DWS Stiftungsfonds

DWS Investment GmbH DWS Stiftungsfonds Annual Report 2020 DWS Stiftungsfonds Contents Annual report 2020 for the period from January 1, 2020, through December 31, 2020 (in accordance with article 101 of the German Investment Code (KAGB)) General information ................................................................................................... 2 Annual report DWS Stiftungsfonds .................................................................................................. 6 Independent auditor’s report ...................................................................................... 33 1 General information Performance The corresponding bench- Information about The investment return, or per- marks – if available – are also the all-in fee formance, of a mutual fund presented in the report. All The all-in fee does not include investment is measured by the financial data in this publication the following expenses: change in value of the fund’s is as of December 31, 2020 a) any costs that may arise in units. The net asset values per (unless otherwise stated). connection with the acquisi- unit (= redemption prices) with tion and disposal of assets; the addition of intervening Sales prospectuses b) any taxes that may arise in distributions, which are, for The sole binding basis for a connection with administra- example, reinvested free of purchase are the current ver- tive and custodial costs; charge within the scope of sion of the sales prospectus c) the costs of asserting and investment accounts at DWS including the Terms and Condi- enforcing the legal claims of Investment GmbH, are used as tions of Investment and the key the investment fund. the basis for calculating the investor information document, value; in the case of domestic which are available from DWS The details of the fee structure reinvesting funds, the domestic Investment GmbH and any are set out in the current sales investment income tax – branch of Deutsche Bank AG, prospectus. following any deduction of for- as well as from other paying eign withholding tax – plus soli- agents. Issue and redemption prices darity surcharge charged to the Each exchange trading day fund are added. Performance is on the Internet: calculated in accordance with www.dws.de the “BVI method.” Past performance is not a guide to future results. 2 The fund DWS Stiftungsfonds will be renamed DWS ESG Stiftungsfonds effective March 1, 2021. Second Shareholder Rights Directive (SRD II) Based on the second Shareholder Rights Directive (SRD II) asset managers have to disclose certain information. Details on this are available on the DWS websites. Coronavirus crisis The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis. The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time. Restrictions on freedom of movement, repeated lockdown measures, produc- tion stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably. Even though gradual recovery was to be observed again in the markets in the interim – due, among other things, to assistance programs in the context of monetary and fiscal policy as well as the introduction of vaccination campaigns – the actual or possible mid- to long- term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot be reliably evaluated or adequately forecast at the time of preparing this report in light of the pace of the global spread of the virus and the associated high degree of uncertainty. Consequently, there may still be a material impact on the respective investment fund’s assets. A high level of uncertainty exists in relation to the financial implications of the pandemic, as these are dependent on external factors such as the spread of the virus and the measures taken by individual governments and central banks, the successful stemming of the development of infection rates and the speedy and sustainable restart of the economy. The Asset Management Company of the investment fund is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the investment fund. The Asset Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent. In coordination with the service providers, the Asset Man- agement Company observed the consequences of the coronavirus crisis and adequately included its impact on the investment fund and the markets in which the investment fund invests into its decision-making processes. As of the date of this report, no significant redemption requests had been made in respect of the investment fund; the effects on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com- pany; the performance capability of the most important service providers did not experience any significant impair- ment. In this context, the Asset Management Company of the investment fund satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre- cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of coronavirus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the investment fund’s activities will not be disrupted. At the time of preparing this report, the Asset Management Company is of the opinion that there are no signs indi- cating any doubt on the ability of the respective investment fund to continue as a going concern, nor were there any liquidity problems for the investment fund. 3 Annual report Annual report DWS Stiftungsfonds Investment objective and DWS STIFTUNGSFONDS performance in the reporting Five-year performance period 115 In line with its investment pol- 112 icy, the fund seeks to achieve 109 sustainable appreciation 106 of capital. To achieve this, 103 the fund invests in equities, 100 interest-bearing securities, 97 convertible debentures, war- 94 rant-linked bonds, warrants, 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Stiftungsfonds (LD unit class) * 12/2015 = 100 dividend-right certificates and Data on euro basis index certificates of domestic “BVI method” performance, i.e., excluding the initial sales charge. and foreign issuers. At least Past performance is no guide to future results. As of: December 31, 2020 51% of the fund comprises mortgage bonds, municipal DWS STIFTUNGSFONDS bonds or other bearer bonds Performance of unit classes (in EUR) issued in a member state of the Unit class ISIN 1 year 3 years 5 years European Union or in another state that is a party to the Class LD DE0005318406 0.6% 5.9% 12.3% Agreement on the European Class LC DE000DWS22Q5 0.6% 3.8%1 – Economic Area. In addition Class TFC DE000DWS22P7 1.1% 4.6%1 – to financial strength, there is 1 Classes LC and TFC launched on July 1, 2019 also a focus on environmental, “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 social and corporate gover- nance factors (“ESG criteria”) when selecting investments. The investment climate in the the euro traded noticeably ment in the industrial countries reporting period was still char- stronger against the U.S. dollar (which was still characterized acterized by very low, and in amid fluctuations. Against this by low interest rates), and the some cases negative, interest backdrop, DWS Stiftungsfonds uncertainty about the future rates in the industrial countries recorded an appreciation of development of the monetary and volatility in the capital 0.6% per unit (LD unit class; policies of the central banks. markets. Market participants’ BVI method; in euro) in the focus lay not only on the high fiscal year through the end of With regard to bond invest- levels of debt worldwide and December 2020. ments (which accounted for on uncertainty regarding the around two-thirds of the fund’s monetary policies of the central Investment policy in the assets as of the reporting banks, but also shifted to the reporting period date), DWS Stiftungsfonds noticeably weakened global The portfolio management was internationally diversi- economy, which was exacer- considered key risks to be the fied in the reporting period. bated due to the uncertain- uncertainty regarding the con- The investment focus was on ties caused by the COVID-19 sequences of the COVID-19 euro-denominated bonds. In pandemic*. However, political pandemic for the global econ- terms of issuers, the portfolio issues such as “Brexit” and omy and financial markets, the management invested heavily the U.S. presidential election increased volatility in the finan- in corporate bonds. In addition, in early November 2020 also cial markets as a result of the it also invested in high-yield influenced market develop- U.S. presidential election, as bonds, government bonds

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