" We are proud to act as a fiduciary partner for our clients. We use our deep market expertise to create innovative solutions

Stefan Kreuzkamp
Head of Active Asset Management

Active Asset Management

EUR

540

bn. in active strategies^[1]

More than

60 years

of investment heritage

No.

Retail Asset Manager in Germany^[2]

More than

900

research and investment experts

Formation of DWS

1956

in Germany

Numerous

awards

for funds and portfoliomanagers

At a glance

We partner with clients to solve their specific challenges – diversification, risk management, capturing alpha. Our consultative approach is holistic, personalized and solutions-focused rather than product-driven. With our proven capabilities across the entire risk/return spectrum we provide profound expertise in creating fixed-income, equity, multi-asset and liquidity solutions.

Innovation

We believe in active investment management and use our deep market expertise to generate innovative answers for our clients. Global intelligence, sophisticated product structuring and proprietary methodologies allow us to create both core and custom solutions to serve clients’ specific objectives.

Global Expertise

Physical presence in more than 30 countries allows us to recognize nascent trends, identify opportunities and anticipate risks in all regions. In combination with constant monitoring of global and regional developments this allows us to design strategies that directly and effectively address the realities of today’s changing environment.

Our global research network, powerful investment platform and access to the resources of Deutsche Bank are the foundation for proficiency across all asset categories.

Deep insight & discipline

We go beyond macro and technical analysis to evaluate the interplay of factors such as geopolitical developments, regulatory issues, monetary policies and currency outlooks and their likely influence on all regions and sectors.

Our investment processes are transparent, repeatable and designed to deliver competitive, sustainable risk-adjusted returns.

Diversification,

risk

management and capturing alpha

Assets under management

EUR
540
bn^[1]

Our Services^[3]

Mutual Funds

Tradition and innovation

As one of the world’s leading asset managers, Deutsche Asset Management offers private investors a broad range of actively managed mutual fund products. We constantly strive to develop innovative solutions while our truly global team of research and investment professionals seeks to deliver superior risk-adjusted performance.

Our clients are welcome to access about 157 funds with a 4* and 5* Morningstar rating^[4] across all asset classes. The continuity of the award winning portfolio management teams – Klaus Kaldemorgen and Henning Gebhardt has been voted to the Fund managers of the year 2015 and 2016 respectively^[5] – may also serve our clients’ needs.

Overview of the available asset classes and strategies

Equity

Equity Income

Global equity income range
Regional equity income strategies

European Equity

European / Euroland equity
German equity strategies

Quant Equity

Low Volatility
Relative return

Global Equity

Global equity style
Global equity thematic

Small/Mid Cap Equity

Global Small/Mid Cap equity
European Small/Mid Cap equity
Asian Small/Mid Cap equity

Fixed Income

Core Fixed Income

Euro and global ultra-short duration
Euro and global short duration
Euro government and aggregate
Covered bonds
Global unconstrained

Corporate Credit

Investment grade (Euro, US, Global)
High yield (Euro, US)
Financial and corporate hybrid
Emerging markets (IG, HY)
Multi credit
Short duration credit

Specialty Fixed Income

US Municipals
Syndicated loans
China bonds (HGI)
Fixed maturity solutions
Tailored solutions

Multi Asset

Multi Asset solutions

Benchmark (defensive, balanced, dynamic)
Total Return
Income-oriented
Fixed maturity solutions
Tailored solutions

Other

i.e. Pension/Insurance solutions

Risks Engineering
Liability Driven Investments
Insurance Fixed Income
Insurance Multi Asset

Retirement Solutions

We are one of the leading providers of fund savings and retirement solutions. We aim to be THE preferred business partner for innovative long-term solutions in a changing and challenging market environment.

Our product platform provides full-service packaged solutions to financial intermediaries and clients as well as tailor-made investment and retirement solutions for insurance companies, pension funds and corporate clients.

Today, Deutsche AM holds a market share of over 30%^[6] in the unit-linked (insurance) business in Germany. As a leading solution provider to the insurance industry, we foster sustainable and trustworthy client relationships and partnerships. In retail retirement solutions, the division manages over EUR 45 bn. AUM^[7], leveraging the expertise of all our investment core segments to the joint focus of long term asset growth.

Our innovative investment engines are used in stand-alone solutions for our Deutsche AM brand as well as in product solutions of our institutional clients. According to the individual risk appetite of our clients, we offer a highly competitive active, passive, structured and alternative fund range to choose from. We are aligned and committed to provide best-in-class investment solutions customised to our clients’ needs. We provide thought leadership on the major market and demographic trends in retirement. We adapt to a changing regulatory environment as a first mover. It is core to us to foster and focus on a transparent communication. We put clients first.

Institutional Mandates

Our clients represent a wide cross-section of institutional investors - from corporations, pension funds and insurance companies to central banks. Their needs are diverse in terms of investment size, asset class, geographic region, service requirements, as well as risk, return, and liquidity preferences.

Relevant solutions for specific investment goals

Our robust global operating platform and decades of experience allow us to create relevant solutions to reach specific goals such as yield, absolute return, diversification, real return and currency hedging – considering strategic and tactical asset allocation requirements. From traditional index-based and actively managed strategies, alternative capabilities, to custom solutions, we give our clients direct access to a competitive range of capabilities.

Institutional investors' needs are becoming increasingly more complicated, thanks to the complex global economy, volatile markets and a challenging regulatory environment. By tapping into the global intelligence, broad capabilities and deep resources of Deutsche Bank, we strive to deliver innovative approaches and custom strategies to serve a variety requirements.

CROCI

CROCI (Cash Return On Capital Invested) is an established value-oriented investment philosophy developed by Deutsche Bank. It makes adjustments to the figures presented in reported financial statements to seek insight into the economic value of companies with the aim of identifying stocks with potential for price appreciation.

Why CROCI?

The CROCI valuation methodology looks at companies the way a CFO might analyze potential investments. CROCI asks important questions such as: What is the economic return on investment? Is the company generating enough cash to finance its growth and replace its assets? As a result, CROCI aims to see data in a way that is closer to economic reality than traditional accounting P/E ratios. CROCI methodology is the same regardless of geography and sector; so it is easy to compare companies from US software giants to Japanese steelmakers.

Investment Process

The CROCI process provides unique, differentiated investment analysis

Fundamental: Analyse reported financial statements and consistently adjust them to provide insight into the CROCI economic value of companies
Global: Maintain a database of 850 stocks on a global basis
Objective: There is no subjectivity or opinion. Economic and Market outlook, personal opinion and market environment have no input to the CROCI process

The process aims to assist investors in avoiding stocks with the greatest potential for future negative performance (i.e., those stocks with the highest economic over-valuations that tend to mean-revert at some time in the future), while favoring those with a greater potential for positive performance

Inside the CROCI valuation methodology

CROCI process converts financial-statement data into corporate economic information. The process is systematic and requires a rigorous and fundamental appraisal of each stock in the coverage universe according to CROCI procedures manual. The result is a set of data that is adjusted for inflation and takes into account "hidden" assets and liabilities. From this data “CROCI Economic PE ratio” is calculated. CROCI Economic PE ratio is comparable across regions and sectors.

Discover CROCI

" In buying shares in a company, an equity investor becomes a part-owner of that company. A rigorous analysis of a company’s fundamentals is essential to assess its underlying economic valuation. The challenge is to achieve consistency and comparability across all companies globally which are covered by CROCI. This has been at the heart of CROCI since 1996. "

Francesco Curto, Head of CROCI

Passive

As a single gateway serving from the largest institutions to retail investors, our Passive Asset Management division covers the full spectrum of passive investment needs.

Investment strategies

Alternatives

Global in scope, with expertise in key local markets, we help clients access a full spectrum of alternative strategies, all backed by robust risk management and compliance technology.

Investment strategies

Our Capabilities

As a full-scope asset manager with an unusual blend of expertise under one roof, we combine capabilities in all asset classes with all investment styles. As a fiduciary it is our DNA to deliver solutions that address our clients’ needs and solve their investment challenges, based on performance-orientation and trustful relationships.

Worldwide Websites

^1. As of March 2017

^2. BVI, March 2017, by AuM

^3. Not all products offered in all jurisdictions

^4. Morningstar, December 2015

^5. Fund Manager of the year by €uro, €uro am Sonntag, Börse Online and €uro fondsxpress

^6. Fondspolicen-Report 2016, FinanzResearch Wirtschaftsinformationen GmbH

^7. As of May 2016

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