Fund Evaluator:
DWS Multi-Asset Conservative Allc S (SPBAX)
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Best Performing in Conservative Allocation Over the Last Year
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Fund Details
DWS Multi-Asset Conservative Allc S Overview
DWS Multi-Asset Conservative Allc S (SPBAX) is an actively managed Allocation Conservative Allocation fund. DWS launched the fund in 1996.
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 20% and 50% of assets in equity securities, including investments in underlying funds that invest primarily in equity securities, and between 50% and 80% of assets in fixed income securities, including investments in underlying funds that invest primarily in fixed income securities.
About DWS Multi-Asset Conservative Allc S (SPBAX)
There are 1 members of the management team with an average tenure of 3.35 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 Conservative Allc S has 34 securities in its portfolio. The top 10 holdings constitute 86.3% 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 Conservative Allc S is part of the Allocation global asset class and is within the Allocation fund group. DWS Multi-Asset Conservative Allc S has 23.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 20.9%. There is 5.5% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 66.5% (48.4% domestic bond, 18.1% foreign bond and 0.0% convertible bond). DWS Multi-Asset Conservative Allc S has 6.9% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $108 million average for the Conservative 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.
SPBAX 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 Conservative Allc S expense ratio is above average compared to funds in the Conservative Allocation category. DWS Multi-Asset Conservative Allc S has an expense ratio of 0.72%, which is 40% lower than its category average, making the fund expense ratio grade a B. 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 Conservative Allc S has a portfolio turnover rate of 92%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 103% for the Conservative Allocation category.
Recently, in the month of August 2026, DWS Multi-Asset Conservative Allc S returned 1.2%, which earned it a grade of A, as the Conservative Allocation category had an average return of 0.9%. 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 Conservative Allc S has a trailing yield of 3.12%, which is below the 3.68% category average. The fund normally distributes its income quarterly 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 Conservative Allc S Grades
Year to date, the fund has returned 3.7%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 7.0% over the past year (grade of C), 8.6% over the past three years (grade of B) and 3.0% per year over the past five years (grade of C) and 5.1% per year over the past 10 years (grade of A).
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SPBAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPBAX Return (NAV) | 1.2% | -0.1% | 7.0% | 8.6% | 3.0% | 5.1% |
| SPBAX Grade | A | D | C | B | C | A |
| +/- Category | 0.3% | -0.4% | 0.5% | 0.9% | 0.2% | 1.1% |
| Conservative Allocation Avg | 0.9% | 0.3% | 6.5% | 7.8% | 2.8% | 4.0% |
| SPBAX Tax Cost Ratio | na | na | 3.0% | 2.1% | 1.9% | 1.4% |
SPBAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPBAX Return (NAV) | 3.7% | 10.0% | 6.6% | 11.2% | -14.6% | 8.2% | 8.3% | 16.3% | -6.1% | 10.9% | 3.8% |
| SPBAX Grade | C | B | B | A | D | A | C | A | F | A | D |
| +/- Category | 0.0% | 0.8% | 0.6% | 2.5% | -2.7% | 3.7% | 0.3% | 4.8% | -2.8% | 3.8% | -2.1% |
| Conservative Allocation Avg | 3.7% | 9.2% | 5.9% | 8.7% | -11.9% | 4.5% | 8.0% | 11.5% | -3.3% | 7.1% | 5.9% |
| Risk Measures | |
| Standard Deviation: | 7.2% |
| Total Risk Index: | 0.59 - Below Average |
| Category Risk Index: | 1.12 - High |
| Category Risk Grade: | F (96% Rank) |
| Beta: | 0.75 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $56 Mil |
| Fund Total Assets: | $ 32 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 92% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 3.4 years | |||
| Average Tenure: 3.4 years | |||
| Managers (Year): Kung Darwei (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 86.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.6% |
Portfolio Allocation |
|
| Domestic Stock: | 20.9% |
| Foreign Stock: | 5.5% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 48.4% |
| Foreign Bond: | 18.1% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 6.9% |
Purchase Information
| Fund Family: | DWS |
| Phone Number: | 800-728-3337 |
| Website: | www.dws-investments.com |
| Status: | Open |
| Inception Date: | November 15, 1996 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 0.72% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.19% |
| Share Class: | DWS Multi-Asset Conservative Allc S |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
