CAPÍTULO 3. MATERIALES Y MÉTODOS
4.1. COMPROBACIÓN DE HIPÓTESIS ESPECÍFICAS
4.1.2. Disputa territorial
For the sub-fund with the name DWS Invest US Value Equities, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus. Investment policy
The objective of the investment policy of DWS Invest US Value Equities is to achieve an above- average return. At least 70% of the sub-fund’s assets are invested in equities of U.S. issuers that are registered or have their main busi- ness activity in the United States. These stocks are considered by the fund-manager to be undervalued top-quality securities or so called “value stocks”. The market price of value stocks are usually backed by appropriate company fundamentals.
A maximum of 30% of the sub-fund’s assets may be invested in equities of issuers that do not meet the above mentioned criteria.
Up to 30% of the sub-fund’s assets may be invested in short-term deposits, money market instruments and bank balances.
Notwithstanding the investment limit specified in Article 2 B. (n) concerning the use of deriva- tives, the following investment restrictions shall apply with regard to the investment restrictions currently applicable in individual distribution countries:
Derivatives that constitute short positions must have adequate coverage at all times and may be used exclusively for hedging purposes. Hedging is limited to 100% of the underlying instrument covering the derivative. Conversely, no more than 35% of the net value of the assets of the sub- fund may be invested in derivatives that consti- tute long positions and do not have correspond- ing coverage.
In addition, the sub-fund’s assets may be invested in all other permissible assets as speci- fied in Article 2 of the general section of the Sales prospectus.
Specific risks:
Because the sub-fund is specialized on a spe- cific geographic area, it presents increased opportunities, but these opportunities are countered by equally elevated risks.
During phases of economic growth, the invest- ment opportunities of a country-specific fund are above average because of its regional specializa- tion. Conversely, it must be noted that there are special risks inherent in the concentration of fund investments on particular investment sectors, which is not the case for equity funds invested in more than one region.
Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general sec- tion of the Sales Prospectus, the potential market risk of the sub-fund is measured using a refer- ence portfolio that does not contain derivatives. The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio
* 5% based on the gross investment correspond approx. to 5.26% based on the net investment. ** 3% based on the gross investment correspond approx. to 3.09% based on the net investment. *** For additional costs, see Article 12 in the general section of the Sales Prospectus.
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to markedly increased volatility, which means that the price per share may be subject to substantial downward or upward fluctuation, even within short periods of time. The sub-fund is therefore only suitable for experienced investors who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses.
Share class Security codes ISIN
LC 552 497 LU0145635552 LCH (P) DWS0AN LU0273155852 NC 552 499 LU0145637178 NCH (P) DWS0AP LU0273144732 FC 552 511 LU0145637848 E2 DWS0AM LU0273174481 LD DWS1CZ LU0740840524 FD DWS1C0 LU0740840797
Investor Profile Risk-tolerant Currency of sub-fund EUR
“Hedged” share classes Currency exposure due to the sub-fund’s assets being
aim to hedge against denominated in a different currency than the hedged
share class.
Nature of shares Registered shares or bearer shares represented
by a global certificate.
Date of launch and LC, NC and FC: June 3, 2002
initial subscription LCH (P), NCH (P) and E2: November 20, 2006
LD and FD: The date of launch and initial
subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.
Initial NAV per share LC, NC, FC, LCH (P), NCH (P), LD and FD: EUR 100.00
E2: USD 100.00
Calculation of the NAV per share Each bank business day in Luxembourg that is also an ex-
change trading day on the New York Stock Exchange (NYSE)
Front-end load LC, LCH (P) and LD: up to 5% based on the
(payable by the investor) gross investment*
NC and NCH (P): up to 3% based on the
gross investment**
FC, E2 and FD: 0%
Allocation of income NC, NCH (P), FC, LC, LCH (P) and E2: Reinvestment
LD and FD: Distribution
Management Company fee NCH (P): up to 2% p.a.
(payable by the sub-fund)*** NC: up to 2% p.a.
LC, LCH (P) and LD: up to 1.5% p.a.
FC, E2 and FD: up to 0.75% p.a.
Expense cap Not to exceed 15% of the Management Company fee
(see Art. 12 b)
Service fee of the NC and NCH (P): 0.2% p.a.
main distributor LC, LCH (P), FC, E2, LD and FD: 0% p.a.
(payable by the sub-fund)***
Taxe d’abonnement LC, LCH (P), NC,
NCH (P), FC,E2, LD and FD: 0.05% p.a.
Order acceptance All subscription, redemption and exchange orders are
placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the next valuation date.
Value date In a purchase, the equivalent value is debited three bank
business days after issue of the shares. The equivalent val- ue is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the General Part of the share class description.
Performance of share classes vs. benchmark (in euro)
Share class
ISIN
1 year
3 years
5 years
Class LC
LU0145635552
5.8%
29.4%
-8.0%
Class LCH (P)
LU0273155852
7.2%
16.4%
-20.4%
Class NC
LU0145637178
5.1%
26.7%
-11.4%
Class NCH (P)
LU0273144732
6.2%
13.9%
-23.1%
Class FC
LU0145637848
6.6%
32.6%
-4.2%
Class E2
1)LU0273174481
8.7%
22.4%
-15.8%
S&P 500 (in euro)
12.6%
45.4%
18.7%
1) in USD
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2012
for the sub-fund DWS Invest US Value Equities is the S&P 500 (RI).
Leverage is not expected to exceed twice the value of the investment subfund’s assets. How- ever, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
Fund manager of the sub-fund
The fund manager of the sub-fund is DWS Invest- ment GmbH.