All entries for: Deutsche DWS Securities Fund

Positive contributions to performance relative to the industry-specific index were led by holdings of healthcare equipment companies including Boston Scientific Corp. (0.5%) and Intuitive Surgical, Inc. (0.4%). In our view, both companies have benefited from innovative product development cycles and robust surgical procedure demand which has supported sales of their surgical robots and other devices. Within pharmaceuticals, an underweight to Novo Nordisk A/S (0.3%) aided performance as the pharmaceutical industry has been negatively impacted by pricing pressures driven by the 2022 Inflation Reduction Act and the new administration’s most-favored-nation drug pricing mandate, along with debate around pharmacy benefit
manager reform.