DWS Global Macro Fund

C000177622 Fund Overview

DWS Global Macro Fund is a US mutual fund managed by Deutsche Dws International Fund, Inc., categorised as Total Return Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Deutsche Dws International Fund, Inc.
• Category: Total Return Allocation
• Assets under management: $178.82M
• 1-year return: -6.4%
• SEC CIK: 0000088053
• SEC series ID: S000031160
• Share class ID: C000177622

C000177622 Investment Objective and Strategy

DWS Global Macro Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Deutsche Dws International Fund, Inc..

Investment objective

The fund seeks to achieve total return.

Principal investment strategy

Main investments. The fund invests in equities (common and preferred), bonds, structured notes, money market instruments, exchange traded funds (ETFs), and cash. There are generally no limits on asset class exposures, provided that risk parameters are met. The fund may also invest in alternative asset classes (such as real estate, REITs, infrastructure, convertibles, commodities and currencies). The fund may achieve exposure to commodities by investing in commodities-linked derivatives or ETFs. The fund's allocation to different global markets and to different investment instruments will vary depending on the overall economic cycle and assessment by portfolio management. The fund may invest up to 20% into asset backed securities, short-term securities and cash equivalents. The fund can invest in securities of any size, investment style category, maturity, duration or credit quality (including junk bonds, which are those rated below the fourth highest credit rating category (that is, grade BB/Ba and below)), and from any country (including emerging markets).

Under normal conditions, the fund will have investment exposure to at least three countries and combined direct and indirect exposure to foreign securities, foreign currencies and other foreign investments (measured on a gross basis) equal to at least 40% of the fund's net assets. For purposes of the foregoing policy, an investment is considered to be an investment in a foreign security or foreign investment if the issuer is organized or located outside the US or is doing a substantial amount of business outside of the US. An issuer that derives at least 50% of its revenue from business outside the US or has at least 50% of its assets outside the US will be considered to be doing a substantial amount of business outside the US. Management process. Portfolio management constructs the fund's portfolio using a combination of top-down macro views and bottom-up research along with risk management strategies.

Based on the top-down macro views, the portfolio management team outlines a strategic allocation among asset classes for the portfolio which is a reflection of the team's broad market view. The portfolio management team further takes into consideration news flows, market sentiment and technical factors and then decides on a targeted level of risk. Idea generation, allocation by regions and sectors as well as position sizing are important features of the strategic allocation process during which exposures to different asset classes are determined. Selection of investments is then made using bottom-up fundamental analysis. The portfolio management team evaluates the strategic allocations and fund investments on an ongoing basis from a risk/return perspective. Currencies are considered an asset class in their own right by portfolio management and form an integral part of the strategic allocation and the investment selection process.

Currencies are actively managed and portfolio management attempts to hedge against undesired currency risk. Portfolio management views currency as an important additional source of alpha-generation. Active currency positions may be taken across developed and emerging market currencies to exploit under- and/or over-valued currencies and to benefit from currency fluctuations. Portfolio management also views currency management as a beneficial source of risk diversification. Completely or partially applied currency hedges may also impact overall fund performance. Derivatives. Portfolio management takes active currency positions using derivatives (contracts whose value are based on, for example, indices, currencies or securities) such as forward currency contracts, structured notes, futures contracts (including equity index futures) or options contracts.

Portfolio management may also generally use forward currency contracts to hedge the fund's exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings or to facilitate transactions in foreign currency denominated securities. In addition, portfolio management generally may use futures or options contracts as a substitute for direct investment in a particular asset class, for duration management, for hedging purposes or to keep cash on hand to meet shareholder redemptions. Commodities-linked derivatives may also be used to achieve exposure to commodities. The fund may also use other types of derivatives (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. Active Trading. The fund may trade securities actively and this may lead to high portfolio turnover.

C000177622 Holdings

Top 10 holdings of DWS Global Macro Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000177622 holdings

C000177622 Portfolio Allocation

Asset-class allocation of DWS Global Macro Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000177622 Performance

Total returns for C000177622 (as of 2026-10-01), from SEC filings.

C000177622 Risk Information

Risk metrics for C000177622, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 6.9%

C000177622 Costs and Fees

C000177622 costs about $108 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.08%
• Gross expense ratio: 1.26%
• Portfolio turnover: 12%
• Brokerage commissions: 0.42 bps of average net assets (SEC N-CEN)

C000177622 Cashflows

Over the 12 months to 2026-04, DWS Global Macro Fund had net outflows of $6.51M, from monthly SEC N-PORT filings.

C000177622 Debt Constituents

Largest debt holdings of DWS Global Macro Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000177622 Prospectus and SEC Filings

Official DWS Global Macro Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-26
• Prospectus (485BPOS) — filed 2025-02-26
• Prospectus (485BPOS) — filed 2024-02-27
• Portfolio holdings (N-PORT) — filed 2026-09-25
• Portfolio holdings (N-PORT) — filed 2026-06-25
• Portfolio holdings (N-PORT) — filed 2026-03-23
• Annual census (N-CEN) — filed 2026-01-06
• Annual census (N-CEN) — filed 2025-01-10

Related Funds

Other Total Return Allocation funds tracked on ABC INVEST:

• Federated Total Return Bond Fund (FTRFX)
• Columbia Balanced Fund (CBLAX)
• MFS Total Return Fund (MSFRX)
• AllianzGI Income & Growth Fund (AZNAX)
• AQR Risk Parity Fund (AQRNX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.