Ten surprising statistics on small caps Deutsche Asset & Wealth Management

Deutsche Asset
& Wealth Management
Ten surprising statistics on small caps
Small caps for the long term
We believe that opportunities exist in the under-coverage and inefficient pricing of small-cap companies.
This presentation will highlight 10 reasons why you should possibly consider small caps for your
investment portfolio.
1. On a rolling 10-year average, small caps have experienced 73 years of positive long-term returns
2. Unlike large-cap stocks, small-cap stocks have not experienced a 'lost decade'
3. Small-cap stocks have performed reasonably well during periods of unprecedented inflation
4. Many major indices have little-to-no small cap exposure, leaving clients potentially underweight in small caps
5. Small-cap companies may provide fertile grounds for stock pickers given much lower levels of research penetration
6. Most mergers and acquisitions deals target micro- and small-cap companies, and premiums paid for acquired companies are at 10-year
highs in 2013
7. U.S. large-cap companies are sitting on record levels of cash, which could be a catalyst for further M&A targeting small-cap companies
8. Small-cap companies sport slight valuation premiums versus large caps, which may be justified by far superior levels of historical- and
forecasted-earnings growth
9. A large proportion of four- and five-star rated small-cap oriented funds are already closed to new investors
10. If small caps regain their flow 'mojo', more small-cap funds could quickly reach capacity
See pages 19 and 21 for standard performance returns.
(1) During a period of heavy U.S. inflation (1974 through 1981), small-cap stocks outperformed many other asset classes, see page 4.
Deutsche Asset
& Wealth Management
1
#1: On a rolling 10-year average, small caps have
experienced 73 years of positive long-term returns
Rolling 10-year average annual return, small cap stocks (12/31/40–6/30/14)
35.0
30.0
25.0
20.0
15.0
10.0
5.0
Jun-14
Apr-12
Mar-10
Feb-08
Jan-06
Dec-03
Oct-01
Sep-99
Aug-97
Jul-95
Jun-93
Apr-91
Mar-89
Feb-87
Jan-85
Dec-82
Oct-80
Sep-78
Aug-76
Jul-74
Jun-72
Apr-70
Mar-68
Feb-66
Jan-64
Dec-61
Oct-59
Sep-57
Aug-55
Jul-53
Jun-51
Apr-49
Mar-47
Feb-45
Jan-43
Dec-40
-
Source: Morningstar as of 6/30/14. Performance is historical and does not guarantee future results. This data does not represent performance of any Deutsche Asset &
Wealth Management portfolio. Small cap stocks are represented by the IA SBBI U.S. Small Cap Stock Index. Index returns assume reinvestment of all distributions and do not
reflect any fees or expenses. It is not possible to invest directly in an index.
Deutsche Asset
& Wealth Management
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#2: Unlike large-caps stocks, small-cap stocks have
not experienced a 'lost decade'
Percentage of rolling periods that large and small cap stocks produced a negative return (12/31/40–6/30/14)
Large Cap Stocks
Small Cap Stocks
14.0%
12.8%
11.7%
12.0%
10.0%
Over longer time periods,
small cap stocks have
produced fewer periods
of negative returns versus
large caps
9.2%
8.0%
5.7%
6.0%
4.0%
2.8%
2.0%
0.0%
0.0%
3 Year
5 Year
10 Year
Source: Morningstar/Ibbotson and Deutsche Asset & Wealth Management as of 6/30/14.
Performance is historical and does not guarantee future results. This data does not represent performance of any
Deutsche Asset & Wealth Management portfolio. Large cap stocks are represented by the S&P 500 Index. Small cap stocks are represented by the IA SBBI U.S. Small Cap Stock
Index. Index returns assume reinvestment of all distributions and do not reflect any fees or expenses. It is not possible to invest directly in an index.
Deutsche Asset
& Wealth Management
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#3: Small-cap stocks have performed reasonably well
during periods of unprecedented inflation
Asset class annualized performance, 1974–1981
During a period of heavy U.S. inflation (1974 through 1981),
small-cap stocks outperformed many other asset classes.
27.1%
12.1%
9.7%
9.3%
6.8%
Inflation
Real estate
Commodities
8.0%
6.0%
U.S. large-cap stocks International stocks U.S. small-cap stocks
U.S. government
bonds
Source: Morningstar as of 6/30/14. Performance is historical and does not guarantee future results. The values of equity investments are more volatile than those of other
securities. Fixed-income investments are subject to interest-rate risk, and their values will decline as interest rates rise. The data does not represent the performance of any
DeAWM fund. Inflation is represented by the Ibbotson Associates (IA) SBBI U.S. Inflation Index. Real estate is represented by the FTSE NAREIT All REIT Index. Commodities
are represented by the S&P GSCI. Domestic large-cap stocks are represented by the S&P 500 Index. International stocks are represented by the MSCI EAFE Index. Domestic
small-cap stocks are represented by the IA SBBI U.S. Small Cap Stock Index. U.S. government bonds are represented by the IA SBBI U.S. Intermediate-Term Government
Bond Index. Index returns assume reinvestment of all distributions and do not reflect any fees or expenses. It is not possible to invest directly in an index. See page 23 for index
definitions. The values of equity investments are more volatile than those of other securities. Fixed-income investments are subject to interest-rate risk, and their value will
decline as interest rates rise. Commodities are long-term investments and should be considered part of a diversified portfolio; market-price movements, regulatory changes,
economic changes and adverse political or financial factors could have a significant impact on performance. Stocks of smaller companies involve greater volatility than securities
of larger, more established companies.
Deutsche Asset
& Wealth Management
4
#4: Many major indices have little-to-no small cap
exposure, leaving clients potentially underweight
in small caps
Number of companies in small cap vs. large cap global indices (by capitalization range)
1,400
1,300
S&P Developed SmallCap
MSCI World
MSCI EAFE
S&P 500 Index
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
-
Source: FactSet as of 6/30/14. Performance is historical and does not guarantee future results. Index returns assume reinvestment of all distributions and do not reflect any
fees or expenses. It is not possible to invest directly in an index.
Deutsche Asset
& Wealth Management
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#5: Small-cap companies may provide fertile grounds
for stock pickers given much lower levels of
research penetration
Average analyst coverage per stock by market capitalization for the Russell 3000 multi-cap index
30
Lack of analyst coverage leaves the
potential for small cap alpha.
25
20
15
10
5
0
Greater than $50 to $100
$100 billion
billion
$10 to $50
billion
$5 to $10
billion
$4 to $5
billion
$3 to $4
billion
$2 to $3
billion
$1 to $2
billion
$500 million $250 million Less than
to $1 billion
to $500
$250 million
million
Source: FactSet as of 6/30/14. For illustrative purposes only.
Deutsche Asset
& Wealth Management
6
#6: Most M&A deals target micro- and small-cap
companies, and premiums paid for acquired
companies are at 10-year highs in 2013
— In 2013, the average
premium paid on a
company bought out has
been 25.54% globally
— 99.8% of global M&A deals
in 2013 have involved the
purchase of micro cap,
small cap and mid cap
companies
— Of the 25,329 companies
purchased globally in 2013
—
—
—
—
—
24,540 were micro caps
403 were small caps
336 were mid caps
32 were large caps
18 were mega caps
Source: Bloomberg as of 12/9/13. For illustrative purposes only.
Deutsche Asset
& Wealth Management
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#7: U.S. large-cap companies are sitting on record
levels of cash, which could be a catalyst for
further M&A targeting small-cap companies
S&P 500 non-financial cash levels, ($bn), 1986 – 2013
How can corporations spend cash on balance sheets?
— Mergers and acquisitions
— Dividends
— Stock buybacks
— Capital expenditures
— Pay down debt
Source: Compustat, BofA Merrill Lynch U.S. Equity and U.S. Quant Strategy. This chart is for illustrative purposes only. There is no guarantee that companies will continue to pay
dividends due to economic as well as business-related reasons.
Deutsche Asset
& Wealth Management
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#8: Small-cap companies sport slight valuation premiums
versus large caps, which may be justified by superior
levels of historical- and forecasted-earnings growth
S&P 500 Index (large-cap
focused)
Russell 2000 (small-cap
focused)
Positioning of small caps
versus large caps
Trailing 12-month P/Book ratio
2.72x
2.34x
14% lower valuation
Trailing 12-month P/E ratio
18.58x
21.80x
17% higher valuation
5-year historical EPS growth
26.03%
44.97%
73% higher historical
earnings growth
Attributes
Source: FactSet as of 6/30/14. For illustrative purposes only.
Deutsche Asset
& Wealth Management
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#9: A large proportion of four- and five-star rated
small-cap oriented funds are already closed to
new investors
All four- and five- star rated small cap funds
Therein, four- and five-star rated small cap
funds closed to new investors
5 Funds
28 Funds
11 Funds
60 Funds
56 Funds
Value
Growth
Core
19 Funds
Value
Growth
Core
Source: Morningstar as of 6/30/14. For illustrative purposes only.
Deutsche Asset
& Wealth Management
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#10: If small caps regain their flow 'mojo', more small
cap funds could quickly reach capacity
Jun-14
Jan-14
Aug-13
Mar-13
Oct-12
May-12
Dec-11
Jul-11
Feb-11
Sep-10
Apr-10
Nov-09
Jun-09
Jan-09
Aug-08
Mar-08
Oct-07
May-07
Dec-06
Jul-06
Feb-06
Sep-05
Apr-05
Nov-04
Jun-04
Jan-04
Aug-03
Mar-03
Oct-02
May-02
Dec-01
Jul-01
Feb-01
Sep-00
Apr-00
Nov-99
Jun-99
Jan-99
Aug-98
Mar-98
Oct-97
May-97
Dec-96
Jul-96
Feb-96
Sep-95
Apr-95
Nov-94
Jun-94
Jan-94
Aug-93
Mar-93
–$6 billion in
net outflows
Graph shows quarterly
net flows in $ billions
-9
-8
-7
-6
-5
-4
-3
+$133 billion
net inflows
-2
-1
0
1
2
3
4
5
6
7
8
9
Source: Morningstar as of 6/30/14. For illustrative purposes only.
Deutsche Asset
& Wealth Management
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Deutsche global and U.S. small cap solutions
Strategy presentation
Building blocks of growth
By strategically adjusting exposure across the four “building blocks
of growth,” we seek to manage risk and outperform over time
Alpha Sourcing
Stable growth
Repeatable revenue
Company analysis
earnings visibility
Analytical framework
Construction &
Oversight
40% – 60% of portfolio
Growth at value prices
Market perception change possible
20% – 40% of portfolio
High/explosive growth
High risk and return potential
10% – 30% of portfolio
Contingent growth
Catalyst required
10% – 30% of portfolio
Deutsche Asset
& Wealth Management
13
Global Small Cap Equity: Building blocks of growth
Historical positioning - example
Alpha Sourcing
Company analysis
Construction &
Oversight
Analytical framework
70%
60%
50%
40%
30%
20%
10%
0%
Dec-99
Dec-00
Dec-01
Nov-02
Stable growth
Nov-03
Oct-04
Oct-05
Oct-06
Sep-07
Growth at value prices
Sep-08
Aug-09
High/explosive growth
Aug-10
Aug-11
Jul-12
Jul-13
Jun-14
Contingent growth
Source: Deutsche Asset & Wealth Management, as of 6/30/14. Composition subject to change.
Deutsche Asset
& Wealth Management
14
Deutsche Asset & Wealth Management
Global footprint, local research presence of over 100 equity investors
Netherlands
Germany
UK
Luxembourg
Europe, Middle
East and Africa
Austria
France
Italy
Norway
Spain
Switzerland
Canada
Finland
Russia
Sweden
USA
Greece
South Korea
China
Japan
UAE
Qatar
Americas
Cayman
Islands
Saudi
Arabia
Taiwan
India
Hong
Kong
Philippines
Singapore
Asia Pacific
Brazil
Indonesia
Mauritius
Australia
Chile
South Africa
Note: Some countries may be missing from the map at the time of print; subject to change without prior notice
Deutsche Asset
& Wealth Management
15
Deutsche Asset & Wealth Management
Global and U.S. Small Cap Growth Team
Joseph Axtell, CFA
29
U.S. Small Cap Value Team
Nataly Yachanich, CFA 12
Richard Glass, CFA
Portfolio Manager
Analyst
Portfolio Manager
Deutsche Global Small Cap
Financials, Industrials Small Cap
Sector Coverage
Deutsche Small Cap Value
Deutsche Small Cap Growth
Rafaelina Lee
29
Peter Barsa
22
Industrials, Healthcare, Materials
Small Cap Sector Coverage
Richard Hanlon, CFA
14
23
Portfolio Manager
Analyst
Analyst
Deutsche Small Cap Growth
Consumer Staples, Consumer
Discretionary Small Cap Sector
Coverage
Technology, Energy, Utilities
Small Cap Sector Coverage
Michael Sesser, CFA
Mary Schafer
Energy, Materials Small Cap
Sector Coverage
Leefin Lai, CFA, CPA
4
21
Portfolio Manager
15
Portfolio Manager
Analyst
Deutsche Healthcare Fund
Deutsche Small Cap Core
Healthcare Small Cap Sector
Coverage
Healthcare Small Cap Sector
Coverage
Financials, Consumer Staples,
Consumer Discretionary Small
Cap Sector Coverage
Clark Chang
14
Matthew Cino
10
Portfolio Manager
Analyst
Deutsche Technology Fund
Transports, Business services,
Retailing, Energy, Utilities Small
Cap Sector Coverage
Technology Small Cap Sector
Coverage
Black Years in industry
Deutsche Asset
& Wealth Management
16
Deutsche global and U.S. small-cap solutions
Ample capacity
Morningstar
Category
Deutsche funds Assets
Under Management
Average size of
four -or five- star funds in
Morningstar Category
Deutsche Global Small Cap Fund*
World Stock
$577 million
$3,071 million
Deutsche Small Cap Growth Fund
Small Growth
$131 million
$1,721 million
Small Value
$1,272 million
$2,056 million
Fund Name
Deutsche Small Cap Value Fund
Source: Morningstar as of 6/30/14. For illustrative purposes only.
*Prior to 5/1/14 this fund was known as DWS Global Small Cap Growth Fund.
Deutsche Asset
& Wealth Management
17
Deutsche Global Small Cap Fund*
Morningstar results as of 6/30/14
World Stock
Overall
3-year
5-year
10-year
Class A (load-waived)

3 stars
4 stars
4 stars

2 stars
3 stars
3 stars
Class S

3 stars
4 stars
4 stars
Class INST

3 stars
4 stars
n/a
825
825
661
334
Small Growth
Overall
3-year
5-year
10-year
Class A (load-waived)

3 stars
4 stars
2 star

2 stars
3 stars
1 star
Class S

4 stars
4 stars
n/a
Class INST

4 stars
4 stars
n/a
642
642
559
377
Class A (adjusted for maximum sales charge 5.75%)
Number of funds in the Morningstar category
Deutsche Small Cap Growth Fund
Morningstar results as of 6/30/14
Class A (adjusted for maximum sales charge 5.75%)
Number of funds in the Morningstar category
Source: Morningstar, Inc. Ratings are historical and do not guarantee future results. Ratings are based on risk adjusted and, unless load-waived, from load-adjusted
performance. The Overall rating for a fund is a weighted average of the ratings for time periods indicated. Load-waived ratings for Class A shares should only be considered by
investors who are not subject to a front-end sales charge. Please contact your investment professional regarding eligibility to purchase load-waived Class A shares. *Prior to
5/1/14 this fund was known as DWS Global Small Cap Growth Fund.
©2014 Morningstar, Inc. All rights reserved. Morningstar, Inc., shall not be responsible for investment decisions, damages or other losses resulting from use of this rating. For
each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a
fund’s monthly performance (including, unless load-waived, the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and
rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2
stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the
distribution percentages.)
Deutsche Asset
& Wealth Management
18
Deutsche Global Small Cap Fund* Performance
Average annual returns and expense ratios
(as of 6/30/14 and the latest prospectus)
Share class
1-year
3-year
5-year
10-year
Life of
fund
Inception
date
Gross/net
23.42%
10.45%
17.12%
9.24%
9.73%
4/16/98
1.55%/1.55%
16.33%
8.29%
15.74%
8.59%
9.45%
4/16/98
1.55%/1.55%
S
23.74%
10.75%
17.45%
9.56%
10.05%
9/10/91
1.25%/1.25%
INST
23.83%
10.83%
17.58%
n/a
9.02%
8/26/08
1.21%/1.21%
S&P Developed SmallCap Index
27.98%
12.58%
18.70%
9.78%
n/a
Unadjusted for sales charges
A
Adjusted for the maximum 5.75% sales charge
A
No sales charges
n/a
n/a
Performance is historical and does not guarantee future results. Investment return and principal value fluctuate so your shares may
be worth more or less when redeemed. Current performance may differ from data shown. Please visit www.deutschefunds.com for
the fund’s most recent month-end performance. Unadjusted returns do not reflect sales charges and would be lower if they did. The
fund may charge a 2% fee for redemptions within 15 days. Performance includes reinvestment of all distributions. The fund’s
performance prior to inception reflects that of Class S shares, adjusted for higher operating expenses and/or the maximum sales
charge. Class A shares have a contractual waiver that runs through 9/30/14. Without a waiver, returns would have been lower and
any rankings/ratings might have been less favorable.
S&P Developed SmallCap Index tracks the performance of small-capitalization stocks within 26 countries around the globe.
Source: Deutsche Asset & Wealth Management as of 6/30/14
*Prior to 5/1/14 this fund was known as DWS Global Small Cap Growth Fund.
Deutsche Asset
& Wealth Management
19
Strong historical outperformance of Deutsche Global
Small Cap Fund* vs. global large-cap-oriented funds
and indices
Growth of $100k since SGSCX 1991 inception
1,000,000
Deutsche Global Small Cap S
$888,512
900,000
MSCI World NR USD
800,000
US OE World Stock
700,000
600,000
$552,957
500,000
400,000
$515,506
300,000
200,000
100,000
Jun-14
Jun-13
Jul-12
Jul-11
Jul-10
Jul-09
Jul-08
Jul-07
Jul-06
Jul-05
Jul-04
Aug-03
Aug-02
Aug-01
Aug-00
Aug-99
Aug-98
Aug-97
Aug-96
Aug-95
Aug-94
Sep-93
Sep-92
Sep-91
0
Source: Morningstar of 6/30/14. Performance is historical and does not guarantee future results. See slide 19 for standardized performance. *Prior to 5/1/14 this fund was known
as DWS Global Small Cap Growth Fund.
Deutsche Asset
& Wealth Management
20
Deutsche Small Cap Growth Fund Performance
Average annual returns and expense ratios
(as of 6/30/14 and the latest prospectus)
Share class
1-year
3-year
5-year
10-year
Life of
fund
Inception
date
Gross/net
26.30%
13.60%
21.78%
6.64%
9.84%
6/28/02
1.47%/1.39%
19.04%
11.38%
20.35%
6.01%
9.52%
6/28/02
1.47%/1.39%
S
26.60%
13.89%
22.12%
n/a
6.55%
12/20/04
1.23%/1.14%
INST
26.70%
14.10%
22.30%
n/a
6.65%
12/20/04
1.03%/1.03%
Russell 2000 Growth Index
24.73%
14.49%
20.50%
9.04%
n/a
n/a
n/a
Unadjusted for sales charges
A
Adjusted for the maximum 5.75% sale charge
A
No sales charges
Performance is historical and does not guarantee future results. Investment return and principal value fluctuate so your shares may
be worth more or less when redeemed. Current performance may differ from data shown. Please visit www.deutschefunds.com for
the fund’s most recent month-end performance. Unadjusted returns do not reflect sales charges and would be lower if they did. The
fund may charge a 2% fee for redemptions within 15 days. Performance includes reinvestment of all distributions. The fund began
operations with the Investment Class on 10/21/93. Returns prior to inception reflect the original share class performance, adjusted
for higher operating expenses and/or the maximum sales charge. Class A and S shares have a contractual waiver that runs
through 9/30/14. Without a waiver, returns would have been lower and any rankings/ratings might have been less favorable.
Russell 2000 Growth Index tracks the performance of those Russell 2000 Index stocks with higher price-to-book ratios and higher
forecasted growth values.
Source: Deutsche Asset & Wealth Management as of 6/30/14
Deutsche Asset
& Wealth Management
21
Lead portfolio manager, Richard Glass, CFA
DeAWM small- and mid-cap value
Prior experience
Prior to joining Deutsche Asset & Wealth Management, Glass acquired 22 years of experience in
the investment industry.
Most recently, Glass was lead portfolio manager and Managing Partner of Lockwell Investments, LLC
— Launched Lockwell Small Cap Value Composite, August 2010
— Portfolio manager on Lockwell Small Cap Value Fund (LOCSX) from inception July 1, 2011 through July
24, 2013.
From 1999 to 2010, he worked at Invesco Ltd. (Morgan Stanley Asset Management) in the following roles:
— Portfolio manager on Invesco Small Cap Value Fund (VSCAX) from December 6, 2001 through July 29,
2010.
— Portfolio manager on Morgan Stanley Small Mid Cap Value Fund (JBJAX) from inception May 2002
through July 29, 2010.
Prior to joining Morgan Stanley, Glass was a senior analyst at Neuberger Berman on the Genesis Fund from 1996
to 1999.
Glass began his career as a research analyst at Wood, Struthers and Winthrop.
Education
Glass received a Bachelor of Science degree in Economics from University of Pennsylvania.
Deutsche Asset
& Wealth Management
22
Terms and index definitions
Category and index definitions
— The Morningstar Small Growth category includes portfolios that invest primarily in small-cap growth stocks.
— The Lipper Small-Cap Growth Funds category includes funds that invest primarily in domestic small-cap growth stocks.
— Index and category returns assume reinvestment of all distributions. Index returns do not reflect fees or expenses and it is not possible to invest directly in
an index.
— S&P 500 Index tracks the performance of 500 leading U.S. stocks and is widely considered representative of the U.S. equity market.
— Russell 1000 Growth Index tracks the performance of those Russell 1000 Index stocks with higher price-to-book ratios and higher forecasted growth
values.
— S&P Developed SmallCap Index tracks the performance of small-capitalization stocks in 22 countries.
— MSCI EAFE Index tracks the performance of stocks in select developed markets outside of the United States.
— MSCI World Index tracks the performance of stocks in select developed markets around the world, including the United States.
— The FTSE Nareit All REIT Index tracks the performance of REITs.
— The Ibbotson Associates SBBI (IA SBBI) U.S. Inflation Index tracks U.S. inflation.
— The Ibbotson Associates SBBI (IA SBBI) U.S. Intermediate Government Bond Index tracks the performance of five-year U.S. Treasury bonds.
— The Ibbotson Associates SBBI (IA SBBI) U.S. Small Cap Stock Index tracks the performance of small-capitalization stocks in 22 countries.
— The S&P Goldman Sachs Commodity Index (GSCI) is a composite index of commodity sector returns representing an unleveraged, long-term investment
in commodity futures.
Important terms
— Price-to-book (P/B) ratio Price-to-book (P/B) ratio compares a stock’s market value with its book value.
— Price-to-earnings ratio (P/E) ratio compares a company’s current share price to its per-share earnings.
— Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of its stock.
— A company’s market capitalization is calculated by multiplying the number of a company's shares outstanding by its price per share. Market capitalization
figures include average market capitalization (the average market capitalization of the stocks in a fund or index’s portfolio), median market capitalization
(the median market capitalization of the stocks in a fund or index’s portfolio), and weighted average market capitalization (the average market
capitalization of the stocks in a fund or index’s portfolio weighted according to the stocks in the fund or index’s portfolio).
Deutsche Asset
& Wealth Management
23
Important information
Risk information
Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic
changes, and market risks. The fund may lend securities to approved institutions. Small company stocks tend to be more volatile than medium-sized
or large company stocks. Stocks may decline in value. See the prospectus for details.
©2014 Morningstar, Inc. All rights reserved. Morningstar, Inc., shall not be responsible for investment decisions, damages or other losses resulting from
use of this rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted
return measure that accounts for variation in a fund’s monthly performance (including, unless load-waived, the effects of sales charges, loads and
redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5
stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class
is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)
Competitors selected based on holdings overlap vs. largest equity funds with average market value of less than $5 billion.
OBTAIN A PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from www.deutschefunds.com,
talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the products’
objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain
this and other important information about the investment products. Please read the prospectus carefully before
you invest.
Investment products offered through DeAWM Distributors, Inc. Advisory services offered through Deutsche Investment
Management Americas, Inc.
Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche
Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more
legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to
such products or services.
DeAWM Distributors, Inc.
222 South Riverside Plaza Chicago, IL 60606-5808
www.deutschefunds.com [email protected]
Tel (800) 728-3337
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Deutsche Asset
& Wealth Management
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