DB Portfolio Semiannual Report 2013

Transcription

1 Deutsche Asset & Wealth Management DWS Investment S.A. DB Portfolio Semiannual Report 2013 DB Portfolio Euro Liquidity Investment Fund Organized under Luxembourg Law

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3 Contents Semiannual report 2013 for the period from January 1, 2013, through June 30, 2013 General information Semiannual report DB Portfolio DB Portfolio Euro Liquidity 4 Investment portfolio for the reporting period 6 1

4 General information The fund described in this report is a sub-fund of an umbrella fund organized under 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 DWS, 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, 2013 (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 2013 Semiannual report

6 DB PORTFOLIO EURO LIQUIDITY vs. benchmark Performance at a glance in % months DB Portfolio Euro Liquidity Benchmark 3M EUR LIBID Data on euro basis BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2013 DB PORTFOLIO EURO LIQUIDITY Composition Bonds* Time deposit Investment funds Cash and other assets In % of the fund s net assets (* incl. pro-rata accrued interest) Security code: ISIN: LU As of: June 30,

7 The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. 0Investment 0 portfolio for the reporting period

8 Investment portfolio June 30, 2013 Count Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Securities traded on an exchange Interest-bearing securities % ABN AMRO Bank 10/ MTN (XS )... EUR % % ABN AMRO Bank 11/ MTN (XS )... EUR % % ABN AMRO Bank 13/ MTN (XS )... EUR % % ABN AMRO Bank 13/ MTN (XS )... EUR % % Agence Française Développem. 12/ MTN (XS ) 3)... EUR % % Air Liquide Finance 13/ MTN (FR )... EUR % % Bank Nederlandse Gemeenten 11/ MTN (XS ) 3)... EUR % % Bank of Nova Scotia 07/ MTN (XS )... EUR % % Bank of Scotland 06/ MTN (XS )... EUR % % Banque Fédérative Crédit Mut. 12/ MTN (XS )... EUR % % Banque Fédérative Crédit Mut. 12/ MTN (XS )... EUR % % Banque Fédérative Crédit Mut. 13/ MTN (XS )... EUR % % Barclays Bank 12/ MTN (XS )... EUR % % Bayerische Landesbank 11/ ÖPF (DE000BLB6H20) 3)... EUR % % Bayerische Landesbank 12/ S PF (DE000BLB1JE2)... EUR % % Belfius Bank 13/ MTN (BE )... EUR % % Berlin 09/ A.287 LSA (DE000A1A6MZ2) 3)... EUR % % Berlin-Hannover.Hypo.bk. 11/ HPF S.164 (DE000BHY1166) 3)... EUR % % BMW Australia Finance 12/ MTN (XS ) 3)... EUR % % BMW Finance 13/ MTN (XS )... EUR % % BMW US Capital 12/ MTN (DE000A1HC074)... EUR % % BNP Paribas 10/ MTN (XS )... EUR % % BNP Paribas 12/ MTN (XS )... EUR % % BNP Paribas 13/ MTN (XS )... EUR % % BPCE 12/ MTN (FR ) 3). EUR % % BPCE 12/ MTN (FR )... EUR % % BPCE 13/ MTN (FR )... EUR % % BPCE 13/ MTN (FR )... EUR % % BPCE SFH 12/ MTN PF (FR )... EUR % % Caisse Amortism. Dette Soc. 11/ MTN (XS ) 3)... EUR % % Caisse Amortism. Dette Soc. 12/ MTN (FR )... EUR % % Caisse des Dépôts et Consignations 12/ MTN (FR )... EUR % % Caisse Francaise Fin. Local 07/ MTN ÖPF (FR ) 3).. EUR % % Cie. Financement Foncier 07/ MTN PF (FR )... EUR % % Cie. Financement Foncier 07/ MTN PF (FR ) 3)... EUR % % Cie. Financement Foncier 11/ MTN PF (FR )... EUR % % Cie. Financement Foncier 13/ MTN PF (FR )... EUR % % CM-CIC Home Loan 12/ MTN PF (FR ) 3)... EUR %

9 Count Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets % Commerzbank 07/ S.612 MTN (XS )... EUR % % Commerzbank 11/ S. 790 MTN (DE000CZ40HS1)... EUR % % Crédit Agricole (London Br.) 12/ MTN (XS )... EUR % % Daimler International Finance 09/ MTN (DE000A0T5SE6)... EUR % % Daimler International Finance 11/ MTN (DE000A1GQ9C5)... EUR % % Danske Bank 12/ MTN (XS )... EUR % % DekaBank DGZ 04/ S.66 IHS MTN (XS )... EUR % % DekaBank DGZ 04/ S.61 IHS MTN (XS ) 3) EUR % % Deutsche Bank (London Br.) 09/ MTN (XS )... EUR % % Deutsche Bank 05/ (DE000DB2D9G9)... EUR % % Deutsche Bank 12/ MTN (DE000DB5DDC6)... EUR % % Deutsche Bank 13/ MTN (DE000DB5DDE2)... EUR % % Deutsche Hypothekenbank 11/ HMTN PF (DE000DHY3103)... EUR % % Deutsche Hypothekenbank 11/ S.331 MTN PF (DE000DHY3319) 3)... EUR % % Deutsche Hypothekenbank 12/ MTN PF (DE000DHY3640) 3)... EUR % % Deutsche Pfandbriefbank 12/ R.25056MTN ÖPF (DE000A1PGTN4) 3)... EUR % % Deutsche Telekom Int. Finance 08/ MTN (DE000A0TWHZ4)... EUR % % Dexia Kommunalbank 07/ E.1532 ÖPF (DE000DXA0TA6) 3)... EUR % % Dexia Kommunalbank 11/ E.1629 MTN ÖPF (DE000DXA1NN0) 3)... EUR % % DG Hypothekenbank 07/ R.1047 ÖPF (DE000A0KPXU5)... EUR % % DG Hypothekenbank 11/ MTN PF (DE000A1KQWM0)... EUR % % DNB Bank 07/ MTN (XS )... EUR % % DZ BANK 11/ R.2849 (DE000DZ5WFC3) 3)... EUR % % DZ BANK 11/ R.2843 (DE000DZ1JE00) 3)... EUR % % DZ BANK 12/ S.C13 IHS MTN (DE000DZ9VAF1)... EUR % % DZ BANK 12/ R.2888 (DE000DZ1JJK4) 3)... EUR % % EARLS Eight /BVV 05/ S.190 MTN (XS )... EUR % % EnBW International Finance 08/ MTN (XS )... EUR % % Erste Abwicklungsanstalt 12/ MTN (DE000EAA0CV4)... EUR % % Erste Group Bank 12/ MTN PF (XS )... EUR % % EUROFIMA 11/ MTN (XS ) 3) EUR % % FMS Wertmanagement 12/ MTN (XS )... EUR % % France O.A.T. 02/ (FR ) 3) EUR % % France Télécom 09/ MTN (XS )... EUR % % GE Capital European Funding 07/ MTN (XS )... EUR % % GE Capital European Funding 07/ MTN (XS )... EUR % % GE Capital European Funding 08/ MTN (XS )... EUR % % Germany 08/ S.153 BO (DE ) 3)... EUR %

10 Count Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets % Granite Mortgages / S.2 Cl.A2 (XS )... EUR % % HSBC Bank 11/ MTN (XS ) 3) EUR % % HSBC Bank 13/ MTN (XS )... EUR % % HSH N Finance (Guernsey) 03/ MTN (XS )... EUR % % HSH Nordbank 03/ MTN S.314 Tr.1 (XS )... EUR % % HSH Nordbank 04/ E IHS (DE000HSH0EM9) 3)... EUR % % Hypo Alpe-Adria Bank Int. 07/ MTN (XS )... EUR % % Hypo Alpe-Adria Bank Int. 07/ MTN (XS )... EUR % % HYPO NOE Gruppe Bank 13/ MTN (XS )... EUR % % Hypo.bank Frankfurt 06/ E.HBE0H9 ÖPF (DE000HBE0H93)... EUR % % HYPO-BANK BURGENLAND 00/ (AT )... EUR % % ING Bank 12/ MTN (XS )... EUR % % ING Bank 13/ MTN (XS )... EUR % % Italy B.T.P. 03/ (IT )... EUR % % JPMorgan Chase 06/ MTN (XS )... EUR % % JPMorgan Chase 07/ MTN (XS )... EUR % % La Banque Postale 12/ MTN (FR )... EUR % % Landesbank Saar 04/ S.248 (DE )... EUR % % LB Baden-Württemberg 05/ R.313 IHS (DE000LBW4H10)... EUR % % LB Baden-Württemberg 07/ E.172 IHS (DE000LRP0YS9) 3)... EUR % % LB Hessen-Thüringen 03/ E.515 IHS (DE )... EUR % % LB Hessen-Thüringen 04/ S.H131 IHS MTN (XS ) 3)... EUR % % MAN 13/ MTN (XS )... EUR % % Morgan Stanley & Co. 07/ MTN (XS )... EUR % % Morgan Stanley 07/ MTN (XS )... EUR % % Münchener Hypothekenbk. 03/ S.1117 IHS (DE )... EUR % % Münchener Hypothekenbk. 12/ S.1522 IHS MTN (DE000MHB8363)... EUR % % National Australia Bank 10/ MTN (XS )... EUR % % Nationwide Building Society 12/ MTN (XS )... EUR % % Nederlandse Waterschapsbank 11/ MTN (XS ) 3)... EUR % % Norddt. Landesbank 03/ S.585 IHS (DE )... EUR % % Norddt. Landesbank 03/ S.566 IHS (DE )... EUR % % Norddt. Landesbank 04/ IHS MTN (DE000A0AQMQ5)... EUR % % Norddt. Landesbank 07/ S.1237 ÖPF (DE000NLB24A3)... EUR % % OSEO 13/ MTN (FR ).. EUR % % Pohjola Pankki 12/ MTN (XS )... EUR % % Pohjola Pankki 12/ MTN (XS )... EUR % % QNB Finance 13/ (XS ). EUR % % QNB Finance 13/ MTN (XS )... EUR % % Rabobank 09/ MTN (XS )... EUR %

11 Count Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets % Rabobank 12/ MTN (XS )... EUR % % Rabobank 12/ MTN (XS ) 3) EUR % % Rabobank 13/ MTN (XS )... EUR % % Royal Bank of Scotland 08/ MTN (XS )... EUR % % Royal Bank of Scotland 09/ (NL )... EUR % % Société Générale 08/ MTN (XS ) 3)... EUR % % Société Générale 12/ MTN (XS )... EUR % % Societe Generale 12/ MTN (XS )... EUR % % Société Générale 13/ MTN (XS )... EUR % % Standard Chartered Bank 12/ MTN (XS )... EUR % % Standard Chartered Bank 13/ MTN (XS )... EUR % % Svenska Handelsbanken 12/ MTN (XS )... EUR % % Sveriges Bostadsfinansierings 10/ MTN (XS )... EUR % % Sveriges Bostadsfinansierings 12/ MTN (XS ) 3)... EUR % % Swedbank 12/ MTN (XS )... EUR % % Swedbank 13/ MTN (XS )... EUR % % Vattenfall 08/ MTN (XS ). EUR % % Volkswagen Financial Services 12/ MTN (XS )... EUR % % Volkswagen Leasing 13/ MTN (XS )... EUR % % Westdt. ImmobilienBank 03/ R.19 IHS (DE )... EUR % % WL BANK 12/ R.263 MTN IHS (DE000A1REXT4)... EUR % % WL BANK 12/ R.257 IHS MTN (DE000A1REV11)... EUR % % CLASS/DB CapFT 09/und. MTN (XS )... USD % % Regal/DB Bank Capital 99/ MTN S.17 (XS )... USD % % Royal Bank of Scotland 04/ MTN (XS ) 3)... USD % Unlisted securities Interest-bearing securities % Dexia Crédit Local CD (FR ) EUR % Investment fund units In-group fund units DWS Invest European Bonds FC (LU ) (0.500%+)... Count EUR DWS Invest Global Bonds FC (LU ) (0.500%+)... Count EUR DWS Invest Income Strategy Currency FC (LU ) (0.500%+)... Count EUR Total securities portfolio

12 Count Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Derivatives Minus signs denote short positions Currency derivatives Currency futures (short) Open positions USD/EUR million Cash at bank Demand deposits at Custodian EUR deposits... EUR % Deposits in other EU/EEA currencies... EUR % Deposits in non-eu/eea currencies Japanese yen... JPY % U.S. dollar... USD % Time deposit EUR deposits (HSH Nordbank AG, Hamburg)... EUR % Other assets Interest receivable... EUR % Other receivables... EUR % 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 28, 2013 Japanese yen... JPY = EUR 1 U.S. dollar... USD = EUR 1 Notes on the 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 small extent at derived market values. The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the fund held units of other investment funds (target funds) during the period under review, further costs, charges and fees may have been incurred at the level of these individual target funds. No initial sales charges or redemption fees were paid during the period under review. Footnotes 3) Some or all of these securities are lent. The equivalent value of the lent securities is EUR 137,584,

13 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 Description Count currency ( / 000) Purchases/ additions Sales/ disposals Description Count currency ( / 000) Purchases/ additions Sales/ disposals Securities traded on an exchange Interest-bearing securities % ABN AMRO Bank 10/ MTN (XS )... EUR % ABN AMRO Bank 12/ MTN (XS )... EUR % ABN AMRO Bank 12/ MTN (XS )... EUR % Agence Française Développem. 11/ MTN (XS )... EUR % Banque Fédérative Crédit Mut. 11/ MTN (XS ). EUR % Barclays Bank 09/ MTN (XS )... EUR % Bayerische Landesbank 11/ ÖPF (DE000BLB8DB6)... EUR % Bayerische Landesbank 11/ PF (XS )... EUR % BMW Finance 12/ MTN (XS )... EUR % BNP Paribas 10/ MTN (XS )... EUR % BPCE 12/ MTN (FR )... EUR % Caisse Centrale du Crédit Im. 10/ MTN (XS ). EUR % Crédit Agricole (London Br.) 10/ MTN (XS ). EUR % Daimler International Finance 11/ MTN (DE000A1GV811)... EUR % Daimler International Finance 11/ MTN (DE000A1GQ9S1)... EUR % Danske Bank 06/ MTN (XS )... EUR % DekaBank DGZ 08/ R.1039 ÖPF (DE000DK6DZF9)... EUR % Dexia Crédit Local 12/ MTN (FR )... EUR % Dexia Kommunalbank 08/ E.1546 ÖPF (DE000DXA0TQ2)... EUR % DG Hypothekenbank 08/ R.949 PF (DE000A0S8884)... EUR % E.ON International Finance 09/ MTN (XS )... EUR % Erste Abwicklungsanstalt 11/ MTN (DE000EAA0BQ6)... EUR % France O.A.T. 02/ (FR )... EUR % HSBC Bank 09/ MTN (XS )... EUR % HSH N Finance (Guernsey) 03/ MTN (XS )... EUR % HYPO NOE Gruppe Bank 11/ ÖPF MTN (XS )... EUR % ING Bank 11/ MTN (XS )... EUR % ING Bank 11/ MTN (XS )... EUR % ING Bank 12/ MTN (XS )... EUR % Intesa Sanpaolo 11/ (IT )... EUR % Landesbank Berlin 08/ S.386 (DE000LBB0V10)... EUR % Lloyds TSB Bank 10/ MTN (XS )... EUR % Lloyds TSB Bank 11/ MTN (XS )... EUR % Lloyds TSB Bank 12/ MTN (XS )... EUR % Morgan Stanley 06/ MTN (XS )... EUR % Münchener Hypothekenbk. 12/ S.1527 IHS MTN (DE000MHB8413)... EUR % Münchener Hypothekenbk. 12/ S.1566 IHS MTN (DE000MHB8678)... EUR % Nationwide Building Society 11/ MTN (XS )... EUR % Nationwide Building Society 12/ MTN (XS )... EUR % Nordea Bank 11/ MTN (XS )... EUR % Nordea Bank 11/ MTN (XS )... EUR % Pohjola Pankki 10/ MTN (XS )... EUR % QNB Finance 12/ MTN (XS )... EUR % Rabobank 11/ MTN (XS )... EUR % Raiffeisen Bank International 11/ IHS MTN (XS ). EUR % Royal Bank of Scotland 11/ MTN (XS )... EUR % SBAB Bank 11/ MTN (XS )... EUR % Skandinaviska Enskilda Banken 11/ MTN (XS )... EUR % Société Générale 11/ MTN (XS )... EUR % Societe Generale 12/ MTN (XS )... EUR % Société Générale 12/ MTN (XS )... EUR % Svenska Handelsbanken 10/ MTN (XS )... EUR % UBS (London Branch) 08/ MTN (XS )... EUR % UBS (London Branch) 11/ MTN (XS )... EUR % UniCredit 05/ MTN (XS )... EUR % Volkswagen Bank 12/ MTN (XS )... EUR % Volkswagen Leasing 11/ IHS MTN (XS )... EUR % WL BANK 11/ R.206 MTN IHS (DE000A1H3U05)... EUR % WL BANK 11/ R.623 MTN ÖPF (DE000A1H3UX0)... EUR Unlisted securities Interest-bearing securities % Intesa Sanpaolo Bank Ireland (XS )... EUR

14 Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Currency futures Value ( 000) Futures contracts to purchase currencies USD/EUR EUR Futures contracts to sell currencies USD/EUR EUR Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) Perpetual EUR Security description: % Barclays Bank 09/ MTN (XS ), % Bayerische Landesbank 11/ ÖPF (DE000BLB8DB6), % BNP Paribas 10/ MTN (XS ), % Cie. Financement Foncier 11/ MTN PF (FR ), % DekaBank DGZ 08/ R.1039 ÖPF (DE000DK6DZF9), % Deutsche Telekom Int. Finance 08/ MTN (DE000A0TWHZ4), % Dexia Kommunalbank 08/ E.1546 ÖPF (DE000DXA0TQ2), % Erste Abwicklungsanstalt 11/ MTN (DE000EAA0BQ6), % France O.A.T. 02/ (FR ), % GE Capital European Funding 07/ MTN (XS ), % HSBC Bank 09/ MTN (XS ), % ING Bank 13/ MTN (XS ), % Rabobank 11/ MTN (XS ), % Royal Bank of Scotland 11/ MTN (XS ), % Société Générale 08/ MTN (XS ), % Volkswagen Leasing 11/ IHS MTN (XS ), % WL BANK 11/ R.623 MTN ÖPF (DE000A1H3UX0), % Royal Bank of Scotland 04/ MTN (XS ) 12

15 Management Company Management Sales, Information and Paying Agent DWS Investment S.A. 2, Boulevard Konrad Adenauer L Luxembourg Capital stock as of December 31, 2012: EUR million after appropriation of net profit Klaus-Michael Vogel Executive Member of the Board of Directors of DWS Investment S.A., Luxembourg Executive Member of the Board of Directors of Deutsche Bank Luxembourg S.A., Luxembourg Luxembourg Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L Luxembourg Board of Directors Wolfgang Matis Chairman Managing Director of DWS Investment GmbH, Managing Director of DWS Holding & Service GmbH, Ernst Wilhelm Contzen Executive Member of the Board of Directors of Deutsche Bank Luxembourg 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 Heinz-Wilhelm Fesser Luxembourg Frank Kuhnke London Auditor KPMG Luxembourg S.à r.l. 9, Allée Scheffer L Luxembourg Dr. Matthias Liermann (since April 4, 2013) DWS Investment GmbH, Holger Naumann (since April 4, 2013) Managing Director of DWS Investment GmbH, Managing Director of DWS Holding & Service GmbH, Klaus-Michael Vogel Executive Member of the Board of Directors of DWS Investment S.A., Luxembourg Executive Member of the Board of Directors of Deutsche Bank Luxembourg S.A., Luxembourg Custodian State Street Bank Luxembourg S.A. 49, Avenue J. F. Kennedy L Luxembourg Fund Manager DWS Investment GmbH Mainzer Landstraße D Dorothee Wetzel (until March 15, 2013) DWS Investment GmbH, Jochen Wiesbach (until March 15, 2013) Managing Director of DWS Finanz-Service GmbH, Dr. Asoka Wöhrmann Managing Director of DWS Investment GmbH, Managing Director of DWS Holding & Service GmbH, Managing Director of DWS Finanz-Service GmbH, As of: July 31, 2013

16 DWS Investment S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Tel.: Fax: