100Data on U.S. dollar basis
DWS Global Agribusiness (A2 unit class)
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.As of: December 31, 2015
12/11 12/12 12/13 12/1412/10* 12/15
mance of some of the investments
within the sub-theme of Nutrient Scar-
city, including Yara International and
Incitec Pivot, was not able to offset
the weakness of Potash Corp, Mosaic,
CF Industries and Intrepid Potash.
The strength of Yara International and
Incitec Pivot was driven by a strong
start in 2015, with higher prices and
volumes being recorded prior to the
second quarter. The sub-fund manage-
ment sold these stocks, as the valu-
ation targets had been reached. The
subsequent weakness of the fertilizer
producers Potash Corp, Mosaic, CF
Industries and Intrepid Potash was
driven by a reduction in nutrient prices.
This was due to depreciations of the
import country currencies in the sec-
ond half of the year.
In the New Agribusiness Technologies
sub-theme, the strong performance
of Syngenta, Dow Chemical and BISI
International more than offset weak-
ness from Darling Ingredients, Vilmorin
and FMC Corp. Due to a consolidation
in the seeds and chemical sector, Syn-
genta and Dow Chemical rose signifi-
cantly in price, while BISI International
profited from favorable government
policies that supported land growth in
Indonesia. Darling Ingredients, Vilmorin
and FMC suffered from company-spe-
cific factors. Darling Ingredients experi-
enced weaker prices for fat, tallow and
Performance of unit classes (in USD)
Unit class ISIN 1 year 3 years 5 years
Class A2 LU0264451831 -17.5% -16.6% -15.9%
Class E2 LU0264451757 -16.9% -14.7% -12.7%
Class FC (EUR)1 LU0264452722 -7.3% 3.1% 5.7%
Class LC (EUR)1 LU0264453456 -8.1% 0.9% 2.2%
Class A2 (SGD)2 LU0289847823 -11.7% -3.5% -7.7%1 in EUR2 in SGD
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2015
5
renewable energies. Vilmorin posted
weaker volume growth in the Eastern
European grain markets. FMC Corp.
was confronted with the challenge
of a weaker Brazilian real and high-
er-than-expected inventories of generic
chemicals.
Within Consumer Staples, the port-
folio lagged, among other reasons,
due to its exposure to the sub-themes
Organic Food, Emerging Brands and
Logistics. In Organic Food, the strong
performance of Panera due to good
results from Panera 2.0 store remod-
els and Wessanen with the strong
underlying growth rates of organic
food in Europe was more than offset
by the weakness of The Fresh Market,
United Natural Foods and SunOpta.
The Fresh Market suffered as con-
sensus expected that the company
would need to reinvest in price relative
to traditional retailers. United Natural
Foods was challenged due to slowing
results at Whole Foods, one of its key
customers. SunOpta was also nega-
tively affected by the contraction of
the sector and by concerns about the
financing of its Sunrise Growers Deals.
The sub-themes Emerging Markets
Brands and Distribution Inefficiencies
also performed weakly. The positive
performance of Yum! and Cafe de Coral
was more than offset by the weakness
of Charoen Pokphand, Petra Foods
and Tiger Brands. The latter stocks
suffered from company-specific and
macroeconomic challenges. Charoen
was impacted by a weaker economy
in Thailand and a depreciation of the
baht. Petra Foods also suffered from
the weakening of their domestic
economy and a devaluation of the
Indonesian rupiah. The stock of Tiger
Brands dropped because of challenges
in South Africa and the depreciation of
the rand. The stock of Shoprite Hold-
ings, part of the Distribution Inefficien-
cies sub-theme, fell for similar reasons.
Equities: 99.7%Fertilizers & Agricultural Chemicals
Agricultural Products
Food Products & Meat
Food Distributors
Brewers
Food Retail
Diversified Chemicals
Gastronomy
Marine Ports & Services
Soft Drinks
Other sectors
Not classified by MSCI system
Cash and other assets
23.1
17.9
40.3
4.0
2.9
2.3
2.01.5
1.4
1.1
1.9
1.3
0.3
In % of the fund’s net assets
0 10As of: December 31, 2015
20 40 5030
Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculatedpercentages.
DWS GLOBAL AGRIBUSINESSInvestment focus by sector
Annual financial statements with investment portfolios and
statements of income and expenses
The format used for complete dates
in securities descriptions in the invest-
ment portfolio is “day/month/year”.
8
Securities traded on an exchange 213 682 702.75 99.71 Equities Australian Agricultural Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . Count 2 182 900 1 100 280 AUD 1.34 2 132 241.75 1.00Coca-Cola Amatil Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 342 645 18 069 119 484 AUD 9.3 2 322 871.32 1.08GrainCorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 730 077 156 451 AUD 8.65 4 603 440.97 2.15Select Harvests Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 250 554 51 011 437 838 AUD 8.45 1 543 319.54 0.72BrasilAgro - Co Brasileira de Propriedades Agricolas . . . . . . . Count 429 406 218 469 BRL 11.05 1 196 675.06 0.56Fertilizantes Heringer SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 781 356 2 517 BRL 1.34 264 058.17 0.12M Dias Branco SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 27 292 272 BRL 65.8 452 905.00 0.21Metalfrio Solutions SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 338 39 339 118 017 BRL 2.03 20 139.75 0.01Minerva SA/Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 026 683 333 593 9 603 BRL 12.78 3 309 124.29 1.54Rumo Logistica Operadora Multimodal SA . . . . . . . . . . . . . . . Count 220 980 2 446 944 2 225 964 BRL 6.13 341 632.59 0.16Rumo Logistica Operadora Multinational 01/02/2016 . . . . . . . Count 79 399 79 399 BRL 0.3 6 007.34 0.00Santos Brasil Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . Count 212 102 2 117 BRL 12.1 647 255.86 0.30Sao Martinho SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 70 961 26 921 708 BRL 45.07 806 590.57 0.38SLC Agricola SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 275 686 161 189 BRL 16.4 5 276 348.74 2.46Wilson Sons Ltd -BDR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 168 727 95 371 BRL 32.21 1 370 632.94 0.64Feronia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 199 515 CAD 0.155 22 209.73 0.01Aryzta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 68 547 77 249 8 702 CHF 51.25 3 546 548.63 1.66Syngenta AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 404 5 386 35 251 CHF 394.2 4 538 344.15 2.12Anheuser-Busch InBev NV . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 895 14 895 EUR 115.75 1 882 712.93 0.88Ebro Puleva SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 110 926 301 371 EUR 18.28 2 214 277.99 1.03KTG Agrar AG-BR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 89 733 1 335 34 223 EUR 13.52 1 324 803.53 0.62KWS Saat AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 43 474 6 436 EUR 277 13 150 188.21 6.14Naturex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 737 18 EUR 71.91 214 924.88 0.10OCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 39 447 39 447 EUR 22.44 966 628.13 0.45Vilmorin & Cie SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 138 392 15 602 33 236 EUR 66.16 9 998 367.15 4.67Viscofan SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 13 542 8 875 EUR 57.74 853 851.19 0.40Tate & Lyle Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 329 440 71 068 95 140 GBP 6.025 2 942 876.46 1.37China Agri-Industries Holdings Ltd . . . . . . . . . . . . . . . . . . . . . Count 4 416 215 8 140 601 HKD 2.67 1 521 280.63 0.71China BlueChemical Ltd -H- . . . . . . . . . . . . . . . . . . . . . . . . . . Count 8 067 250 1 987 321 HKD 2.13 2 216 935.13 1.03China Merchants Holdings International Co., Ltd . . . . . . . . . . Count 300 776 7 358 2 891 HKD 24.45 948 789.59 0.44CPMC Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 682 711 285 560 HKD 4.77 1 035 561.22 0.48WH Group Ltd 144A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 707 425 1 557 651 HKD 4.4 2 104 616.24 0.98BISI International Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 116 451 25 625 494 IDR 1 350 305 257.31 0.14Grupo Comercial Chedraui SA de CV . . . . . . . . . . . . . . . . . . . Count 218 587 132 712 MXN 46.07 580 120.00 0.27Food Empire Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 139 800 2 299 000 SGD 0.21 317 399.26 0.15Petra Foods Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 364 000 258 000 SGD 2.11 542 496.91 0.25Charoen Pokphand Foods PCL . . . . . . . . . . . . . . . . . . . . . . . . Count 3 753 256 37 500 THB 18.3 1 908 700.43 0.89Adecoagro SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 153 907 400 019 USD 12.45 1 916 142.15 0.89Agrium, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 190 681 10 226 48 671 USD 91.31 17 411 082.11 8.12Ambev SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 935 914 259 742 550 854 USD 4.55 4 258 408.70 1.99Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 29 758 17 889 197 USD 36.95 1 099 558.10 0.51Bunge Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 82 713 25 796 28 444 USD 68.87 5 696 444.31 2.66CF Industries Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 458 208 496 950 100 758 USD 42.34 19 400 526.72 9.05Credicorp Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 226 2 300 USD 98.23 611 579.98 0.29CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 21 957 25 304 USD 26.15 574 175.55 0.27Darling International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 266 113 31 840 USD 10.6 2 820 797.80 1.32Dow Chemical Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 83 099 7 129 61 810 USD 52.32 4 347 739.68 2.03FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 771 36 012 241 USD 40.54 1 450 156.34 0.68Fresh Market, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 118 580 8 348 35 663 USD 23.58 2 796 116.40 1.31Green Plains, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 32 089 32 409 320 USD 22.56 723 927.84 0.34Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 28 301 35 847 7 546 USD 90.78 2 569 164.78 1.20Ingredion, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 7 050 16 188 USD 98.13 691 816.50 0.32Intrepid Potash, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 175 696 63 822 76 537 USD 3.03 532 358.88 0.25Israel Chemicals Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 171 131 154 524 USD 4.19 717 038.89 0.33Mondelez International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Count 48 113 5 511 45 072 USD 45.47 2 187 698.11 1.02Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 81 749 82 299 550 USD 99.62 8 143 835.38 3.80Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 595 816 82 141 219 079 USD 28.94 17 242 915.04 8.05Noodles & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 91 594 53 956 842 USD 10.5 961 737.00 0.45Panera Bread Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 136 3 962 29 118 USD 196.3 419 296.80 0.20Potash Corp. of Saskatchewan, Inc. . . . . . . . . . . . . . . . . . . . . Count 754 342 64 012 252 722 USD 17.75 13 389 570.50 6.25SunOpta, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 597 944 574 918 4 751 USD 6.85 4 095 916.40 1.91The Andersons, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 160 902 83 155 5 264 USD 31.85 5 124 728.70 2.39Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 489 1 358 867 USD 142.78 498 159.42 0.23TreeHouse Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 59 442 40 650 26 534 USD 80.2 4 767 248.40 2.22Tyson Foods, Inc. -A- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 11 443 25 523 14 080 USD 53.59 613 230.37 0.29Union Agriculture Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . Count 275 000 USD 10.2 2 805 000.00 1.31United Natural Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 86 334 86 830 496 USD 39.79 3 435 229.86 1.60Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 24 868 19 497 26 208 USD 73.81 1 835 507.08 0.86Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 10 362 42 248 USD 48.25 499 966.50 0.23Shoprite Holdings Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 170 787 177 303 ZAR 144.05 1 585 274.01 0.74Tiger Brands Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 50 515 55 763 ZAR 316.5 1 030 220.86 0.48 Unlisted securities 59.53 0.00 Equities Sintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . . . . . . . . . . . Count 89 195 EUR 0 9.74 0.00Sintal Agriculture -Reg- -GDR- . . . . . . . . . . . . . . . . . . . . . . . . . Count 497 937 USD 0 49.79 0.00 Total securities portfolio 213 682 762.28 99.71
Investment portfolio – December 31, 2015
Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % ofDescription units/ principal additions disposals value in net assets currency amount in the reporting period USD
DWS Global Agribusiness
9
Cash at bank 1 018 612.50 0.48 Demand deposits at Depositary EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 7 177 7 837 .21 0 .00 Deposits in other EU/EEA currencies British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 16 23 .80 0 .00Norwegian krone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 1 719 194 .94 0 .00 Deposits in non-EU/EEA currencies Australian dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 759 553 .31 0 .00Brazilian real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BRL 6 1 .46 0 .00Hong Kong dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HKD 8 665 1 117 .88 0 .00Singapore dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 2 1 .47 0 .00South Korean won . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 6 714 5 .73 0 .00U .S . dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 008 876 .70 0 .48 Other assets 545 455.41 0.26Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 567 .79 0 .16Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 887 .62 0 .10 Receivables from share certificate transactions 30 783.80 0.01 Total assets 215 277 613.99 100.46 Other liabilities -358 195.50 -0.17Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . . . . -358 195 .50 -0 .17 Liabilities from share certificate transactions -622 153.48 -0.29 Total liabilities -980 348.98 -0.46 Net assets 214 297 265.01 100.00 Negligible rounding errors may have arisen due to the rounding of calculated percentages . Net asset value per unit and Count/ Net asset value per unitnumber of units outstanding currency in the respective currency
Net asset value per unit Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 149 .24Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 138 .65Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 0 .95Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 119 .97Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 129 .14 Number of units outstanding Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 84 866Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 99 857Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 49 019 210Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 211 926Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 54 209 Composition of the reference portfolio (according to CSSF circular 11/512)S&P Global Agribusiness Equity Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512) Lowest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 76 .971 Highest market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . . % 92 .520 Average market risk exposure . . . . . . . . . . . . . . . . . . . . . . . . % 87 .028 The values-at-risk were calculated for the period from January 1, 2015, through December 31, 2015, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .
In the reporting period, the average leverage effect from the use of derivatives was 0 .0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach) .
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0 .00 as of the reporting date .
DWS Global Agribusiness
Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % ofDescription units/ principal additions disposals value in net assets currency amount in the reporting period USD
10
Exchange rates (indirect quotes)
As of December 30, 2015 Australian dollar . . . . . . . . . . . . . . . . . . AUD 1 .371836 = USD 1Brazilian real . . . . . . . . . . . . . . . . . . . . BRL 3 .965100 = USD 1Canadian dollar . . . . . . . . . . . . . . . . . . CAD 1 .392400 = USD 1Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 0 .990550 = USD 1Euro . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 0 .915751 = USD 1British pound . . . . . . . . . . . . . . . . . . . GBP 0 .674468 = USD 1Hong Kong dollar . . . . . . . . . . . . . . . . HKD 7 .750900 = USD 1Indonesian rupiah . . . . . . . . . . . . . . . . IDR 13 782 .500000 = USD 1South Korean won . . . . . . . . . . . . . . . . KRW 1 172 .550000 = USD 1Mexican peso . . . . . . . . . . . . . . . . . . . MXN 17 .359000 = USD 1Norwegian krone . . . . . . . . . . . . . . . . . NOK 8 .819200 = USD 1Singapore dollar . . . . . . . . . . . . . . . . . SGD 1 .415750 = USD 1Thai baht . . . . . . . . . . . . . . . . . . . . . . . THB 35 .985000 = USD 1South African rand . . . . . . . . . . . . . . . . ZAR 15 .519000 = USD 1
Notes on valuation
The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund . The basic provision of price data and price validation are per-formed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus .
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure .
Assets reported in this report are valued to a small extent at derived market values .
DWS Global Agribusiness
11
Transactions completed during the reporting period that no longer appear in the investment portfolio:
Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count/ Purchases/ Sales/ Description units/ currency additions disposals
Securities traded on an exchange
EquitiesAGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 35 588ALL - America Latina Logistica SA . . . . . . . . . . . Count 772 581Astarta Holding NV . . . . . . . . . . . . . . . . . . . . . . . Count 158 805Cafe de Coral Holdings Ltd . . . . . . . . . . . . . . . . . Count 258 971China Fishery Group Ltd . . . . . . . . . . . . . . . . . . . Count 9 349 362China Fishery Group Ltd - Rights Exp 22Apr15 . Count 6 206 769 6 206 769ConAgra Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . Count 10 556 245 187Cresud SA -ADR- . . . . . . . . . . . . . . . . . . . . . . . . . Count 272 652Fertilizantes Heringer SA -Rights Exp 09Jan15 . . Count 135 710Incitec Pivot Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 310 1 355 599Kernel Holding SA . . . . . . . . . . . . . . . . . . . . . . . . Count 478 376Keurig Green Mountain, Inc. . . . . . . . . . . . . . . . . Count 13 882 13 882Koninklijke Wessanen NV . . . . . . . . . . . . . . . . . . Count 374 538Minerva SA/Brazil . . . . . . . . . . . . . . . . . . . . . . . . Count 17 785 17 785Novorossiysk Commercial Sea Port PJSC . . . . . Count 5 095 078Novorossiysk Commercial Sea Port PJSC -GDR- Count 130 369Post Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . Count 43 831Razgulay Group . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 467 734 2 467 734Razgulay Group OJSC . . . . . . . . . . . . . . . . . . . . . Count 2 467 734SABMiller Plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 47 506Yara International ASA . . . . . . . . . . . . . . . . . . . . . Count 222 082
DWS Global Agribusiness
Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown)
Additions DisposalsWarrants
Warrants on securities
Equity warrantsKTG Agrar SE Anrechte 20/08/2015 . . . . . . . . . . Count 112 140 112 140 Value (’000) Futures contracts
Currency futures (short)
Futures contracts to sell currenciesUSD/AUD USD 300USD/BRL USD 10USD/EUR USD 865USD/ZAR USD 174
12
DWS Global Agribusiness
Statement of changes in net assets 2015
I. Value of the fund’s net assets at the beginning of the fiscal year . . . . . . . . . . . . . . . . USD 347 998 856.83
1. Net inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -87 028 244.82 a) Inflows from subscriptions . . . . . . . . . . . . . . . . . . . . . USD 36 545 275.39 b) Outflows from redemptions . . . . . . . . . . . . . . . . . . . . USD -123 573 520.212. Income adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -2 500 392.313. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 981 176.284. Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 528 681.825. Net change in unrealized appreciation/depreciation . . . . USD -25 625 449.15
II. Value of the fund’s net assets at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . USD 214 297 265.01
Summary of the gains/losses 2015
Realized gains/losses (incl. income adjustment) . . . . . . . USD -20 528 681.82
from: Securities transactions . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 162 856.27 (Forward) currency transactions . . . . . . . . . . . . . . . . . . USD -365 825.55
Details on the distribution policy*
Class FC (EUR)
The income for the fiscal year is reinvested.
Class LC (EUR)
The income for the fiscal year is reinvested.
Class A2 (SGD)
The income for the fiscal year is reinvested.
Class A2
The income for the fiscal year is reinvested.
Class E2
The income for the fiscal year is reinvested.
* Additional information is provided in the sales prospectus.
for the period from January 1, 2015, through December 31, 2015
I. Income1. Dividends (before withholding tax) . . . . . . . . . . . . . . . . . USD 5 892 834.352. Deduction for foreign withholding tax . . . . . . . . . . . . . . . USD -72 059.013. Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 88 137.96
Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 5 908 913.30
II. Expenses1. Interest on borrowings and negative interest on deposits . . . . . . . . . . . . . . . . . . . . . USD -1 228.152. Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -3 590 510.13 thereof: Basic management fee . . . . . . . . . . . . . . . . . . . . . . . . . USD -3 546 872.24 Administration fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -43 637.893. Depositary fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -4 430.094. Auditing, legal and publication costs . . . . . . . . . . . . . . . . USD -88 260.305. Taxe d‘abonnement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -111 442.796. Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -131 865.56
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -3 927 737.02
III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 1 981 176.28
IV. Sale transactionsRealized gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 528 681.82
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD -20 528 681.82
V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD -18 547 505.54
BVI total expense ratio (TER)
The total expense ratio for the unit classes was:
Class FC (EUR) 0.93% p.a., Class LC (EUR) 1.67% p.a., Class A2 (SGD) 1.66% p.a., Class A2 1.65% p.a., Class E2 0.89% p.a.
The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective unit class for a given fiscal year.
Transaction costs
The transaction costs paid in the reporting period amounted to USD 249 042.52.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.
Statement of income and expenses (incl. income adjustment)
13
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.0% of all transactions. The total volume was USD 0.00.
Since the fund’s operations as of December 31, 2015, referred only to the sub-fund DWS Global Agribusiness, the financial statements for the sub-fund simultaneously represent the consolidated figures for the entire fund.
DWS Global Agribusiness
Changes in net assets and in the net asset value per unit over the last three years
Net assets at the end of the fiscal year2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 214 297 265.012014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 347 998 856.832013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 450 255 496.79 Net asset value per unit at the end of the fiscal year 2015 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 149.24 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 138.65 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 0.95 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 119.97 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 129.142014 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 161.03 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 150.84 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 1.08 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 145.42 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 155.362013 Class FC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 141.90 Class LC (EUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 133.37 Class A2 (SGD) . . . . . . . . . . . . . . . . . . . . . . . . . . . SGD 1.04 Class A2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 145.67 Class E2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 154.46
14
REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ
To the unitholders of DWS Global
We have audited the accompanying financial statements of DWS Global and its sub-fund, which comprise the statement of net
assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2015, the statement of
income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant
accounting policies and other explanatory notes to the financial statements.
Responsibility of the Management Board of the Management Company for the financial statements
The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the finan-
cial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements
and for the internal controls considered necessary to enable the financial statements to be prepared such that they are free from
material misstatement, irrespective of whether this is due to fraud or error.
Responsibility of the Réviseur d’Entreprises agréé
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with International Standards on Auditing as adopted by the Commission de Surveillance du Secteur Financier for Luxembourg. Those
standards require that we comply with professional conduct requirements and plan and perform the audit to obtain reasonable assur-
ance whether the financial statements are free from material misstatement.
An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the financial state-
ments. The procedures selected depend on the judgment of the Réviseur d’Entreprises agréé, including the assessment of the risks
of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur
d’Entreprises agréé considers internal control relevant to the entity’s preparation and proper overall presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of evaluating the
effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by the Management Board of the Management Company, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
KPMG Luxembourg, Société coopérative, a Luxembourg entity and T.V.A. LU 27351518a member firm of the KPMG network of independent member firms affiliated with R.C.S. Luxembourg B 149133KPMG International Cooperative (”KPMG International“), a Swiss entity
KPMG Luxembourg, Société coopérative Tel: +352 22 51 51 139, Avenue John F. Kennedy Fax: +352 22 51 711855 Luxembourg, Luxembourg Email: [email protected] Internet: www.kpmg.lu
KPMG issued an unqualified audit opinion for
the full annual report. The translation of the
report of the Réviseur d’Entreprises agréé
(the independent auditor’s opinion) is as follows:
15
Audit opinion
In our opinion, the financial statements give a true and fair view of the financial position of DWS Global and its sub-fund as of
December 31, 2015, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with
Luxembourg legal and regulatory requirements relating to the preparation of financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject
to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on
such information. However, we have no observation to make concerning such information in the context of the financial statements
taken as a whole.
Luxembourg, March 23, 2016
KPMG Luxembourg
Société coopérative
Cabinet de révision agréé
Harald Thönes
Management Company
Deutsche Asset & Wealth Management
Investment S.A.
2, Boulevard Konrad Adenauer
1115 Luxembourg, Luxembourg
Equity capital as of December 31, 2015:
EUR 251.7 million before profit appropriation
At the extraordinary general meeting of
DWS Investment S.A. on April 24, 2015, a
resolution was passed to change the name
of the company to Deutsche Asset & Wealth
Management Investment S.A. effective
May 1, 2015. Furthermore, it was decided to
change over from the single-tier organizational
structure in place up to that point to a dual
organizational structure. On the basis of this
resolution, the Management Board, under the
supervision of the Supervisory Board, has been
responsible for operational management since
May 1, 2015.
Board of Directors (until April 30, 2015)
Holger Naumann
Chairman
Deutsche Asset & Wealth Management
Investment GmbH, Frankfurt/Main
Heinz-Wilhelm Fesser
DWS Investment S.A., Luxembourg
Marzio Hug
Deutsche Bank AG, London
Dr. Boris N. Liedtke
Deutsche Bank Luxembourg S.A., Luxembourg
Dr. Matthias Liermann
Deutsche Asset & Wealth Management
Investment GmbH, Frankfurt/Main
Klaus-Michael Vogel
DWS Investment S.A., Luxembourg
Dr. Asoka Wöhrmann
Deutsche Asset & Wealth Management
Investment GmbH, Frankfurt/Main
Supervisory Board (since May 1, 2015)
Holger Naumann
Chairman
Deutsche Asset & Wealth Management
Investment GmbH, Frankfurt/Main
Nathalie Bausch
Deutsche Bank Luxembourg S.A., Luxembourg
Reinhard Bellet
Deutsche Bank AG, Frankfurt/Main
Marzio Hug
Deutsche Bank AG, London
Stefan Kreuzkamp (since February 1, 2016)
Deutsche Asset & Wealth Management
Investment GmbH, Frankfurt/Main
Dr. Boris N. Liedtke (until December 31, 2015)
Deutsche Bank Luxembourg S.A., Luxembourg
Dr. Matthias Liermann
Deutsche Asset & Wealth Management
Investment GmbH, Frankfurt/Main
Dr. Asoka Wöhrmann (until December 31, 2015)
Deutsche Bank AG, Frankfurt/Main
Management (until April 30, 2015)
Klaus-Michael Vogel
DWS Investment S.A., Luxembourg
Manfred Bauer
DWS Investment S.A., Luxembourg
Markus Kohlenbach
DWS Investment S.A., Luxembourg
Doris Marx
DWS Investment S.A., Luxembourg
Ralf Rauch
DWS Investment S.A., Luxembourg
Martin Schönefeld
DWS Investment S.A., Luxembourg
Management Board (since May 1, 2015)
Dirk Bruckmann (since January 14, 2016)
Chairman
Deutsche Asset & Wealth Management
Investment GmbH, Frankfurt/Main
Manfred Bauer (until December 31, 2015)
Deutsche Bank AG,
Frankfurt/Main
Ralf Rauch
Deutsche Asset & Wealth Management
Investment S.A., Luxembourg
Martin Schönefeld
Deutsche Asset & Wealth Management
Investment S.A., Luxembourg
Barbara Schots
Deutsche Asset & Wealth Management
Investment S.A., Luxembourg
Auditor
KPMG Luxembourg
Société coopérative
39, Avenue John F. Kennedy
1855 Luxembourg, Luxembourg
Depositary
Until April 22, 2015:
State Street Bank Luxembourg S.A.
49, Avenue J. F. Kennedy
1855 Luxembourg, Luxembourg
Since April 23, 2015:
State Street Bank Luxembourg S.C.A.
49, Avenue J. F. Kennedy
1855 Luxembourg, Luxembourg
Fund Manager
Global Thematic Partners, LLC
681 Fifth Avenue
New York, NY 10022
U.S.A.
Sales, Information and Paying Agent
LUxEMBOURG
Deutsche Bank Luxembourg S.A.
2, Boulevard Konrad Adenauer
1115 Luxembourg, Luxembourg
As of: February 29, 2016
Deutsche Asset & Wealth Management Investment S.A.2, Boulevard Konrad Adenauer1115 Luxembourg, LuxembourgTel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00