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DWS Concept Kaldemorgen

Well mixed - with decades of investment experience

Mehrere Pinsel mit unterschiedlicher Farbe auf einer Leinwand

Whether brightly coloured or pastel - always go with the trend

The more colours available, the more precisely individual nuances can be worked out. However, not all combinations make sense, which is why a painter mixes his colours carefully and draws on his knowledge and experience.

In the same way, a sensible multi-asset portfolio is not created by randomly combining asset classes. Here too, the freer the fund manager is in his choice, the more precisely he can adapt the portfolio to the market situation.

Balanced ratio

Mixed funds invest in different asset classes. Depending on the focus of a mixed fund, there are more or fewer restrictions, for example on the choice of asset classes or their weighting.

across different asset classes and instruments

of yield-orientated and more defensive investments

to make better use of investment opportunities

and adapting to changing market conditions

Mixing with full flexibility

The DWS Concept Kaldemorgen^[1] utilises its opportunities to achieve returns with an appropriate level of risk.

“The DWS Concept Kaldemorgen* utilises the full range of investment opportunities to achieve returns with an appropriate level of risk.”

Christoph Schmidt

Head of Investment Strategy Multi Asset

*Managed on the basis of the strategy developed by Klaus Kaldemorgen, which is described in more detail in the sales prospectus.

Utilising opportunities to improve the result

Index	10/15 - 10/16	10/16 - 10/17	10/17 - 10/18	10/18 - 10/19	10/19 - 10/20	10/20 - 10/21	10/21 - 10/22	10/22 - 10/23	10/23 - 10/24	10/24 - 10/25
iBoxx Euro Sovereign 1-3	0.2%	0.1%	-0.8%	0.9%	-0.1%%	-0.8%	-4.0%	0.9%	4.2%	3.0%
iBoxx Euro Sovereign 7-10	4.3%	0.8%	-0.9%	10.6%	2.3%	-3.3%	-16.4%	-1.4%	8.2%	3.3%
iBoxx Euro Corporate	5.1%	2.3%	-1.2%	6.1%	1.2%	0.0%	-15.0%	3.9%	8.7%	4.7%
iBoxx Euro Liquid High Yield	5.0%	6.4%	-1.5%	4.9%	-1.1%	7.6%	-11.6%	9.1%	11.3%	5.4%
ICE BofA US Treasury	3.5%	-0.7%	-2.0%	11.4%	7.1%	-2.6%	-14.5%	-0.9%	8.6%	5.1%
DAX	-1.7%	24.0%	-13.5%	12.4%	-10.2%	35.8%	-15.5%	11.7%	28.8%	24.6%
S&P 500 (USD)	4.5%	23.6%	7.3%	14.3%	9.7%	42.9%	-14.6%	10.1%	38.0%	21.5%
MSCI AC Asia (local currency)	-1.6%	28.8%	-8.1%	9.1%	7.6%	19.4%	-19.1%	15.4%	26.3%	28.9%
EUR/USD	0.8%	-5.9%	2.8%	1.6%	-4.2%	0.7%	17.1%	-6.5%	-2.6%	-5.9%
Bloomberg Commodity (USD)	-2.6%	2.3%	-1.7%	-2.6%	-8.7%	43.9%	11.2%	-3.0%	-1.2%	14.2%
Gold (USD)	11.6%	-0.3%	-4.2%	24.2%	24.5%	-5.5%	-7.8%	21.8%	37.3%	45.2%

Always keeping an eye on the maximum fluctuation range, the fund management invests with a view to maximising returns

Index	10/15 - 10/16	10/16 - 10/17	10/17 - 10/18	10/18 - 10/19	10/19 - 10/20	10/20 - 10/21	10/21 - 10/22	10/22 - 10/23	10/23 - 10/24	10/24 - 10/25
iBoxx Euro Sovereign 1-3	0.2%	0.1%	-0.8%	0.9%	-0.1%%	-0.8%	-4.0%	0.9%	4.2%	3.0%
iBoxx Euro Sovereign 7-10	4.3%	0.8%	-0.9%	10.6%	2.3%	-3.3%	-16.4%	-1.4%	8.2%	3.3%
iBoxx Euro Corporate	5.1%	2.3%	-1.2%	6.1%	1.2%	0.0%	-15.0%	3.9%	8.7%	4.7%
iBoxx Euro Liquid High Yield	5.0%	6.4%	-1.5%	4.9%	-1.1%	7.6%	-11.6%	9.1%	11.3%	5.4%
ICE BofA US Treasury	3.5%	-0.7%	-2.0%	11.4%	7.1%	-2.6%	-14.5%	-0.9%	8.6%	5.1%
DAX	-1.7%	24.0%	-13.5%	12.4%	-10.2%	35.8%	-15.5%	11.7%	28.8%	24.6%
S&P 500 (USD)	4.5%	23.6%	7.3%	14.3%	9.7%	42.9%	-14.6%	10.1%	38.0%	21.5%
MSCI AC Asia (local currency)	-1.6%	28.8%	-8.1%	9.1%	7.6%	19.4%	-19.1%	15.4%	26.3%	28.9%
EUR/USD	0.8%	-5.9%	2.8%	1.6%	-4.2%	0.7%	17.1%	-6.5%	-2.6%	-5.9%
Bloomberg Commodity (USD)	-2.6%	2.3%	-1.7%	-2.6%	-8.7%	43.9%	11.2%	-3.0%	-1.2%	14.2%
Gold (USD)	11.6%	-0.3%	-4.2%	24.2%	24.5%	-5.5%	-7.8%	21.8%	37.3%	45.2%

Strictly control risks

A strict, specially developed risk management approach is used to monitor the fluctuation margin.

The volatility range (volatility) should not exceed 10%. In addition, the decline in the fund price should be limited to max. 10% per calendar year.

Permanent monitoring of performance by our own risk managers and signals in the event of possible underperformance of defined fund prices.

No assurance can be given that the envisaged investment objectives will be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analyses that may prove to be incorrect or inaccurate.

The flagship portfolio managers behind the DWS Concept Kaldemorgen^[1]

In total, the fund's direct multi-asset total return team consists of 10 members.