DWS Global Annual Report 2015
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1 Deutsche Asset Management Deutsche Asset & Wealth Management Investment S.A. DWS Global Annual Report 2015 n DWS Global Agribusiness Investment Fund Organized under Luxembourg Law
2 DWS Global Agribusiness
3 Contents Annual report 2015 for the period from January 1, 2015, through December 31, 2015 General information 2 Information for Hong Kong SAR investors Annual report, DWS Global DWS Global Agribusiness 8 Annual financial statements Investment portfolios and statements of income and expenses 12 Report of the Réviseur d Entreprises agréé 18 1
4 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 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 & 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 publication 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, newspapers, etc.). The names of the following companies will change in March 2016: Deutsche Asset & Wealth Management Investment GmbH will become Deutsche Asset Management Investment GmbH Deutsche Asset & Wealth Management International GmbH will become Deutsche Asset Management International GmbH Deutsche 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. 2
5 Information for Hong Kong SAR investors As at the date of this report, following sub-funds are authorized in Hong Kong and available to Hong Kong Residents: n DWS Global Agribusiness Note No. 1 Principal accounting policies In determining the value of the assets of the sub-funds, securities and money market instruments listed on an exchange are valued at the most recent available price paid, while securities and money market instruments not listed on an exchange but traded on another organized securities market are valued at a price no lower than the bid price and no higher than the ask price at the time of the valuation, and which the Management Company considers to be an appropriate market price. In the event that such prices are not in line with market conditions, or for securities and money market instruments other than those covered above for which there are no fixed prices, these securities and money market instruments, as well as all other assets, will be valued at the current market value as determined in good faith by the Management Company, following generally accepted valuation principles verifiable by auditors. The target fund shares included in the fund are valued at the most recent available redemption price that has been determined. The liquid assets are valued at their nominal value plus interest. Time deposits may be valued at their yield value if a contract exists between the Management Company and the Custodian stipulating that these time deposits can be withdrawn at any time and that their yield value is equal to the realized value. Interest is accrued on a daily basis whereas dividends are accounted for on an ex-dividend basis. An income equalization account is maintained for the fund. All assets denominated in a currency other than that of the fund are converted into the fund currency at the latest mean rate of exchange. The prices of the derivatives employed by the fund will be set in the usual manner, which is verifiable by the auditor and subject to systematic examination. The criteria that have been specified for pricing the derivatives shall remain in effect for the term of each individual derivative. Credit default swaps are valued according to standard market practice at the current value of future cash flows, where the cash flows are adjusted to take into account the risk of default. Interest rate swaps are valued at their market value, which is determined based on the interest-rate curve for each swap. Other swaps are valued at an appropriate market value, determined in good faith in accordance with recognized valuation methods that have been specified by the Management Company and approved by the fund s auditor. For large-scale redemption requests that cannot be met from the fund s liquid assets and allowable credit facilities, the Management Company may determine the NAV per share based on the price on the valuation date on which it sells the necessary securities; this price then also applies to subscription applications submitted at the same time. Formation costs and other costs in connection thereto may be charged to the assets of the sub-fund to which they pertain. Any such charges are amortized during a period not exceeding five years. Formation costs are not expected to exceed EUR 10, The accumulated costs and costs such as administration fee, fee for the registrar and transfer agent, custodian fee, etc. will not exceed 30% of the Management Company fee. Other costs such as taxes, legal fees and transaction costs will not be included under this expense cap. Pursuant to Article of the Law of December 17, 2010, the fund s assets are subject to a tax in the Grand Duchy of Luxembourg (the taxe d abonnement) of 0.05% p.a. or 0.01% p.a. respectively at present, payable quarterly on the net assets of the fund reported at the end of each quarter. The tax rate applicable in each instance can be found in the fund overview of the sales prospectus. The fund s income may be subject to withholding tax in the countries where the fund s assets are invested. In such cases, neither the Custodian nor the Management Company is required to obtain tax certificates. The tax treatment of fund income at investor level is dependent on the individual tax regulations applicable to the investor. To gain information about individual taxation at investor level (especially non-resident investors), a tax advisor should be consulted. 3
6 Note No. 2 Transactions with Connected Persons As at the date of this report, the Company has the following agreements and arrangements with Deutsche Bank AG and its affiliates or subsidiaries. Fees related to the investment management of the funds, hereunder management fee and advisor fee have been paid to several members of Deutsche Bank AG group, who have acted as investment managers and investment advisors of the Company. Other members of Deutsche Bank AG group have also been paid transfer agent fees for rendering the service of coordinating the sale and purchase of the Company s shares. The above agreements and arrangements were entered into in the ordinary course of business and on normal commercial terms. The fund shall pay the Management Company a fee, the precise amount of which is specified in article 21 of the special section of the Management Regulations. This fee shall in particular serve as compensation for the Management Company, the fund management and the distributors of the fund. Management Company fee (payable by the sub-fund): DWS Global Agribusiness: A2, A2 (SGD) and LC (EUR): 1.5% p.a. E2 and FC (EUR): 0.75% p.a. Security investments and currency transactions with Connected Persons of the DWS Global were as follows: Purchase & Sales related parties EUR Purchase & Sales related parties USD TOTAL Purchase & Sales EUR % Base Commission with Deutsche Bank EUR Base Commission with Deutsche Bank USD Fund Total Commision EUR % DWS Global Agribusiness Total The figures disclosed in this note concern only the sub-funds authorized in Hong Kong as at December 31, Comparison figures of 2014: Purchase & Sales related parties EUR Purchase & Sales related parties USD TOTAL Purchase & Sales EUR % Base Commission with Deutsche Bank EUR Base Commission with Deutsche Bank USD Fund Total Commision EUR % DWS Global Agribusiness Total
7 Note No. 3 Securities Lending Transaction: In a standardized securities lending system, up to 50% of the fund s securities may be lent for a maximum of 30 days. The securities lending system must be organized by a recognized clearing organization or a top-rated financial institution specializing in such transactions. The securities lending may comprise more than 50% of the securities held by the fund or have a term of more than 30 days, provided that the fund has the right to terminate the securities loan at any time and demand the return of the lent securities. When lending securities, the fund must generally receive collateral in the amount of at least the total value of the lent securities at the time the contract was entered into. This collateral may consist of liquid assets or securities issued or guaranteed by OECD member countries, their local authorities, or international organizations. These liquid assets or securities must be restricted in favor of the fund for the duration of the securities loan. Each respective fund may from time to time buy or sell securities in repurchase agreements. The counterparty must be a top-rated financial institution specializing in such transactions. During the period of the securities repurchase agreement, the fund may not sell the securities involved. The scope of securities repurchase transactions will always be kept at a level that allows the fund to meet its redemption obligations at any time. In addition to article 4 G a) regarding securities lending, a securities loan may also be arranged synthetically ( synthetic securities loan ). A synthetic securities loan exists when a security in the respective sub-fund is sold to a counterparty at the current market price. This sale is subject to the condition that this sub-fund acquires without leverage a securitized option from the counterparty in the sale at the same time, which entitles the sub-fund to demand from the counterparty delivery of securities of the same type, quality and quantity as the sold securities at a later date. The price for the option ( option price ) corresponds to the current market price from the sale of the securities less (a) the securities loan fee, (b) proceeds (e.g. dividends, interest payments, corporate actions) from the securities, which can be reclaimed and (c) the strike price associated with the option. The option is exercised during the term at the strike price. If, during the term of the option, the security on which the synthetic securities loan is based is sold for the purposes of implementation of the investment strategy, this may also be done by selling the option at the prevailing market price at the time less the strike price. The Management Company may receive up to one half of the income from the conclusion of securities lending transactions (including synthetic securities lending transactions) for the account of the fund s assets as a flat fee. No securities lending transactions are conducted for the Hong Kong authorized sub-fund during the period of this report. (2014: nil) Note No. 4 Soft Commission Arrangements Pursuant to the Code on Unit Trusts and Mutual Funds of the Securities and Futures Commission of Hong Kong, the following statement is made: The Management Company shall submit buy and sell orders for securities and financial instruments directly to brokers and traders for the account of the fund. It shall conclude agreements with brokers and traders at customary market conditions, which are consistent with first-class execution standards. When choosing a broker or trader, the Management Company takes into consideration all relevant factors such as the credit rating of the broker or trader and the quality of the market information, analyses and the available execution capacities. Moreover, the Management Company currently accepts and concludes agreements, within the framework of which it can claim and utilize the valuable benefits offered by brokers and traders. These services - which the Management Company is entitled to retain (see the provision in the Management regulations - special section of the sales prospectus, which deals with fees and reimbursement of expenses) - include services rendered directly by the brokers and traders, such as special consultancy with respect to the advisability of dealing in a share or its evaluation, analyses and consultancy services, economic and political analyses, portfolio analyses (including evaluation and performance measurement), market analyses and indirect services, such as market and price information systems, information services, computer hardware and software or any other information facilities, to the extent to which they are used to support the investment decision process, the consultancy or the performance of research or analysis activities and the Custodian services with respect to the shares of the investment fund. This means that under certain circumstances broker services are not restricted to general analysis but can also encompass special services such as Reuters and Bloomberg. The agreements with brokers and traders can contain the stipulation that the trader and broker must forward, immediately or subsequently, part of the commissions paid for the purchase or sale of assets to the third parties who provided the aforementioned services to the Management Company. 5
8 When utilizing these benefits (generally referred to as soft dollars) the Management Company complies with all prevailing regulatory and industry standards. In particular, the Management Company does not accept or conclude any agreements regarding the receipt of such benefits, if these agreements cannot reasonably be deemed to support them in their investment decision process. The prerequisite is that the Management Company ensures at all times that the transactions are executed at the best possible conditions taking into consideration the relevant market, relevant time for transactions of the relevant type and size and that no unnecessary transactions are concluded to acquire a right to such benefits. Goods and services received within the framework of soft dollar agreements may not include travel, accommodation, entertainment, general administration goods and services, general office equipment or premises, membership contributions, employee salaries or direct cash payments. Commission sharing The Management Company can conclude agreements with selected brokers, in the framework of which the relevant broker forwards part of the payment received by him in accordance with the relevant agreement, paid by the Management Company for the acquisition or sale of assets, either directly or after a delay to third parties who then render research or analysis services for the Management Company. These are used by the Management Company for the purpose of administrating the investment fund ( commission sharing agreement ). To clarify: the Management Company uses these services according to and exclusively in compliance with the conditions set out in the section Buy and sell orders for securities and financial instruments in the sales prospectus. 6
9 Annual report
10 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 companies that contribute to the elimination of global inefficiencies in food production and logistics and in consumption. These include, for instance, fertilizer manufacturers and seed producers, producers of crop-protection chemicals 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 DWS GLOBAL AGRIBUSINESS Five-year performance /10* 12/11 12/12 12/13 12/14 12/15 DWS Global Agribusiness (A2 unit class) * 12/2010 = 100 Data on U.S. dollar basis BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2015 Performance of unit classes (in USD) Unit class ISIN 1 year 3 years 5 years Class A2 LU % -16.6% -15.9% Class E2 LU % -14.7% -12.7% Class FC (EUR) 1 LU % 3.1% 5.7% Class LC (EUR) 1 LU % 0.9% 2.2% Class A2 (SGD) 2 LU % -3.5% -7.7% 1 in EUR 2 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 in the reporting period In fiscal year 2015, declining emerging 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 Quality and Operators, and Premier Processor was more than offset by weakness in the sub-themes Nutrient Scarcity, Organic Food, Emerging Brands and Logistics. In 2015 the Global Agribusiness strategy continued to focus on Materials and Consumer Staples as building blocks for the agribusiness value chain. In the area of Materials, the perfor- mance of some of the investments within the sub-theme of Nutrient Scarcity, 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 management sold these stocks, as the valuation 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 second half of the year. In the New Agribusiness Technologies sub-theme, the strong performance of Syngenta, Dow Chemical and BISI International more than offset weakness from Darling Ingredients, Vilmorin and FMC Corp. Due to a consolidation in the seeds and chemical sector, Syngenta and Dow Chemical rose significantly in price, while BISI International profited from favorable government policies that supported land growth in Indonesia. Darling Ingredients, Vilmorin and FMC suffered from company-specific factors. Darling Ingredients experienced weaker prices for fat, tallow and 8
11 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 higher-than-expected inventories of generic chemicals. Within Consumer Staples, the portfolio 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 remodels and Wessanen with the strong DWS GLOBAL AGRIBUSINESS Investment focus by sector Equities: 99.7% Fertilizers & Agricultural Chemicals Agricultural Products Food Products & Meat Food Distributors 4.0 Brewers 2.9 Food Retail 2.3 Diversified Chemicals 2.0 Gastronomy 1.5 Marine Ports & Services 1.4 Soft Drinks 1.1 Other sectors 1.9 Not classified by MSCI system 1.3 Cash and other assets In % of the fund s net assets As of: December 31, 2015 Negligible rounding errors may have arisen compared with the investment portfolio due to the rounding of calculated percentages. 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 consensus 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 negatively affected by the contraction of the sector and by concerns about the financing of its Sunrise Growers Deals. 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 Holdings, part of the Distribution Inefficiencies sub-theme, fell for similar reasons. 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 9
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13 The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Annual financial statements with investment portfolios and statements of income and expenses
14 DWS Global Agribusiness Investment portfolio December 31, 2015 Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net assets currency amount in the reporting period USD Securities traded on an exchange Equities Australian Agricultural Co., Ltd... Count AUD Coca-Cola Amatil Ltd... Count AUD GrainCorp Ltd... Count AUD Select Harvests Ltd... Count AUD BrasilAgro - Co Brasileira de Propriedades Agricolas... Count BRL Fertilizantes Heringer SA... Count BRL M Dias Branco SA... Count BRL Metalfrio Solutions SA... Count BRL Minerva SA/Brazil... Count BRL Rumo Logistica Operadora Multimodal SA... Count BRL Rumo Logistica Operadora Multinational 01/02/ Count BRL Santos Brasil Participacoes SA... Count BRL Sao Martinho SA... Count BRL SLC Agricola SA... Count BRL Wilson Sons Ltd -BDR-... Count BRL Feronia, Inc.... Count CAD Aryzta AG... Count CHF Syngenta AG... Count CHF Anheuser-Busch InBev NV... Count EUR Ebro Puleva SA... Count EUR KTG Agrar AG-BR... Count EUR KWS Saat AG... Count EUR Naturex... Count EUR OCI... Count EUR Vilmorin & Cie SA... Count EUR Viscofan SA... Count EUR Tate & Lyle Plc... Count GBP China Agri-Industries Holdings Ltd... Count HKD China BlueChemical Ltd -H-... Count HKD China Merchants Holdings International Co., Ltd... Count HKD CPMC Holdings Ltd... Count HKD WH Group Ltd 144A... Count HKD BISI International Tbk PT... Count IDR Grupo Comercial Chedraui SA de CV... Count MXN Food Empire Holdings Ltd... Count SGD Petra Foods Ltd... Count SGD Charoen Pokphand Foods PCL... Count THB Adecoagro SA... Count USD Agrium, Inc.... Count USD Ambev SA -ADR-... Count USD Archer-Daniels-Midland Co.... Count USD Bunge Ltd... Count USD CF Industries Holdings, Inc.... Count USD Credicorp Ltd... Count USD CSX Corp.... Count USD Darling International, Inc.... Count USD Dow Chemical Co.... Count USD FMC Corp.... Count USD Fresh Market, Inc.... Count USD Green Plains, Inc.... Count USD Hershey Co.... Count USD Ingredion, Inc.... Count USD Intrepid Potash, Inc.... Count USD Israel Chemicals Ltd... Count USD Mondelez International, Inc.... Count USD Monsanto Co.... Count USD Mosaic Co.... Count USD Noodles & Co.... Count USD Panera Bread Co.... Count USD Potash Corp. of Saskatchewan, Inc.... Count USD SunOpta, Inc.... Count USD The Andersons, Inc.... Count USD Thermo Fisher Scientific, Inc.... Count USD TreeHouse Foods, Inc.... Count USD Tyson Foods, Inc. -A-... Count USD Union Agriculture Group SA... Count USD United Natural Foods, Inc.... Count USD Yum! Brands, Inc.... Count USD Zoetis, Inc.... Count USD Shoprite Holdings Ltd... Count ZAR Tiger Brands Ltd... Count ZAR Unlisted securities Equities Sintal Agriculture -Reg- -GDR-... Count EUR Sintal Agriculture -Reg- -GDR-... Count USD Total securities portfolio
15 DWS Global Agribusiness Count/ Quantity/ Purchases/ Sales/ Currency Market price Total market % of Description units/ principal additions disposals value in net assets currency amount in the reporting period USD Cash at bank Demand deposits at Depositary EUR deposits.... EUR Deposits in other EU/EEA currencies British pound... GBP Norwegian krone.... NOK Deposits in non-eu/eea currencies.. Australian dollar.... AUD Brazilian real... BRL Hong Kong dollar... HKD Singapore dollar... SGD South Korean won.... KRW U.S. dollar.... USD Other assets Dividends receivable Other receivables Receivables from share certificate transactions Total assets Other liabilities Liabilities from cost items Liabilities from share certificate transactions Total liabilities Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages. Net asset value per unit and Count/ Net asset value per unit number of units outstanding currency in the respective currency Net asset value per unit Class FC (EUR)... EUR Class LC (EUR)... EUR Class A2 (SGD).... SGD 0.95 Class A2... USD Class E2.... USD Number of units outstanding Class FC (EUR)... Count Class LC (EUR)... Count Class A2 (SGD).... Count Class A2... Count Class E2.... Count 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.... % Highest market risk exposure.... % Average market risk exposure... % 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. 13
16 DWS Global Agribusiness Exchange rates (indirect quotes) As of December 30, Australian dollar.... AUD = USD 1 Brazilian real... BRL = USD 1 Canadian dollar... CAD = USD 1 Swiss franc.... CHF = USD 1 Euro... EUR = USD 1 British pound... GBP = USD 1 Hong Kong dollar... HKD = USD 1 Indonesian rupiah... IDR = USD 1 South Korean won.... KRW = USD 1 Mexican peso... MXN = USD 1 Norwegian krone.... NOK = USD 1 Singapore dollar... SGD = USD 1 Thai baht.... THB = USD 1 South African rand.... ZAR = 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 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. Assets reported in this report are valued to a small extent at derived market values. 14
17 DWS Global Agribusiness 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 AGCO Corp.... Count ALL - America Latina Logistica SA... Count Astarta Holding NV... Count Cafe de Coral Holdings Ltd... Count China Fishery Group Ltd... Count China Fishery Group Ltd - Rights Exp 22Apr15. Count ConAgra Foods, Inc.... Count Cresud SA -ADR-... Count Fertilizantes Heringer SA -Rights Exp 09Jan15.. Count Incitec Pivot Ltd... Count Kernel Holding SA... Count Keurig Green Mountain, Inc.... Count Koninklijke Wessanen NV... Count Minerva SA/Brazil... Count Novorossiysk Commercial Sea Port PJSC... Count Novorossiysk Commercial Sea Port PJSC -GDR-. Count Post Holdings, Inc.... Count Razgulay Group... Count Razgulay Group OJSC... Count SABMiller Plc... Count Yara International ASA... Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Warrants Warrants on securities Additions Disposals Equity warrants KTG Agrar SE Anrechte 20/08/ Count Futures contracts Currency futures (short) Value ( 000) Futures contracts to sell currencies USD/AUD USD 300 USD/BRL USD 10 USD/EUR USD 865 USD/ZAR USD
18 DWS Global Agribusiness Statement of income and expenses (incl. income adjustment) Statement of changes in net assets 2015 for the period from January 1, 2015, through December 31, 2015 I. Income 1. Dividends (before withholding tax)... USD Deduction for foreign withholding tax... USD Other income USD Total income... USD II. Expenses 1. Interest on borrowings and negative interest on deposits... USD Management fee... USD thereof: Basic management fee... USD Administration fee... USD Depositary fee... USD Auditing, legal and publication costs... USD Taxe d abonnement... USD Other expenses... USD Total expenses... USD III. Net investment income... USD IV. Sale transactions Realized gains/losses... USD Capital gains/losses... USD V. Net gain/loss for the fiscal year USD BVI total expense ratio (TER) The total expense ratio for the unit classes was: Class FC (EUR) 0.93% p.a., Class A2 (SGD) 1.66% p.a., Class E2 0.89% p.a. Class LC (EUR) 1.67% p.a., Class A2 1.65% 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 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. I. Value of the fund s net assets at the beginning of the fiscal year... USD Net inflows... USD a) Inflows from subscriptions... USD b) Outflows from redemptions... USD Income adjustment... USD Net investment income... USD Realized gains/losses USD Net change in unrealized appreciation/depreciation... USD II. Value of the fund s net assets at the end of the fiscal year... USD Summary of the gains/losses 2015 Realized gains/losses (incl. income adjustment)... USD from: Securities transactions... USD (Forward) currency transactions... USD 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. 16
19 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 year USD USD USD Net asset value per unit at the end of the fiscal year 2015 Class FC (EUR)... EUR Class LC (EUR)... EUR Class A2 (SGD)... SGD 0.95 Class A2... USD Class E2... USD Class FC (EUR)... EUR Class LC (EUR)... EUR Class A2 (SGD)... SGD 1.08 Class A2... USD Class E2... USD Class FC (EUR)... EUR Class LC (EUR)... EUR Class A2 (SGD)... SGD 1.04 Class A2... USD Class E2... USD 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 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. 17
20 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: KPMG Luxembourg, Société coopérative Tel: , Avenue John F. Kennedy Fax: Luxembourg, Luxembourg info@kpmg.lu Internet: 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 financial 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 assurance 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 statements. 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 a member firm of the KPMG network of independent member firms affiliated with R.C.S. Luxembourg B KPMG International Cooperative ( KPMG International ), a Swiss entity 18
21 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 19
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23 Management Company Supervisory Board (since May 1, 2015) Management Board (since May 1, 2015) Deutsche Asset & Wealth Management Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2015: EUR 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, 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, 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 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 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 Klaus-Michael Vogel DWS Investment S.A., Luxembourg Dr. Asoka Wöhrmann Deutsche Asset & Wealth Management Investment GmbH, Frankfurt/Main Ralf Rauch DWS Investment S.A., Luxembourg Martin Schönefeld DWS Investment S.A., Luxembourg Global Thematic Partners, LLC 681 Fifth Avenue New York, NY 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
24 Deutsche Asset & Wealth Management Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: Fax:
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