CIO View Portfolio Perspectives EN

CIO View Multi Asset August 13, 2026 Marketing material

CIO View Portfolio : Perspectives In our monthly Multi -Asset update we show the implementation Vincenzo Vedda of our CIO View in the CIO View model portfolio. Chief Investment Officer

Idea of the month Semiconductor stocks have come under pressure as investors St rong correction in semiconductor stocks reassess the sustainability of AI -related capital expenditure 15000 and question whether hyperscalers can generate adequate returns on their massive investments. Yet the underlying 13000

drivers of the AI inve stment cycle remain largely intact. 11000 Computing power, data centers and digital infrastructure 9000 continue to require ever more advanced chips. The recent sell - off therefore appears less a reflection of weakening 7000

fundamentals than of elevated expectations being 5000 recalibrated. If AI spending remains robust, the correction 3000 coul d offer a relatively more attractive entry point into a sector that remains at the heart of the ongoing digital transformation. SOX Philadelphia Stock Exchange Semiconductor Index / Source s: Bloomberg Finance L.P., DWS Investment GmbH as of 8/6/26

Our take on Duration & Risk Risk We lower our duration preference to neutral Risks and opportunities appear broadly balanced in the near Active fixed income risk contribution Overall duration term. The macro environment remains supportive of equities Long Duration and the earnings season has confirmed resilient corporate Long US Treasuries fundamentals. At the same time, market reactions to positive earnings surprises have been muted, indicating that much of Long EUR Rates

the good news is already reflected in valuations. We therefore Long Gilts

refrain from upgrading our stance to +1. Key risks include Long EUR IG Corp Downgraded uncertainty around the Iran conflict, related pressure on bond to neutral Source: DWS Investment GmbH as o f August 5 , 2026 yields and consumers, as well as less supportive seasonality in the coming months. With investor positioning and sentiment Duration already positiv e, near -term upside may be limited. We downgrade our duration preference from +1 to neutral while We stick to our risk preferenc e at neutral retaining a positive bias. Although yields remain elevated and Top 5 active risks Overall risk we still believe markets are pricing too many rate hikes relative to our base case, particularly in the U.S., the near -term risk - Long Gold reward profile has become more balanced. Higher oil prices Long Bitcoin and a more hawkish central bank narrative have kept yields Long EM Equities high, while geopolitical risks could still push them higher. In a Long Utilities multi -asset context, duration currently offers limited remain diversification ben efits. We therefore favor the shorter end of Long Japanese Equities neutral the curve, where carry and risk -adjusted return prospects Source: DWS Investment GmbH as of August 5, 2026 appear more attractive, and maintain our steepening bias. In EMEA for Professional Clients (MiFID Directive 2014/65/EU Annex II) only. In Switzerland for Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). In APAC and LATAM for institutional investors only. In Aust ralia and New Zealand: for Wholesale Investors only. Further distribution of this material is strictly prohibited. For professional Clients. For business customers only. This information is subject t o change at any time, based upon economic, market and oth er considerations and should not be construed as a recommendation. Past performance is not indicative of future returns. Fore casts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Alternative investments may be speculative and involve significant risks including illiquidity, heightened potential for loss and lack of transparency. Alternatives are not suitable for all clients. Source: DWS Investment GmbH. /1

CIO View Portfolio : Perspectives August 13, 202 6

What’s up in the segments? Equities remain neutral overall, with a preference for emerging markets and Japan We maintain a balanced risk preference in equities…