Fund Evaluator:
DWS RREEF Real Assets Inst (AAAZX)
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Best Performing in Global Moderately Aggressive Allocation Over the Last Year
| 21.6% | TOPS® Moderately Aggressive ETF 2 () |
| 21.4% | Victory Cornerstone Aggressive (UCAGX) |
| 19.9% | Fidelity Advisor Asset Manager 70% Z (FIQBX) |
| 19.8% | Fidelity Asset Manager 70% (FASGX) |
| 19.8% | Fidelity Multi-Asset Index (FFNOX) |
Fund Details
DWS RREEF Real Assets Inst Overview
DWS RREEF Real Assets Inst (AAAZX) is an actively managed Allocation Global Moderately Aggressive Allocation fund. DWS launched the fund in 2007.
The investment seeks total return in excess of inflation through capital growth and current income. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a combination of investments that the Advisor believes offer exposure to "real assets." It generally invests between 15% and 75% of fund assets in securities of foreign issuers, including up to 10% of fund assets in issuers located in countries with new or emerging markets.
About DWS RREEF Real Assets Inst (AAAZX)
There are 4 members of the management team with an average tenure of 8.38 years: Francis Greywitt (2016), Evan Rudy (2016), Aaron Heffernan (2025), John Vojticek (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and Bloomberg US Treasury US TIPS TR USD index with a weighting of 100%. DWS RREEF Real Assets Inst has 184 securities in its portfolio. The top 10 holdings constitute 21.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DWS RREEF Real Assets Inst is part of the Allocation global asset class and is within the Allocation fund group. DWS RREEF Real Assets Inst has 36.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.6%. There is 36.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 12.1% (12.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DWS RREEF Real Assets Inst has 7.9% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is above the $1 billion average for the Global Moderately Aggressive Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AAAZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DWS RREEF Real Assets Inst expense ratio is high compared to funds in the Global Moderately Aggressive Allocation category. DWS RREEF Real Assets Inst has an expense ratio of 0.90%, which is 10% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DWS RREEF Real Assets Inst has a portfolio turnover rate of 94%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 32% for the Global Moderately Aggressive Allocation category.
Recently, in the month of July 2026, DWS RREEF Real Assets Inst returned 2.6%, which earned it a grade of A, as the Global Moderately Aggressive Allocation category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DWS RREEF Real Assets Inst has a trailing yield of 6.63%, which is above the 1.98% category average. The fund normally distributes its income semi-annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DWS RREEF Real Assets Inst Grades
Year to date, the fund has returned 10.7%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 17.7% over the past year (grade of C), 10.2% over the past three years (grade of F) and 5.3% per year over the past five years (grade of F) and 7.1% per year over the past 10 years (grade of F).
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AAAZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AAAZX Return (NAV) | 2.6% | -2.8% | 17.7% | 10.2% | 5.3% | 7.1% |
| AAAZX Grade | A | F | C | F | F | F |
| +/- Category | 2.5% | -5.7% | -0.6% | -3.8% | -2.4% | -1.8% |
| Global Moderately Aggressive Allocation Avg | 0.2% | 2.9% | 18.4% | 14.0% | 7.8% | 8.9% |
| AAAZX Tax Cost Ratio | na | na | 2.6% | 1.8% | 1.6% | 1.2% |
AAAZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AAAZX Return (NAV) | 10.7% | 13.1% | 5.6% | 2.6% | -9.6% | 23.8% | 3.9% | 21.8% | -5.1% | 15.0% | 4.4% |
| AAAZX Grade | A | F | F | F | B | A | D | C | A | D | F |
| +/- Category | 0.8% | -4.7% | -5.7% | -11.5% | 4.7% | 8.4% | -6.9% | 0.9% | 2.9% | -1.7% | -3.3% |
| Global Moderately Aggressive Allocation Avg | 9.8% | 17.8% | 11.2% | 14.2% | -14.3% | 15.4% | 10.8% | 20.9% | -7.9% | 16.7% | 7.6% |
| Risk Measures | |
| Standard Deviation: | 11.0% |
| Total Risk Index: | 0.90 - Average |
| Category Risk Index: | 1.04 - High |
| Category Risk Grade: | F (87% Rank) |
| Beta: | 0.86 |
| R-Squared: | 54% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.6% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4789 Mil |
| Fund Total Assets: | $4,318 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 94% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 11.6 years | |||
| Average Tenure: 8.4 years | |||
| Managers (Year): Vojticek John (2015), Greywitt Francis (2016), Rudy Evan (2016), Heffernan Aaron (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 184 |
| % in Top 10 Holdings: | 21.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 36.4% |
Portfolio Allocation |
|
| Domestic Stock: | 43.6% |
| Foreign Stock: | 36.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 12.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 7.9% |
Purchase Information
| Fund Family: | DWS |
| Phone Number: | 800-728-3337 |
| Website: | www.dws-investments.com |
| Status: | Open |
| Inception Date: | July 30, 2007 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.90% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.00% |
| Share Class: | DWS RREEF Real Assets Inst |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
