Deutsche Asset Management S.A. DWS Osteuropa. Semiannual Report Investment Fund Organized under Luxembourg Law

Transcription

1 Deutsche Asset Management S.A. DWS Osteuropa Semiannual Report 2018 Investment Fund Organized under Luxembourg Law

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3 Contents Semiannual report 2018 for the period from January 1, 2018, through June 30, 2018 General information... 2 Semiannual report DWS Osteuropa... 4 Semiannual financial statements

4 General information The fund described in this report is subject to the laws of Luxembourg. Performance The investment return, or performance, of a mutual fund investment is measured 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 investment accounts at Deutsche Asset Management 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 publication is as of June 30, 2018 (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, newspapers, etc.). 2

5 Semiannual report

6 DWS Osteuropa vs. Vergleichsindex Performance at a glance ISIN 6 months LU % MSCI EM Europe 10/40 ex Greece Index -5.6% in EUR 1 1 MSCI EM Europe 10/40 ex Greece Index in EUR since July 17, 2017 BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2018 Data on euro basis 4

7 The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Semiannual financial statements

8 Investment portfolio June 30, 2018 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Securities traded on an exchange Equities CEZ (CZ )... Count CZK Komercní Banka (CZ ).... Count CZK Moneta Money Bank (CZ ).... Count CZK Erste Bank der österreichischen Sparkassen (AT ).... Count EUR Raiffeisen Bank International (AT ).... Count EUR Altyn (GB00B015PT76).... Count GBP DP Eurasia (NL ).... Count GBP Magyar Telekom Telecommunications Co. (HU ).... Count HUF MOL Magyar Olaj- és Gázipari Nyilv. Részv. Cl.A (HU )... Count HUF OTP Bank Nyrt. (HU ).... Count HUF Richter Gedeon Vegyészeti Gyár Nyrt. (HU ). Count HUF Alior Bank (PLALIOR00045)... Count PLN Bank Polska Kasa Opieki (PLPEKAO00016).... Count PLN Bank Zachodni WBK (PLBZ )... Count PLN Ciech (PLCIECH00018).... Count PLN Cyfrowy Polsat (PLCFRPT00013).... Count PLN Globe Trade Centre (PLGTC ).... Count PLN Kernel Holding (LU ).... Count PLN Orange Polska (PLTLKPL00017).... Count PLN Pfleiderer Group A (PLZPW ).... Count PLN PGE Polska Grupa Energetyczna (PLPGER000010).... Count PLN Play Communications (LU )... Count PLN Polski Koncern Naftowy Orlen (PLPKN ).... Count PLN Polskie Gornictwo Naftowe i Gaz. S. A (PLPGNIG00014). Count PLN Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO ).... Count PLN Powszechny Zaklad Ubezpieczen (PLPZU ).... Count PLN Vostok New Ventures SDR (SE ).... Count SEK Akbank Bear. (TRAAKBNK91N6).... Count TRY Aygaz (TRAAYGAZ91E0).... Count TRY Haci Omer Sabanci Holding (TRASAHOL91Q5).... Count TRY Koc Holding (TRAKCHOL91Q8).... Count TRY Kron Telekomunikasyon Hizmetleri (TREKRON00014)... Count TRY Mavi Giyim Sanayi ve Ticaret (TREMAVI00037).... Count TRY Migros Ticaret (TREMGTI00012).... Count TRY Tofas Türk Otomobil Fabrikasi Cl.E (TRATOASO91H3)... Count TRY Tupras Turkiye Petrol Rafineleri (TRATUPRS91E8).... Count TRY Turkcell Iletisim Hizmetleri (TRATCELL91M1)... Count TRY Turkiye Garanti Bankasi (TRAGARAN91N1)... Count TRY Turkiye Halk Bankasi (TRETHAL00019).... Count TRY Turkiye Is Bankasi C (TRAISCTR91N2).... Count TRY Türkiye Vakiflar Bankasi (TREVKFB00019)... Count TRY Ülker Gida Bear. (TREULKR00015).... Count TRY Yapi Ve Kredi Bankasi (TRAYKBNK91N6) 3)... Count TRY Aktsionernaya Kompaniya ALROSA (RU ).. Count USD Etalon Group GDR Reg S (US29760G1031).... Count USD Gazprom ADR (US ).... Count USD Lukoil ADR (US69343P1057).... Count USD Magnit GDR (US55953Q2021).... Count USD Mail.ru Group GDR Reg S (US ).... Count USD MMC Norilsk Nickel (Sp. ADR) (US55315J1025).... Count USD Mobile Telesystems ADR (US ).... Count USD Moscow Exchange MICEX-RTS (RU000A0JR4A1).... Count USD Novatek GDR Reg S (US ).... Count USD Novolipetsk Steel GDR Reg S (US67011E2046).... Count USD Polyrus Sp. GDR (US73181M1172)... Count USD Qiwi ADR (US74735M1080).... Count USD Rosneft Oil GDR (US67812M2070)... Count USD Rostelekom (RU ).... Count USD Sberbank of Russia ADR (US80585Y3080).... Count USD Severstal PAO GDR Reg S (Oct. 2006) (US ). Count USD Surgutneftegaz Pref. (RU ).... Count USD Tatneft ADR (US ).... Count USD

9 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR VTB Bank GDR (US46630Q2021).... Count USD Barloworld (ZAE ).... Count ZAR Investec (ZAE ).... Count ZAR Unlisted securities Certificates UniCredit Bank WRT East Cap.Fin.Fd.Basket (DE000HV5LU28)... Count 100 EUR Total securities portfolio Cash at bank Demand deposits at Depositary EUR deposits.... EUR % Deposits in other EU/EEA currencies.... EUR % Deposits in non-eu/eea currencies Hong Kong dollar... HKD 1.00 % Turkish lira.... TRY % U.S. dollar.... USD % South African rand.... ZAR % Other assets Dividends receivable.... EUR % Other receivables... EUR % Total assets Other liabilities Liabilities from cost items.... EUR % Additional other liabilities.... EUR % Net assets Net asset value per unit Number of units outstanding Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of June 29, Czech koruna.... CZK = EUR 1 British pound... GBP = EUR 1 Hong Kong dollar... HKD = EUR 1 Hungarian forint.... HUF = EUR 1 Polish zloty... PLN = EUR 1 Swedish krona.... SEK = EUR 1 Turkish lira.... TRY = EUR 1 U.S. dollar.... USD = EUR 1 South African rand.... ZAR = EUR 1 7

10 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 performed 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. Investments reported in this report are valued to a minor extent at derived market values. Footnotes 1 Does not include positions with a negative balance, if such exist. 3 These securities are completely or partly lent as securities loans. The equivalent value of the lent securities is EUR 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 currency additions disposals ( / 000) Securities traded on an exchange Equities CCC (PLCCC )... Count CD Projekt (PLOPTTC00011)... Count Echo Investment (PLECHPS00019)... Count Eurocash Cl.A (PLEURCH00011)... Count KGHM Polska Miedz (PLKGHM000017)... Count Kruk (PLKRK )... Count Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) No fixed maturity EUR Security description: Dogtas Kelebek Mobilya Sanayi ve Ticaret (TRAKLBMO91C0), HALK Gayrimenkul REIT (TREHLGY00016), Koza Anadolu Metal Madencilik Isletmeleri (TREKOZA00014), Medicover Cl.B (SE ), Yapi Ve Kredi Bankasi (TRAYKBNK91N6) Medicover Cl.B (SE )... Count Arcelik (TRAARCLK91H5)... Count Dogtas Kelebek Mobilya Sanayi ve Ticaret (TRAKLBMO91C0)... Count Enerjisa Enerji (TREENSA00014)... Count HALK Gayrimenkul REIT (TREHLGY00016)... Count Koza Altin Isletmeleri (TREKOAL00014)... Count Koza Anadolu Metal Madencilik Isletmeleri (TREKOZA00014)... Count Ozak Gayrimenkul Yatirim Ortakligi REIT (TREOZAK00014)... Count TAV Havalimanlari Holding (TRETAVH00018)... Count Turk Telekomunikasyon (TRETTLK00013)... Count Yapi Ve Kredi Bankasi Right (TRRYKBK00023)... Count Bank Saint-Peterburg (RU )... Count Globaltrans Investment GDR Reg S (US37949E2046)... Count Inter RAO UES (RU000A0JPNM1)... Count Luxoft Holding Cl.A (VGG )... Count Magnit (RU000A0JKQU8)... Count MegaFon GDR (US58517T2096)... Count Rushydro Pao ADR (US )... Count TCS Group Holding GDR Reg S (US87238U2033).. Count TMK GDR Reg S (US87260R2013)... Count Veon Sp.ADR (US91822M1062)... Count X 5 Retail Group GDR Reg S (US98387E2054)... Count Clicks Group (ZAE )... Count MTN GROUP (ZAE )... Count

11 Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 Statement in accordance with Section A Stated in fund currency Securities lending Repurchase agreements Total return swaps 1. Assets used Absolute In % of the fund s net assets The 10 largest counterparties 1. Name Deutsche Bank AG, London United Kingdom 2. Name 3. Name 4. Name 5. Name 6. Name 7. Name 8. Name 9. Name 9

12 10. Name 3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, central counterparty) Bilateral Transactions classified by term to maturity (absolute amounts) Less than 1 day day to 1 week week to 1 month to 3 months months to 1 year More than 1 year No fixed maturity Type(s) and quality/qualities of collateral received Type(s): Bank balances Bonds Equities Other Quality/Qualities: Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity Units of a collective investment undertaking (hereinafter UCI ) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. 10

13 6. Currency/Currencies of collateral received Currency/Currencies: EUR; GBP; USD; JPY; AUD; CAD Collateral classified by term to maturity (absolute amounts) Less than 1 day day to 1 week week to 1 month to 3 months months to 1 year More than 1 year No fixed maturity Income and cost portions (before income adjustment) Income portion of the fund Absolute In % of gross income Cost portion of the fund Income portion of the Management Company Absolute In % of gross income Cost portion of the Management Company Income portion of third parties Absolute In % of gross income Cost portion of third parties Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute Lent securities in % of all lendable assets of the fund Total Share The 10 largest issuers, based on all SFTs and total return swaps 1. Name CRH Medical Corp Name Brookfield Renewable Partners L.P

14 3. Name Scentre Group Ltd Name Leasinvest Real Estate SCA Name Groupe CRIT S.A Name Ascencio S.C.A Name Nisso Corporation Name Drax Group PLC Name Brookfield Business Partners L.P Name Sartorius AG Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines custody type

15 14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ account holders Name Bank of New York Amount held in custody

16 Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2017: EUR million before profit appropriation Supervisory Board Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch (until January 31, 2018) Deutsche Bank Luxembourg S.A., Luxembourg Management Board Manfred Bauer Chairman Deutsche Asset Management S.A., Luxembourg Nathalie Bausch (since February 1, 2018) Deutsche Asset Management S.A., Luxembourg Ralf Rauch (until April 30, 2018) Deutsche Asset Management Investment GmbH, Frankfurt/Main Barbara Schots Deutsche Asset Management S.A., Luxembourg Auditor KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Depositary State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Fund Manager Deutsche Asset Management Investment GmbH Mainzer Landstraße Frankfurt/Main, Germany Sales, Information and Paying Agent Yves Dermaux (until June 5, 2018) Deutsche Bank AG, London Stefan Kreuzkamp Deutsche Asset Management Investment GmbH, Frankfurt/Main LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Frank Krings Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main As of: July 31, 2018

17 Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: Fax: