Fund Evaluator:

DWS Multi-Asset Moderate Allocation A Overview

DWS Multi-Asset Moderate Allocation A (PLUSX) is an actively managed Allocation Moderate Allocation fund. DWS launched the fund in 2004.

The investment seeks to maximize total return. The fund seeks to achieve its objective by investing in a broad range of both traditional asset classes (such as equity and fixed income investments) and alternative asset classes (such as real estate, infrastructure, convertibles, commodities, currencies and absolute return strategies). It invests between 50% and 70% of assets in equity securities, including investments in underlying funds that invest primarily in equity securities, and between 30% and 50% of assets in fixed income securities, including investments in underlying funds that invest primarily in fixed income securities.

About DWS Multi-Asset Moderate Allocation A (PLUSX)

There are 1 members of the management team with an average tenure of 3.27 years: Darwei Kung (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI All Cap NR USD index with a weighting of 100% and Bloomberg Global Aggregate TR USD index with a weighting of 100%. DWS Multi-Asset Moderate Allocation A has 32 securities in its portfolio. The top 10 holdings constitute 79.8% 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 Multi-Asset Moderate Allocation A is part of the Allocation global asset class and is within the Allocation fund group. DWS Multi-Asset Moderate Allocation A has 22.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 48.1%. There is 13.7% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 31.8% (23.1% domestic bond, 8.7% foreign bond and 0.1% convertible bond). DWS Multi-Asset Moderate Allocation A has 6.3% of the portfolio in cash.

Assets Under Management

The fund has $15 million in total assets, which is below the $2 billion average for the Moderate 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.

PLUSX 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 Multi-Asset Moderate Allocation A expense ratio is high compared to funds in the Moderate Allocation category. DWS Multi-Asset Moderate Allocation A has an expense ratio of 0.99%, which is the same as 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 Multi-Asset Moderate Allocation A has a portfolio turnover rate of 135%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.

Recently, in the month of July 2026, DWS Multi-Asset Moderate Allocation A returned -1.1%, which earned it a grade of D, as the Moderate Allocation category had an average return of -0.3%. 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 Multi-Asset Moderate Allocation A has a trailing yield of 2.53%, which is above the 1.97% category average. The fund normally distributes its income 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 Multi-Asset Moderate Allocation A Grades

Year to date, the fund has returned 6.9%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 14.1% over the past year (grade of B), 11.0% over the past three years (grade of D) and 5.5% per year over the past five years (grade of F) and 7.2% per year over the past 10 years (grade of F).

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