COMPETENCE IN GERMAN EQUITIES

  November 2009




FPM FRANKFURT PERFORMANCE MANAGEMENT AG – FREIHERR-VOM-STEIN-STR. 11 – ...
CONTENTS


   About us
   Our investment philosophy
   Why we invest in German shares
   We believe that
   Our funds
   O...
About us




                        STOCKPICKER IN GERMAN EQUITIES


    FPM Frankfurt Performance Management AG, an inde...
About us




                          FUNDAMENTAL ANALYSTS


    Due to many years of research activity at established in...
About us




                                      VALUE INVESTING


Primary Research & Fund Management
     Manfred Piont...
Our investment philosophy


 „OUR INVESTMENT DECISIONS ARE INDEPENDENT OF INDEX-
       AND/OR SECTOR-WEIGHTING CONSIDERAT...
Our investment philosophy




                                „BOTTOM-UP“

    Independent fund management
    Our stock-p...
Our investmentphilosophy


 „IDENTIFICATION AND ANALYSIS OF UNDERVALUED STOCKS
     BEFORE THEY ARE DISCOVERED BY THE MARK...
Our investment philosophy




            „CALL THE MANAGER! WE ARE NOT A BLACK BOX“.


   Transparency
   We regularly re...
Our investment philosophy




                                                   SELECTION PROCESS


                     ...
Why we invest in German shares




                             INVESTMENT FOCUS ON GERMANY


    Our investment focus on ...
Why we invest in German shares




                             INVESTMENT FOCUS ON GERMANY


    Of utmost importance are...
Why we invest in German shares




        CURRENT MANAGERS VIEW: HOW WE SEE THE WORLD


    The storm is over, and no one...
Why we invest in German shares




        CURRENT MANAGERS VIEW: HOW WE SEE THE WORLD


    Risk 1: Recessions do not mak...
Why we invest in German shares




                             IMPLEMENTATION AT FPM FUNDS


    We focus our investments...
Why we invest in German shares




                             IMPLEMENTATION AT FPM FUNDS



    The valuation based on ...
Why we invest in German shares




                            POSITITVE CHANGE IN SENTIMENT


                           ...
Why we invest in German shares




                 P/E-RATIO REMAINS AT HISTORIC LOW LEVELS


                           ...
Why we invest in German shares




                                          HIGH DIVIDEND YIELDS


                      ...
Why we invest in German shares




               HIGH RISK PREMIUMS ON EQUITY INVESTMENTS


                             ...
We believe that

„THE TIME OF MAXIMUM PESSIMISM IS THE BEST TIME TO
BUY AND THE TIME OF MAXIMUM OPTIMISM IS THE BEST TIME
...
Our funds


FPM Funds Stockpicker Germany All Cap
September 30, 2009
Investment objective:                                ...
Our funds


 FPM Funds Stockpicker Germany All Cap
 September 30, 2009
Portfolio structure                                ...
Our funds


FPM Funds Stockpicker Germany Small/Mid Cap
September 30, 2009
Investment objective:                          ...
Our funds


 FPM Funds Stockpicker Germany Small/Mid Cap
 September 30, 2009
Portfolio structure                          ...
Our funds


FPM Funds Stockpicker Germany Large Cap
September 30, 2009
Investment objective:                              ...
Our funds


  FPM Funds Stockpicker Germany Large Cap
  September 30, 2009
  Portfolio structure                          ...
Our funds


 TOP 25 S
 September 30, 2009
Investment objective:
The TOP 25 S aims to generate a positive return and target...
Our funds


  TOP 25 S
  September 30, 2009
Performance 1 month                                       Performance since in...
Awards




                        OUR AWARDS




                                     30

 As at: November 2009
Contact




CONTACT US


FPM Frankfurt Performance Management AG

Freiherr-vom-Stein-Str. 11
60323 Frankfurt am Main      ...
DISCLAIMER


The information contained in this document does not constitute investment advice and is merely a brief summar...
Upcoming SlideShare
Loading in …5
×

FPM AG: Competence in German Equities

728 views
640 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
728
On SlideShare
0
From Embeds
0
Number of Embeds
8
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

FPM AG: Competence in German Equities

  1. 1. COMPETENCE IN GERMAN EQUITIES November 2009 FPM FRANKFURT PERFORMANCE MANAGEMENT AG – FREIHERR-VOM-STEIN-STR. 11 – 60323 FRANKFURT – GERMANY
  2. 2. CONTENTS About us Our investment philosophy Why we invest in German shares We believe that Our funds Our awards Contact 2 As at: November 2009
  3. 3. About us STOCKPICKER IN GERMAN EQUITIES FPM Frankfurt Performance Management AG, an independent and owner- managed fund management company, was established in the year 2000 by Manfred Piontke and Martin Wirth, two highly experienced financial analysts and professionals in fundamental bottom up analysis We practice stock-picking, without benchmark thinking, based on our own primary analysis with a sustainable setup, for achieving long-term outperformance with limited risk Our aim: Implementation of our know-how in primary analysis and valuation within the FPM-products Focusing on our home base Germany, due to our high grade of knowledge, the existing network and the proximity to German companies 3 As at: November 2009
  4. 4. About us FUNDAMENTAL ANALYSTS Due to many years of research activity at established investment banks, we have acquired profound and comprehensive insight into the German corporate landscape and built up an extensive, dense network in Germany FPM AG has a rock-solid equity base. Our clients include institutional investors as well as asset managers, multi managers, private banks, family offices, HNI’s and individuals 4 As at: November 2009
  5. 5. About us VALUE INVESTING Primary Research & Fund Management Manfred Piontke: FPM founder and Management Board Member Deutsche Bank AG: Deputy Head of German Equity Research Bank Julius Bär (Deutschland) AG: Head of German Equity Research Credit Suisse First Boston: German Equity Research Martin Wirth: FPM founder and Management Board Member Credit Suisse: Deputy Head of Portfolio Management Sal. Oppenheim jr. & Cie. KGaA: German Equity Research Bank Julius Bär (Deutschland) AG: German Equity Research Credit Suisse First Boston: German Equity Research 5 As at: November 2009
  6. 6. Our investment philosophy „OUR INVESTMENT DECISIONS ARE INDEPENDENT OF INDEX- AND/OR SECTOR-WEIGHTING CONSIDERATIONS“. Management of investment funds All FPM-products have been launched and are being administered by DWS. Focus on Germany Our funds are investing in listed, mainly German companies. Active stock-picking On the basis of fundamental data and company value drivers, business model and management quality Stringent investment process 6 As at: November 2009
  7. 7. Our investment philosophy „BOTTOM-UP“ Independent fund management Our stock-picking is based strictly on our own methodical fundamental analysis Value setup Investments in undervalued, promising companies with an above average risk/ reward-ratio First-hand knowledge Superb market expertise and systematic accumulation of grass-roots knowledge through regular on-site meetings with companies‘ management Consistent investment philosophy 7 As at: November 2009
  8. 8. Our investmentphilosophy „IDENTIFICATION AND ANALYSIS OF UNDERVALUED STOCKS BEFORE THEY ARE DISCOVERED BY THE MARKET“. Interdisciplinary setup: We determine price targets (fair value) for all of our investments and do not play momentum. Sector or index affiliation are not relevant. Selling discipline An investment is sold when: Fair value is reached Stop loss price is reached Important changes in the business environment occur Other investments hold greater promise 8 As at: November 2009
  9. 9. Our investment philosophy „CALL THE MANAGER! WE ARE NOT A BLACK BOX“. Transparency We regularly report all fund holdings, including their weightings Follow-up information on a regular basis Our own investment We are invested in our funds with a significant portion of our personal wealth Daily liquidity in all FPM-products 9 As at: November 2009
  10. 10. Our investment philosophy SELECTION PROCESS Investment Universe Selection Criteria About 500 companies Market position Innovativeness Understanding the business model and value drivers Cyclicity Growth Competition Management quality Credibility Trust Experience P/E Cash flow / Valuation Embedded value free cash flow yield EV/EBITDA etc. Decision Buy, sell or watchlist Fair value target! 10 As at: November 2009
  11. 11. Why we invest in German shares INVESTMENT FOCUS ON GERMANY Our investment focus on Germany is based on our edge we have in our market. This refers to the companies, their history, access to management, same language, cultural background, partially the (legal or economic) environment a company is operating in, and to some extent valuation standards. Companies and their share prices are mid- to long-term driven by individual parameters like business model, execution, industry, management, but not by the region a headquarter is located. In that respect, as an example, German banks have more in common with their international peers than with German software or industrial companies. This is valid for any industry (based on the consumer boom in the US over the past 25 years, it would otherwise have been a good idea to invest in General Motors). However, as well as we do not invest in the German economy as a whole, we do not invest in German industries, we invest in companies which are headquartered in Germany. 11 As at: November 2009
  12. 12. Why we invest in German shares INVESTMENT FOCUS ON GERMANY Of utmost importance are the questions: How profitable can a company act? What is its growth potential? How much capital is required? Do we trust the management? Less important is (again) the location of its headquarters. Of course, we have to accept that the popularity of German equities is fluctuating along with the momentum of capital markets, bringing with it a strong correlation between the stocks of any kind of company. In the long run, this is however less a risk but something that creates opportunities. In one aspect, however, Germany is in a very solid position compared to many other regions of the (less developed) world: The stable legal framework, which is benefiting any kind of investor in capital markets. 12 As at: November 2009
  13. 13. Why we invest in German shares CURRENT MANAGERS VIEW: HOW WE SEE THE WORLD The storm is over, and no one has been left out. The relevant question is which assets will be permanently impaired and which ones will be quite unaffected. Four risks when investing: 1. Business model becomes obsolete 2. Permanent loss of capital based on a destroyed balance sheet 3. Valuation too stretched 4. Management redeploying capital in low yielding assets 13 As at: November 2009
  14. 14. Why we invest in German shares CURRENT MANAGERS VIEW: HOW WE SEE THE WORLD Risk 1: Recessions do not make business models obsolete, but weakness in a given business model gets visible in a merciless manner. Risk 2: The biggest problems for the next years. Pressure not just from the normal funding but also from a day-to-day’s business perspective as suppliers or customers are demanding a stronger solvency. Risk 3: Probably the lowest risk for the next years if a company fulfils certain quality standards. Exception: Companies which have been active in bubble areas, which were built on leverage or are depending on demand for long-term assets. Risk 4: Dumb decisions are normally taken in a less challenging environment. Recessions bring the quality of the reinvestment decision to the light, so that anybody can see them. Risk 4 is in our view the most underestimated from a long term perspective. 14 As at: November 2009
  15. 15. Why we invest in German shares IMPLEMENTATION AT FPM FUNDS We focus our investments on Companies with useful products and services Companies with a solid financial position which might include leverage as long as the stability of the business model allows for it Companies with a below average cyclicality, which is meant not so much in terms of volume but in terms of pricing power Companies which spent the money of their shareholders wisely in the past And: companies, which do not fulfil all of these criteria but which are valued as if going bankrupt. 15 As at: November 2009
  16. 16. Why we invest in German shares IMPLEMENTATION AT FPM FUNDS The valuation based on long term average returns is on a multiyear low. Strong companies will use the weakness of some of their competitors and be indeed stronger after the recession abates. We find companies fulfilling these criteria across all industries. In general, we do not make turnaround bets. We do not invest in companies which require leverage to achieve a decent return on capital. We do not invest in companies producing long term durable goods. 16 As at: November 2009
  17. 17. Why we invest in German shares POSITITVE CHANGE IN SENTIMENT DAX 12month forward PE vs. IFO business expectations 27 108 104 24 100 21 96 18 92 15 88 84 12 80 9 76 6 72 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 DAX 12m onth forward PE (l.s .) IFO expectations (r.s.) Source: Thomson Financial Datastream, October 2009 17 As at: November 2009
  18. 18. Why we invest in German shares P/E-RATIO REMAINS AT HISTORIC LOW LEVELS DAX 12month forward PE 26 24 22 20 18 16 14 12 10 8 6 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 DAX 12m onth forward PE mean s ince 1990 plus 1 s tandard deviation minus 1 standard deviation Source: Thomson Financial Datastream, October 2009 18 As at: November 2009
  19. 19. Why we invest in German shares HIGH DIVIDEND YIELDS DAX Dividend Yield 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Dividend Yield (IBES) long-term average Source: Thomson Financial Datastream, October 2009 19 As at: November 2009
  20. 20. Why we invest in German shares HIGH RISK PREMIUMS ON EQUITY INVESTMENTS Risk premium: DAX earnings yield - 10yr bond yield 10 9 8 7 6 5 4 3 2 1 0 -1 -2 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Yield differential in %: DAX-10yr German bonds Source: Thomson Financial Datastream, October 2009 20 As at: November 2009
  21. 21. We believe that „THE TIME OF MAXIMUM PESSIMISM IS THE BEST TIME TO BUY AND THE TIME OF MAXIMUM OPTIMISM IS THE BEST TIME TO SELL“ Sir John Templeton German equities are historically low valued. Low level of private and corporate debt in relation to international peer groups. No overheated domestic demand caused by the real estate market. Business advantage due to low unit labour costs. Low stock market valuation in historic comparison measured in price to book. The risk-reward ratio is extremely appealing. Historic low equity weightings will be reversed in the future 21 As at: November 2009
  22. 22. Our funds FPM Funds Stockpicker Germany All Cap September 30, 2009 Investment objective: Performance of the FPM Funds Stockpicker Investments in German equities Germany All Cap The FPM Funds Stockpicker Germany All Cap invests primarily in German equities. Facts to the fund Redemption price: 168,68 Funds category: Equity Funds Germany Funds advisors: Manfred Piontke, Martin Wirth Funds currency: Euro Funds volume: 68.8 mln Euro Launch date: January 29, 2001 Distribution policy: Retained profits Front-end load: up to 4.00 % Management fee: 0.90 % p.a. (plus success-related fee of 15%, provided that the performance of the shares exceeds 4% per half-year) TER: 0.95 % p.a. yr 2008 ISIN: LU0124167924 German sec.-code: 603328 Key figures Volatility: 30.39% (3 years, source: DWS) Rate of investment: 102.45 (in % of funds volume) 22 As at: November 2009
  23. 23. Our funds FPM Funds Stockpicker Germany All Cap September 30, 2009 Portfolio structure Top 10 holdings (in alphabetical order) Sector weightings (in % of funds volume) Source: Bloomberg Aareal Bank Basic materials 3.47% Allianz SE Communication 9.18% Deutsche Bank Reg. Consumers cyclical 3.19% Eckert & Ziegler Strahlen- und Medizintechnik Consumers non-cyclical 26.66% Freenet AG Energy 1.91% SAF Simulation, Analysis and Forecasting Financials 25.05% Software Industrials 17.69% STO Pref. Technology 15.29% STRATEC Biomedical Systems Wirecard AG Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited annual report and, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report, which taken together are the sole binding basis for the purchase of fund units. The sales prospectus contains detailed information on the risks involved. Performance according to the BVI-Method. Past performance is no guarantee of future results. For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: + 49 69 79 58 86 - 0 | fpm-funds@fpm-ag.de | www.fpm-ag.de 23 As at: November 2009
  24. 24. Our funds FPM Funds Stockpicker Germany Small/Mid Cap September 30, 2009 Investment objective: Performance of the FPM Funds Stockpicker Investments in German equities Germany Small/Mid Cap The FPM Funds Stockpicker Germany Small/Mid Cap invests primarily in German Small and Mid Caps. Facts to the fund Redemption price: 111.72 Funds category: Equity Funds Germany Funds advisors: Martin Wirth, Manfred Piontke Funds currency: Euro Funds volume: 20.7 mln Euro Launch date: December 20, 2004 Distribution policy: Retained profits Front-end load: up to 4.00 % Management fee: 1.25 % p.a. (plus success-related fee of 15%, provided that the performance of the shares exceeds 4% per half-year) TER: 1.31 % p.a. yr 2008 ISIN: LU0207947044 German sec.-code: A0DN1Q Key figures Volatility: 27.61 % (3 years, source: DWS) Rate of investment: 99.87 (in % of funds volume) 24 As at: November 2009
  25. 25. Our funds FPM Funds Stockpicker Germany Small/Mid Cap September 30, 2009 Portfolio structure Top 10 holdings (in alphabetical order) Sector weightings (in % of funds volume) Source: Bloomberg Aareal Bank Basic Materials 2.97% Analytik Jena Communication 7.56% CeWe Color Holding Consumers cyclical 18.84% Freenet AG Consumers non-cyclical 15.42% GfK Financials 16.54% Grenkeleasing Industrials 22.19% Jungheinrich Pref. Technology 16.35% Loewe SAF Simulation, Analysis and Forecasting Software Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited annual report and, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report, which taken together are the sole binding basis for the purchase of fund units. The sales prospectus contains detailed information on the risks involved. Performance according to the BVI-Method. Past performance is no guarantee of future results. For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: + 49 69 79 58 86 - 0 | fpm-funds@fpm-ag.de | www.fpm-ag.de 25 As at: November 2009
  26. 26. Our funds FPM Funds Stockpicker Germany Large Cap September 30, 2009 Investment objective: Performance of the FPM Funds Stockpicker Investments in German equities Germany Large Cap The FPM Funds Stockpicker Germany Large Cap invests primarily in German Blue Chips. Facts to the fund Redemption price: 106.02 Funds category: Equity Funds Germany Funds advisors: Martin Wirth, Manfred Piontke Funds currency: Euro Funds volume: 8.2 mln Euro Launch date: November 7, 2005 Distribution policy: Retained profits Front-end load: up to 4.00 % Management fee: 0.9 % p.a. (plus success-related fee of 15%, provided that the performance of the shares exceeds 4% per half-year) TER: 0.94 % p.a. yr 2008 ISIN: LU0232955988 German sec.-code: A0HGEX Key figures Volatility: 23.89% (3 years, source: DWS) Rate of investment: 87.57 (in % of funds volume) 26 As at: November 2009
  27. 27. Our funds FPM Funds Stockpicker Germany Large Cap September 30, 2009 Portfolio structure Top 10 holdings (in alphabetical order) Sector weightings (in % of funds volume) Source: Bloomberg Aareal Bank Basic Materials 13.23% Allianz SE Communication 10.35% BMW Ord. Consumers cyclical 9.49% Deutsche Telekom Reg. Consumers non-cyclical 19.19% Hannover Rückversicherung Reg. Financials 26.80% Henkel Pref. Technology 4.60% Münchener Rückversicherungs-Gesellschaft Vink.Reg. Utilities 3.91% Software Volkswagen Pref. Wacker Chemie Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited annual report and, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report, which taken together are the sole binding basis for the purchase of fund units. The sales prospectus contains detailed information on the risks involved. Performance according to the BVI-Method. Past performance is no guarantee of future results. For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: + 49 69 79 58 86 - 0 | fpm-funds@fpm-ag.de | www.fpm-ag.de 27 As at: November 2009
  28. 28. Our funds TOP 25 S September 30, 2009 Investment objective: The TOP 25 S aims to generate a positive return and targets a significant outperformance relative to Germany’s DAX® Associated potential risks are higher-than-average risks of loss of the invested capital, and higher credit risks. TOP 25 S invests in shares of the 25 most promising issuers incorporated in Germany, Austria or Switzerland. A team of analysts chooses the individual equities, based on an active selection process. The “S” in the name stands for “strategy”, as the fund management, in addition to using a systematic, multistage selection methodology, also seeks to manage market risk through the use of derivative financial instruments. As a result of its portfolio composition and/or the techniques employed by the fund management, Top 25 S can exhibit high volatility. In other words, the share prices of its holdings may be subject to significant downward or upward fluctuation even over short periods. Facts to the Fund Performance of the TOP 25 S Redemption price: 122.61 Last Dividend: May 11, 2009: 3.00€ Funds category: Equity funds Europe Funds advisor: FPM Frankfurt Performance Management AG Funds currency: Euro Funds volume: 21.7 mln Euro Launch date: September 24, 2008 Distribution policy: distributed Front-end-load: up to 5% -8,07% Management fee : 1.75% p.a. (plus success-related fee of 20% of +40,91% the amount by which the increase in value of TOP 25 S exceeds the performance of the DAX®) TER: 3.48% for the short financial year 2008/2009 ISIN: DE0005152540 Benchmark: Deutscher Aktienindex DAX® (Performance-Index) FPM DEUTSCHE INVESTMENTAG TGV 28 As at: October 2009
  29. 29. Our funds TOP 25 S September 30, 2009 Performance 1 month Performance since inception (24.09.2008) Performance ytd TOP 25 S: + 0.21% Top 25 S: + 25.72% TOP 25 S: + 22.92% Benchmark DAX®: + 3.85% Benchmark DAX®: - 8.07% Benchmark DAX®: + 17.98% Portfolio structure Funds 25 holdings (in alphabetical order) Sector weightings: (in % of funds volume) Source: Bloomberg Aareal Bank Fresenius SE Pref. Siemens Reg. Basic Materials 12,72% Allianz SE HeidelbergCement Softw are Bayer Henkel Pref. STADA Arzneimittel Vink. Reg. Communications 8,52% Celesio Hochtief Südzucker Ord. Consumer, Cyclical 8,10% Deutsche Bank Reg. Lanxess Volksw agen Pref. Consumer, Non- 26,20% Deutsche Lufthansa Vink. Reg. Linde Vossloh cyclical Deutsche Postbank Reg. Münchener Rückvers.-Ges. Wirecard AG Financial 20,66% DeutscheTelekom Reg. Nestlé Reg. Industrial 15,64% Freenet AG RWE Ord. Technology 4,25% Utilities 3,92% Investment decisions should always be based on the simplified or full sales prospectus, supplemented in each case by the most recent audited annual report, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report, which taken together are the sole binding basis for the purchase of fund units. The sales prospectus contains detailed information on the risks involved. Performance according to the BVI-Method. Past performance is no guarantee of futures results. For further information, please contact: FPM Frankfurt Performance Management AG | Freiherr-vom-Stein-Str. 11 | D-60323 Frankfurt | Telephone: +49 69.79 58 86-0 | top25s@fpm-ag.de | www.deutsche-investmentAG.de FPM DEUTSCHE INVESTMENTAG TGV 29 As at: October 2009
  30. 30. Awards OUR AWARDS 30 As at: November 2009
  31. 31. Contact CONTACT US FPM Frankfurt Performance Management AG Freiherr-vom-Stein-Str. 11 60323 Frankfurt am Main Markus Dahlheimer Phone: +49 (69) 79 58 86 – 27 Fax: +49 (69) 79 58 86 – 14 Thomas Dinges E-Mail: fpm-funds@fpm-ag.de Internet: www.fpm-ag.de www.FPM-Deutsche-InvestmentAG.de Tina Hofmann 31 As at: November 2009
  32. 32. DISCLAIMER The information contained in this document does not constitute investment advice and is merely a brief summary of key aspects of the funds. Further details, especially concerning the fund’s composition and risk profile, can be found in the investment information. Full details of the funds can be found in the simplified or full sales prospectus, supplemented in each case by the most recent audited annual report and the most recent half-year report, if this report is more recent than the most recently available annual report. These documents constitute the sole binding basis for the purchase of fund units. They are available free of charge in either electronic or printed form from FPM Frankfurt Performance Management AG (FPM AG), Freiherr-vom-Stein-Str. 11, 60323 Frankfurt am Main, from DWS Investment GmbH, Mainzer Landstraße 178 – 190, D- 60327 Frankfurt am Main or from DWS Investment S. A., 2, Boulevard Konrad Adenauer, L-1115 Luxemburg. The sales prospectus contains detailed information on the risks involved. The information given here is based on our assessment of the current legal and tax position. All opinions given in this product information reflect the current assessment of FPM Frankfurt Performance Management AG which may change without notice. In cases where information contained in this document derives from third parties, FPM AG accepts no liability for the accuracy, completeness or appropriateness of such information, also FPM AG only uses data that it deems to be reliable. Calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Further information on taxation can be found in the simplified and full sales prospectuses. The units under these funds may only be offered for purchase or sold in jurisdictions in which such offer or sale is permitted. The units in these funds are not allowed to be offered for purchase or sold either in the US or to or for the account of US citizens or US persons domiciled in the US. This document and the information contained therein must not be distributed in the US. The distribution and publication of this document as well as the offering or sale of the fund’s units may be subject to restrictions in other jurisdictions as well. 32 As at: November 2009

×