CROCI is now part of DWS and is no longer classified as independent investment research. The views in any marketing material provided are exclusively those of the authors.


1. No offer
Nothing contained on this Website should be considered as an offer or solicitation to enter into any transaction or to purchase, sell or hold any investment, or to effect any transaction or conclude any other legal act whatsoever. Pricing levels and valuations published on the Website are indicative and they and other information displayed thereon are for information purposes only.

2. No investment advice or recommendation
Although this Website may include investment-related information, information made available on this Website should not be considered as legal, tax, investment or securities advice or any form of recommendation to purchase, sell or hold any products or services described therein, or any opinion regarding the appropriateness or suitability of any investment. The information contained on this Website is for purely information purposes. No information on the Website shall be deemed to constitute any recommendation (personal or non-personal) or suggestion of any investment strategies, financial instruments or issuers of financial instruments to any member of the public or an opinion as to the present or future value thereof. Any investment decisions should be made following the receipt of appropriate financial, tax, accounting, legal and other professional advice and following checks as to the accuracy of all relevant information, and not on the basis of anything on this Website alone.

3. Decisiveness of offering circular, prospectus or securities statement
In respect of any investment, an offering circular, prospectus or securities should be available. Users should carefully read the information contained therein before making any investment decision, including the risk factors set out in any such document.

4. Historical and future performance
Past performance information (either actual or simulated) contained on this Website is not indicative of future results and DWS does not guarantee future performance. The value of an investment in any investment may go up as well down so that an investor's investment may be more or less than the original investment amount at maturity.

5. No representations or warranties for contents
Although reasonable efforts have been used to ensure that the information set out on this Website is reliable, no representation or warranty is made as to its accuracy, completeness, fitness for any purpose and adequacy and DWS bears no responsibility for the rectification of errors or omissions which may occur from time to time. Any opinions expressed reflect the current view of DWS which may change without notice. The use of any information set out in this Website is entirely at the recipient's own risk. The information and opinions contained on this Website are provided without any express or implied warranty. DWS does not take any responsibility for any information contained on this Website provided by third parties.

6. Use of the Website
1. The User must not use, exploit, download, reproduce or disseminate the content of the Website, including but not limited to any investment-related information, data, methodologies or strategies, for any commercial purpose without the express written consent of DWS. Any use of the content of the Website to create, develop, tailor, amend, inform, adjust or track an investment strategy, whether acting on own account or on behalf of a third party, is explicitly prohibited and any investment products, including investment funds and derivatives, relating to, containing, using or referencing any content published on the Website require a license from DWS.
2. Changes to the Website
DWS grants you a limited right to use the Website. Your right to use the Website is subject to your agreement to abide by these Terms in their entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Website. DWS reserves the right to partly or completely change the Website at any time and to restrict, interrupt or terminate its service without any notice.
3. Changes to these Terms
DWS reserves the right to modify or amend these Terms at any time without any notice. DWS invites you to consult these Terms and Conditions from time to time, to familiarise yourself with any changes.

7. Limitations on liability
To the fullest extent permitted by law, DWS (and its affiliates, agents or licensors) excludes all liability whether in contract, tort, negligence, misrepresentation or otherwise for any loss or damage caused, directly or indirectly, by your use of the Website or of the information contained on or provided to you pursuant to your use of the Website (or through links to other websites owned and operated by third parties or otherwise). DWS disclaims all conditions, warranties or other terms whether expressed or implied by statute, custom or usage (including without limitation, warranties as to satisfactory quality, fitness for purpose or skill and care) relating to the Website and the information contained in or omitted from the Website. Neither DWS nor any of its agents or licensors shall be liable for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity, loss of goodwill or anticipating savings) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of the Website or the information contained on the Website; your inability to use the Website at any time and any error in the provision of the Website; unauthorised access to or alteration of the Website or any information or data transmitted in relation to the Website; any computer virus transmitted through the Website; third party services outside DWS’ reasonable control (including, but not limited to, telephone and browser services and your use of email communications to contact or instruct DWS, and any delay in DWS’ receipt or confirmation of such a communication, any interception of or changes to such a communication and any reasonable delay in acting on such a communication), whether such services are used by you to access the Website or otherwise; your use of or reliance on other websites to which you have gained access by means of hyperlinks published on the Website; any inaccurate information, material or opinions published on the Website (or accessed via the Website) or your reliance thereon. For the avoidance of doubt this provision shall apply whether or not the relevant loss or damage arises by reason of DWS’ negligence. However, nothing in these Terms excludes or restricts DWS’ liability to you for fraud, or for personal injury or death caused by DWS’ negligence. DWS’ liability is limited even if it has been advised of the possibility of the damages that you suffer or if any remedy you have fails of its essential purpose. This disclaimer of liability applies to any and all damages or injury, including those caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft, destruction or unauthorized access to, alteration of or use of any asset, whether for breach of contract, tortious behaviour, negligence or under any other cause of action. Nothing in these Terms will affect any duty, obligation or liability owed by DWS under the regulatory systems of any applicable jurisdiction which cannot be excluded or modified by agreement or notice.

8. Indemnity
You shall indemnify, defend and hold harmless DWS and its agents, employees and third party sources for any losses, damages, liabilities, expenses or costs suffered by them as a result of
a. Your use of the Website;
b. Use of the Website by a third party permitted by you who would otherwise not have access to the Website (the “Third Party Users”);
c. Your or any Third Party Users’ negligence, wilful default or fraud;
d. Any breach of these Terms or any representation, warranty or covenant made or given by you or any Third Party Users in these Terms; or
e. Your or any Third Party Users’ violation of any applicable law, statute, ordinance, regulation or of any third party's rights.

9. Copyright
1. Unless stated otherwise, content and design of the Website are the property of DWS or its licensors and is protected by copyright. Any copying, selling, publication, reproduction, distribution, re-transmission, sub-licensing, assignment or other use (including any commercial use) of any portion of the Website or of its content requires the prior written consent of DWS. In using this Website you undertake not to reproduce or distribute any information contained herein in whole or in part nor to disclose any of its contents without the prior written consent of DWS, who you agree has the benefit of this undertaking. In relation to the parts of the Website accessible to the general public, you undertake not to reproduce or distribute any information contained thereon in whole or in part without acknowledging DWS as the source and owner of the information. You may not decompose, decompile, reverse engineer, disassemble or otherwise deconstruct all or any portion of the Website. You may not publish, broadcast, retransmit, reproduce, repackage, frame, commercially exploit, create any derivative of or otherwise redistribute all or any portion of the Website except as explicitly permitted in these Terms. As a visitor to the Website, you may view the Website and you are welcome to print hard copies of material on it for your personal, non-commercial use. You may not remove any copyright, trademark or other proprietary notice or legend contained on (or printed from) the Website. All other copying or distribution of any part of the Website whether in electronic, hard copy or other format is prohibited and all other rights reserved. Any copies must not alter the original content and must reproduce our copyright notices.
2. DWS or other DWS marks referred to on the Website are trademarks which belong to DWS or their licensors in Germany or other countries. No visitor may use such trademarks or other devices without the prior written consent of DWS. Other product and company names reproduced on the Website may be the trademarks (registered or otherwise) of the respective owners, and all rights in the material on any other websites which you may be able to link to from the Website are owned by third parties.

10. User conduct
You agree not to use the Website in any way that will violate or infringe any laws or regulations of any jurisdiction or the rights of any person.
You make certain representations and warranties regarding your use of the Website. You represent and warrant that: (a) you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to these Terms; (b) you have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of these Terms; and (c) you will not delete or damage any of the content available on the Website, including, without limitation, any information, data, tools, products, services and other content available on or through the Website.

11. Privacy Policy
Personal data, which are collected when visiting this Website, are processed according to requirements under English law. Such information may be collected through "traffic data" and may entail the use of "cookies", "IP addresses" or other numeric codes used to identify your computer.

DWS may also collect personal data from you through the Website or via email when you contact us. Such information may be retained and used by us for general research purposes, to communicate with you to respond to any queries or requests made by you and for any other reasonable purposes for which you have provided such information. In addition, we may use such data from time to time to send you further information relating to DWS’ products or services which we assume may be of interest to you or any information which you have expressed an interest in to DWS to your usual contact at DWS or through email or this Website. You may notify us at any time if you wish to cease receiving this further information by contacting your usual contact at DWS or by sending an email requesting this to croci.valuation@dws.com.

As a means of processing and using your personal data for the purposes set out above, we may transfer such data to DWS affiliates or other selected third parties located anywhere in the world (who may process, use and similarly transfer your data) where this is reasonably required or deemed reasonably appropriate by us in order to provide you with the above information. We may investigate any complaint or reported violation of our policies. We may report any activity that we suspect may violate any law or regulation to regulators, law enforcement officials or other persons or entities that we deem appropriate. We may issue warnings, suspend or terminate use of the Website, deny access to all or part of the Website or take any other action that we deem appropriate. We are committed to protecting your privacy and we implement various security measures in relation to our processing and transfer of personal data to try to ensure that your personnel data is kept secure against unauthorised access, loss, disclosure or destruction.

By clicking on the "Accept" button you confirm that you consent to the uses of information relating to you set out above and you authorise us to make available, transfer and disclose such information to third parties in the manner described above.

You have the right to access the personal information we hold about you; this service is free of charge.

Please also read the section “Privacy Policy” and “Cookie Information” on the Website for more information.

12. Safety of Communication
Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission, or that information displayed on the Website may be changed or modified through malicious attacks or "hacking". Although DWS will use reasonable efforts to minimise such risk, it does not warrant that any communication or e-mail or any attachments thereto, that are sent out, will be free from viruses, worms or other harmful components.

13. Hyperlinks
Certain hypertext links on the Website may lead the User to Websites that are not under the control or charge of DWS. When the User clicks on such a link, he leaves the Website of DWS and enters the third-party site at its own risk. DWS is not responsible for any material contained on any other non-DWS website.

14. Governing Law; Jurisdiction
1. Governing Law
These Terms and any non-contractual obligations arising out of or in connection with them are exclusively governed by and shall be construed in accordance with English law.
2. Jurisdiction
Each private user who is not a resident of one of the countries for which the Council Regulation (EC) NO 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgements in civil and commercial matters is applicable, or which have entered and ratified the Convention on jurisdiction and enforcement of judgements in civil and commercial matters signed at Lugano on 16 September 1988, and all commercial users are subject to the exclusive jurisdiction of the courts of England & Wales in respect of any disputes arising under these Terms, including a dispute relating to non-contractual obligations arising out of or in connection with these Terms.

15. Severability
If at any time any provision (or part of any provision) of these Terms is, or becomes, illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect the legality, validity or enforceability in that or any other jurisdiction of any other provision (or any other part of this provision) of these Terms.

16. Selling restrictions
1. The products, if any, described on the Website are not eligible for sale in all countries and in any event may only be sold to Professional Investors as described below. The offering circulars referred to on this Website contain information as to the selling restrictions applicable to any particular product and the User should read them carefully.
2. In particular, the following restrictions apply:
Residents of the United States of America:
The information set out in the Website is not directed to the United States. US persons (as defined in Regulation S under the US Securities Act 1933) and persons resident in the US may not enter the Website. Information from this Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted. Any securities described on this Website have not been and will not be registered under the US Securities Act of 1933 as amended and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. The securities may not be offered or sold in the United States, to US persons or US residents.
The products described on the Website are only offered or sold to persons in any other jurisdiction, if applicable law permits this.
3. Professional Investors
For the purposes of these Terms, references to an "Professional Investor" shall include:
a. a person authorised by the FCA to conduct regulated investment activities in the United Kingdom and a person in another member state of the EU similarly authorised by a local regulatory body equivalent to the FCA
b. a government, local authority or international organisation
c. any body corporate which satisfies (or is a member of the same group as an undertaking which satisfies) either of the following size requirements: (i) that it is a company which has more than 20 members (or is the subsidiary of a parent undertaking which has more than 20 members), and it has a called up share capital or net assets of not less than £500,000; or (ii) that it is a company and it has a called up share capital or net assets of not less than £5 million
d. any unincorporated association or partnership which has net assets of not less than £5 million
e. a trustee of a trust which has assets (before deducting the amount of its liabilities) of £10 million or more or has had assets (before deducting the amount of its liabilities) of £10 million or more at any time during the year prior to accessing this part of the Website
f. any person whilst acting in the capacity of director, officer or employee of any of the persons listed at (c), (d) or (e) above where that person's responsibilities, when acting in that capacity, involve him in the person listed at (c), (d) or (e) above engaging in investment activity and
g. any other person whose ordinary activities involve him in investing in investment products for the purposes of a business carried on by it, him or her.
The Website does not facilitate Users to make investments in any products. As a matter of general policy DWS will not conduct regulated investment activities with any person as a result of their receiving information from the Website without obtaining further information to verify that that person is a Professional Investor.

17. Miscellaneous
A failure to exercise or delay in exercising a right or remedy provided by these Terms or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by these Terms or by law prevents further exercise of the right or remedy or the exercise of another right or remedy.

DWS may assign, subcontract or transfer all or any of its rights and obligations under these Terms (including to DWS’ successors or assigns, any of DWS’ affiliates or their successors or assigns) located anywhere in the world without requiring further consent from you, and upon such assignment, sub-contracting or transfer, DWS may be relieved of any further obligation to you under them. To the extent required and at our request, you agree to do anything reasonably necessary or beneficial to give effect to such assignment, sub-contracting or transfer. You may not assign, subcontract or transfer these Terms in whole or in part to any third party without our prior written consent.
A person who is not a party to these Terms (other than an affiliate of DWS or any other person entitled to indemnification under these Terms) shall have no right under the U.K. Contract (Rights of Third Parties) Act 1999 to enforce the terms and conditions of these Terms but this shall not affect any right or remedy of a third party which exists or is available apart from under that Act.

Important information
Please be advised that to view information on this Website, you must accept these Terms.
"The information on this Website relating to securities and financial services has been reviewed exclusively as to compliance with the laws of England & Wales. In other jurisdictions, the furnishing of any such information may be restricted by law. The information on this Website is not intended for persons or entities resident, located or registered in jurisdictions that restrict the distribution of such material. Consequently, the information on this Website does not constitute, and may not be used for the purposes of, an offer to acquire or sell any securities to any person in any jurisdiction:
1. in which any such offer is not authorised;
2. in which DWS is not qualified to make such offer; or
3. in which it is unlawful to make any such offer. In particular, the information on this Website is not intended to and does not constitute an offer to acquire or sell securities or collective investment schemes to persons resident in Italy, Spain and Switzerland. The information on this Website is not directed at persons resident in Italy, Spain and Switzerland, and must not be acted upon by such persons. Accordingly, any offer from any such person will not be accepted.

Anyone accessing this Website from a jurisdiction in which any such restrictions apply should inform themselves about, and observe, such restrictions. If you are a person located in any jurisdiction where there are restrictions on the type of person who may access information on this Website, by double-clicking on the "ACCEPT" button, you will be undertaking, warranting and representing to DWS that you are not causing DWS to breach any of those restrictions by your accessing of those parts of the Website.

The securities referred to on this Website have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States except pursuant to any exemption from, or within the framework of a transaction not subject to, the registration requirements of the Securities Act.

Therefore, the securities described in this Website may not be sold to U.S. nationals or US persons or otherwise be transferred to the United States unless the relevant transaction is not subject to registration requirements under U.S. law.

DWS shall not be liable for any information contained in or activities conducted through the Websites of any other companies which are hyperlinked to the Website of DWS.

Please click here to read our Privacy Notice

Published by DWS Investments UK Limited

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