Deutsche European Real Estate Securities Master Fund

Transcription

1 Deutsche Asset Management S.A. Deutsche European Real Estate Securities Master Fund Semiannual Report 2018 Investment Fund Organized under Luxembourg Law

2 Deutsche European Real Estate Securities Master Fund

3 Content Semiannual report 2018 for the period from January 1, 2018, through June 30, 2018 General information... 2 Semiannual report Deutsche European Real Estate Securities Master Fund... 4 Semiannual financial statements

4 General information The fund described in this report is an investment fund (fonds commun de placement) in accordance with Part II of the Luxembourg Law of December 17, 2010, on undertakings for collec tive investment, as amended, and is considered to be an alternative invest ment fund ( AIF ) in accordance with the Law of July 12, 2013, on alternative investment fund managers. 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 Deutsche European Real Estate Securities Master Fund Deutsche European Real Estate Securities Master Fund Performance of unit classes (in JPY) Unit class ISIN 6 months Class JPY ID LU % Class JPY IDH (P) LU % BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30,

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

8 Deutsche European Real Estate Securities Master Fund Investment portfolio June 30, 2018 Count/ Quantity/ Purchases/ Sales/ Total market % of Description units/ principal additions disposals Currency Market price value in net assets currency amount in the reporting period EUR Securities traded on an exchange Equities Swiss Prime Site AG.... Count CHF Alstria Office REIT-AG.... Count EUR Citycon Oyj... Count EUR Deutsche Euroshop AG.... Count EUR Eurocommercial Properties NV.... Count EUR Gecina SA... Count EUR Green Reit PLC... Count EUR Hibernia REIT PLC.... Count EUR Merlin Properties Socimi SA... Count EUR NSI NV.... Count EUR TLG Immobilien AG.... Count EUR Unibail-Rodamco-Westfield... Count EUR VGP NV... Count EUR Vonovia SE... Count EUR Assura PLC... Count GBP British Land Co., PLC/The... Count GBP Great Portland Estates PLC... Count GBP Hammerson PLC.... Count GBP Land Securities Group PLC... Count GBP PRS Reit PLC/The... Count GBP Regional Reit Ltd.... Count GBP Segro PLC... Count GBP UNITE Group PLC/The... Count GBP Warehouse Reit PLC.... Count GBP Akelius Residential Property AB -Pref-... Count SEK Klovern AB -Pref-.... Count SEK Total securities portfolio Derivatives (Minus signs denote short positions) Currency derivatives Receivables/payables Forward currency transactions Forward currency contracts (long) Open positions JPY/EUR 62 Mio JPY/GBP 47.3 Mio Closed positions JPY/EUR 0.8 Mio Forward currency contracts (short) Open positions JPY/CHF 0.1 Mio JPY/SEK 0.5 Mio Closed positions JPY/CHF 0.1 Mio JPY/SEK 0.1 Mio Cash at bank Demand deposits at Depositary EUR deposits... EUR Deposits in other EU/EEA currencies. British pound... GBP Swedish krona... SEK Deposits in non-eu/eea currencies Swiss franc.... CHF Other assets Dividends receivable Receivables from exceeding the expense cap Other receivables Total assets Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages. 6

9 Deutsche European Real Estate Securities Master Fund Net asset value per unit Count/ Net asset value per unit and number of units outstanding currency in the respective currency Net asset value per unit Class JPY ID.... JPY Class JPY IDH (P).... JPY Number of units outstanding Class JPY ID.... Count Class JPY IDH (P).... Count Market abbreviations Contracting parties for forward currency contracts Citigroup Global Markets Limited, Crédit Suisse London Branch (GFX), Merrill Lynch International, State Street Bank and Trust Company and State Street Bank London Exchange rates (indirect quotes) As of June 29, Swiss franc.... CHF = EUR 1 British pound... GBP = EUR 1 Japanese yen... JPY = EUR 1 Swedish krona... SEK = EUR 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 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 s 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 S.C.A. 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 not valued at derived market values. 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 Securities traded on an exchange Count/ units/ currency Purchases/ additions Sales/ disposals Equities BUWOG AG... Count Great Portland Estates PLC... Count Klepierre SA... Count Unibail-Rodamco SE.... Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Currency derivatives Forward currency transactions Forward currency contracts (short) Value ( 000) Forward contracts to sell currencies EUR/JPY EUR GBP/JPY EUR JPY/CHF EUR 158 JPY/SEK EUR 171 Forward currency contracts (long) Forward contracts to purchase currencies GBP/JPY EUR JPY/CHF EUR 138 JPY/EUR EUR JPY/SEK EUR 151 7

10 Deutsche European Real Estate Securities Master Fund 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 In the reporting period, there were no securities financing transactions according to the above mentioned regulation. 8

11 Management Company, Alternative Investment Fund Manager (AIFM), Administration, Registrar and Transfer Agent, and Main Distributor Deutsche Asset Management S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Equity capital as of December 31, 2017: EUR million before profit appropriation Supervisory Board of the AIFM Holger Naumann Chairman Deutsche Asset Management Investment GmbH, Frankfurt/Main Nathalie Bausch (until January 31, 2018) Deutsche Bank Luxembourg S.A., Luxembourg Yves Dermaux (until June 5, 2018) Deutsche Bank AG, London Stefan Kreuzkamp Deutsche Asset Management Investment GmbH, Frankfurt/Main Frank Krings Deutsche Bank Luxembourg S.A., Luxembourg Management Board of the AIFM 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 L-1855 Luxembourg Depositary State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy L-1855 Luxembourg Sub-Transfer Agent State Street Bank International GmbH Brienner Straße 59 D Munich Portfolio Manager Deutsche Asset Management Investment GmbH Mainzer Landstraße D Frankfurt/Main Sub-Portfolio Manager Deutsche Alternative Asset Management (Global) Ltd 1 Appold Street Broadgate GB-London, UK EC2A 2 UU United Kingdom Sales, Information and Paying Agent Dr. Matthias Liermann Deutsche Asset Management Investment GmbH, Frankfurt/Main LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg As of: July 31, 2018

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