Deutsche Bank AG · XETR:DBK
Deutsche Bank — Deutsche Asset Management (Australia) — Global Investment Forum 2005
96 slides from Deutsche Bank's conference presentation, Jul 14, 2005
Slide 1: Global investment forum
Global investment forum Insights for 2005 Deutsche Asset Management (Australia) Limited ABN 11 076 098 596 Australian Financial Services Licence Holder
Slide 2: Agenda
Agenda Investment management, pure and simple How have we been going What are we doing to grow our business and help grow yours page 2
Slide 3: Investment management - we know best
Investment management - we know best Institutional quality product manufacturer Retail Traditional asset management Institutional page 3
Slide 4: Business profile and positioning
Business profile and positioning Our business in Australia; A$28.3 billion Australian equities A$5.4 bn Absolute return strategies A$0.3 bn Australian fixed income, cash & Deutsche listed property trusts A$1.5 bn Index Linked Bonds A$6.2 bn Sentinel listed property trusts A$0.9 bn Global equities A$
Slide 5: Retail line up
Retail line up All products Available on all major master trusts / wrap accounts OR by product disclosure statement – $25,000 minimum investment – Competitive wholesale MERs – $1,000 minimum additional investment – $1,000 minimum withdrawal – Advisory Service Fee option – dial up “trail” paid qu
Slide 6: Retail fund range - top performance by Assirt Research
Retail fund range - broad range of existing funds top performance by Assirt Research Deutsche Australian Equity Alpha Fund 6* Deutsche Australian Small Companies Fund 5* Deutsche Paladin Property Securities Fund 3* Deutsche Global Select Fund 7* Deutsche Strategic Value Fund 3* Deutsche
Slide 7: Retail fund range - top performance by Morningstar
Retail fund range - broad range of existing funds top performance by Morningstar Deutsche Australian Equity Alpha Fund 11/195 Deutsche Australian Small Companies Fund 9/38 Deutsche Paladin Property Securities Fund 7/67 Deutsche Global Select Fund 12/123 Deutsche Strategic Value Fund * De
Slide 8: Investment outcomes focus to portfolio design
“Investment outcomes” focus to portfolio design high income high volatility High volatility, high income (eg CDOs, hybrids) Volatility Income with high growth growth “kicker” high volatility Market-relative equity strategies Growth, stabilised by defensive quality Low volatility, low income/growth (
Slide 9: Investment outcomes focus to portfolio design
“Investment outcomes” focus to portfolio design Deutsche Australian high income Equities Alpha Fund high volatility Deutsche Australian Small Companies Deutsche Paladin Fund Property Securities Fund Volatility Deutsche Global Select Fund Deutsche Australian high growth Deutsche Global Bo
Slide 10: Retail line up: Broad range of next generation funds
Retail line up: Broad range of next generation funds Deutsche Income Fund Deutsche Focus Australian Equities Fund Deutsche Analysts' Choice Fund Deutsche Global Property Securities Fund and Deutsche Global (ex- Australia) Property Securities Fund Structured hedge funds products with DB P
Slide 11: Deutsche Income Fund
Deutsche Income Fund Alternative to mortgage funds Provides low volatility, quarterly income 'A' rated fixed income team Fund is Af rated by Standard & Poor’s Fund launched 1 July 2004 page 11
Slide 12: Deutsche Focus Australian Equities Fund
Deutsche Focus Australian Equities Fund Absolute return focus Benchmark: UBS Austrlian Bank Bill Index Performance fee if returns exceed 4% over cash Fund will typically hold 25 stocks Can hold up to 50% in cash and fixed income securities Fund launched 27 August 2004 page 12
Slide 13: Deutsche Analysts' Choice Fund
Deutsche Analysts’ Choice Fund Absolute return focus Not benchmark aware Fund will typically hold between 90 – 120 stocks Fund launched 27 August 2004 page 13
Slide 14: Deutsche Global Property Securities Funds
Deutsche Global Property Securities Funds Access to DeAM property securities teams located globally Versions 'including' or 'excluding' Australia Why global? – Consolidation in Australian LPTs – Diversification benefits Zenith rating 'recommended ' Lonsec rating 'recommended ' Fund launc
Slide 15: Desk Caddie
Desk Caddie 30 dealer groups contracted >5,000 planners accessing Desk Caddie Business in its own right Monthly training tool with CE points Now caters for all dealers: boutiques - large page 15
Slide 16: Conclusion
Conclusion No distribution conflicts All about asset management Investment outcomes focus in new products Alternative fund range Desk Caddie: superior technical solution page 16
Slide 17: A global market perspective for 2005
A global market perspective for 2005 Deutsche Asset Management (Australia) Limited ABN 11 076 098 596 Australian Financial Services Licence Holder
Slide 18: Agenda
Agenda Is global growth slowing? Will 2005 be the year the US finally pays the price of the twin deficits? Can the rest of the world grow independently of the US …and is China headed for a ‘hard landing’? Will Europe ever reform … …or should we just write it off? …and is the UK ever going to
Slide 19: Agenda: market outlook
Agenda: market outlook Are equities headed higher in 2005? Where are the best market opportunities? Is the US dollar headed lower? Can the bond market continue to shrug off Fed tightening… …and what does this all mean for Australia? page 19
Slide 20: The world cycle
The world cycle GDP growth SWEET SPOT ? Profits soar PEAK Interest rates stay low Interest rates rise Equities rally Inflation rises Profits peak Equities sell off Bonds sell off ? Bonds rally Equities cheap RECESSION Low and falling interest rates page 20
Slide 21: World economic growth rising in 2004
World economic growth rising in 2004 Real GDP %yoy 8 Emerging 7 6 5 Global 4 3 2 Developed 1 0 2000 2001 2002 2003 2004 Source: DeAM, JP Morgan page 21
Slide 22: World economic growth slowing in 2005
World economic growth slowing in 2005 Real GDP, %qoq, saar* 10 Emerging 8 6 Global 4 2 Developed 0 -2 2000 2001 2002 2003 2004 Source: DeAM, JP Morgan * seasonally adjusted annualised rate page 22
Slide 23: Oil intensity/GDP
Oil intensity/GDP Oil use per unit of US GDP (tonnes of oil per $'000) 0.18 0.16 0.14 0.12 0.10 The US economy's intensity of oil use has fallen 50% since 1978 0.08 1978 1983 1988 1993 1998 2003 Source: IEA, EMC, Barcap page 23
Slide 24: Oil demand
Oil demand millions bd, qma 100 10 year projection at $40 90 80 70 1995 1999 2003 2007 2011 2015 Source: Barcap page 24
Slide 25: Valuations are now fair but still not cheap
Valuations are now fair but still not cheap Trailing P/E for S&P500 35 30 25 20 15 10 5 1927 1941 1955 1962 1976 1982 1993 2004 Source: Datastream page 25
Slide 26: Real yields are very low
Real yields are very low Inflation protected bond yields US UK France 4 3 2 1 0 2000 2001 2002 2003 2004 Source: Bloomberg Note: US TIPS 338 2007 UK Index Linked Gilt 2% 2006 OATi 3% 2009 page 26
Slide 27: ...even on a longer term perspective
…even on a longer term perspective UK Inflation protected bond yield 5 4 3 2 1 0 1987 1990 1993 1996 1999 2002 Source: Bloomberg Note: Index Linked Gilt 2% 2006 page 27
Slide 28: Central banks cut real short term interest rates to zero
Central banks cut real short term interest rates to zero G-7 real interest rates less core inflation % 4 3 2 1 0 -1 1988 1991 1994 1997 2000 2003 Source: JP Morgan page 28
Slide 29: Is the US consumer overstretched?
Is the US consumer overstretched? Savings rate (lhs) Net worth to disposable income (rhs) 12 6.0 10 5.5 8 6 5.0 4 4.5 2 0 4.0 1956 1962 1968 1974 1980 1986 1992 1998 2004 Source: Federal Reserve, BEA page 29
Slide 30: House prices have surged recently
House prices have surged recently US House Price Index % yoy 16 14 12 10 8 6 4 2 0 1976 1980 1984 1988 1992 1996 2000 2004 Source: OFHEO page 30
Slide 31: Trade account gushes red ink
Trade account gushes red ink US Current Account as % of GDP 2 1 0 -1 -2 -3 -4 -5 -6 1960 1966 1972 1978 1984 1990 1996 2002 Source: Datastream page 31
Slide 32: US dollar weakness has not worried bonds - yet
US dollar weakness has not worried bonds - yet US$ (lhs) 10 yr bond yield (rhs) 125 7.0 120 6.5 115 6.0 110 5.5 105 5.0 100 4.5 95 4.0 90 3.5 85 3.0 2000 2001 2002 2003 2004 Source: Datastream page 32
Slide 33: page 33
Deutsche Asset Management [4] Deutsche Bank Group page 33
Slide 34: Chinese industrial production
Chinese industrial production % year on year 40 30 20 10 0 -10 1999 2000 2001 2002 2003 2004 Source: Datastream page 34
Slide 35: Chinese industrial production - level
Chinese industrial production - level 500 New year adjusted 450 400 350 300 250 200 150 100 1998 1999 2000 2001 2002 2003 2004 Source: Bloomberg page 35
Slide 36: No slowdown in exports
No slowdown in exports Exports (US$bn, sa) 60 50 40 30 20 10 1997 1999 2001 2003 Source: Datastream sa – seasonally adjusted page 36
Slide 37: ...recent signs of a slowdown in imports
…recent signs of a slowdown in imports Imports (US$bn, sa) 55 45 35 25 15 5 1997 1999 2001 2003 Source: Datastream sa – seasonally adjusted page 37
Slide 38: ...but fall in inflation is very good news
…but fall in inflation is very good news CPI Inflation % yoy 6 5 4 3 2 1 0 -1 -2 -3 1999 2000 2001 2002 2003 2004 Source: Datastream page 38
Slide 39: page 40
Deutsche Asset Management page 40 Deutsche Bank Group
Slide 40: Japan's cycles are many and deep
Japan’s cycles are many and deep Industrial production (sa) 105 100 95 90 85 1988 1992 1996 2000 2004 Source: Bloomberg sa – seasonally adjusted page 41
Slide 41: Inventories under reasonable control
Inventories under reasonable control Inventory sales ratio Japan (lhs) US (rhs) 115 1.6 110 105 1.5 100 95 1.4 90 85 1.3 1991 1994 1997 2000 2003 Source: Bloomberg page 42
Slide 42: Inventory overhang is concentrated in tech
Inventory overhang is concentrated in tech Inventory shipment ratio 155 145 Hi-tech sector 135 (Weight=10.2%) 125 115 105 Total 95 85 75 1998 1999 2000 2001 2002 2003 2004 Source: METI , DB page 43
Slide 43: Exports have surged
Exports have surged Export volume index 120 110 100 90 80 70 1995 1998 2001 2004 Source: Datastream page 44
Slide 44: Despite weakness in US, exports to other markets are firm
Despite weakness in US, exports to other markets are firm Japanese exports, Ytn 2.5 4.3 EU 4.1 2.0 3.9 3.7 1.5 3.5 US (rhs) 3.3 1.0 China 3.1 0.5 2.9 2.7 0 2.5 1995 1998 2001 2004 Source: Datastream page 45
Slide 45: Job losses seem to have peaked (at last)
Job losses seem to have peaked (at last) Unemployment rate % 5 4 3 2 1985 1988 1991 1994 1997 2000 2003 Source: Bloomberg page 46
Slide 46: page 47
Deutsche Asset Management Deutsche Bank Group page 47
Slide 47: Euroland's recovery was lack lustre
Euroland’s recovery was lack lustre 6 IP 3 mma % yoy GDP qoq ann 4 2 0 -2 2000 2001 2002 2003 2004 Source: Datastream IP – industrial Production, 3 mma – 3 month moving average page 48
Slide 48: ...and IFO Indicator points to slowdown
…and IFO Indicator points to slowdown EU 12 GDP, % yoy (lhs) IFO Index (rhs) 5 105 103 4 101 3 99 2 97 95 1 93 0 91 89 -1 87 -2 85 1991 1994 1997 2000 2003 Source: Datastream page 49
Slide 49: The euro is a big drag
The euro is a big drag Calculated effective exchange rate % 105 100 95 90 -25% 85 +19% 80 75 1991 1993 1995 1997 1999 2001 2003 Source: Bloomberg page 50
Slide 50: Core inflation is below target...just
Core inflation is below target...just % 3.5 Headline Core 3.0 2.5 2.0 1.5 1.0 0.5 1999 2000 2001 2002 2003 2004 Source: Datastream page 51
Slide 51: ECB refi rate
Euroland PMI services and refi rate 5.0 Rate cut zone Rate hike zone 4.5 2001 4.0 ECB refi rate 3.5 2002 3.0 2003 1999 2000 2.5 Latest 2.0 1.5 45 50 55 60 65 PMI services survey Source: Deutsche Bank, Datastream PMI = Purchasing Manager’s Index page 52
Slide 52: page 53
SN Deutsche Asset Management page 53 Deutsche Bank Group
Slide 53: Will £ join the Euro?
Will £ join the Euro? % saying 'yes' minus 'no' 0 -5 -10 -15 -20 -25 -30 -35 -40 -45 1998 1999 2000 2001 2002 2003 Source: Citigroup page 54
Slide 54: Falling unemployment ...a rare UK success
Falling unemployment …a rare UK success Unemployment rate % 8 7 Australia 6 US 5 Japan 4 UK 3 2 1998 2000 2002 2004 Source: Bloomberg page 55
Slide 55: Government spending surge over?
Government spending surge over? % growth in core spending on government services 12 11.5 10 9.4 8 7.6 7.0 7 6 5.4 4 3.7 1.7 2 0 97 98 99 00 01 02 03 04e Source: Deutsche Bank Global Markets page 56
Slide 56: Mortgage approvals have plummeted
Mortgage approvals have plummeted Number of mortgage approvals, ‘000 per month 140 130 120 110 100 90 80 70 60 1993 1995 1997 1999 2001 2003 Source: Datastream page 57
Slide 57: ...and the price bubble has burst
…and the price bubble has burst RICS survey of house prices, price balance 120 80 40 0 -40 -80 1986 1989 1992 1995 1998 2001 2004 Source: Bloomberg RICS = Royal Institute for Chartered Surveyors page 58
Slide 58: Inflation comfortably below target
Inflation comfortably below target CPI % yoy 3.5 3.0 2.5 Target 2.0 1.5 1.0 0.5 0.0 1995 1997 1999 2001 2003 Source: Datastream page 59
Slide 59: UK PMI services and base rate
UK PMI services and base rate Base rate 8 Rate hike zone Rate cut zone 7 2001 1997 6 1999 5 Latest 4 2003 3 45 50 55 60 65 Source: Deutsche Bank, DeAM PMI services survey PMI = Purchasing Manager’s Index page 60
Slide 60: The world cycle
The world cycle Australia UK SWEET SPOT ? PEAK US Japan ? Euroland RECESSION page 61
Slide 61: Conclusions for 2005: monetary policy
Conclusions for 2005: monetary policy US Fed does what it says - rates rise slowly ECB makes surprise rate cut in spring, on hold for rest of 2005 Bank of England cut by ¾% Speculation of hike by BoJ in 2006 dominates markets in late 2005 page 62
Slide 62: Conclusions for 2005: Markets
Conclusions for 2005: Markets Equities rise 5-15% in 2005 (again) Currency effects dominate relative returns Asia outperforms US and Europe in local currency terms Bonds sell-off …US Treasuries underperform Risky bonds outperform again US dollar remains weak page 63
Slide 63: Australian equities outlook
Australian equities outlook Deutsche Asset Management (Australia) Limited ABN 11 076 098 596 Australian Financial Services Licence Holder
Slide 64: Presentation overview
Presentation overview Outlook for Australian economy Australian equity valuations Deutsche Australian Equities Alpha Fund Deutsche Australian Small Companies Fund page 65
Slide 65: Outlook
Outlook VA Deutsche Asset Management Deutsche Bank Group
Slide 66: Australia - GDP growth
Australia - GDP growth GDP growth to average about 3% in 2005 % 7.0 DB 6.0 forecasts yoy% change 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 qoq% change -2.0 Jun-90 Jun-92 Jun-94 Jun-96 Jun-98 Jun-00 Jun-02 Jun-04 Jun-06 Source: Deutsche Bank page 67
Slide 67: Australia - CPI inflation
Australia - CPI inflation Inflation to rise but remain within RBA target range yoy % chg 7.0 Headline inflation DB 6.0 forecasts 5.0 Treasury 4.0 underlying 3.0 RBA target band 2.0 1.0 0.0 Core, qoq% -1.0 Jun-91 Jun-93 Jun-95 Jun-97 Jun-99 Jun-01 Jun-03 Jun-05 Source: Deutsche Bank page 68
Slide 68: Cyclical consumption spending set to slow
Cyclical consumption spending set to slow yoy% '000 8.0% 50.0 6.0% 45.0 4.0% 40.0 2.0% 35.0 0.0% 30.0 -2.0% Cyclical consumption, LHS 25.0 Housing starts (RHS) Housing starts (f) -4.0% 20.0 Jun-86 Jun-88 Jun-90 Jun-92 Jun-94 Jun-96 Jun-98 Jun-00 Jun-02 Jun-04 Jun-06 Source: Deutsche Bank page 69
Slide 69: Household interest obligations to disposable income
Household interest obligations to disposable income Dangerous to raise rates too much! %Disposable income Impact effect of various cash rate levels 11% History 3.75 5.25 6.00 10% Q3-2004 9% Cash 18.0% 8% Cash 16.2% Cash 7.5% Cash 6.25% 7% 6% 5% Jun- Jun- Jun- Jun- Jun- Jun- Jun- Jun- 82 85 88 91 94
Slide 70: Australia - economic conclusions
Australia - economic conclusions Slower GDP growth Manageable inflation Reserve Bank on hold with a tightening bias Household debt – consumer slow down Risks: – China / Global growth slows more than we anticipate – Domestic downturn – Higher oil price page 71
Slide 71: Australia – equity outlook
Australia – equity outlook page 72
Slide 72: Can the stellar performance of the share market continue?
Can the stellar performance of the share market continue? Index 160 150 140 S&P/ASX 300 Accumulation Index 130 120 110 100 MSCI World (ex Australia) 90 Accumulation Index (A$) 80 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Source: Bloomberg Rebased to 100 page 73
Slide 73: Earnings growth and forecast
Earnings growth and forecast ASX 100 earnings per share growth outcomes (%) % ) % 25 25 20 20 15 15 10 10 5 5 0 0 -5 -5 -10 -10 94 95 96 97 98 99 00 01 02 03 04 05 06 Source: Company data and Deutsche Bank estimates page 74
Slide 74: Australia - forward price / earnings ratio
Australia - forward price / earnings ratio Valuations appear to be reasonable 20 18 16 14 10 Year Avg 14.8x 12 10 8 6 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 Source: IRESS, UBS and DeAM page 75
Slide 75: Shares relative to bonds
Shares relative to bonds Australia bond yield less earnings yield 4.0 3.0 Shares expensive 2.0 1.0 0.0 -1.0 10 year average 0.3% -2.0 -3.0 Shares cheap -4.0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 Source: IRESS, UBS page 76
Slide 76: Equities attractive relative to cash
Equities attractive relative to cash Dividend yield % less 90 day bill % 2 1 0 -0.5% 10 year average -1 -2 -2.0% 10 year average -3 -4 -5 Net dividend yield Gross dividend yield -6 (Ungrossed; excludes franking credits) (Grossed up; includes franking credits) -7 91 92 93 94 95 96 97 98 99 00 01 02 0
Slide 77: Australia PE relative to MSCI World Index
Australia PE relative to MSCI World Index – Still at a discount Australian PE divided by world PE 1.0 10 year average 0.9 0.80 0.8 0.7 0.6 0.5 0.4 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 Source: IRESS, UBS page 78
Slide 78: Dividend yield provides support
Dividend yield provides support % % 7 Aust - ASX data (discontinued Aug 96) 7.0 Aust - MSCI data (commenced Dec 95) 6 US - S&P 500 6.0 5 5.0 Australia 4 4.0 3 3.0 USA 2 2.0 1 1.0 83 85 87 89 91 93 95 97 99 01 03 05 Source: Deutsche Bank, ASX, MSCI and Datastream page 79
Slide 79: Australia - Share market conclusion
Australia - Share market conclusion Positive earnings momentum Stable supply / demand equation Attractive relative to other domestic asset classes Another year of positive returns Risks: – China / Global growth slows more than we anticipate – Higher interest rates than we expect – Domestic
Slide 80: Deutsche Australian Equities Alpha Fund
Deutsche Australian Equities Alpha Fund
Slide 81: Deutsche Australian Equities Alpha Fund
Deutsche Australian Equities Alpha Fund Strong investment team Small company exposure consistently 10% - 15% Lower than average turnover Targeting outperformance of 3.5% pa Key is free cash flow and IRR Process is transparent, repeatable and well rated by researchers page 82
Slide 82: Deutsche Australian Equities Alpha Fund: Summary of constraints
Deutsche Australian Equities Alpha Fund Summary of constraints Benchmark: S&P/ASX 300 Accumulation Index Typical number of stocks 40-60 - Typical range - Top 100 25-45 - Typical range - small companies 15-20 Approx tracking error 3-6% pa Broad GICS Level 2 sector constraints ±10% Maximum r
Slide 83: Investment philosophy – company lifecycle
Investment philosophy – company lifecycle Growth Value New Industries Competitive Mature Declining Increasing returns Above average Average returns Below average returns returns Return Investors’ required rate of return Price earnings ratio Medical devices Healthcare Telecommunications Renewable ene
Slide 84: Performance / portfolio positions
Performance / portfolio positions
Slide 85: Top active positions
Top 10 active positions Deutsche Australian Equities Alpha Fund As at 31 December 2004 % portfolio 3.66% QBE Insurance 2.3% 3.61% RIO Tinto 2.2% 3.33% Insurance Australia Group 2.1% 6.63% ANZ Banking 2.0% 2.45% Patrick Corporation 2.0% 0.00% -1.5% Fosters Group 1.62% -1.5% Westfield Group 2.70% -1.9
Slide 86: Performance
Performance Deutsche Australian Equities Alpha Fund Performance to 31 December 2004 (gross and net of fees)* (%) 35 31.34 30.54 30 27.92 23.57 22.77 25 21.04 20.64 21.27 20 17.27 15 12.68 11.88 10.24 9.44 10.34 10.07 9.27 9.93 9.24 10 5 FTYD 1 year 2 years (pa) 3 years (pa) 5 years (pa) Since incept
Slide 87: Deutsche Australian Small Companies Fund
Deutsche Australian Small Companies Fund
Slide 88: Australian index returns: Large versus small
Australian index returns: Large versus small Common based returns from May 1994 Index 350 ASX 300 300 250 200 150 ASX Small Ordinaries 100 50 M ay-94 M ay-95 M ay-96 M ay-97 M ay-98 M ay-99 M ay-00 M ay-01 M ay-02 M ay-03 M ay-04 Source: William M Mercer Data to 31 December 2004 page 89
Slide 89: Australia: Large and small cap performance
Australia: Large and small cap performance Common based returns as at 31 December 2004 Index 600 Mercer Median Small Cap Manager 500 Mercer Median 400 Large Cap Manager 300 ASX-300 200 ASX-Small Ordinaries 100 0 Dec- Dec- Dec- Dec- Dec- Dec- Dec- Dec- Dec- Dec- Dec- 94 95 96 97 98 99 00 01 02 03 04
Slide 90: Australia: 5 year small cap return distribution
Australia: 5 year small cap return distribution as at 31 December 2004 10% 4.0% returned 1,000% or more Avoid 5.4% returned 500% or more 8% 28% 28.9% returned 200% or more negative 48.3% returned 100% or more 6% return % Distribution 4% 2% 0% -100 -70 -40 -10 20 50 80 11 0 14 0 17 0 20 0 23 0 26 0 2
Slide 91: Deutsche Australian Small Companies Fund
Deutsche Australian Small Companies Fund Benchmark S&P/ASX Small Ordinaries Accumulation Index Number of stocks 40-70 Relative stock position +10%, no min Non index stocks 45% max Approximate tracking error (not targeted) 5% - 10% Sell discipline on stocks migrating to large company inde
Slide 92: Current portfolio and positioning - stock selections
Current portfolio and positioning - stock selections Deutsche Australian Small Companies Fund As at 31 December 2004 Repco 2.49 Primary Healthcare 2.45 Vision Group 2.36 McPhersons 2.34 Oakton 2.15 Commander Communications 2.14 Village Life 2.04 Servcorp 2.02 Downer EDI 1.90 Candle 1.89 1.0 1.5 2.0
Slide 93: Performance
Performance Deutsche Australian Small Companies Fund As at 31 December 2004 % 60.00 58.33 57.42 50.00 42.06 41.16 40.00 35.70 30.74 30.29 30.00 26.64 21.00 20.00 14.77 14.54 9.33 10.00 0.00 3 months 6 months 1 year Since inception* Deutsche Australian Small Companies Fund (GROSS) Deutsche Australian
Slide 94: Conclusion
Conclusion Reasonable economic outlook Equities attractive relative to other domestic asset classes Another year of positive returns Market near record highs – quality research essential Small company exposure strategic – not tactical page 95
Slide 95: Important information
Important information This presentation is intended only for the exclusive benefit and use of our clients and prospects. Deutsche Bank AG and its affiliates may have positions in, and may effect transactions in, the markets, contracts and related investments described herein, which positions and tra
Slide 96: Important information
Important information An investment is not a deposit with or any other type of liability of Deutsche Bank AG ARBN 064 165 162, Deutsche Asset Management (Australia) Limited or any other member of the Deutsche Bank AG Group and the capital value of and performance of an investment is not in any way g
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