DEUTSCHE MULTI OPPORTUNITIES

Transcription

1 Reporting May 2018 For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). This material is provided to Addressee

2 Performance overview COMMENTARY Global equity indices ended May slightly up. As the euro depreciated by 3.2% against the US dollar, the MSCI World index ended May with a gain of 4.2%. Besides emerging market equities, European equities were the clear laggards in May with -0.6% (MSCI Europe). Due to political uncertainty, particularly the Spanish and Italian equity markets saw high losses of -6.1% and -9.7% respectively. The imminent government formation by two eurosceptic parties in Italy, combined with the demand for writeoffs on Italian debts, caused some turmoil. This resulted in massive losses for Italian government bonds. Ten-year Italian bonds fell by more than 8%, while the yield rose from 1.8% to above 3%. The oil price lost about 2%. Energy names were nevertheless resilient and rose 4.6%, supported by a strong US dollar. However, the highest price gains came from the technology sector with just below 10%. Telecommunication stocks with -2.7% and financials were among the laggards. The threat of a new euro crisis weighed particularly on European banks and insurance companies. The flight to quality caused German bunds to rise 2.1% and US Treasuries to rise 0.9%. In view of the strong distortions in government bonds and the price losses in European equities, the fund (FC share class) delivered a respectable result with a plus of 0.59%. PERFORMANCE 3 YEARS May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Deutsche Multi Opportunities FC May YTD 1Y 3Y (p.a.) 5Y (p.a.) Return* 0.59% 1.41% -0.50% 0.00% 5.13% Volatility* 3.39% 5.76% 5.76% Past performance is not a reliable indicator of future returns. * Deutsche Multi Opportunities FC. As of: May 2018, Source: Deutsche Asset Management International GmbH, Thomson Reuters Datastream / 2

3 Contribution overview CONTRIBUTION LAST MONTH CONTRIBUTION YTD Equities (local) 0,79% Equities (local) 1,82% Equity index futures (local) -0,34% Equity index futures (local) -0,37% Corporate bonds (local) 0,00% Corporate bonds (local) -0,05% Government bonds (local) -0,10% Government bonds (local) -0,21% Bond index futures (local) -0,22% Bond index futures (local) -0,19% Convertibles (local) 0,00% Convertibles (local) 0,00% Cash/MM (local) 0,00% Cash/MM (local) -0,02% FX 1,19% FX 1,35% FX Forwards -0,65% FX Forwards -0,55% Management Fees -0,07% Management Fees -0,36% Deutsche Multi Opportunities gained 0.59% (FC share class) in May. Strongest performance driver in May were currencies, adding 0.54% to performance. Equities contributed 0.44% to performance. The bond portfolio detracted 0.32% from fund performance in May. Past performance is not a reliable indicator of future returns. As of: May 2018, Source: Deutsche Asset Management International GmbH, Thomson Reuters Datastream / 3

4 Top/Bottom Contributors TOP 5 EQUITY POSITIONS + TOP 5 FIXED INCOME POSITIONS + GOLDCORP INC 0.18% Xtrackers USD Corporate Bond UCITS ETF 1D 0.08% BAYER AG 0.11% DEUTSCHE AM DYNAMIC OPPORTUNITIES FC 0.09% EVONIK INDUSTRIES AG 0.08% MERCK KGAA 0.07% DAVITA INC 0.02% TEVA PHARMACEUTICAL 0.01% DWS Invest Convertibles FC 0.00% NETFLIX INC 0.00% BOTTOM 5 EQUITY POSITIONS - BOTTOM 5 FIXED INCOME POSITIONS - DEUTSCHE TELEKOM AG -0.09% BANCO SANTANDER SA -0.09% VODAFONE GROUP PLC -0.09% AXA SA -0.08% ING GROEP NV -0.07% LIMITED BRANDS INC -0.06% IShares EM LOCAL GOV BND -0.05% DWS Invest Global Bonds IC -0.04% Deutsche Floating Rate Notes -0.03% Deutsche Invest I Corporate Hybrid Bonds XD -0.01% Past performance is not a reliable indicator of future returns. As of: May 2018, Source: Deutsche Asset Management International GmbH / 4

5 Current portfolio positioning ASSET ALLOCATION Equity 49,4% 51,0% FI - Corps 31,5% 31,6% FI - Govs 10,8% 8,9% May April Cash 8,9% 8,4% Net Equity 47.63% Gold Derivatives EQ Derivatives FI -32,8% -22,9% -1,7% -4,7% 0,0% 0,0% Portfolio Duration (years) 0.01 Average Bond Rating BBB Portfolio Yield (gross) 3.10% The net equity proportion was slightly increased by 1.5% points versus the previous month. Regarding the bond portfolio allocation, government bonds were increased from 8.9% to 10.8% of the overall portfolio, whereas the weighting of corporate bonds remained nearly unchanged versus the previous month at 31.5%. The portfolio duration was reduced to 0 years due to further hedging in order to fully protect the portfolio against interest rate change risks. Regarding FX, the US dollar allocation was slightly increased by 2% points, so that the US dollar proportion stood at 20.7% of the portfolio as of end of May. In our view, the new government in Italy will cause further unrest for the time being and serve as a reminder of the euro crisis. The present strength of the US dollar that has supported European equities will most likely turn into a euro weakness. This in combination with subdued economic data might weaken momentum for European equities. Particularly European financials will probably be hit. In return, US equities and foremost US digital platforms could serve as a defensive anchor. Data shown in % of fund volume. Allocations are subject to change without notice. As of: May 2018, Source: Deutsche Asset Management International GmbH / 5

6 Current portfolio positioning 5 LARGEST EQUITY POSITIONS* GOLDCORP INC. 2.41% DEUTSCHE TELEKOM AG 2.38% AXA SA 1.45% DAIMLER AG 1.31% VODAFONE GROUP PLC 1.25% 5 LARGEST CORPORATE BONDS BY ISSUER* DAVITA INC 1.91% T-MOBILE USA INC 1.47% ZIGGO 1.22% L BRANDS INC 1.09% TEVA PHARMACEUTICAL INDUSTRIES LTD 0.99% Data shown in % of fund volume. Allocations are subject to change without notice. * Based on look-through As of: May 2018, Source: Deutsche Asset Management International GmbH / 6

7 Current portfolio positioning Equity BREAKDOWN BY REGION BREAKDOWN BY SECTOR Euro zone 21,8% Health Care 9,9% North America Switzerland 3,7% 16,5% Financials Materials Telecom 6,1% 5,7% 8,8% United Kingdom Asia ex. Japan EM/Others 3,5% 2,1% 1,5% InfoTech Energy Consumer Staples Consumer Disc. 4,2% 3,9% 3,6% 3,0% Japan Latin America 0,3% 0,1% Industrials Real Estate Utilities 1,0% 0,4% 2,9% KEY RATIOS* Dividend Yield (12M Forward) 3.12% Net Debt to Equity 84.48% EV/EBITDA (12M Forward) EPS Growth (12M Forward) 12.09% Data shown in % of fund volume. Allocations are subject to change without notice. * Data based on the equity part of the fund. As of: May 2018, Source: Deutsche Asset Management International GmbH / 7

8 Current portfolio positioning Fixed Income BREAKDOWN BY MARKET SEGMENTS BREAKDOWN BY REGIONS BREAKDOWN BY SECTORS IG Corporates 17,5% North America Euro zone 8,6% 15,1% Financials* Consumer Disc. Health Care 5,0% 3,6% 13,1% Emerging Markets 11,9% Europe ex Eurozone 7,2% InfoTech Consumer Staples 2,5% 1,6% HY Corporates 11,1% Asia ex Japan 4,8% Industrials Energy 1,4% 1,0% Sovereigns 1,0% Latin America 3,7% None Telecom 0,9% 0,8% Japan 1,9% Materials 0,7% Convertibles 0,8% Others 1,0% Real Estate Utilities 0,5% 0,4% KEY RATIOS* Average Bond Rating BBB Duration excl. Derivatives (years) 3.50 Ø Coupon excl. Derivatives 3.68% Duration incl. Derivatives (years) 0.02 Ø Yield-to-maturity excl. Derivatives 3.65% Data shown in % of fund volume. Allocations are subject to change without notice. * Data based on the equity part of the fund. As of: May 2018, Source: Deutsche Asset Management International GmbH / 8

9 Current portfolio positioning Fixed Income BREAKDOWN BY RATING BREAKDOWN BY MATURITY AAA AA 0,9% 3,4% <1.5Y 5,8% A BBB 10,7% 11,6% 1.5Y-4Y 10,4% BB B 5,0% 9,8% 4Y-7Y 14,3% CCC CC 0,1% 0,0% 7Y-15Y 7,3% C 0,0% 15Y+ 4,5% Other 0,8% Data shown in % of fund volume. Allocations are subject to change without notice. As of: May 2018, Source: Deutsche Asset Management International GmbH / 9

10 Current portfolio positioning Currency BREAKDOWN BY CURRENCY* EUR USD GBP CHF DKK HKD CAD JPY MXN Others 71,4% 49,5% 20,7% 30,7% 0,3% 5,0% -0,3% 3,5% 0,5% 0,5% 1,5% 1,5% 0,1% 3,5% 0,5% 0,5% 0,7% 0,7% 4,7% 4,7% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% Net Gross Allocations are subject to change without notice. * refers to foreign currency accounts and securities held in the respective currency. As of: May 2018, Source: Deutsche Asset Management International GmbH, BarraOne / 10

11 Top 10 Holdings Deutsche Floating Rate Notes Bonds 12.6% DWS Top Europe IC Equities 6.3% Deutsche AM Dynamic Opportunities FC Multi Asset 4.1% ishares Emerging Markets Local Government Bond Bonds 3.9% ishares JP Morgan $ EM Bond Ucit Bonds 3.7% Deutsche Invest I Global Bonds Bonds 3.6% DWS Rendite Optima Four Seasons Money Market 2.6% GOLDCORP INC Equities 2.4% DEUTSCHE TELEKOM AG Equities 2.2% Deutsche AM LowVol Europe FC Equities 1.9% Allocations are subject to change without notice. Data shown in % of fund volume. As of: May 2018; Source: Deutsche Asset Management International GmbH / 11

12 Key Figures FC Return Return p.a. Volatility p.a. Sharpe Ratio Max. Drawdown 5 years 28.40% 5.13% 5.76% % 3 Years 0.01% 0.00% 5.76% % 1 Year -0.50% -0.50% 3.38% % 6 Months 1.50% % % Number of positive days Ø return of positive days Number of negative days Ø return of negative days Longest period of negative days 5 years % % 10 3 Years % % 10 1 Year % % 10 6 Months % % 10 Past performance is not a reliable indicator of future returns. As of: May 2018, Source: Deutsche Asset Management International GmbH 12

13 Performance overview January 3.77% 1.17% -1.11% 2.61% -4.69% 1.03% 0.18% February 2.44% -0.46% 1.56% 3.74% 1.61% 0.98% -1.50% March -1.03% 2.57% 1.51% 0.19% 2.60% 0.65% -1.19% April -0.68% 0.81% 0.24% 1.43% 3.06% -0.43% 3.40% May 0.50% 1.66% 3.51% 0.32% 0.27% -0.54% 0.59% June 1.37% -2.49% 0.04% -2.63% -1.22% -0.50% July 1.73% 1.48% 3.00% -1.65% 2.50% -0.44% August -0.40% 0.79% 2.42% -2.62% 0.28% -1.92% September 0.92% 0.87% 0.18% -3.06% -0.61% 1.44% October 0.79% 1.77% 1.95% 4.06% 1.08% -0.32% November 1.58% 0.36% 1.27% 0.77% 0.00% -0.23% December 1.16% 0.42% -0.70% -2.50% 2.09% 0.09% Performance 5 years 28.40% Past performance is not a reliable indicator of future returns. As of: May 2018, Source: Deutsche Asset Management Investment GmbH, currency: Euro 13

14 Facts and figures Share Class* LD FC** NC Share Class Currency EUR EUR EUR ISIN LU LU LU German Sec. Code DWS12A DWS12B Front-end fee up to 4.0% 0.0% up to 2.0% All-in fee*** 1.500% p.a % p.a % p.a. Running costs (12/31/2017) 1.550% 0.910% 1.940% Plus performance-related fee from securities lending 0.007% 0.008% 0.007% Income allocation Distribution Reinvestment Reinvestment Inception December 17 th 2013 May 31 st 2002 January 13 th 2014 Legal status Fund volume Luxemburg FCP 2,162.4 mn EUR Fiscal year * This document contains details of the share classes LD, FC and NC. ** Minimum investment for initial subscriptions is 2,000,000 Euros. *** For other costs, see Article 12 in the general section of the Sales Prospectus. Please refer to the website As of: May 31, 2018, Source: Deutsche Asset Management International GmbH / 14

15 OPPORTUNITIES _ Market-, sector- and company-specific price gains _ Interest and dividend income _ Price gains on the equity-, fixed income- and commodity markets _ Currency gains Source: Deutsche Asset Management International GmbH RISKS + _ Market-, sector- and company-specific price volatility - _ Price losses on the equity-, fixed income- and commodity markets _ Risk, that the borrower is not able to repay the bond at maturity (nominal value) (default risk) which generally results in a decreasing NAV. _ The unit value of the fund may be adversely affected both due to the increase in yields/decrease in price on the bond markets, as well as redemptions during illiquid market periods. _ The solvency of the bond issuer of a directly or indirectly allocated security or money market instrument may decrease after the purchase of the bond. This may result in a decrease of its NAV, which is generally beyond the general market fluctuation (credit risk) _ The possible use of derivatives creates counterparty risk (counterparty credit risk). Counterparty credit risk means generally the risk of a possible, temporary or permanent inability to timely fulfill its payment obligations. Derivatives are neither subject to a legal nor voluntary deposit protection _ Currency losses _ Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time _ The value of the fund's shares may fall below the price at which the client originally bought them.

16 DISCLAIMER This marketing communication is intended for professional clients only. The brand DWS, formerly known as Deutsche Asset Management (Deutsche AM), stands for the asset management activities conducted by subsidiaries of DWS Group GmbH & Co. KGaA. Clients will be provided with DWS products or services by one or more of its subsidiaries that will be made transparent to clients in the contracts, agreements, offering materials or other documentation relevant in relation to DWS products and services. This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by Deutsche Asset Management, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, any report or analysis within this document is shown for information/discussion/illustrative purposes and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. The information contained in this document does not constitute investment advice. Complete information on the Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key investor information documents constitute the only binding sales documents for the Funds. Investors can obtain these documents along with copies of the articles of association and the latest published annual and semi-annual reports from the Deutsche Asset Management Investment GmbH, Mainzer Landstraße 11-17, D Frankfurt am Main in Germany or Deutsche Asset Management S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed form free of charge, or download them from All opinions and estimates herein, including forecast returns, reflect our judgment on the date of this report and are subject to change without notice and involve a number of assumptions which may not prove valid. Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you may not recover the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the investment are possible even over short periods of time. This publication contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author s judgment as of the date of this material. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by Deutsche Asset Management International GmbH as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the Offering Documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary contained herein. This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States. Past performance is not an indication of future results. Nothing contained herein shall constitute any representation or warranty as to future performance. Further information is available upon investor's request. Deutsche Asset Management International GmbH does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested by Deutsche Asset Management International GmbH. Deutsche Asset Management International GmbH, All rights reserved. No further distribution is allowed without prior written consent of the Issuer. / 16

17 DISCLAIMER For investors in the Netherlands For registered fund: Deutsche Invest I Multi Opportunties The Interests may not be offered or acquired, directly or indirectly, in the Netherlands and this document may not be circulated in the Netherlands, as part of an initial distribution or any time thereafter, other than (i) to individuals or legal entities who are Qualified Investors within the meaning of Article 1:1 of the Financial Supervision Act as amended from time to time; or (ii) to persons and legal entities who will commit to invest in the Fund at least 100,000 per investor for each separate offer; or (iii) where the nominal value per Interest is at least 100,000. The Fund does not require a license pursuant to the Financial Supervision Act and the Fund is not supervised by the Netherlands Authority for the Financial Markets. The prospectus, key investor information, articles of association, annual and semi-annual reports are all available in Dutch language in electronic or printed form free of charge from Deutsche Bank AG, Amsterdam Branch, 1101 HE Amsterdam, DE Entrée or the website For investors in the Netherlands For not registered fund: Deutsche Multi Opportunities The Interests may not be offered or acquired, directly or indirectly, in the Netherlands and this document may not be circulated in the Netherlands, as part of an initial distribution or any time thereafter, other than (i) to individuals or legal entities who are Qualified Investors within the meaning of Article 1:1 of the Financial Supervision Act as amended from time to time; or (ii) to persons and legal entities who will commit to invest in the Fund at least 100,000 per investor for each separate offer; or (iii) where the nominal value per Interest is at least 100,000. The Fund does not require a license pursuant to the Financial Supervision Act and the Fund is not supervised by the Netherlands Authority for the Financial Markets. For investors in Italy For not registered fund: Deutsche Multi Opportunities This document does not constitute a public offering of financial instruments pursuant to art. 1, comma 1, let. t) of Legislative Decree. n. 58/98 and thus is not subject to art. 101 of the same regulation. The information here reported refers to a financial product that has not been authorized by the relevant Regulatory Authorities for distribution in Italy nor has a notification process amongst EU Regulatory Authorities taken place. As a result, the information here reported does not constitute and should not be intended, under any circumstance, as the provision of investment advisory, nor research in financial instruments nor financial analysis nor any other form of general recommendation related to transactions in financial products. Last, this document and the information provided herein do not create any legal binding obligation between the parties. For investors in France For not registered funds: Deutsche Multi Opportunities and Deutsche Invest I Multi Opportunities The Fund has not been authorized and this Document has not been approved by the Autorité des Marchés Financiers or any other French authority. No marketing of the Interests has been made on French territory, and this Document and any other offering materials relating to the Fund are being provided only at the request of potential professional investors. This Document and any other offering materials are strictly confidential and may not be distributed to any person or entity other than the recipients hereof. / 17

18 DISCLAIMER For investors in Belgium The information contained herein is only intended for and must only be distributed to institutional and/or professional investors (as defined in the Belgian law of 2 August 2002 on the supervision of the financial sector and the financial services). In reviewing this presentation you confirm that you are such an institutional or professional investor. When making an investment decision, potential investors should rely solely on the final documentation (including the prospectus) relating to the investment or service and not the information contained herein. The investments or services mentioned herein may not be adequate or appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the suitability or appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with us you do so in reliance on your own judgment. For investors in Austria Marketing Communication This brochure constitutes a marketing communication as defined in Section 41 para 1 of the Austrian Securities Supervision Act 2007 (Wertpapieraufsichtsgesetz WAG 2007) as well as advertising pursuant to Section 128 of the Austrian Investment Fund Act 2011 (Investmentfondsgesetz 2011 InvFG 2011). Neither this marketing communication nor any other document in connection with the this marketing communication is a prospectus (Prospekt) pursuant to the InvFG 2011, the Austrian Capital Markets Act (Kapitalmarktgesetz - KMG) or the Austrian Stock Exchange Act (Börsegesetz - BörseG) and has therefore not been drawn up, audited, approved, passported and/or published in accordance with the aforesaid statutes. This document is a marketing communication and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is further not subject to the prohibition on dealing after the dissemination of investment research. The information contained herein is based on our assessments of the current legal and tax situation. Our assessments may change at any time without notice and/or with retroactive effect due to changes in current law, the introduction of new acts or changes in interpretation of law by regulators or tax authorities. The information contained in this marketing communication does not constitute investment advice and serves only as a brief summary of key aspects of the funds for the purpose of a product description. Investment decisions should solely be made based upon the key investor information document (or - where applicable the simplified prospectus) and the current published prospectus together with any other related documents. Only these documents are binding. The current key investor information document as well as the current prospectus may be obtained in printed form free of charge at the offices of Deutsche Bank AG Filiale Wien, 1010 Wien, Fleischmarkt 1 or downloaded at the following homepage / 18

19 DISCLAIMER Limitation of Liability We assume no liability for the accuracy of information or data contained within this brochure; no responsibility can be assumed for any information contained herein. Furthermore, the handing out of this brochure also does not represent an offer for sale, a solicitation to submit a purchase offer or recommendations for investment or other consultancy services as defined in WAG 2007 or the Austrian Banking Act (Bankwesengesetz - BWG). Since information regarding performance, development of value or interest returns refers to past values or represents simulations, no conclusions can be drawn with regard to future earning capacity or development of value. It is not guaranteed that the respective product(s) would and will generate any income as compared to the income described (for purposes of illustration) in this marketing communication. In any case, the relevant market risks should be evaluated prior to investing by having sought advice from a professional consultant. Any liability for losses resulting from investments is hereby waived. We would like to point out that any information contained in this brochure is of a general nature. The information stated herein may change at any time without notice. We explicitly warn against putting any information into practice without having sought more substantiated and detailed advice and analysis of your specific asset situation. Without recourse to this analysis, any information contained in this brochure could lead to an undesired performance of investments. The units in investment funds as described herein may solely be offered and sold in jurisdictions where the offering and sale of such units is legally permissible. Thus, the units in investment funds may not be offered within the territory of the United States or for account of any US-person. This document and the information contained therein may not be distributed into the United States. Direct or indirect distribution of this document to any person located or resident in the United States, United Kingdom, Canada or Japan as well as the distribution to any US-person are prohibited. Taxes If information contained in this brochure refers to a specific tax treatment, we explicitly advise you of the fact that this tax treatment depends upon the personal circumstances of the customer in question, and may be subject to change in the future. Persons who are interested in acquiring of, disposing of units in investment funds or are holding such units are advised to consult a tax adviser in relation to the individual tax implications of such actions. Descriptions of risks We explicitly remind you that securities-based investments, in particular in units in investment funds, may be subject to a range of risks. These risks include, for example, currency risk, transfer risk, country risk, liquidity risk, solvency risk, interest risk and price risk. Depending on the type of investment, these risks can lead to losses, and in the worst case to a total loss of the invested capital. A detailed description of the risks involved can be found in the information leaflet "information about investments - notes on risk" already provided to you by your adviser. In connection with the instrument specific risks we refer to the respective key investor information document and the current prospectus, which your adviser has also already provided you with or you may obtain as described above. / 19

20 DISCLAIMER For investors in Switzerland For the registered fund: Deutsche Invest I Multi Opportunities This fund has been registered as a foreign collective investment schemes for distribution to non qualified investors in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) pursuant to the Swiss Federal Act on Collective Investment Schemes of June 23, 2006 ("CISA"). The Representative for the Fund is Deutsche Bank (Switzerland) Ltd., 8021 Zürich, Hardstrasse 201. The Paying Agent is [Deutsche Bank (Suisse) SA, Place des Bergues 3, CH-1201 Geneva. The current sales prospectus, the Articles of Association, KID (Key Investor Information Document) as well as the annual and semi-annual reports may upon request be obtained upon free of charge from the representative as well as from In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is at the registered office of the representative. The distribution of the shares of this collective investment scheme (the Shares ) in Switzerland will be exclusively made to, and directed at, qualified investors (the Qualified Investors ), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ( CISA ), and its implementing ordinance. Accordingly, this collective investment scheme has not been and will not be registered with the Swiss Financial Market Supervisory Authority ( FINMA ). This fund document and/or any other offering materials relating to the Shares may be made available in Switzerland solely to Qualified Investors. The legal fund documents as well as the annual report and the semi-annual report, as far as applicable, of this collective investment scheme can be obtained free of charge from the representative in Switzerland. In respect of the Shares distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss representative. Swiss representative and paying agent: Deutsche Bank (Suisse) SA, Place des Bergues 3, 1201 Geneva, Switzerland and its branch in Zurich. This document is strictly for the private use of qualified investors and is being presented for informational and discussion purposes only. Any reproduction and/or redistribution thereof, in whole or in part, and any disclosure of its content without our consent is strictly forbidden For investors in Switzerland For not registered fund: Deutsche Multi Opportunties The distribution of the shares of this collective investment scheme (the Shares ) in Switzerland will be exclusively made to, and directed at, qualified investors (the Qualified Investors ), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ( CISA ), and its implementing ordinance. Accordingly, this collective investment scheme has not been and will not be registered with the Swiss Financial Market Supervisory Authority ( FINMA ). This fund document and/or any other offering materials relating to the Shares may be made available in Switzerland solely to Qualified Investors. The legal fund documents as well as the annual report and the semi-annual report, as far as applicable, of this collective investment scheme can be obtained free of charge from the representative in Switzerland. In respect of the Shares distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss representative. Swiss representative and paying agent: Deutsche Bank (Suisse) SA, Place des Bergues 3, 1201 Geneva, Switzerland and its branches in Zurich and Lugano. This document is strictly for the private use of qualified investors and is being presented for informational and discussion purposes only. Any reproduction and/or redistribution thereof, in whole or in part, and any disclosure of its content without our consent is strictly forbidden / 20

21 DISCLAIMER For investors in UK Issued and approved by Deutsche Asset Management (UK) Limited of Winchester House, 1 Great Winchester Street, London EC2N 2DB, authorised and regulated by the Financial Conduct Authority ( FCA ). This document is a non-retail communication within the meaning of the FCA's Rules and is directed only at persons satisfying the FCA s client categorisation criteria for an eligible counterparty or a professional client. This document is not intended for and should not be relied upon by a retail client. This document may not be reproduced or circulated without written consent of the issuer. This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates ( DB ). Without limitation, this document does not constitute investment advice or a recommendation or an offer or solicitation and is not the basis for any contract to purchase or sell any security or other instrument, or for DB to enter into or arrange any type of transaction as a consequence of any information contained herein. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Past performance is not a guarantee of future results. Any forecasts provided herein are based upon our opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Investments are subject to risks, including possible loss of principal amount invested. When making an investment decision, potential investors should rely solely on the final documentation relating to the investment or service and not the information contained herein. The investments or services mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with us you do so in reliance on your own judgment. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. / 21

22 DISCLAIMER Where distributed by Deutsche Bank AG, Stockholm branch: Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank and the BaFin, Germany s Federal Financial Supervisory Authority). Deutsche Bank AG Stockholm branch ("DBS", Bolagsverket nr ) is authorised by BaFin and regulated by Finansinspektionen for the conduct of licensed activities in Sweden, Denmark, Norway and Finland. Deutsche Bank branches operate within the EEA on the back of the legal entity (Deutsche Bank AG) EU Passports within the European Economic Area ( EEA ). Reference is made to European Union Regulatory Background and Corporate and Regulatory Disclosures at Details about the extent of our authorisation and regulation by BaFin and respective Nordic Region Financial Supervisory Authority are available from us on request. Without limitation, this document and any attachment does not constitute an offer or a recommendation to enter into any transaction with DBS. This material and attachments is for information purposes only and is not intended to be an offer or an advice or recommendation or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for DBS to enter into or arrange any type of transaction as a consequence of any information contained herein. The implicit or explicit views and recommendations expressed in marketing or other financial presentation material as well as any financial proposals are solely those of the issuer of such material, and forwarded to you on behalf of the contracting party. The views set out in this presentation are those of the author and may not necessarily the views of any other division within Deutsche Bank, including the Sales and Trading functions of the Corporate and Investment Bank or the Global Client Group of Deutsche Asset Management and Private Wealth Management: all services provided by these the Sales and Trading functions of the Corporate and Investment Bank are purely on a non-advised, execution-only basis. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. You may not distribute this document, in whole or in part, without our express written permission. DBS is solely acting for and on behalf of Deutsche Bank AG and/or any of its affiliates. Potential investors should be aware that if they decide to enter into a transaction with Deutsche Bank AG or any of its affiliates acting in their capacity as principal to the transaction ( contracting party ), any and all agreements will be entered into with that contracting party (unless re-negotiated) and pursuant to the financial laws and regulations of the country where the contracting party is licensed. Unless DBS is entering into a separate and explicit contractual relationship with you for the provision of investment services, it is neither obliged to categorise you in accordance with MiFID nor perform MiFID suitability and/or appropriateness assessment (as enacted into Swedish laws and regulations). The investments or services mentioned in this material or an attachment thereto may not be appropriate for all investors and before entering into a transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with a contracting party you do so in reliance on your own judgment. For general information regarding the nature and risks and types of financial instruments please go to Past performance is not a suitable indicator of future results. [An investment in [mutual funds/etfs/units, etc.] can rise or fall in value and there is no guarantee that the investor will get back all capital invested. Fluctuations in currency rates may cause the value of investments to either rise or fall. Investors should note that most [mutual funds/etfs/units, etc.] are not capital protected or capital guaranteed. Investors in [mutual funds/etfs/units, etc.] should be aware of the possibility, and financially able, to lose part or all of the invested capital. An investment in [mutual funds/etfs/units, etc.] is associated with risks, for a presentation of the risks related to investments in these funds, please refer to respective [funds/etfs, etc.].fact Sheet and/or Key Investor Information Document ( KIID s) and/or fund Prospectus). DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. / 22

23 DISCLAIMER For investors in Singapore For not registered fund: Deutsche Multi Opportunities This Information has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Information and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of [Shares/Units/Interests] may not be circulated or distributed, nor may [Shares/Units/Interests] be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the SFA ) or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. / 23