DWS Türkei Semiannual Report 2015

Transkript

1 Deutsche Asset & Wealth Management Investment S.A. DWS Türkei Semiannual Report 2015 Investment Fund Organized under Luxembourg Law

2 DWS Türkei

3 Contents Semiannual report 2015 for the period from January 1, 2015, through June 30, 2015 General information Semiannual report DWS Türkei 4 Investment portfolio for the reporting period 6 1

4 General information The fund described in this report is subject to the laws of Luxembourg. Performance The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at Deutsche Asset & Wealth Management Investment S.A., are used as the basis for calculating the value. Past performance is not a guide to future results. The corresponding benchmark if available is also presented in the report. All financial data in this publication is as of June 30, 2015 (unless otherwise stated). Sales prospectuses Fund units are purchased on the basis of the current sales prospectus and management regulations, as well as the key investor information document in combination with the latest audited annual report and any semi annual report that is more recent than the latest annual report. Issue and redemption prices The current issue and redemption prices and all other information for unitholders may be requested at any time at the registered office of the Management Company and from the paying agents. In addition, the issue and redemption prices are published in every country of distribution through appropriate media (such as the Internet, electronic information systems, newspapers, etc.). 2

5 Semiannual report

6 DWS Türkei DWS TÜRKEI vs. benchmark Performance at a glance in % months DWS Türkei Benchmark MSCI Turkey IMI Top 20 Group Entity 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: LU BVI method performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: June 30,

7 The format used for complete dates in securities descriptions in the investment portfolio is day/month/year. Investment portfolio for the reporting period

8 DWS Türkei Investment portfolio June 30, 2015 Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Securities traded on an exchange Equities Akbank Bear. (TRAAKBNK91N6)... Count TRY Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9)... Count TRY Anadolu Hayat Emeklilik (TRAANHYT91O3)... Count TRY Arcelik (TRAARCLK91H5)... Count TRY Aselsan Elektronik (TRAASELS91H2) 3)... Count TRY Avivasa Emeklilik ve Hayat (TRECUHE00018)... Count TRY Aygaz (TRAAYGAZ91E0)... Count TRY BIM Birlesik Magazalar Bear. (TREBIMM00018)... Count TRY Bimeks Bilgi Islem Ve Dis Ticaret (TREBMKS00011)... Count TRY Carrefoursa Carrefour Sabanci Ticaret (pref.) A (TRECARF00016)... Count TRY Cimsa Cimento (TRACIMSA91F9)... Count TRY Coca Cola Icecek Cl.C (TRECOLA00011)... Count TRY Datagate Bilgisayar Malzemeleri ve Ticaret (TREDGTE00010) 3)... Count TRY DO & CO (AT )... Count TRY Dogan Sirketler Grubu Holding (TRADOHOL91Q8)... Count TRY Dogus Otomotiv Servis (TREDOTO00013)... Count TRY Emlak Konut Gayrimenkul Yatirim Ortakligi (TREEGYO00017)... Count TRY Enka Insaat Bear. (TREENKA00011)... Count TRY Eregli Demir Ve Celik Fabrikalari Turk (TRAEREGL91G3). Count TRY Ford Otomotiv (TRAOTOSN91H6)... Count TRY Gozde Girisim Sermayesi Yatirim Ortakligi (TREGZDF00014)... Count TRY Gubre Fabrikalari (TRAGUBRF91E2)... Count TRY Haci Omer Sabanci Holding (TRASAHOL91Q5)... Count TRY HALK Gayrimenkul REIT (TREHLGY00016)... Count TRY Indeks Bilgisayar (TREINDX00019)... Count TRY Is Gayrimenkul Yatirim Ortakligi (TRAISGYO91Q3) 3).... Count TRY Kardemir Karabuk Demir D (TRAKRDMR91G7)... Count TRY Karsan Otomotiv (TRAKARSN91H7)... Count TRY Koc Holding (TRAKCHOL91Q8)... Count TRY Kristal Kola ve Mesrubat Sanayi Ticaret (TRAKRSTL91A6)... Count TRY Migros Ticaret (TREMGTI00012)... Count TRY ODAS Elektrik Uretim Sanayi (TREODAS00014) 3)... Count TRY Ozak Gayrimenkul Yatirim Ortakligi REIT (TREOZAK00014) 3)... Count TRY Park Elektrik Madencilik (TRAPRKTE91B5)... Count TRY Pegasus Hava Tasimaciligi (TREPEGS00016) 3)... Count TRY Selcuk Ecza Deposu (TRESLEC00014)... Count TRY Tat Konserve (TRATATKS91A5)... Count TRY TAV Havalimanlari Holding (TRETAVH00018)... Count TRY Torunlar Gayrimenkul Yatirim Ortakligi (TRETRGY00018) 3)... Count TRY Trakya Cam (TRATRKCM91F7)... Count TRY Tuerk Otomobil Fabrikasi Bear. E (TRATOASO91H3)... Count TRY Tukas Gida Sanayi Ve Ticaret (TRATUKAS91A3) 3)... Count TRY Tümosan Motor Ve Traktör Sanayi (TRETUMO00011)... Count TRY Tupras Turkiye Petrol Rafineleri (TRATUPRS91E8)... Count TRY Turk Hava Yollari (TRATHYAO91M5)... Count TRY Turk Telekomunikasyon (TRETTLK00013)... Count TRY Turk Traktor ve Ziraat Makineleri (TRETTRK00010) Count TRY Turkiye Garanti Bankasi (TRAGARAN91N1)... Count TRY Turkiye Halk Bankasi (TRETHAL00019)... Count TRY Turkiye Is Bankasi C (TRAISCTR91N2)... Count TRY Turkiye Sinai Kalkinma Bankasi (TRATSKBW91N0)... Count TRY Türkiye Sise ve Cam Fabrikalari (TRASISEW91Q3)... Count TRY Türkiye Vakiflar Bankasi (TREVKFB00019)... Count TRY Ülker Gida Bear. (TREULKR00015) 3)... Count TRY Yapi Ve Kredi Bankasi (TRAYKBNK91N6) 3)... Count TRY Yazicilar Hldg Bear. (TRAYAZIC91Q6)... Count TRY Total securities portfolio

9 DWS Türkei Count/ Quantity/ Purchases/ Sales/ Total market Description currency principal additions disposals Market price value in ( / 000) amount in the reporting period EUR % of net assets Derivatives Minus signs denote short positions Derivatives on individual securities Warrants on securities Equity warrants Nomura Int. WRT Turkiye Garanti Bankasi (XS )... Count EUR Cash at bank Demand deposits at Depositary EUR deposits... EUR % Deposits in non-eu/eea currencies Turkish lira... TRY % U.S. dollar... USD % Other assets Dividends receivable... EUR % Other receivables... EUR % Total assets Other liabilities Liabilities from cost items... EUR % Additional other liabilities... EUR % Net assets Net asset value per unit Number of units outstanding Negligible rounding errors may have arisen due to the rounding of calculated percentages. Exchange rates (indirect quotes) As of June 30, 2015 Turkish lira... TRY = EUR 1 U.S. dollar... USD = 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,

10 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 Purchases/ Sales/ Description currency additions disposals ( / 000) Securities traded on an exchange Equities Akcansa Cimento (TRAAKCNS91F3).... Count Alarko Holding (TRAALARK91Q0).... Count Anadolu Cam (TRAANACM91F7).... Count Bilici Yatirim Gayim. Tekstil Turizm Ener.Ins.Sa. (TREBLCY00018).... Count Bizim Toptan Satis Magazalari (TREBZMT00017)... Count Good Year Lastikleri (TRAGOODY91E9).... Count Ipek Dogal Enerji Kaynaklari Arastirma ve Üretim (TRAIPMAT92D2)... Count Koza Anadolu Metal Madencilik Isletmeleri (TREKOZA00014).... Count Polisan Holding (TREPOHO00012).... Count Reysas Tasimacilik ve Lojistik (TREREYS00015).... Count Teknosa Ic Ve Dis Ticaret (TRETKNO00010)... Count Turkcell Iletisim Hizmetleri (TRATCELL91M1)... Count Vestel Elektronik (TRAVESTL91H6).... Count Yunsa Yunlu Sanayi ve Ticaret (TRAYUNSA91B5).. Count Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown) Futures contracts Value ( 000) Equity index futures Contracts purchased: EUR (Underlyings: Istanbul Stock Exchange National 30 Index) Securities loans (total transactions, at the value agreed at the closing of the loan contract) Value ( 000) Perpetual EUR 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

11 Management Company Supervisory Board (since May 1, 2015) Management Board (since May 1, 2015) Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Equity capital as of December 31, 2014: EUR million before profit appropriation At framework of the extraordinary general meeting of DWS Investment S.A. on April 24, 2015, a resolution was passed to change the name of the company to Deutsche Asset & Wealth Management Investment S.A. effective May 1, Furthermore, it was decided to change over from the single-tier organizational structure in place up to that point to a dual organizational structure. On the basis of this resolution, the Management Board, under the supervision of the Supervisory Board, has been responsible for operational management since May 1, Board of Directors (until April 30, 2015) Holger Naumann Chairman Investment GmbH, Frankfurt/Main Heinz-Wilhelm Fesser Marzio Hug Deutsche Bank AG, London Dr. Boris N. Liedtke Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Investment GmbH, Frankfurt/Main Klaus-Michael Vogel Dr. Asoka Wöhrmann Investment GmbH, Frankfurt/Main Holger Naumann Chairman Investment GmbH, Frankfurt/Main Nathalie Bausch Deutsche Bank Luxembourg S.A., Luxembourg Reinhard Bellet Deutsche Bank AG, Frankfurt/Main Marzio Hug Deutsche Bank AG, London Dr. Boris N. Liedtke Deutsche Bank Luxembourg S.A., Luxembourg Dr. Matthias Liermann Investment GmbH, Frankfurt/Main Dr. Asoka Wöhrmann Investment GmbH, Frankfurt/Main Management (until April 30, 2015) Klaus-Michael Vogel Manfred Bauer Markus Kohlenbach Doris Marx Ralf Rauch Martin Schönefeld Manfred Bauer Chairman Ralf Rauch Martin Schönefeld Barbara Schots Auditor KPMG Luxembourg Société coopérative 39, Avenue J. F. Kennedy 1855 Luxembourg, Luxembourg Depositary Until April 22, 2015 State Street Bank Luxembourg S.A. 49, Avenue J. F. Kennedy 1855 Luxembourg, Luxembourg Since April 23, 2015: State Street Bank Luxembourg S.C.A. 49, Avenue J. F. Kennedy 1855 Luxembourg, Luxembourg Fund Manager Investment GmbH Mainzer Landstraße Frankfurt/Main, Germany Sales, Information and Paying Agent LUXEMBOURG Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg As of: July 31, 2015

12 Investment S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg Tel.: Fax: