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Issuer: |
Deutsche Bank AG (AA- S&P, Aa3 Moody's) |
| Guarantee: |
100% principal protected by the issuer at maturity on
basic Notes |
| Type: |
USD basic and leveraged Notes, Euro basic Notes |
| Nominal amount: |
USD 100, Euro 100 per note |
| Minimum investment: |
USD 10,000 / Euro 10,000 |
| Issue price: |
100% of the Nominal amount |
| Initial settlement date: |
14 March 2005 |
| Initial trade date: |
7 March 2005 |
| Subsequent settlement dates: |
Last business day of each month |
| Subsequent trade dates: |
March 7th, 2005; March 23rd, 2005;
April 26th, 2005; May 25th, 2005; June
27th, 2005; July 26th, 2005; August
25th, 2005; September 27th, 2005;
October 26th, 2005; November 25th, 2005;
December 23rd, 2005 -
Jan ,Feb & March 2006 |
| Final settlement date: |
30 December 2005 |
| Final trade date: |
27 December 2005 |
| Final valuation date: |
28 February 2015 |
| Maturity date: |
31 March 2015 |
| Minimum redemption: |
100 Notes |
| Liquidity: |
Monthly |
| Underlying funds: |
85% Opal - Opportunity Growth Fund; and
15% dbX-CTA5
Fund |
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Availability
This new product introduces a very practical approach to the marketing of
Opal Notes. The marketing period for the 2005 Notes runs from February 1st,
2005 until December 23rd, 2005 until December 23rd, 2005, however
investments can be made on a monthly basis. The first settlement date is
March 14th, 2005, there will be subsequent settlement dates each month until
December.
Performance
The performance will be linked to a basket comprising two funds, the
Opal-Opportunity Growth Fund (85%), managed on the same basis as
Opal-Alternative Growth Fund, which is rated AA by Standard & Poors and a
CTA Fund, dbX-CTA5 Fund (15%). The dbX-CTA5 Fund is managed on a similar
strategy to the Winton Futures Find, which has achieved returns of over 20%
compounded annually and was up 22% in 2004, a difficult year for CTA funds.
The target performance will be 12% p.a. for the basic Notes.
Security
The issuer of these notes is Deutsche Bank AG (DB). DB is rated AA- by
Standard & Poor’s and Aa3 by Moody’s. DB is a leading European Bank. The
basic Notes are 100% principal protected at maturity by DB.
Allocation
There will be 100% allocation to the basket of underlying funds on day one.
Through the dynamic allocation method, investment can increase up to a
maximum of 200% and has a varying minimum. The minimum will be 70% in year
1, 50% in year 2 and may be as low as nil thereafter. We feel this is an
important development for investor protection as it seriously reduces the
chance of de-leveraging.
The Investment Advisor of Opal-Opportunity Growth Fund (the “Opal Fund”) and
Opal-Alternative Growth Fund is Tremont Partners Inc. and the Trading
Advisor of dbX-CTA5 Fund (the “Winton Fund”) and the Winton Futures Fund is
Winton Capital Management Ltd.
Opal-Alternative Growth Fund, a sub fund of OPAL, a Luxembourg registered
société d'investissement à capital variable ("SICAV") is a high quality,
absolute return oriented fund of hedge funds managed by Tremont Advisers
Inc.
Tremont Advisers Inc is a pre-eminent global alternative investment
management firm. Founded in 1984, when alternative investments were still in
their infancy, the firm now tracks over 2,800 funds and manages more than
$10 billion in hedge fund assets.
Opal-Alternative Growth Fund has been launched to facilitate distribution of
Opal fund of hedge fund products in various international markets.It
is listed on the Luxembourg Stock Exchange.
Opal Alternative Growth Fund Ltd., a Bermuda Standard Scheme, is now
constituted as a feeder fund into Opal-Alternative Growth Fund, into which
it invests substantially all its assets.
OPAL (the "Fund") offers:
Diversification
The Fund’s diversification strategy ensures that it has significantly lower
volatility than traditional investments such as equities and bonds. The
underlying strategies themselves all have a low correlation with more
traditional assets such as equities and bonds. Consequently, including these
strategies as part of a balanced wealth management approach reduces
dependence on the factors that drive traditional markets and diversifies
overall exposure.
Potential for smoother, more predictable returns
By specifically focusing on non-directional strategies that aim to deliver
steady capital growth irrespective of market conditions, the Fund aims to
provide a smoothing effect that reduces overall volatility particularly in
times of equity market turbulence.
High risk adjusted returns
The two advantages mentioned above are a direct result of focusing on
absolute returns rather than returns measured against a particular stock
market index. Tremont’s industry expertise, combined with the supervision of
Opals own management panel, offers the potential
to produce risk adjusted returns that comfortably exceed the associated
hedge fund indices.
Transparency
The Fund provides a high degree of transparency, right down to the level of
the underlying managers. This philosophy distinguishes the Fund from many
other funds where the investment strategy is operated in a "black box".
Opal Fund Performance Data
Last Updated October 2
2006
Please note - the performance data below reflects the 85% portion of the
2005 Notes only
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