VIEWS: 11 PAGES: 2 POSTED ON: 2/14/2010
DWS Global Equity Agribusiness Fund Factsheet Investment philosophy The philosophy for the DWS Global Equity Agribusiness Fund is based on demographic trends. Increasing population, economic growth and the ongoing urbanisation trend will drive food demands. DWS Global Equity Predictions suggest that the demand for food and other agricultural goods and services will double Agribusiness Fund over the next generation. Furthermore, a dramatic shift in nutritional preferences to a higher intake of Investing in a global protein occurs as a result of a global wealth effect. megatrend: The business of Limited farmland will result in a booming demand for agrichemicals and seed together with newly feeding the world. The DW S Global Equity developed agricultural methods. Globalisation and new free trade commitments will lead to Agribusiness Fund provides increased trade in agricultural products. Agricultural commodity prices are expected to increase investors with exposure to an following trends in hard commodity prices. actively managed portfolio of global agribusiness companies. We believe that the global agribusiness market is set to be one of the fastest growing segments in The Fund seeks investments in all the market. The DWS Global Equity Agribusiness Fund intends to invest all the way from parts of the food agricultural commodities to consumer products. The Fund invests in promising companies in land production-to-consumption value and plantation, seed and fertiliser, planting, harvesting, protecting and irrigation, food processing chain via stakes in listed and manufacturing companies, offering investors the opportunity to capture value at various points companies worldwide including along the “food chain”. those involved in land and plantations, seeds and fertilisers, Our universe is subject to regular review and can be modified as needed; it is not constrained as it is equipment manufacturing for benchmark-independent. planting and harvesting, crop protection, water and irrigation, aquaculture, bio fuels, the Our investment process marketing and sales of Universe agricultural and food products, and climate services. Installed base Short List/ Risk Tractors Investable management PORTFOLIO Combines Universe Specific stress tests: Farmers’ purchasing power Determining Harvest shortfalls Valuation upside Trade embargoes Africa potential and Companies Irrigation problems South America whose screen risk North America metrics merit CFROI Pest, disease Target Europe closer P/E weightings outbreaks Asia examination P/B Diversified Dual-region (trading ROE across major synchronous harvest Arable land growth volume, DCF regions impairment market Diversified Consumer behavior Crop production growth capitalization, across major changes liquidity) industrial Meteorological seasonality Weather/climate service sectors changes Regulatory issues GMO legislation Trade barriers The DWS Global Equity Agribusiness Fund invests over the full spectrum of the food chain including agriculture, aquaculture, agrochemicals, agro-tech and food products. For inclusion in the Fund, companies must meet the following criteria: Strong market position in their specific area of activity. Favourable balance sheet ratios. Above-average quality of management, focused on generating strong and sustainable earnings. Clearly formulated corporate strategy with good prospects for success. Transparent and shareholder-friendly information policy. In addition, we test the risk metrics by quantitatively defining the stocks whose cash flows are geared into the increase in global protein consumption. We then filter a large universe of stocks (700-800) to develop a list of companies that we actively interview and analyse. This step takes us across the globe and transcends sectors. The final step is to have a short list which qualifies for valuation and further stress-testing and admission to the portfolio construction process. We seek to construct our portfolio in such a way that the upside/downside asymmetry is commensurate with absolute position size. Risk aversion is our guiding factor - every unit of risk must be compensated with significantly more units of upside potential. The aim of our portfolio optimisation is the efficient allocation of capital, maximizing expected returns while limiting risk. It is important to note that our portfolio optimisation model is one of many tools we use to determine stock weightings. The DWS Global Equity Agribusiness Fund is theme-based, and as such sector and country allocations are a residual of our theme-based process. The Fund will invest into all principal areas of global agribusiness and will take further opportunities by investing into promising companies along the entire food chain. DWS Global Equity Agribusiness Fund Factsheet About DWS Contact details DWS Investments is the mutual fund arm of Deutsche Bank’s Asset Management division. To discuss any information in Founded in Germany in 1956, DWS Investments is the largest mutual fund company in this report please call freecall: Germany1 and among the top ten players globally2 in terms of assets under management. DWS Investments is the name under which Deutsche Asset Management (Australia) Limited markets Individual investors a range of its funds in Australia. Sources: 1800 034 402 1 BVI, as of December 2006. 2 Strategic Insight, FERI FMI, ITA as of December 2006, and AAM as of June 2006. Advisers 1800 678 519 About Deutsche Asset Management Deutsche Asset Management is the asset management arm of the Deutsche Bank Group, which Alternatively, visit our web site is one of the world’s strongest financial institutions. Deutsche Asset Management is one of the at largest investment managers in the world. We have offices in more than 60 countries, allowing us www.am.australia.db.com to draw on a breadth of investment skills, resources and insights to enhance the service that we deliver to Australian investors. Fund at a glance Investment objective To provide investors with exposure to an actively managed portfolio of global agribusiness stocks in sectors such as agrochemicals, biotechnology and food processing. The Fund will invest in stocks to exploit value creation within the whole supply chain of the global agricultural business. Income potential Low Growth potential High Volatility High Primary investment universe MSCI World Index Inception date March 2007 Suggested investment period 3-5 years Typical number of stocks 40-80 Entry and exit fee Nil Minimum investment amount $25,000 Investment management fee 0.90% pa (capped), inclusive of GST Buy/sell spread +0.20/-0.20% Distribution Frequency Semi-annually after 30 June and 31 December each year Currency Hedging The intention is to fully hedge the foreign currency exposure of the Fund. However, short term movements in cash flows or fluctuations in market values may draw the Fund away from a fully hedged position. APIR code MGL0019AU Why invest in the DWS Global Equity Ag ribusiness Fund? The DWS Global Equity Agribusiness Fund offers: access to a global dynamic sector that represents one of the fastest growing segments of the global commodities market and participating in the entire agribusiness value chain; access to dedicated and experienced global specialists within the broader global thematic equities team; the ability to exploit the benefits of long term cashflow analysis; an established and proven investment process with detailed fundamental research within a risk controlled framework. DWS Global Equity Agribusiness Fund ARSN 124 220 202 is a registered Managed Investment Scheme managed by Deutsche Asset Management (Australia) Limited and a Product Disclosure Statement for the Fund can be obtained from http://www.am.australia.db.com or by calling Deutsche Client Services. This is not an offer of securities or financial products, nor is it financial product advice. You should consider the Product Disclosure Statement in deciding to acquire or to continue to hold the Fund. As this document has been prepared without taking account of your objectives, financial situation and needs, you should consider its appropriateness having regard to your objectives, financial situation and needs. An investment in the Fund is not a deposit with or any other type of liability of Deutsche Bank AG ARBN 064 165 162, Deutsche Asset Management (Australia) Limited or any other member of the Deutsche Bank AG Group and the capital value of and performance of an investment in the Fund/s is not in any way guaranteed by Deutsche Bank AG, Deutsche Asset Management (Australia) Limited or any other member of the Deutsche Bank AG Group. Investments are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Although non-Fund specific information has been prepared from sources believed to be reliable, we offer no guarantees as to its accuracy or completeness. Past performance is not an indicator of future results. Any performance forecasts are not promises of future performance and are not guaranteed. Opinions expressed may change. All dollars are Australian dollars unless otherwise specified. All indices are copyrighted by and proprietary to the issuer. Issued by Deutsche Asset Management (Australia) Limited ABN 63 116 232 154 Australian Financial Services Licence Holder.
Pages to are hidden for
"DWSGlobalAgrtoiFund"Please download to view full document