Deutsche Asset Management S.A. DWS India Semiannual Report 2017 Investment Fund Organized under Luxembourg Law
DWS India
Contents Semiannual report 2017 for the period from January 1, 2017, through June 30, 2017 General information... 2 Semiannual report DWS India... 4 Semiannual financial statements... 6 1
General information The fund described in this report is subject to the laws of Luxembourg. Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset Management S.A., are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmark if available is also presented in the report. All financial data in this publication is as of June 30, 2017 (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
Semiannual report
DWS India DWS India vs. benchmark Performance at a glance ISIN 6 months LU0068770873 14.3% MSCI India 10/40 11.6% BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30, 2017 Data on euro basis 4
The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Semiannual financial statements
DWS India Investment portfolio June 30, 2017 Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Securities traded on an exchange 150 891 379.04 95.95 Equities ABB Asea Brown Boveri (demat.) (INE117A01022)... Count 100 000 INR 1 452.0000 1 967 386.37 1.25 Adani Ports & Special Economic Zone (INE742F01042)... Count 150 000 150 000 INR 364.9000 741 631.49 0.47 Amara Raja Batteries (INE885A01032)... Count 80 000 INR 841.8000 912 477.05 0.58 Asian Paints (demat.) (INE021A01026)... Count 160 000 INR 1 105.0000 2 395 550.35 1.52 Axis Bank (INE238A01034)... Count 500 000 850 000 500 000 INR 519.0000 3 516 093.41 2.24 Bajaj Finance (INE296A01024)... Count 100 000 100 000 100 000 INR 1 373.5500 1 861 090.60 1.18 Berger Paints India (INE463A01038)... Count 400 000 400 000 INR 247.0000 1 338 689.90 0.85 Bharat Electronics (INE263A01024)... Count 1 500 000 1 500 000 INR 162.2000 3 296 591.63 2.10 Bosch (INE323A01026)... Count 5 000 5 000 7 000 INR 23 375.0000 1 583 596.98 1.01 Britannia Industries (INE216A01022)... Count 40 651 40 651 40 651 INR 3 694.0500 2 034 684.35 1.29 Container Corp. of India (INE111A01017)... Count 68 750 13 750 INR 1 147.0000 1 068 462.20 0.68 Dr. Lal PathLabs (new) (INE600L01024)... Count 30 000 30 000 INR 780.1000 317 098.78 0.20 Emami (INE548C01032)... Count 20 000 20 000 20 000 INR 1 074.0000 291 043.11 0.19 Finolex Industries (INE183A01016)... Count 200 000 INR 604.6500 1 638 540.18 1.04 Godrej Consumer Products (INE102D01028)... Count 100 000 100 000 50 000 INR 969.9000 1 314 165.32 0.84 Havells India (INE176B01034)... Count 300 000 INR 461.5000 1 875 927.29 1.19 HCL Technologies (INE860A01027)... Count 140 000 150 000 INR 851.4000 1 615 045.36 1.03 HDFC Bank (INE040A01026)... Count 600 000 600 000 600 000 INR 1 654.8500 13 453 427.01 8.55 Hindustan Petroleum Corp. (INE094A01015)... Count 300 000 300 000 300 000 INR 509.6000 2 071 446.48 1.32 Hindustan Unilever (INE030A01027)... Count 450 000 450 000 450 000 INR 1 080.0000 6 585 053.55 4.19 Hindustan Zinc (INE267A01025)... Count 300 000 100 000 INR 262.5000 1 067 022.57 0.68 Housing Development Finance Corp. (INE001A01036).. Count 400 000 400 000 400 000 INR 1 611.9000 8 736 171.05 5.56 ICICI Bank (demat.) (INE090A01021)... Count 1 980 000 580 000 INR 290.0000 7 780 118.83 4.95 IDFC Bank (INE092T01019)... Count 1 000 000 1 000 000 1 000 000 INR 54.9000 743 867.16 0.47 Indian Oil (INE242A01010)... Count 150 000 300 000 150 000 INR 383.9500 780 349.17 0.50 IndusInd Bank (INE095A01012)... Count 150 000 150 000 200 000 INR 1 482.1000 3 012 255.52 1.92 Infosys (INE009A01021)... Count 500 000 100 000 INR 934.4000 6 330 323.09 4.03 ITC (INE154A01025)... Count 1 000 000 1 000 000 1 000 000 INR 323.0000 4 376 486.21 2.78 Jindal Steel & Power Reg. (INE749A01030)... Count 483 409 INR 123.1000 806 298.45 0.51 Kotak Mahindra Bank (INE237A01028)... Count 150 000 150 000 150 000 INR 957.9500 1 946 960.51 1.24 Larsen and Toubro IR 2 (INE018A01030)... Count 200 000 INR 1 686.8000 4 571 056.93 2.91 Lupin (INE326A01037)... Count 70 000 INR 1 058.1500 1 003 617.71 0.64 Mahanagar Gas (INE002S01010)... Count 80 000 INR 990.0000 1 073 119.84 0.68 Mahindra & Mahindra (new) (INE101A01026)... Count 200 000 300 000 200 000 INR 1 355.0000 3 671 912.58 2.33 Maruti Suzuki India (INE585B01010)... Count 40 000 60 000 40 000 INR 7 201.2500 3 902 931.43 2.48 Page Industries (INE761H01022)... Count 5 331 10 662 5 331 INR 16 650.0000 1 202 668.57 0.76 Pidilite Industries (INE318A01026)... Count 250 000 50 000 INR 806.1000 2 730 561.56 1.74 Power Grid Corp. of India (INE752E01010)... Count 750 000 INR 210.4000 2 138 109.98 1.36 RBL Bank (INE976G01028)... Count 500 000 500 000 500 000 INR 508.5000 3 444 958.57 2.19 Reliance Industries (INE002A01018)... Count 350 000 350 000 450 000 INR 1 383.0000 6 558 632.04 4.17 Shree Cements (INE070A01015)... Count 10 000 INR 17 000.0000 2 303 413.79 1.46 Siemens (post. sub.) (INE003A01024)... Count 50 000 50 000 50 000 INR 1 334.0000 903 751.18 0.57 State Bank of India (demat.) (INE062A01020)... Count 1 111 250 1 111 250 1 111 250 INR 273.5500 4 118 807.88 2.62 Sun Pharmaceutical Industries (INE044A01036)... Count 350 000 INR 556.0000 2 636 731.32 1.68 Tata Consultancy Services (INE467B01029)... Count 200 000 INR 2 361.0000 6 398 070.55 4.07 Tata Steel (INE081A01012)... Count 430 000 INR 545.4000 3 177 654.18 2.02 UltraTech Cement (INE481G01011)... Count 78 931 INR 3 955.0000 4 229 773.72 2.69 Vedanta (INE205A01025)... Count 300 000 INR 248.7000 1 010 927.67 0.64 Voltas (INE226A01021)... Count 189 580 189 580 INR 457.9000 1 176 213.62 0.75 Yes Bank (INE528G01019)... Count 50 000 50 000 INR 1 465.9000 993 110.08 0.63 Zee Entertainment Enterprises (INE256A01028)... Count 650 000 700 000 650 000 INR 491.5000 4 328 724.25 2.75 ICICI Bank ADR (US45104G1040)... Count 495 000 245 000 USD 8.8900 3 858 777.62 2.45 Total securities portfolio 150 891 379.04 95.95 Cash at bank 6 546 693.71 4.16 Demand deposits at Depositary EUR deposits... EUR 157 882.22 % 100 157 882.22 0.10 Deposits in other EU/EEA currencies... EUR 4 341.11 % 100 4 341.11 0.00 Deposits in non-eu/eea currencies Indian rupee... INR 321 075 608.45 % 100 4 350 411.68 2.77 U.S. dollar... USD 2 319 640.54 % 100 2 034 058.70 1.29 6
DWS India Count/ Quantity/ Purchases/ Sales/ Total market % of Description currency principal additions disposals Market price value in net assets ( / 000) amount in the reporting period EUR Other assets 422 851.07 0.27 Dividends receivable.... EUR 343 256.71 % 100 343 256.71 0.22 Initial margins... EUR 79 594.36 % 100 79 594.36 0.05 Total assets 1 157 860 923.82 100.38 Other liabilities -598 339.45-0.38 Liabilities from cost items.... EUR -675 020.32 % 100-675 020.32-0.43 Additional other liabilities.... EUR 76 680.87 % 100 76 680.87 0.05 Net assets 157 262 584.37 100.00 Net asset value per unit 2 146.25 Number of units outstanding 73 273.264 Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of: June 30, 2017 Indian rupee.... INR 73.803500 = EUR 1 U.S. dollar.... USD 1.140400 = 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 prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Investments reported in this report are not valued at derived market values. Footnotes 1 Does not include positions with a negative balance, if such exist. Transactions completed during the reporting period that no longer appear in the investment portfolio Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals Description Count/ currency ( / 000) Purchases/ additions Sales/ disposals Securities traded on an exchange Equities Bank of Baroda (INE028A01039).... Count 1 596 000 Bharat Electronics (INE263A01016)... Count 50 000 150 000 Bharat Heavy Electricals (INE257A01026)... Count 600 000 Cipla IR 2 (INE059A01026).... Count 200 000 Dr Reddy s Laboratories (INE089A01023)... Count 30 000 Gujarat Ambuja Cements (INE079A01024).... Count 150 000 Gujarat Pipavav Port (INE517F01014).... Count 450 000 Marico (INE196A01026)... Count 70 000 Oil & Natural Gas (new) (INE213A01029).... Count 600 000 PNB Housing Finance (INE572E01012)... Count 11 349 United Spirits (INE854D01016).... Count 23 313 Varun Beverages (INE200M01013).... Count 133 212 Infosys ADR (US4567881085).... Count 130 000 Tata Motors ADR (US8765685024).... Count 60 000 7
DWS India 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 There were no securities financing transactions according to the above Regulation in the reporting period. 8
Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2016: EUR 263.5 million before profit appropriation Supervisory Board Holger Naumann Chairman Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Investment GmbH, Frankfurt/Main Management Board Manfred Bauer (since June 1, 2017) Chairman S.A., Luxembourg Dirk Bruckmann (until May 31, 2017) Investment GmbH, Frankfurt/Main Ralf Rauch Investment GmbH, Frankfurt/Main Martin Schönefeld (until June 30, 2017) S.A., Luxembourg Barbara Schots S.A., Luxembourg Auditor KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Depositary State Street Bank Luxembourg S.C.A. 49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg Fund Manager Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt/Main, Germany Sales, Information and Paying Agent LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Yves Dermaux (since July 1, 2017) Deutsche Bank AG, London Marzio Hug (until June 30, 2017) Deutsche Bank AG, London Stefan Kreuzkamp Investment GmbH, Frankfurt/Main Frank Krings Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Investment GmbH, Frankfurt/Main As of: July 31, 2017
S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00