![]() We appreciate your trust and welcome the opportunity to help you navigate these unusual times. ![]() Positions us to make strategic and tactical decisions. We believe that the close interaction between our portfolio managers and our CIO Office which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world For this reason, we believe that active management, with its close monitoring Fair or sustainable price-to-earnings ratios (PEs) on mid-cycleĪs we move forward, not all sectors will benefit equally. That is a reasonable and constructive outlook, but it provides little help in forecasting equity returns for 2021. Recovery suggests that long-term interest rates climb, at least modestly, and S&P earnings per share (EPS)Ĭould return to its prior peak in the second quarter of this year. To unemployment benefits, among other provisions. In the first quarter, we anticipate passage of a bill built around further stimulus checks, funds for state and local governments, and enhancements The first priority is likely to be another tranche of COVID-related fiscal support. The coming months should bring clarity regarding the Biden administrations domestic andįoreign policies. Would reflect what the Fed would currently see as a full recovery. Only by 2023 are inflation and unemployment forecasts at levels that Despite more optimism on growth and employment, inflation is expected to remain below the 2% target. This view appears to be shared by the U.S. This suggests that full recovery might take Restrictive measures are likely to remain in place, at least to some degree, until broad vaccine distribution is achieved. We still, however, have a long road ahead. The outlook for economic recovery remains positive overall,īuoyed by progress in the approval and distribution of coronavirus vaccines and a resolution of the 2020 elections. GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY which offers investment products or DWS Investment KGaA and any of its subsidiaries such as DWS Distributors, Inc. ![]() The brand DWS represents DWS Group GmbH & Co. and world economies and markets and may have significant adverse effects on the Fund and its investments. War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical eventsĬould lead to increased market volatility, disruption to U.S. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Projects, intense competition and other factors. Industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure Companies in the infrastructure, transportation, energy and utility The Fund may lend securities to approved institutions. That concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks.Įmerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Please read the prospectus carefully before you invest. The summary prospectus and prospectus contain this and other important information about the Fund. We advise you to consider the Funds objectives, risks,Ĭharges and expenses carefully before investing. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. This report must be preceded or accompanied by a
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