DWS Türkei

Deutsche Asset
& Wealth Management
Deutsche Asset & Wealth Management Investment S.A.
DWS Türkei
Semiannual Report 2015
Investment Fund Organized under Luxembourg Law
DWS Türkei
Contents
Semiannual report 2015
for the period from January 1, 2015, through June 30, 2015
General information
2
Semiannual report
2015
DWS Türkei
Investment portfolio for the reporting period 4
6
1
General information
The fund described in this report is
The corresponding benchmark – if
Issue and redemption prices
subject to the laws of Luxembourg.
available – is also presented in the
The current issue and redemption
report. All financial data in this
prices and all other information for
Performance
publication is as of June 30, 2015
unitholders may be requested at any
The investment return, or performance,
(unless otherwise stated).
time at the registered office of the
of a mutual fund investment is
Sales prospectuses
paying agents. In addition, the issue
the fund’s units. The net asset values
Fund units are purchased on the basis
and redemption prices are published in
per unit (= redemption prices) with the
of the current sales prospectus and
every country of distribution through
addition of intervening distributions,
management regulations, as well as
appropriate media (such as the
which are, for example, reinvested free
the key investor information document
Internet, electronic information
of charge within the scope of invest-
in combination with the latest audited
systems, newspapers, etc.).
ment accounts at Deutsche Asset &
annual report and any semi­annual
Wealth Management Investment S.A.,
report that is more recent than the
are used as the basis for calculating
latest annual report.
the value. Past performance is not a
guide to future results.
2
Management Company and from the
measured by the change in value of
Semiannual report
DWS Türkei
DWS TÜRKEI
vs. benchmark
Performance at a glance
in %
0.0
-1.1
-2.2
-3.3
-4.4
-5.5
-6.6
-5.6 -5.4
6 months
DWS Türkei
Benchmark MSCI Turkey IMI Top 20
Group Entity 10-40 since April 1, 2011
(previously: MSCI Turkey 10/40 since
January 1, 2010, previously: ISE 100)
Data on euro basis
Security code: A0D PW3
ISIN: LU0209404259
“BVI method” performance, i.e., excluding the
initial sales charge. Past performance is no guide
to future results.
As of: June 30, 2015
4
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The fo
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in secu rtfolio is “da
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ment p
Investment portfolio
for the reporting period
DWS Türkei
Investment portfolio – June 30, 2015
Description
Count/ currency (– / ’000)
Quantity/
principal
amount
Purchases/
Sales/
additions
disposals
Market price
in the reporting period
Securities traded on an exchange
Total market
value in
EUR
% of
net assets
56 248 998.99
91.99
Equities
Akbank Bear. (TRAAKBNK91N6). . . . . . . . . . . . . . . . . . . . Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9). . . Anadolu Hayat Emeklilik (TRAANHYT91O3). . . . . . . . . . . Arcelik (TRAARCLK91H5). . . . . . . . . . . . . . . . . . . . . . . . . Aselsan Elektronik (TRAASELS91H2) 3). . . . . . . . . . . . . . Avivasa Emeklilik ve Hayat (TRECUHE00018) . . . . . . . . . Aygaz (TRAAYGAZ91E0). . . . . . . . . . . . . . . . . . . . . . . . . . BIM Birlesik Magazalar Bear. (TREBIMM00018) . . . . . . . Bimeks Bilgi Islem Ve Dis Ticaret (TREBMKS00011). . . . Carrefoursa Carrefour Sabanci Ticaret (pref.) A
(TRECARF00016). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cimsa Cimento (TRACIMSA91F9). . . . . . . . . . . . . . . . . . . Coca Cola Icecek Cl.C (TRECOLA00011) . . . . . . . . . . . . . Datagate Bilgisayar Malzemeleri ve Ticaret
(TREDGTE00010) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DO & CO (AT0000818802). . . . . . . . . . . . . . . . . . . . . . . . Dogan Sirketler Grubu Holding (TRADOHOL91Q8) . . . . . Dogus Otomotiv Servis (TREDOTO00013). . . . . . . . . . . . Emlak Konut Gayrimenkul Yatirim Ortakligi
(TREEGYO00017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Enka Insaat Bear. (TREENKA00011). . . . . . . . . . . . . . . . . Eregli Demir Ve Celik Fabrikalari Turk (TRAEREGL91G3). Ford Otomotiv (TRAOTOSN91H6) . . . . . . . . . . . . . . . . . . Gozde Girisim Sermayesi Yatirim Ortakligi
(TREGZDF00014). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gubre Fabrikalari (TRAGUBRF91E2). . . . . . . . . . . . . . . . . Haci Omer Sabanci Holding (TRASAHOL91Q5). . . . . . . . HALK Gayrimenkul REIT (TREHLGY00016) . . . . . . . . . . . Indeks Bilgisayar (TREINDX00019). . . . . . . . . . . . . . . . . . Is Gayrimenkul Yatirim Ortakligi (TRAISGYO91Q3) 3). . . . Kardemir Karabuk Demir D (TRAKRDMR91G7) . . . . . . . . Karsan Otomotiv (TRAKARSN91H7). . . . . . . . . . . . . . . . . Koc Holding (TRAKCHOL91Q8). . . . . . . . . . . . . . . . . . . . . Kristal Kola ve Mesrubat Sanayi Ticaret
(TRAKRSTL91A6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Migros Ticaret (TREMGTI00012). . . . . . . . . . . . . . . . . . . . ODAS Elektrik Uretim Sanayi (TREODAS00014) 3) . . . . . Ozak Gayrimenkul Yatirim Ortakligi REIT
(TREOZAK00014) 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Park Elektrik Madencilik (TRAPRKTE91B5). . . . . . . . . . . . Pegasus Hava Tasimaciligi (TREPEGS00016) 3). . . . . . . . Selcuk Ecza Deposu (TRESLEC00014). . . . . . . . . . . . . . . Tat Konserve (TRATATKS91A5) . . . . . . . . . . . . . . . . . . . . TAV Havalimanlari Holding (TRETAVH00018). . . . . . . . . . Torunlar Gayrimenkul Yatirim Ortakligi
(TRETRGY00018) 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trakya Cam (TRATRKCM91F7). . . . . . . . . . . . . . . . . . . . . Tuerk Otomobil Fabrikasi Bear. E (TRATOASO91H3). . . . Tukas Gida Sanayi Ve Ticaret (TRATUKAS91A3) 3) . . . . . Tümosan Motor Ve Traktör Sanayi (TRETUMO00011). . . Tupras Turkiye Petrol Rafineleri (TRATUPRS91E8). . . . . . Turk Hava Yollari (TRATHYAO91M5) . . . . . . . . . . . . . . . . Turk Telekomunikasyon (TRETTLK00013). . . . . . . . . . . . . Turk Traktor ve Ziraat Makineleri (TRETTRK00010). . . . . . Turkiye Garanti Bankasi (TRAGARAN91N1) . . . . . . . . . . . Turkiye Halk Bankasi (TRETHAL00019). . . . . . . . . . . . . . . Turkiye Is Bankasi C (TRAISCTR91N2). . . . . . . . . . . . . . . Turkiye Sinai Kalkinma Bankasi (TRATSKBW91N0) . . . . . Türkiye Sise ve Cam Fabrikalari (TRASISEW91Q3). . . . . . Türkiye Vakiflar Bankasi (TREVKFB00019) . . . . . . . . . . . . Ülker Gida Bear. (TREULKR00015) 3). . . . . . . . . . . . . . . . Yapi Ve Kredi Bankasi (TRAYKBNK91N6) 3). . . . . . . . . . . Yazicilar Hldg Bear. (TRAYAZIC91Q6). . . . . . . . . . . . . . . . Total securities portfolio
6
Count Count Count Count Count Count Count Count Count 1 375 000
2 099 000
724 000
1 000
49 000
198 000
1 078
78
155 000
145 000
272 500
97 500
250 000
1 000
497 962
100 000
177 038
150 000
261 500
134 000
1 000
1 299 000
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
7.7200
24.0500
5.3900
14.1000
13.9000
46.7500
10.1000
47.4500
2.1000
3 534 310.11
8 007.55
1 934.60
727 671.67
1 261 147.73
15 565.61
1 674 565.85
2 369 802.37
699.20
5.78
0.01
0.00
1.19
2.06
0.03
2.74
3.88
0.00
Count Count Count 1 000
58 139
57 139
1 000
165 000
30 000
15 000
TRY
TRY
TRY
45.3500
15.2000
43.2500
15 099.48
5 060.91
2 376 045.27
0.02
0.01
3.89
Count
Count
Count
Count
50 000
350 000
15 000
1 500
1 500
1 000
1 000
249 000
249 000
TRY
TRY
TRY
TRY
13.7500
247.0000
0.6100
15.8500
228 906.10
1 233 595.76
203.10
5 277.33
0.37
2.02
0.00
0.01
Count
Count
Count
Count
2 850 000
250 000
1 400 000
300 000
937 888
1 437 888
1 000
180 000
10 000
55 000
TRY
TRY
TRY
TRY
2.7400
5.0500
4.2600
34.7000
2 600 040.29
504 425.80
1 418.39
2 079 632.68
4.25
0.82
0.00
3.40
Count Count Count Count Count Count Count Count Count 1 000
350 000
1 149 000
1 000
650 000
225 000
525 000
1 064 622
1 064 622
546 374
296 374
2 096 075
1 452 468
1 106 393
2 500 000
2 499 000
1 000
3 249 000
150 000
149 000
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
2.5700
6.9600
10.0000
1.0800
5.6200
1.6300
1.5700
1.4400
12.4000
855.69
2 317.36
2 164 203.08
382 828.13
1 022 376.82
1 137 572.48
1 306 845.71
479.45
619 295.04
0.00
0.00
3.54
0.63
1.67
1.86
2.14
0.00
1.01
Count Count Count 1 000
340 000
140 000
65 000
200 000
424 000
224 000
TRY
TRY
TRY
2.3900
21.0500
8.3500
795.76
2 382 954.07
556 033.71
0.00
3.90
0.91
300 000
524 000
132 500
448 000
249 000
349 000
TRY
TRY
TRY
TRY
TRY
TRY
2.8200
3.6500
24.4500
2.5100
6.5200
22.0500
1 518 472.37
1 215.28
1 139 702.64
835.72
2 170.86
7 341.64
2.48
0.00
1.86
0.00
0.00
0.01
500 000
750 000
600 000
1 000
50 000
1 049 000
475 000
65 000
75 000
1 258 572
1 258 572
125 000
249 000
574 000
55 987
82 000
27 013
625 000
150 000
925 000
1 000
40 000
12 500
22 500
950 731
525 731
600 000
600 000
435 000
1 410 000
1 500 000
75 000
825 000
1 633 333
483 333
1 000
1 625 000
650 000
925 000
450 000
500 000
200 000
2 125 000
1 675 000
45 084
45 084
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
3.4200
2.7900
17.9500
1.7000
6.7800
67.7000
8.7900
6.9300
68.6000
8.3800
12.1500
5.6600
1.7100
3.5100
4.2800
18.0500
3.9300
20.6500
569 351.89
928.94
2 838 851.77
712 379.87
282 178.79
1 262 003.39
1 829 167.80
2 307.37
913 626.65
2 652 688.95
2 427 237.00
2 826 782.18
929 941.23
1 168.67
2 315 697.30
2 704 421.47
2 780 584.77
309 975.34
0.93
0.00
4.64
1.17
0.46
2.06
2.99
0.00
1.49
4.34
3.97
4.62
1.52
0.00
3.79
4.42
4.55
0.51
56 248 998.99
91.99
Count
Count
Count
Count
Count
Count
Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count Count 1 617 235
617 235
1 000
525 000
140 000
197 500
1 000
449 000
1 000
250 000
1 000
DWS Türkei
Description
Count/ currency (– / ’000)
Quantity/
principal
amount
Purchases/
Sales/
additions
disposals
Market price
in the reporting period
Total market
value in
EUR
% of
net assets
2 351 350.00
3.85
2 351 350.00
3.85
2 596 888.11
4.25
Derivatives
Minus signs denote short positions
Derivatives on individual securities
Warrants on securities
Equity warrants
Nomura Int. WRT 20.01.16 Turkiye Garanti Bankasi
(XS0582512751) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 775 000
EUR
3.0340
Cash at bank
Demand deposits at Depositary
EUR deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR
648 221.96% 100
648 221.96 1.06
Turkish lira. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRY 5 852 273.54% 100
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD
141.18% 100
1 948 539.76 3.19
126.39 0.00
Deposits in non-EU/EEA currencies
Other assets
75 411.23
Dividends receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR
31 032.18% 100
44 379.05% 100
Total assets 1
Other liabilities
61 272 648.33100.21
-125 659.45
Liabilities from cost items. . . . . . . . . . . . . . . . . . . . . . . . . EUR
Additional other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . EUR
-100 028.61% 100
-25 630.84% 100
Net assets -0.21
-100 028.61-0.16
-25 630.84-0.04
61 146 988.88
Net asset value per unit
0.12
31 032.18 0.05
44 379.05 0.07
100.00
203.95
Number of units outstanding
299 819.930
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
Exchange rates (indirect quotes)
Turkish lira. . . . . . . . . . . . . . . . . . . . . . TRY
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD
As of June 30, 2015
3.003415 =EUR 1
1.116990 =EUR 1
Notes on valuation
The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund. The basic provision of price data and price validation are
performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined
in the fund prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank Luxembourg as external
price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The
plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
Footnotes
1
Does not include positions with a negative balance, if such exist.
3
These securities were completely or partly lent as securities loans. The equivalent value of the lent securities is EUR 5,794,903.42.
7
DWS Türkei
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note
loans (Schuldscheindarlehen); market classifications are as of the reporting date
Count Descriptioncurrency
(– / ’000)
Purchases/Sales/
additionsdisposals
Securities traded on an exchange
Equities
Akcansa Cimento (TRAAKCNS91F3). . . . . . . . . . . . .
Alarko Holding (TRAALARK91Q0). . . . . . . . . . . . . . .
Anadolu Cam (TRAANACM91F7) . . . . . . . . . . . . . . .
Bilici Yatirim Gayim. Tekstil Turizm Ener.Ins.Sa.
(TREBLCY00018). . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bizim Toptan Satis Magazalari (TREBZMT00017). . .
Good Year Lastikleri (TRAGOODY91E9). . . . . . . . . .
Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim
(TRAIPMAT92D2) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Koza Anadolu Metal Madencilik Isletmeleri
(TREKOZA00014). . . . . . . . . . . . . . . . . . . . . . . . . . . .
Polisan Holding (TREPOHO00012). . . . . . . . . . . . . .
Reysas Tasimacilik ve Lojistik (TREREYS00015). . . .
Teknosa Ic Ve Dis Ticaret (TRETKNO00010) . . . . . .
Turkcell Iletisim Hizmetleri (TRATCELL91M1) . . . . .
Vestel Elektronik (TRAVESTL91H6). . . . . . . . . . . . . .
Yunsa Yunlu Sanayi ve Ticaret (TRAYUNSA91B5) . .
Count Count Count 549 000
70 237
1 000
550 000
Count Count Count 235 135
50 000
15 000
1 085 135
450 000
15 000
Count 500 000
500 000
1 500 000
1 250 000
600 000
25 000
1 501 000
1 250 000
600 000
400 000
750 000
1 000
221 216
Count
Count
Count
Count
Count
Count
Count
Derivatives (option premiums realized in opening transactions, or total options
transactions; in the case of warrants, purchases and sales are shown)
Value (’000)
Futures contracts
Equity index futures
Contracts purchased:
(Underlyings: Istanbul Stock Exchange National 30 Index)
EUR
3 454
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Perpetual
Security description: Ozak Gayrimenkul Yatirim Ortakligi REIT
(TREOZAK00014), Akbank Bear. (TRAAKBNK91N6), Anadolu Cam
(TRAANACM91F7), Arcelik (TRAARCLK91H5), Aselsan Elektronik
(TRAASELS91H2), Aygaz (TRAAYGAZ91E0), Bimeks Bilgi Islem
Ve Dis Ticaret (TREBMKS00011), Carrefoursa Carrefour Sabanci
Ticaret (pref.) A (TRECARF00016), Datagate Bilgisayar
Malzemeleri ve Ticaret (TREDGTE00010), Emlak Konut
Gayrimenkul Yatirim Ortakligi (TREEGYO00017), Ford Otomotiv
(TRAOTOSN91H6), Good Year Lastikleri (TRAGOODY91E9),
Gozde Girisim Sermayesi Yatirim Ortakligi (TREGZDF00014),
HALK Gayrimenkul REIT (TREHLGY00016), Is Gayrimenkul
Yatirim Ortakligi (TRAISGYO91Q3), Kardemir Karabuk Demir D
(TRAKRDMR91G7), Karsan Otomotiv (TRAKARSN91H7), Koza
Anadolu Metal Madencilik Isletmeleri (TREKOZA00014), Migros
Ticaret (TREMGTI00012), ODAS Elektrik Uretim Sanayi
(TREODAS00014), Park Elektrik Madencilik (TRAPRKTE91B5),
Pegasus Hava Tasimaciligi (TREPEGS00016), Polisan Holding
(TREPOHO00012), Teknosa Ic Ve Dis Ticaret (TRETKNO00010),
Torunlar Gayrimenkul Yatirim Ortakligi (TRETRGY00018), Tukas
Gida Sanayi Ve Ticaret (TRATUKAS91A3), Tümosan Motor Ve
Traktör Sanayi (TRETUMO00011), Turkcell Iletisim Hizmetleri
(TRATCELL91M1), Turkiye Garanti Bankasi (TRAGARAN91N1),
Turkiye Halk Bankasi (TRETHAL00019), Turkiye Is Bankasi C
(TRAISCTR91N2), Turkiye Sinai Kalkinma Bankasi
(TRATSKBW91N0), Türkiye Vakiflar Bankasi (TREVKFB00019),
Ülker Gida Bear. (TREULKR00015), Yapi Ve Kredi Bankasi
(TRAYKBNK91N6), Yunsa Yunlu Sanayi ve Ticaret
(TRAYUNSA91B5)
8
Value (’000)
EUR45 491
Management Company
Supervisory Board (since May 1, 2015)
Management Board (since May 1, 2015)
Deutsche Asset & Wealth Management
Holger Naumann
Manfred Bauer
Investment S.A.
Chairman
Chairman
2, Boulevard Konrad Adenauer
Deutsche Asset & Wealth Management
Deutsche Asset & Wealth Management
1115 Luxembourg, Luxembourg
Investment GmbH, Frankfurt/Main
Investment S.A., Luxembourg
Nathalie Bausch
Ralf Rauch
Deutsche Bank Luxembourg S.A., Luxembourg
Deutsche Asset & Wealth Management
Equity capital as of December 31, 2014:
EUR 231.5 million before profit appropriation
Investment S.A., Luxembourg
At framework of the extraordinary general
meeting of DWS Investment S.A. on April 24,
Reinhard Bellet
2015, a resolution was passed to change the
Deutsche Bank AG, Frankfurt/Main
Martin Schönefeld
Deutsche Asset & Wealth Management
name of the company to Deutsche Asset &
Wealth Management Investment S.A. effective
Marzio Hug
May 1, 2015. Furthermore, it was decided to
Deutsche Bank AG, London
Investment S.A., Luxembourg
Barbara Schots
change over from the single-tier organizational
structure in place up to that point to a dual
Dr. Boris N. Liedtke
Deutsche Asset & Wealth Management
organizational structure. On the basis of this
Deutsche Bank Luxembourg S.A., Luxembourg
Investment S.A., Luxembourg
supervision of the Supervisory Board, has been
Dr. Matthias Liermann
Auditor
responsible for operational management since
Deutsche Asset & Wealth Management
May 1, 2015.
Investment GmbH, Frankfurt/Main
Board of Directors (until April 30, 2015)
Dr. Asoka Wöhrmann
39, Avenue J. F. Kennedy
Deutsche Asset & Wealth Management
1855 Luxembourg, Luxembourg
resolution, the Management Board, under the
KPMG Luxembourg
Société coopérative
Holger Naumann
Investment GmbH, Frankfurt/Main
Chairman
Deutsche Asset & Wealth Management
Depositary
Management (until April 30, 2015)
Until April 22, 2015
Investment GmbH, Frankfurt/Main
Klaus-Michael Vogel
State Street Bank Luxembourg S.A.
Heinz-Wilhelm Fesser
Deutsche Asset & Wealth Management
49, Avenue J. F. Kennedy
Deutsche Asset & Wealth Management
Investment S.A., Luxembourg
1855 Luxembourg, Luxembourg
Investment S.A., Luxembourg
Manfred Bauer
Since April 23, 2015:
Marzio Hug
Deutsche Asset & Wealth Management
State Street Bank Luxembourg S.C.A.
Deutsche Bank AG, London
Investment S.A., Luxembourg
49, Avenue J. F. Kennedy
Dr. Boris N. Liedtke
Markus Kohlenbach
Deutsche Bank Luxembourg S.A., Luxembourg
Deutsche Asset & Wealth Management
1855 Luxembourg, Luxembourg
Fund Manager
Investment S.A., Luxembourg
Deutsche Asset & Wealth Management
Dr. Matthias Liermann
Deutsche Asset & Wealth Management
Doris Marx
Investment GmbH
Investment GmbH, Frankfurt/Main
Deutsche Asset & Wealth Management
Mainzer Landstraße 11-17
Investment S.A., Luxembourg
60329 Frankfurt/Main, Germany
Deutsche Asset & Wealth Management
Ralf Rauch
Sales, Information and Paying Agent
Investment S.A., Luxembourg
Deutsche Asset & Wealth Management
Klaus-Michael Vogel
Investment S.A., Luxembourg
LUXEMBOURG
Deutsche Bank Luxembourg S.A.
Dr. Asoka Wöhrmann
Deutsche Asset & Wealth Management
Martin Schönefeld
2, Boulevard Konrad Adenauer
Investment GmbH, Frankfurt/Main
Deutsche Asset & Wealth Management
1115 Luxembourg, Luxembourg
Investment S.A., Luxembourg
As of: July 31, 2015
Deutsche Asset & Wealth Management Investment S.A.
2, Boulevard Konrad Adenauer
1115 Luxembourg, Luxembourg
Tel.: +352 4 21 01-1
Fax: +352 4 21 01-9 00