DWS Enhanced Commodity Strategy Fund
Name
As of 11/21/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
1.5%
1 yr return
0.2%
3 Yr Avg Return
-0.2%
5 Yr Avg Return
5.9%
Net Assets
$935 M
Holdings in Top 10
54.1%
52 WEEK LOW AND HIGH
$5.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.03%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 81.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/21/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
SKCRX - Profile
Distributions
- YTD Total Return 1.5%
- 3 Yr Annualized Total Return -0.2%
- 5 Yr Annualized Total Return 5.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.35%
- Dividend Yield 2.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameDWS Enhanced Commodity Strategy Fund
-
Fund Family NameDWS Funds
-
Inception DateFeb 14, 2005
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDarwei Kung
Fund Description
Main investments. Under normal circumstances, the fund invests in commodity-linked derivative instruments backed by a portfolio of fixed income instruments. The fund invests in commodity-linked derivative instruments (a contract whose value is based on a particular commodity), such as commodity-linked total return swap contracts, options and futures contracts, to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities (see “Derivatives” subsection). Physical commodities are assets that have tangible properties such as gas, heating oil, industrial and other precious metals, livestock or agricultural products.The fund may gain exposure to the commodity markets by investing up to 25% of the fund's total assets in a wholly-owned subsidiary formed under the laws of the Cayman Islands (the “Subsidiary”), which shares the same portfolio management team as the fund and is expected to invest mainly in commodity-linked derivative instruments and fixed income instruments, some of which may serve as margin or collateral for the Subsidiary’s derivatives positions.The fund invests in fixed income securities, including inflation-indexed securities, of varying maturities issued by the US government, non-US governments, their agencies or instrumentalities, and US and non-US corporations. The fund may invest in mortgage-backed and asset-backed securities, adjustable rate loans that have a senior right to payment (“senior loans”) and other floating rate debt securities, taxable municipal bonds and tax-exempt municipal bonds.The fund may invest up to 10% of its total assets in below investment grade fixed income securities (commonly referred to as junk bonds).The fund concentrates its investments in commodities-related industries. The Advisor considers a company to be in a commodity-related industry if, as determined by the Advisor, at least 50% of the company's assets, revenues or net income are derived from or related to a commodity-related industry. Currently, the fund considers commodities-related industries to include oil, natural gas, agricultural products and metals industries; however, these criteria are provided for illustrative purposes only and are not part of the fund's fundamental investment policy regarding the concentration of its investments in any particular industry or group of industries. Accordingly, the fund may change the criteria it uses from time to time without shareholder approval.Management process. Portfolio management generally will allocate the fund’s commodity-linked investments among a variety of different commodity sectors. Portfolio management employs three main strategies with respect to its commodity-linked investments: a relative value strategy, a tactical strategy, and a “roll enhancement”strategy. In implementing the relative value strategy, portfolio management will use a proprietary quantitative, rules-based methodology in determining the fund’s commodity sector weightings relative to the fund’s benchmark index, the Bloomberg Commodity Index. Portfolio management normally will rebalance commodity sector positions when a sector undergoes a “trigger event,” reducing the fund’s exposure to commodity sectors that are believed to be “expensive” and increasing its exposure to sectors that are believed to be “cheap.” To the extent environmental, social or governance (ESG) factors affect the market supply and demand of a commodity sector (e.g., regulations limiting production due to environmental concerns), portfolio management typically takes such factors into account when analyzing the expected supply and demand for such sector. The tactical strategy focuses on the direction of commodity markets as a whole. Portfolio management uses a proprietary, momentum-driven, quantitative formula that seeks to anticipate the direction of the commodity markets. Portfolio management may reduce the fund’s exposure to all commodity sectors when commodities in general appear overvalued. In implementing the “roll enhancement” strategy, portfolio management seeks to invest in commodity contracts whose expiration is further out on the “commodity curve” than the subsequent month so as to avoid continually paying premiums to replace expiring contracts.With respect to the fund's fixed income investments, portfolio management uses a relative value style to seek to construct a diversified portfolio of fixed income securities. When evaluating fixed income investments, portfolio management generally considers a number of factors, including the security’s credit quality and terms; any underlying assets and their credit quality; interest rate sensitivity; the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations; spread relationships between individual bonds;and financially material ESG factors. With respect to these investments, portfolio management normally targets a dollar-weighted average portfolio duration of three years or less, and primarily invests in fixed income securities that are rated, at the time of purchase, within the top four credit rating categories as rated by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services, Fitch Ratings, or another Nationally Recognized Statistical Rating Organization, or, if unrated, are determined by the Advisor to be of similar quality.Derivatives. In addition to commodity-linked derivative instruments, the fund may use other types of derivatives, which are financial instruments whose performance is derived, at least in part, from the performance of an underlying asset, security or index (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.Securities lending. The fund may lend securities (up to one-third of total assets) to approved institutions, such as registered broker-dealers, pooled investment vehicles, banks and other financial institutions. In connection with such loans, the fund receives liquid collateral in an amount that is based on the type and value of the securities being lent, with riskier securities generally requiring higher levels of collateral.
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SKCRX - Performance
Return Ranking - Trailing
| Period | SKCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.5% | -25.3% | 29.4% | 92.19% |
| 1 Yr | 0.2% | -36.7% | 34.1% | 86.72% |
| 3 Yr | -0.2%* | -38.1% | 277.7% | 88.10% |
| 5 Yr | 5.9%* | -28.8% | 134.0% | 83.74% |
| 10 Yr | -0.3%* | -27.1% | 47.3% | 75.28% |
* Annualized
Return Ranking - Calendar
| Period | SKCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -7.0% | -64.0% | 30.1% | 35.16% |
| 2022 | -27.3% | -40.8% | 2475.6% | 95.28% |
| 2021 | -10.3% | -23.3% | 106.7% | 85.71% |
| 2020 | -3.3% | -71.9% | 295.5% | 65.85% |
| 2019 | 1.0% | -31.8% | 53.9% | 86.07% |
Total Return Ranking - Trailing
| Period | SKCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.5% | -25.3% | 29.4% | 92.19% |
| 1 Yr | 0.2% | -36.7% | 34.1% | 86.72% |
| 3 Yr | -0.2%* | -38.1% | 277.7% | 88.10% |
| 5 Yr | 5.9%* | -28.8% | 134.0% | 83.74% |
| 10 Yr | -0.3%* | -27.1% | 47.3% | 75.28% |
* Annualized
Total Return Ranking - Calendar
| Period | SKCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -6.2% | -64.0% | 41.1% | 51.56% |
| 2022 | 8.6% | -15.1% | 5648.8% | 77.17% |
| 2021 | 28.3% | -23.3% | 188.1% | 55.56% |
| 2020 | -2.8% | -67.8% | 296.1% | 69.11% |
| 2019 | 1.6% | -31.8% | 53.9% | 89.34% |
NAV & Total Return History
SKCRX - Holdings
Concentration Analysis
| SKCRX | Category Low | Category High | SKCRX % Rank | |
|---|---|---|---|---|
| Net Assets | 935 M | 2.34 M | 27.6 B | 26.75% |
| Number of Holdings | 326 | 1 | 1009 | 22.66% |
| Net Assets in Top 10 | 540 M | 2.66 M | 30.7 B | 42.97% |
| Weighting of Top 10 | 54.09% | 20.9% | 169.5% | 76.61% |
Top 10 Holdings
- DWS Central Cash Management Government Fund 14.92%
- DWS ESG Liquidity Fund 'Capital Shares' 6.25%
- U.S. Treasury Floating Rate Notes 5.82%
- U.S. Treasury Notes 5.00%
- U.S. Treasury Notes 4.96%
- U.S. Treasury Floating Rate Notes 4.11%
- U.S. Treasury Floating Rate Notes 4.01%
- U.S. Treasury Floating Rate Notes 3.51%
- LME NICKEL FUTURE DEC24 3.10%
- U.S. Treasury Notes 2.42%
Asset Allocation
| Weighting | Return Low | Return High | SKCRX % Rank | |
|---|---|---|---|---|
| Bonds | 71.35% | 0.00% | 127.91% | 25.00% |
| Cash | 15.92% | 0.00% | 101.92% | 62.70% |
| Other | 6.72% | -7.17% | 100.19% | 39.68% |
| Stocks | 6.25% | 0.00% | 49.72% | 24.22% |
| Convertible Bonds | 1.26% | 0.00% | 3.89% | 18.40% |
| Preferred Stocks | 0.00% | 0.00% | 0.08% | 73.02% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | SKCRX % Rank | |
|---|---|---|---|---|
| Communication Services | 55.56% | 0.00% | 100.00% | 46.15% |
| Energy | 33.33% | 0.00% | 33.64% | 69.23% |
| Industrials | 11.11% | 0.00% | 23.28% | 61.54% |
| Utilities | 0.00% | 0.00% | 27.00% | 69.23% |
| Technology | 0.00% | 0.00% | 2.77% | 69.23% |
| Real Estate | 0.00% | 0.00% | 13.82% | 69.23% |
| Healthcare | 0.00% | 0.00% | 1.73% | 100.00% |
| Financial Services | 0.00% | 0.00% | 13.67% | 100.00% |
| Consumer Defense | 0.00% | 0.00% | 12.04% | 100.00% |
| Consumer Cyclical | 0.00% | 0.00% | 3.41% | 100.00% |
| Basic Materials | 0.00% | 0.00% | 47.41% | 100.00% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | SKCRX % Rank | |
|---|---|---|---|---|
| US | 6.25% | 0.00% | 32.22% | 24.60% |
| Non US | 0.00% | 0.00% | 28.52% | 78.57% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | SKCRX % Rank | |
|---|---|---|---|---|
| Government | 40.29% | 0.00% | 100.00% | 32.74% |
| Cash & Equivalents | 15.92% | 0.00% | 100.00% | 59.65% |
| Corporate | 15.25% | 0.00% | 42.72% | 19.47% |
| Securitized | 7.83% | 0.00% | 19.62% | 27.43% |
| Derivative | 1.01% | -7.17% | 100.19% | 16.67% |
| Municipal | 0.00% | 0.00% | 1.45% | 73.45% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | SKCRX % Rank | |
|---|---|---|---|---|
| US | 71.35% | 0.00% | 116.12% | 25.40% |
| Non US | 0.00% | 0.00% | 12.98% | 74.60% |
SKCRX - Expenses
Operational Fees
| SKCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.03% | 0.21% | 5.23% | 9.00% |
| Management Fee | 0.78% | 0.00% | 1.75% | 73.25% |
| 12b-1 Fee | 1.00% | 0.00% | 1.00% | 98.25% |
| Administrative Fee | 0.10% | 0.05% | 0.45% | 46.43% |
Sales Fees
| SKCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.50% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 4.00% | 90.91% |
Trading Fees
| SKCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | 68.42% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| SKCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 81.00% | 0.00% | 162.00% | 76.14% |
SKCRX - Distributions
Dividend Yield Analysis
| SKCRX | Category Low | Category High | SKCRX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.26% | 0.00% | 19.94% | 55.41% |
Dividend Distribution Analysis
| SKCRX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| SKCRX | Category Low | Category High | SKCRX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.35% | -55.71% | 52.26% | 42.40% |
Capital Gain Distribution Analysis
| SKCRX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 23, 2024 | $0.028 | OrdinaryDividend |
| Jun 21, 2024 | $0.023 | OrdinaryDividend |
| Mar 21, 2024 | $0.017 | OrdinaryDividend |
| Dec 15, 2023 | $0.012 | OrdinaryDividend |
| Sep 22, 2023 | $0.011 | OrdinaryDividend |
| Jun 23, 2023 | $0.013 | OrdinaryDividend |
| Mar 24, 2023 | $0.004 | OrdinaryDividend |
| Sep 23, 2022 | $2.645 | OrdinaryDividend |
| Sep 23, 2021 | $3.146 | OrdinaryDividend |
| Dec 15, 2020 | $0.004 | OrdinaryDividend |
| Sep 23, 2020 | $0.014 | OrdinaryDividend |
| Jun 23, 2020 | $0.015 | OrdinaryDividend |
| Mar 24, 2020 | $0.008 | OrdinaryDividend |
| Dec 16, 2019 | $0.024 | OrdinaryDividend |
| Sep 23, 2019 | $0.015 | OrdinaryDividend |
| Jun 21, 2019 | $0.009 | OrdinaryDividend |
| Mar 22, 2019 | $0.003 | OrdinaryDividend |
| Dec 17, 2018 | $0.469 | OrdinaryDividend |
| Sep 21, 2018 | $0.458 | OrdinaryDividend |
| Dec 15, 2016 | $0.322 | OrdinaryDividend |
| Dec 16, 2014 | $0.180 | OrdinaryDividend |
| Sep 23, 2014 | $0.179 | OrdinaryDividend |
SKCRX - Fund Manager Analysis
Managers
Darwei Kung
Start Date
Tenure
Tenure Rank
Apr 01, 2010
12.17
12.2%
Darwei Kung, Managing Director, has joined Deutsche Asset Management in 2006. Previously he has worked as a Director, Engineering and Business Development at Calpoint LLC from 2001-2004. He holds a BS and MS from University of Washington, Seattle; a MS and MBA from Carnegie Mellon University.
Rick Smith
Start Date
Tenure
Tenure Rank
Feb 01, 2016
6.33
6.3%
RICK SMITH, CFA, MANAGING DIRECTOR and Portfolio Manager. Joined DWS Investment Management Americas, Inc. in 2004. Prior to joining, he served as a Fixed Income Investment Grade Portfolio Manager at MFS Investments. Previously, he worked as a Research Analyst at Salomon Brothers. Senior Portfolio Manager: New York. BA in Economics, Vassar College; MBA in Finance, Vanderbilt University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.33 | 17.03 | 6.11 | 11.51 |