Deutsche Asset Management Inc. (DeAM) is an asset management arm of Deutsche Bank AG, providing services to domestic and international clients. It provides its services to corporations, financial institutions, public and private pension funds, endowments, foundations, and not-for-profit organizations. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also manages mutual funds, commingled funds, trust funds, hedge funds, and fund of funds for its clients. The firm invests in the public equity, fixed income, and real estate markets across the globe. It also makes private equity investments. The firm invests in growth and value stocks of micro-cap, small-cap, mid-cap, and large-cap companies. For its small-cap core equity portfolios, it invests in stocks of companies with market capitalizations less than $1 billion. For its contrarian value equity portfolios, it typically invests in the stocks of companies with market capitalizations greater than $1 billion and P/E ratio less than that of S&P 500 Index. For its large-cap core equity portfolios, the firm invests in stocks of companies with a minimum market capitalization of $3 billion. It employs fundamental and technical analysis with a bottom-up stock picking up approach to create its equity portfolio mix. The firm also uses a top-down approach to select its sectors for its international equity portfolios. It makes its fixed income investments in short to intermediate-term, high yield securities including municipal bonds, Eurobonds, Brady bonds, non-performing loans, local currency instruments, and non-treasury bonds. The firm employs a fundamental analysis with a bottom-up approach to create its fixed income portfolio mix. Through its core plus fixed income portfolios, it also invests in forward currency transactions. The firm makes its real estate investments in industrial properties, office buildings, and residential apartments through direct investments, commingled funds, and REITs. Deutsche Asset Management is based in New York City with additional offices in Boston, Massachusetts; Philadelphia, Pennsylvania; and Milwaukee, Wisconsin.