REQUERIMIENTOS BIOCLIMÁTICOS !
6. TEMPLADO HÚMEDO
3.6 Los retos del clima cálido húmedo
For the sub-fund with the name DWS Invest Chinese 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 Chinese Equities is to participate in the opportunities presented by the emerging country China (including Hong Kong) and to generate as high a return as possible.
At least 70% of the sub-fund’s assets are invested in shares, stock certificates, participation and dividend-right certificates, and equity warrants of issuers registered in China, or of issuers regis- tered outside China that conduct their principal business activity in China. The securities issued by these companies may be listed on Chinese or other foreign securities exchanges or traded on other regulated markets in a member country of the Organisation for Economic Co-operation and Development (OECD) that operate regularly and are recognized and open to the public.
A maximum of 30% of the sub-fund’s assets may be invested in shares, stock certificates, convertible bonds, convertible debentures and warrant-linked bonds whose underlying war- rants are for securities, participation and divi- dend-right certificates, and equity warrants of foreign and domestic issuers that do not satisfy the requirements of the preceding paragraph, as well as in all other permissible assets specified in Article 2 of the general section of the Sales Prospectus.
Notwithstanding the investment limit of 10% specified in Article 2 B. (i) concerning invest- ments in shares of other Undertakings for Col- lective Investment in Securities and/or other collective investment undertakings as defined in Article 2 A. (e), an investment limit of 5% shall apply to this sub-fund.
Specific risks:
Because the sub-fund is specialized on companies operating in China, it presents increased opportu- nities, but these opportunities are countered by equally elevated risks. Chinese exchanges and markets are sometimes subject to substantial fluc- tuations. The sub-fund is suitable for risk- tolerant investors who are familiar with the opportunities and risks of volatile investments. A medium to long-term investment horizon is recommended for this sub-fund. Investors should be in a position to bear potentially substantial losses. The sub-fund pursues an investment policy focused on oppor- tunities, and is particularly suited for inclusion in a highly diversified investment portfolio.
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 deriva- tives. The corresponding reference portfolio for the sub-fund DWS Invest Chinese Equities is the MSCI – China 10/40 Index.
Share class Security codes ISIN
LC DWS0BJ LU0273157635 NC DWS0BK LU0273145622 FC DWS0BM LU0273146190 A2 DWS0BN LU0273164177 E2 DWS0BP LU0273176932 RDR1 DWS0RD LU0333022746 R2 DWS0S8 LU0363468504 Z2 DWS077 LU0616869599 LD DWS1BK LU0740832265 CH2H (P) DWS1BL LU0740832422 CH4H (P) DWS1BM LU0740832695 HKD2 DWS1BN LU0740832851 S2H (P) DWS1BP LU0740833073 A2H (P) DWS1VT LU0911034352
E2H (P) DWS1VU LU0911034436
FCH (P) DWS1VV LU0911034519
NCH (P) DWS1VW LU0911034600
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 different currencies than the hedged
share classes.
Nature of shares Registered shares or bearer shares represented
by a global certificate.
The R2 share class is only offered in form of registered shares.
Date of launch and LC, NC, FC, A2 and E2: December 15, 2006
initial subscription RDR1: December 21, 2007
LD, CH2H (P), CH4H (P), HKD2, S2H (P) R2, Z2, A2H (P), E2H (P), FCH (P)
and NCH (P): 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 LD, LC, NC, FC, FCH (P) and NCH (P): EUR 100.00
A2, E2, A2H (P) and E2H (P): USD 100.00
RDR1: GBP 100.00 R2: RUB 1,000.00 Z2: PLN 100.00 CH2H (P) and CH4H (P): CHF 100.00 HKD2: HKD 100.00 S2H (P): SGD 10.00
Calculation of the NAV per share Each bank business day in Luxembourg that is also an
exchange trading day in Hong Kong.
Front-end load S2H (P), LD, CH2H (P),
(payable by the investor) HKD2, LC, A2,
R2, Z2 and A2H (P): up to 5% based on the
gross investment*
NC and NCH (P): up to 3% based on the
gross investment** CH4H (P), FC, E2,
E2H (P), FCH (P) and RDR1: 0%
Allocation of income S2H (P), CH2H (P), CH4H (P),
HKD2, NC, FC, LC, A2, E2, R2, Z2,
A2H (P), E2H (P), FCH (P) and NCH (P): Reinvestment
LD and RDR1: Distribution
* 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.
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.
UK Taxation
The following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective inves- tors therefore need to consider their specific position at the time they invest, and should seek their own advice where appropriate.
The separate share classes are “offshore funds” for the purposes of the UK offshore funds legis- lation. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resi- dent in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certi- fied by HM Revenue & Customs (“HMRC”) as a “reporting fund” (and previously, where relevant, a “distributing fund”) throughout the period dur- ing which the shares have been held by that investor.
The UK offshore funds regime is now contained in the Offshore Funds (Tax) Regulations 2009 (Statutory Instrument 2009/3001).
For a UK taxpayer to benefit from capital gains tax treatment on the disposal of their investment in the RDR1 (previously DS1) share class, that class must be certified as a “reporting fund” (and previously, where relevant, a “distributing fund”) in respect of all accounting periods during which the UK taxpayer owned the shares.
The RDR1 share class has been certified as a dis- tributing fund from 1 January 2007 to 31 Decem- ber 2009 and a reporting fund from 1 January 2010. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the RDR1 share class for each rele vant accounting period. Where the reported income exceeds what has been distributed to investors, then that excess will be treated as additional distributions to the investors and invest ors will be liable to tax accordingly. Dividends paid (and any retained income reported) to a UK resident individual will con- stitute a dividend (with a notional dividend tax credit attached) for UK income tax purposes and will generally be taxable. Dividends paid (and any returned income reported) to a UK resident com- pany will also constitute dividend income in its hands and will generally be exempt from tax. The UK tax rules contain a number of anti- avoidance codes that can apply to UK investors in offshore funds in particular circumstances. It is not anticipated that they will normally apply
to invest ors. Any UK taxpaying investor who
(together with connected persons) holds over 25% of DWS Invest should take specific advice. The intended category of investors for the RDR1 share class is retail investors. The shares in it will be widely available and marketed and made avail-
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 there fore 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.
Management Company fee NC and NCH (P): up to 2% p.a. plus an additional
(payable by the sub-fund)*** performance-related fee****
S2H (P), CH2H (P), HKD2, A2, R2
and A2H (P): up to 1.7% p.a.
LD, LC: up to 1.5% p.a. plus an additional
performance-related fee****
Z2: up to 1.5% p.a.
FC and FCH (P): up to 0.75% p.a. plus an
additional performance-related fee**** CH4H (P), E2,
E2H (P) and RDR1: up to 0.85% 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 S2H (P), LD, CH2H (P), CH4H (P),
(payable by the sub-fund)*** HKD2, FC, LC, A2, E2, R2, Z2,
A2H (P), E2H (P), FCH (P) and RDR1: 0% p.a.
Taxe d’abonnement S2H (P), LD, CH2H (P), CH4H (P), HKD2,
LC, NC, FC, A2, E2, R2, Z2, A2H (P),
E2H (P), FCH (P), NCH (P) and RDR1: 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. S2H (P), CH2H (P), CH4H (P), A2H (P), E2H (P), FCH (P) and NCH (P):
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 the subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date immediately following that 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.
*** For additional costs, see Article 12 in the general section of the Sales Prospectus.
**** For the share classes NC, NCH (P), FC, FCH (P), LD and LC the Management Company shall receive an additional performance-related fee per share class of 25% of the amount by which the performance of the respective share class exceeds the performance of the MSCI China 10/40 Index. The performance-related fee is calculated daily and settled annually.
able sufficiently widely to reach them and in a manner appropriate to attract them.
Fund manager of the sub-fund
The fund manager of the sub-fund is Harvest Global Investments Limited, Hong Kong.
Performance of share classes vs. benchmark (in euro)
Share class
ISIN
1 year
3 years 5 years Since inception
1)Class LC
LU0273157635
13.3%
0.4%
-11.4%
49.3%
Class NC
LU0273145622
12.5%
-1.8% -14.5%
43.0%
Class FC
LU0273146190
14.2%
2.6%
-7.8%
56.9%
Class A2
2)LU0273164177
15.9%
-6.8% -18.5%
53.3%
Class E2
2)LU0273176932
16.5%
-5.0% -16.0%
59.4%
Class DS1
3)LU0333022746
12.2%
-7.7%
-1.4%
-0.5%
MSCI China 10/40 (in euro)
20.7%
16.4% -2.8%
56.1%
1) Classes LC, NC, FC, A2 and E2 on December 15, 2006/Class DS1 on December 21, 2007 2) in USD
3) in GBP
“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2012