Past performance is not a reliable indicator of future performance. Asset classes: European bonds (iBoxx Euro Overall), US bonds (JPM US Government Bond Index in USD), German equities (DAX), US equities (S&P 500 in USD), Asian equities (MSCI AC Asia in local currency), commodities (Bloomberg Commodity Index in USD). Period under review: since inception on 2 May 2011 - 30 December 2024 Source: DWS International GmbH, Refinitiv Datastream, volatility calculated on a daily basis; as at: December 2024.