According to the announcement, DWS Investments, the US retail unit of Deutsche Bank’s global Asset Management division, said that the Board of Directors and shareholders of the DWS International Value Opportunities Fund have approved a resolution appointing Dreman Value Management L.L.C. (“DVM”) as the fund’s sub-advisor.
Moreover, the DWS International Value Opportunities Fund will be rebranded the DWS Dreman International Value Fund and will be managed by Cliff Hoover, Dreman’s co-chief investment officer and noted fund manager.
Hoover joined Dreman Value Management as co-chief investment officer in 2006 with over 20 years investments experience. Prior to joining Dreman, Hoover served as lead portfolio manager on Allianz NFJ International Value Fund (ticker: AFJAX) since its inception in January 2003. Since then he has served as lead portfolio manager on Dreman Value Management’s international value and all-cap products. He started an institutional composite international value composite in October 2007 and has been lead portfolio manager on Dreman Contrarian International Value Fund (ticker: DRIVX) since its inception in 2008.
The new DWS Dreman International Value Fund will reflect three significant changes to its investment strategy, according to a press release:
- a change of benchmark from the MSCI EAFE Index to the Russell Global ex-US Value Index,
- permitted exposure to emerging markets now increases from 20% to 50%, and
- the use of ADRs to obtain greater foreign exposure will increase.
Overall changes to the DWS Dreman International Value Fund’s investment strategy and portfolio management team, “reflect DWS’ dedication to providing clients with first class managers, be it through our internal centers of excellence or by hiring proven sub-advisors such as Dreman Value Management,” said Ingo Gefeke, Global Head of Distribution and Product Management at DWS Investments.
Hoover’s approach to international value portfolio management will include the same strict buy and sell discipline, as well as focus on risk mitigation utilized by the DWS Dreman Small Cap Value and DWS Dreman Mid Cap Value funds, according to the firm.