db PrivatMandat Comfort -

PRO USA

Fund Investment Objectives

The objective of the investment policy is to achieve sustainable capital growth. In order to achieve this, the Fund invests at least 70% of its assets in equities and bonds, equity, bond and money market funds, investment funds that track the performance of an index, as well as in interest-bearing securities and money market instruments. Derivatives may also be used when appropriate. In the equities asset class, the Fund focuses on the U.S. equity market while in the bonds asset class the focus is on German government bonds. The best of two strategy (mathematical model based on historical performance data) is used, which is intended to identify and exploit trends. Depending on performance, the Fund may also be completely invested in a single asset category - equities or bonds. In line with the strategy, the intention is to adjust the structure of the Fund's assets monthly between the asset classes depending on the market situation. The representation of the asset classes shall primarily be oriented toward standard market indices and is implemented by means of ETFs but also by using derivatives or securities. The objective of this dynamic allocation is to systematically overweight the Fund during the year in the asset category with the better performance. On the first bank business day of each calendar year, allocation is adjusted to make the exposure 50% equities and 50% bonds. It must be taken into account that there may be market movements during which the planned strategy may not be implemented or may be implemented only with delays or only partially. In order to reduce currency risks, assets not denominated in euro may be hedged against the euro. The selection of individual investments is at the discretion of the fund management.