R.C.S. Luxembourg B-104.413
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R.C.S. Luxembourg B-104.413 Audited Annual Report as at 31 January 2016 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. DB Platinum ®, DB Platinum is a registered trademark of Deutsche Bank AG DB Platinum Table of contents Page Management and Administration 3 Directors’ Report 6 Independent Auditor’s Report 17 Statement of Net Assets 18 Key Figures as at 31 January 2016 23 Statement of Operations and Changes in Net Assets 29 Statistics 36 Statement of Investments * DB Platinum Commodity Euro 45 DB Platinum CROCI Branchen Stars 46 DB Platinum Omega 48 DB Platinum Commodity USD 52 DB Platinum CROCI World 53 DB Platinum PWM CROCI Multi Fund 57 DB Platinum CROCI Sectors Fund 58 DB Platinum CROCI UK 60 DB Platinum CROCI Global Dividends 62 DB Platinum TT International 65 DB Platinum CROCI US Dividends 72 DB Platinum Chilton Diversified 74 DB Platinum Ivory Optimal 76 DB Platinum CROCI World ESG 80 DB Platinum Chilton European Equities 83 DB Platinum MidOcean Absolute Return Credit 85 Notes to the Financial Statements 87 Information to Shareholders (unaudited) 204 * No Statement of Investments for DB Platinum MCP Terra Grove Pan Asia as at 31 January 2016, due to its structure. DB Platinum Management and Administration Registered Office DB Platinum 11-13, boulevard de la Foire L-1528 Luxembourg Grand-Duchy of Luxembourg Board of Directors - Werner Burg (chairman of the Board of Directors), Member of the Management Board, Deutsche Bank Luxembourg S.A., 2, boulevard Konrad Adenauer, L-1115 Luxembourg, Grand-Duchy of Luxembourg - Klaus-Michael Vogel, until 30 June 2015: Co-Chief Executive Officer of Deutsche Asset & Wealth Management Investment S.A. (renamed from DWS Investment S.A. on 1 May 2015); from 1 July 2015: Independent Director, c/o Deutsche Asset & Wealth Management Investment S.A., 2, boulevard Konrad Adenauer, L-1115 Luxembourg, Grand-Duchy of Luxembourg - Freddy Brausch, Partner, Linklaters LLP 35, avenue John F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg - Alexander McKenna, Head of Product Platform Passive Europe & Asia, Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom - Ben O’Bryan, Head of Alternative UCITS Global Product Platform, Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom (since 16 April 2015) - Philippe Ah-Sun, Chief Operating Officer of Exchange Traded Funds (ETF) and Systematic UCITS, Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom (since 16 April 2015) Custodian RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand-Duchy of Luxembourg Administrative Agent, Paying Agent, Domiciliary Agent and Listing Agent RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand-Duchy of Luxembourg Registrar and Transfer Agent RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand-Duchy of Luxembourg Management Company Up to and including 29 April 2015 DB Platinum Advisors 2, boulevard Konrad Adenauer L-1115 Luxembourg Grand-Duchy of Luxembourg (R.C.S. Luxembourg B-85.829) From and including 30 April 2015 Deutsche Asset & Wealth Management Investment S.A. (renamed from DWS Investment S.A. on 1 May 2015) 2, boulevard Konrad Adenauer L-1115 Luxembourg Grand-Duchy of Luxembourg (R.C.S. Luxembourg B-25.754) 3 DB Platinum Management and Administration (continued) Investment Managers 1 State Street Global Advisors Limited 20 Churchill Place, Canary Wharf London E14 5HJ United Kingdom Omega Advisors Inc. 88 Pine Street Wall Street Plaza 31st Floor New York, NY 10005 United States of America TT International Moor House, Level 13 120 London Wall London EC2Y 5ET United Kingdom Loomis, Sayles & Company, L.P. One Financial Center Boston, MA 02111 United States of America (until 19 January 2016) Chilton Investment Company, LLC 1290 East Main Street 1st Floor Stamford, CT 06902 United States of America Ivory Investment Management, L.P. 11755 Wilshire Boulevard Suite 1350 Los Angeles, CA 90025 United States of America MCP Asset Management Company Limited Suite 1918 Two Pacific Place 88 Queensway Hong Kong (since 30 September 2015) MidOcean Credit Fund Management, L.P. 320 Park Avenue Suite 1600 New York United States of America (since 13 January 2016) Sub-Investment Managers 1 Chilton Investment Company Limited 5th Floor 6 St Andrew Street London EC4A 3AE United Kingdom 1 In relation to certain Sub-Funds only, as further detailed in this report. 4 DB Platinum Management and Administration (continued) Independent Auditor of the Company Ernst & Young S.A. 35E, avenue John F. Kennedy, L-1855 Luxembourg Grand-Duchy of Luxembourg Legal Adviser of the Company Linklaters LLP 35, avenue John F. Kennedy, L-1855 Luxembourg Grand-Duchy of Luxembourg Capitalised terms used herein shall have the same meaning as in the current Prospectus. 5 DB Platinum Directors’ Report The number of sub-funds (“Sub-Funds” and individually a “Sub-Fund”) in DB Platinum diminished during the course of the fiscal year 2015-2016. Two new Sub-Funds called DB Platinum MCP Terra Grove Pan Asia and DB Platinum MidOcean Absolute Return Credit were launched. DB Platinum MidOcean Absolute Return Credit offers exposure to credit markets and DB Platinum MCP Terra Grove Pan Asia offers exposure to equity markets. In turn, the Sub-Funds DB Platinum CROCI Asia Pacific Fund, DB Platinum Currency Returns Plus, DB Platinum European Inflation 2015, DB Platinum Precious Metals, DB Platinum Agriculture Euro, DB Platinum Loomis Sayles, DB Platinum dbX-THF Equity Hedge Index Fund, DB Platinum dbX-THF Event Driven Index Fund, DB Platinum dbX-THF Systematic Macro Index Fund, DB Platinum dbX-THF Credit and Convertible Index Fund have been liquidated/matured. DB Platinum Commodity Euro The Investment Objective of the Sub-Fund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Commodity Euro Index™ which is intended to reflect the performance of twelve commodities from four broad commodity sectors, i.e. energy, precious metals, base metals and agriculture. The twelve index commodities are represented by futures contracts employing Deutsche Bank’s proprietary optimum yield methodology to select a new futures contract for all commodities except natural gas. Date 31 January 2016 DB Platinum Commodity Euro Sub-Fund’s Net Assets EUR 71,858,985 Share Class R1C R1C-A R2C-A Number of Shares 933,408.90 26,303.79 3,200.00 NAV per Share EUR 70.77 EUR 59.10 EUR 29.09 Date 31 January 2016 DB Platinum Commodity Euro Sub-Fund’s Net Assets EUR 71,858,985 Share Class I1C I2C Number of Shares 475.74 14,636.17 NAV per Share EUR 7,459.46 EUR 41.38 DB Platinum CROCI Branchen Stars The aim of the Sub-Fund is to invest in a portfolio of shares issued by large companies in the United States, the Eurozone and Japan, selected using the CROCI Branchen Stars Strategy (Strategy) which selects shares on the basis of an economic valuation using the CROCI (Cash Return On Capital Invested) methodology (CROCI Methodology). The CROCI Methodology and Strategy are developed by the Deutsche Bank CROCI® Investment Strategy and Valuation Group (CROCI Group). The Strategy identifies the three industry sectors (excluding financial) with the lowest median CROCI economic price-earnings ratio (CROCI Ratio). The Strategy may exclude shares with low liquidity and which are not covered by the CROCI Group. The Strategy then selects the ten companies from each such sector with the lowest positive CROCI Ratios. If fewer than ten shares in a selected sector have a positive CROCI Ratio then that sector will include only those shares that do have a positive CROCI Ratio and the Portfolio will have fewer than 30 shares. Date 31 January 2016 DB Platinum CROCI Branchen Stars Sub-Fund’s Net Assets EUR 44,509,258 Share Class R1D R1C R1C-B Number of Shares 162,814.00 62,691.83 620,768.52 NAV per Share EUR 136.49 EUR 184.52 EUR 15.55 Date 31 January 2016 DB Platinum CROCI Branchen Stars Sub-Fund’s Net Assets EUR 44,509,258 Share Class R1C-A I1C Number of Shares 315.63 5.00 NAV per Share EUR 207.18 EUR 200,054.33 6 DB Platinum Directors’ Report (continued) DB Platinum Omega The Investment Objective of the Sub-Fund is to achieve capital growth through investments in securities and other instruments. Omega Advisors Inc. will seek to achieve this by implementing a discretionary long/short investment strategy with a long bias. Although the Sub-Fund's principal investment focus is U.S. equities, the Sub-Fund will hold a diversified portfolio of securities including, from time to time, non-U.S. equities and bonds, currencies and securities and investment funds linked to commodities. The Sub-Fund may also hold cash. Date 31 January 2016 DB Platinum Omega Sub-Fund’s Net Assets USD 22,631,270 Share Class R1C-E R1C-U I1C-E Number of Shares 22.00 1,096.95 11,915.36 NAV per Share EUR 7,792.67 USD 7,892.24 EUR 84.84 Date 31 January 2016 DB Platinum Omega Sub-Fund’s Net Assets USD 22,631,270 Share Class I1C-G I1C-U I2C-E Number of Shares 2,405.00 4,545.00 107,846.82 NAV per Share GBP 74.85 USD 87.76 EUR 101.33 Date 31 January 2016 DB Platinum Omega Sub-Fund’s Net Assets USD 22,631,270 Share Class R0C-U R0C-G R0C-E Number of Shares 10.00 6.50 8.00 NAV per Share USD 7,780.09 GBP 7,733.23 EUR 7,761.29 DB Platinum Commodity USD DB Platinum Commodity USD offers investors a return linked to the performance of the Deutsche Bank Commodity USD Index™ which is intended to reflect the performance of twelve commodities from four broad commodity sectors, i.e.