Flossbach von Storch - Global Convertible Bond RT

Flossbach von Storch - Global Convertible Bond represents a defensive alternative to pure equity investments. The convex profile of convertible bonds allows investors to take advantage of rising equity prices whilst at the same time limiting downside risks. Stock selection is based on a fundamental analysis process using in-house valuation models. If no convertible bond is available for a promising underlying security, or its structure does not match the required profile, the fund management may combine bonds and call options so as to present a similarly attractive structure. Currently foreign currency risks are largely hedged. The fund invests globally in convertible bonds.


WKN:A2AQM8
ISIN:LU1481584107
Authorised for distribution:AT, CH, DE, IT, LU, PT
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
Fund currency:EUR
Launch date:17 October 2016
Financial year end:30 September
Income utilisation:Accumulating
Management company:Flossbach von Storch Invest S.A.
Custodian bank / Paying agent:DZ PRIVATBANK S.A.
Manager:Flossbach von Storch AG
Data from:17 May 2019
Fund assets:444,870,087.64 EUR
NIW:101.97 EUR
Redemption price:101.97 EUR
Issue price*:107.07 EUR
Ongoing charges:1.50%
which includes a management fee of:1.38%
Issue surcharge:up to 5.00%

* incl. max. issue surcharge 5.00%

Source: Custodian bank / Paying agent

Annual performance (As at: 17.05.2019)

Gross fund performance (BVI method) takes into account all costs incurred at fund level (for example, management fees), net fund performance also takes into account the subscription fee. Further costs may be charged individually at customer level (e.g. custody fees, commissions and other charges). Example calculation (net method): An investor wishes to buy shares with capital of €1,000. Based on a maximum subscription fee of 5 %, € 50 will be deducted from their investment as a one-off initial charge. In addition, custody fees may also be applied, which will further reduce the investor’s return. The level of custody fees can be found in your bank’s schedule of fees and services.
Please refer to the cost details presented in this document to determine the maximum subscription fee for the share class of the sub-fund.
The reference index is merely informative. It does not constitute any obligation from the fund manager to track the index or achieve the same performance.
Past performance is not a reliable indicator of future performance.

Source: Custodian bank and SIX Financial Information

Performance (EUR, gross, in %, As at: 17.05.2019)

Reference index: Thomson Reuters Global Convertible Focus Hedged (Change of reference index: up until 31.12.2017, the reference index Thomson Reuters Global Convertible Hedged (IG) was used. The data shown here refers to the new reference index for the entire period)

Gross fund performance (BVI method) takes into account all costs incurred at fund level (for example, management fees), net fund performance also takes into account the subscription fee. Further costs may be charged individually at customer level (e.g. custody fees, commissions and other charges). Example calculation (net method): An investor wishes to buy shares with capital of €1,000. Based on a maximum subscription fee of 5 %, € 50 will be deducted from their investment as a one-off initial charge. In addition, custody fees may also be applied, which will further reduce the investor’s return. The level of custody fees can be found in your bank’s schedule of fees and services.
Please refer to the cost details presented in this document to determine the maximum subscription fee for the share class of the sub-fund.
The reference index is merely informative. It does not constitute any obligation from the fund manager to track the index or achieve the same performance.
Past performance is not a reliable indicator of future performance.

Source: Custodian bank and SIX Financial Information

Accumulated Performance (gross, in %, As at: 17.05.2019)

YTD5.50%
1 year-1.06%
1 year p.a.-0.96%
since launch (17.10.2016)1.97%

Gross fund performance (BVI method) takes into account all costs incurred at fund level (for example, management fees), net fund performance also takes into account the subscription fee. Further costs may be charged individually at customer level (e.g. custody fees, commissions and other charges). Example calculation (net method): An investor wishes to buy shares with capital of €1,000. Based on a maximum subscription fee of 5 %, € 50 will be deducted from their investment as a one-off initial charge. In addition, custody fees may also be applied, which will further reduce the investor’s return. The level of custody fees can be found in your bank’s schedule of fees and services.
Please refer to the cost details presented in this document to determine the maximum subscription fee for the share class of the sub-fund.
The reference index is merely informative. It does not constitute any obligation from the fund manager to track the index or achieve the same performance.
Past performance is not a reliable indicator of future performance.

Source: Custodian bank and SIX Financial Information

Monthly performance (gross, in %, As at: 17.05.2019)

 2019201820172016
Jan2.36%0.23%0.44%
Feb1.46%-1.02%1.19%
Mar0.44%-0.72%0.07%
Apr2.00%0.65%1.22%
May-0.84%-0.80%0.92%
Jun-0.15%-0.45%
Jul0.66%0.62%
Aug-0.05%-0.76%
Sep-0.55%0.06%
Oct-2.37%0.11%-0.04%
Nov-0.78%0.07%-0.91%
Dec-2.36%0.33%1.10%
YTD5.50%-7.07%3.85%0.14%

Gross fund performance (BVI method) takes into account all costs incurred at fund level (for example, management fees), net fund performance also takes into account the subscription fee. Further costs may be charged individually at customer level (e.g. custody fees, commissions and other charges). Example calculation (net method): An investor wishes to buy shares with capital of €1,000. Based on a maximum subscription fee of 5 %, € 50 will be deducted from their investment as a one-off initial charge. In addition, custody fees may also be applied, which will further reduce the investor’s return. The level of custody fees can be found in your bank’s schedule of fees and services.
Please refer to the cost details presented in this document to determine the maximum subscription fee for the share class of the sub-fund.
The reference index is merely informative. It does not constitute any obligation from the fund manager to track the index or achieve the same performance.
Past performance is not a reliable indicator of future performance.

Source: Custodian bank and SIX Financial Information

Top 10 positions (As at: 30.04.2019)

1,750% DP WORLD 19.06.20242.95 %
1,875% BRENNTAG 02.12.20222.89 %
0,375% ORANGE 27.06.20212.77 %
0,000% RAG-STIFTUNG 02.10.20242.67 %
2,125% LIBERTY MEDIA 31.03.20482.51 %
0,000% SONY 30.09.20222.42 %
0,750% PALO ALTO NETWORKS 01.07.20232.26 %
7,500% WELLS FARGO 15.12.20492.09 %
2,625% REMGRO MEDICLINIC 22.03.20212.06 %
0,050% DEUTSCHE POST 30.06.20251.98 %

Source: Depositary and Flossbach von Storch

Top 10 sectors for convertible bonds (As at: 30.04.2019)

Materials16.17 %
Capital Goods12.93 %
Health Care Equipment & Services7.06 %
Technology Hardware & Equipment6.91 %
Transportation6.21 %
Software & Services5.99 %
Telecommunication Services5.96 %
Consumer Durables & Apparel5.72 %
Media & Entertainment4.90 %
Banks4.39 %

 Source: Depositary and Flossbach von Storch

Top regions for convertible bonds (As at: 30.04.2019)

Europe56.41 %
North America22.83 %
Japan7.94 %
Middle East3.71 %
Asia ex Japan3.35 %
Latin America3.16 %
Africa2.59 %

 Source: Depositary and Flossbach von Storch

Other key figures (As at: 30.04.2019)

Sharpe Ratio a 0,04
Value at Risk (VaR) b -2,04%
Volatility c 3,16%
Maximum drawdown d -6,78%

a The Sharpe ratio is a measurement for the risk/return profile of an investment. In terms of sub-funds, it determines how much outperformance (that is return on the fund’s assets minus the return of a risk-free asset) the sub-fund achieved per unit of risk.

b The value at risk (VaR) is a means to measure risk and describes the loss that, with a pre-defined probability (in this case 99 per cent) and in a predetermined holding period (in this case 20 days), will not be exceeded. Here we are dealing with an ex post VaR which has been calculated according to sub-fund prices for a given time series.

c Volatility is measured through standard deviation and is used to determine the degree of fluctuation of sub-fund prices over a given time frame.

d The “maximum drawdown” shows the maximum loss an investor can suffer through an unfortunate choice of timing for buying or selling securities in a given time period (260 days).

Historic Prices

As at Share class currency Issue price Redemption price NAV
EUR 100.00
EUR 104.94 99.94 99.94
EUR 105.08 100.08 100.08
EUR 105.19 100.18 100.18
EUR 105.29 100.28 100.28
EUR 105.25 100.24 100.24
EUR 105.32 100.30 100.30
EUR 105.37 100.35 100.35
EUR 105.24 100.23 100.23
EUR 105.04 100.04 100.04
EUR 104.96 99.96 99.96
EUR 104.81 99.82 99.82
EUR 104.56 99.58 99.58
EUR 104.57 99.59 99.59
EUR 104.27 99.30 99.30
EUR 104.73 99.74 99.74
EUR 104.85 99.86 99.86
EUR 104.56 99.58 99.58
EUR 104.42 99.45 99.45
EUR 104.24 99.28 99.28
EUR 103.90 98.95 98.95
EUR 104.04 99.09 99.09
EUR 104.10 99.14 99.14
EUR 104.16 99.20 99.20
EUR 103.97 99.02 99.02
EUR 103.76 98.82 98.82
EUR 103.82 98.88 98.88
EUR 103.88 98.93 98.93
EUR 103.90 98.95 98.95
EUR 104.09 99.13 99.13
EUR 103.96 99.01 99.01
EUR 104.00 99.05 99.05
EUR 103.87 98.92 98.92
EUR 103.72 98.78 98.78
EUR 103.57 98.64 98.64
EUR 103.70 98.76 98.76
EUR 103.87 98.92 98.92
EUR 104.24 99.28 99.28
EUR 104.48 99.50 99.50
EUR 104.79 99.80 99.80
EUR 104.76 99.77 99.77
EUR 105.02 100.02 100.02
EUR 104.92 99.92 99.92
EUR 104.82 99.83 99.83
EUR 104.91 99.91 99.91
EUR 104.98 99.98 99.98
EUR 104.97 99.97 99.97
EUR 104.94 99.94 99.94
EUR 104.93 99.93 99.93
EUR 105.02 100.02 100.02
EUR 105.14 100.13 100.13
EUR 105.09 100.09 100.09
EUR 105.15 100.14 100.14
EUR 105.13 100.12 100.12
EUR 105.19 100.18 100.18
EUR 105.28 100.27 100.27
EUR 105.48 100.46 100.46
EUR 105.66 100.63 100.63
EUR 105.57 100.54 100.54
EUR 105.56 100.53 100.53
EUR 105.60 100.57 100.57
EUR 105.69 100.66 100.66
EUR 105.57 100.54 100.54
EUR 105.75 100.71 100.71
EUR 105.75 100.71 100.71
EUR 105.70 100.67 100.67
EUR 105.86 100.82 100.82
EUR 105.75 100.71 100.71
EUR 105.79 100.75 100.75
EUR 105.71 100.68 100.68
EUR 105.75 100.71 100.71
EUR 105.76 100.72 100.72
EUR 105.79 100.75 100.75
EUR 105.80 100.76 100.76
EUR 105.61 100.58 100.58
EUR 105.45 100.43 100.43
EUR 105.43 100.41 100.41
EUR 105.46 100.44 100.44
EUR 105.86 100.82 100.82
EUR 105.90 100.86 100.86
EUR 105.91 100.87 100.87
EUR 106.07 101.02 101.02
EUR 106.20 101.14 101.14
EUR 106.37 101.30 101.30
EUR 106.43 101.36 101.36
EUR 106.43 101.36 101.36
EUR 106.53 101.46 101.46
EUR 106.55 101.48 101.48
EUR 106.53 101.46 101.46
EUR 106.53 101.46 101.46
EUR 106.77 101.69 101.69
EUR 106.77 101.69 101.69
EUR 106.91 101.82 101.82
EUR 106.84 101.75 101.75
EUR 106.87 101.78 101.78
EUR 106.82 101.73 101.73
EUR 107.14 102.04 102.04
EUR 107.04 101.94 101.94
EUR 106.94 101.85 101.85
EUR 106.82 101.73 101.73
EUR 106.70 101.62 101.62
EUR 106.68 101.60 101.60
EUR 106.55 101.48 101.48
EUR 106.61 101.53 101.53
EUR 106.71 101.63 101.63
EUR 106.61 101.53 101.53
EUR 106.67 101.59 101.59
EUR 106.80 101.71 101.71
EUR 106.88 101.79 101.79
EUR 106.86 101.77 101.77
EUR 106.74 101.66 101.66
EUR 106.52 101.45 101.45
EUR 106.60 101.52 101.52
EUR 106.72 101.64 101.64
EUR 106.69 101.61 101.61
EUR 106.75 101.67 101.67
EUR 106.82 101.73 101.73
EUR 106.94 101.85 101.85
EUR 107.03 101.93 101.93
EUR 107.03 101.93 101.93
EUR 106.98 101.89 101.89
EUR 107.07 101.97 101.97
EUR 107.19 102.09 102.09
EUR 107.39 102.28 102.28
EUR 107.38 102.27 102.27
EUR 107.39 102.28 102.28
EUR 107.31 102.20 102.20
EUR 107.33 102.22 102.22
EUR 107.30 102.19 102.19
EUR 107.25 102.14 102.14
EUR 107.38 102.27 102.27
EUR 107.32 102.21 102.21
EUR 107.78 102.65 102.65
EUR 107.98 102.84 102.84
EUR 108.14 102.99 102.99
EUR 108.24 103.09 103.09
EUR 108.22 103.07 103.07
EUR 108.39 103.23 103.23
EUR 108.44 103.28 103.28
EUR 108.40 103.24 103.24
EUR 108.54 103.37 103.37
EUR 108.57 103.40 103.40
EUR 108.78 103.60 103.60
EUR 108.89 103.70 103.70
EUR 108.92 103.73 103.73
EUR 108.99 103.80 103.80
EUR 109.13 103.93 103.93
EUR 109.16 103.96 103.96
EUR 108.91 103.72 103.72
EUR 108.76 103.58 103.58
EUR 109.07 103.88 103.88
EUR 109.17 103.97 103.97
EUR 109.13 103.93 103.93
EUR 109.31 104.10 104.10
EUR 109.25 104.05 104.05
EUR 109.21 104.01 104.01
EUR 109.24 104.04 104.04
EUR 109.17 103.97 103.97
EUR 109.52 104.30 104.30
EUR 109.77 104.54 104.54
EUR 109.68 104.46 104.46
EUR 109.56 104.34 104.34
EUR 109.58 104.36 104.36
EUR 109.52 104.30 104.30
EUR 109.42 104.21 104.21
EUR 109.41 104.20 104.20
EUR 109.32 104.11 104.11
EUR 109.08 103.89 103.89
EUR 109.07 103.88 103.88
EUR 109.22 104.02 104.02
EUR 109.13 103.93 103.93
EUR 109.14 103.94 103.94
EUR 109.14 103.94 103.94
EUR 109.23 104.03 104.03
EUR 108.96 103.77 103.77
EUR 109.01 103.82 103.82
EUR 108.75 103.57 103.57
EUR 108.72 103.54 103.54
EUR 108.70 103.52 103.52
EUR 108.66 103.49 103.49
EUR 108.66 103.49 103.49
EUR 108.50 103.33 103.33
EUR 108.43 103.27 103.27
EUR 108.54 103.37 103.37
EUR 108.56 103.39 103.39
EUR 108.82 103.64 103.64
EUR 108.95 103.76 103.76
EUR 109.07 103.88 103.88
EUR 109.13 103.93 103.93
EUR 109.13 103.93 103.93
EUR 109.29 104.09 104.09
EUR 109.27 104.07 104.07
EUR 109.24 104.04 104.04
EUR 109.19 103.99 103.99
EUR 109.25 104.05 104.05
EUR 109.42 104.21 104.21
EUR 109.42 104.21 104.21
EUR 109.42 104.21 104.21
EUR 109.37 104.16 104.16
EUR 109.44 104.23 104.23
EUR 109.36 104.15 104.15
EUR 109.34 104.13 104.13
EUR 109.37 104.16 104.16
EUR 109.47 104.26 104.26
EUR 109.41 104.20 104.20
EUR 109.18 103.98 103.98
EUR 108.94 103.75 103.75
EUR 108.83 103.65 103.65
EUR 108.87 103.69 103.69
EUR 108.94 103.75 103.75
EUR 108.82 103.64 103.64
EUR 108.70 103.52 103.52
EUR 108.68 103.50 103.50
EUR 108.82 103.64 103.64
EUR 108.92 103.73 103.73
EUR 108.55 103.38 103.38
EUR 108.59 103.42 103.42
EUR 108.48 103.31 103.31
EUR 108.42 103.26 103.26
EUR 108.59 103.42 103.42
EUR 108.74 103.56 103.56
EUR 108.89 103.70 103.70
EUR 108.87 103.69 103.69
EUR 108.84 103.66 103.66
EUR 108.80 103.62 103.62
EUR 108.84 103.66 103.66
EUR 108.83 103.65 103.65
EUR 108.98 103.79 103.79
EUR 109.00 103.81 103.81
EUR 109.05 103.86 103.86
EUR 109.01 103.82 103.82
EUR 109.05 103.86 103.86
EUR 109.01 103.82 103.82
EUR 108.96 103.77 103.77
EUR 108.93 103.74 103.74
EUR 108.80 103.62 103.62
EUR 108.78 103.60 103.60
EUR 108.83 103.65 103.65
EUR 108.79 103.61 103.61
EUR 108.74 103.56 103.56
EUR 108.65 103.48 103.48
EUR 108.80 103.62 103.62
EUR 108.89 103.70 103.70
EUR 108.90 103.71 103.71
EUR 108.97 103.78 103.78
EUR 109.04 103.85 103.85
EUR 108.99 103.80 103.80
EUR 108.99 103.80 103.80
EUR 109.02 103.83 103.83
EUR 109.03 103.84 103.84
EUR 109.10 103.90 103.90
EUR 109.17 103.97 103.97
EUR 109.11 103.91 103.91
EUR 109.07 103.88 103.88
EUR 109.08 103.89 103.89
EUR 108.96 103.77 103.77
EUR 108.94 103.75 103.75
EUR 108.90 103.71 103.71
EUR 108.85 103.67 103.67
EUR 108.63 103.46 103.46
EUR 108.64 103.47 103.47
EUR 108.76 103.58 103.58
EUR 108.77 103.59 103.59
EUR 108.95 103.76 103.76
EUR 109.00 103.81 103.81
EUR 109.14 103.94 103.94
EUR 109.23 104.03 104.03
EUR 109.14 103.94 103.94
EUR 109.27 104.07 104.07
EUR 109.00 103.81 103.81
EUR 108.91 103.72 103.72
EUR 108.82 103.64 103.64
EUR 108.72 103.54 103.54
EUR 108.53 103.36 103.36
EUR 108.70 103.52 103.52
EUR 108.73 103.55 103.55
EUR 108.73 103.55 103.55
EUR 108.94 103.75 103.75
EUR 108.96 103.77 103.77
EUR 108.97 103.78 103.78
EUR 108.95 103.76 103.76
EUR 108.89 103.70 103.70
EUR 108.97 103.78 103.78
EUR 108.84 103.66 103.66
EUR 108.73 103.55 103.55
EUR 108.79 103.61 103.61
EUR 108.79 103.61 103.61
EUR 108.73 103.55 103.55
EUR 108.90 103.71 103.71
EUR 108.78 103.60 103.60
EUR 108.77 103.59 103.59
EUR 108.77 103.59 103.59
EUR 109.02 103.83 103.83
EUR 109.11 103.91 103.91
EUR 109.00 103.81 103.81
EUR 109.03 103.84 103.84
EUR 109.23 104.03 104.03
EUR 109.18 103.98 103.98
EUR 109.07 103.88 103.88
EUR 109.13 103.93 103.93
EUR 109.10 103.90 103.90
EUR 109.17 103.97 103.97
EUR 109.20 104.00 104.00
EUR 109.11 103.91 103.91
EUR 109.21 104.01 104.01
EUR 109.35 104.14 104.14
EUR 109.58 104.36 104.36
EUR 109.80 104.57 104.57
EUR 109.83 104.60 104.60
EUR 109.92 104.69 104.69
EUR 109.83 104.60 104.60
EUR 109.79 104.56 104.56
EUR 109.78 104.55 104.55
EUR 109.75 104.52 104.52
EUR 109.84 104.61 104.61
EUR 109.84 104.61 104.61
EUR 109.73 104.50 104.50
EUR 109.86 104.63 104.63
EUR 110.06 104.82 104.82
EUR 110.10 104.86 104.86
EUR 109.92 104.69 104.69
EUR 109.71 104.49 104.49
EUR 109.76 104.53 104.53
EUR 109.63 104.41 104.41
EUR 109.45 104.24 104.24
EUR 109.37 104.16 104.16
EUR 109.33 104.12 104.12
EUR 108.92 103.73 103.73
EUR 108.52 103.35 103.35
EUR 108.24 103.09 103.09
EUR 108.49 103.32 103.32
EUR 107.97 102.83 102.83
EUR 107.60 102.48 102.48
EUR 107.81 102.68 102.68
EUR 107.76 102.63 102.63
EUR 107.81 102.68 102.68
EUR 108.07 102.92 102.92
EUR 108.34 103.18 103.18
EUR 108.23 103.08 103.08
EUR 108.33 103.17 103.17
EUR 108.34 103.18 103.18
EUR 108.16 103.01 103.01
EUR 108.41 103.25 103.25
EUR 108.40 103.24 103.24
EUR 108.34 103.18 103.18
EUR 108.30 103.14 103.14
EUR 108.01 102.87 102.87
EUR 107.69 102.56 102.56
EUR 107.86 102.72 102.72
EUR 107.94 102.80 102.80
EUR 108.07 102.92 102.92
EUR 108.26 103.10 103.10
EUR 108.45 103.29 103.29
EUR 108.68 103.50 103.50
EUR 108.38 103.22 103.22
EUR 108.31 103.15 103.15
EUR 108.29 103.13 103.13
EUR 108.28 103.12 103.12
EUR 108.07 102.92 102.92
EUR 108.08 102.93 102.93
EUR 108.17 103.02 103.02
EUR 107.86 102.72 102.72
EUR 107.63 102.50 102.50
EUR 107.60 102.48 102.48
EUR 107.76 102.63 102.63
EUR 107.56 102.44 102.44
EUR 107.68 102.55 102.55
EUR 107.67 102.54 102.54
EUR 107.72 102.59 102.59
EUR 108.17 103.02 103.02
EUR 108.02 102.88 102.88
EUR 107.84 102.70 102.70
EUR 108.11 102.96 102.96
EUR 108.14 102.99 102.99
EUR 108.24 103.09 103.09
EUR 108.32 103.16 103.16
EUR 108.26 103.10 103.10
EUR 108.51 103.34 103.34
EUR 108.64 103.47 103.47
EUR 108.59 103.42 103.42
EUR 108.49 103.32 103.32
EUR 108.42 103.26 103.26
EUR 108.37 103.21 103.21
EUR 108.11 102.96 102.96
EUR 108.17 103.02 103.02
EUR 108.27 103.11 103.11
EUR 108.17 103.02 103.02
EUR 108.21 103.06 103.06
EUR 108.08 102.93 102.93
EUR 108.23 103.08 103.08
EUR 108.37 103.21 103.21
EUR 108.32 103.16 103.16
EUR 108.51 103.34 103.34
EUR 108.40 103.24 103.24
EUR 108.40 103.24 103.24
EUR 108.28 103.12 103.12
EUR 108.21 103.06 103.06
EUR 108.29 103.13 103.13
EUR 108.27 103.11 103.11
EUR 108.22 103.07 103.07
EUR 107.89 102.75 102.75
EUR 107.73 102.60 102.60
EUR 107.77 102.64 102.64
EUR 107.74 102.61 102.61
EUR 107.43 102.31 102.31
EUR 107.40 102.29 102.29
EUR 107.33 102.22 102.22
EUR 107.53 102.41 102.41
EUR 107.66 102.53 102.53
EUR 107.72 102.59 102.59
EUR 107.86 102.72 102.72
EUR 107.80 102.67 102.67
EUR 107.73 102.60 102.60
EUR 108.18 103.03 103.03
EUR 108.28 103.12 103.12
EUR 108.27 103.11 103.11
EUR 108.55 103.38 103.38
EUR 108.40 103.24 103.24
EUR 108.22 103.07 103.07
EUR 107.97 102.83 102.83
EUR 108.00 102.86 102.86
EUR 107.82 102.69 102.69
EUR 107.94 102.80 102.80
EUR 107.57 102.45 102.45
EUR 107.43 102.31 102.31
EUR 107.47 102.35 102.35
EUR 107.25 102.14 102.14
EUR 107.38 102.27 102.27
EUR 107.19 102.09 102.09
EUR 107.35 102.24 102.24
EUR 107.26 102.15 102.15
EUR 107.39 102.28 102.28
EUR 107.58 102.46 102.46
EUR 107.78 102.65 102.65
EUR 107.95 102.81 102.81
EUR 107.60 102.48 102.48
EUR 107.67 102.54 102.54
EUR 107.66 102.53 102.53
EUR 107.66 102.53 102.53
EUR 107.85 102.71 102.71
EUR 107.94 102.80 102.80
EUR 107.92 102.78 102.78
EUR 107.78 102.65 102.65
EUR 107.59 102.47 102.47
EUR 107.77 102.64 102.64
EUR 107.74 102.61 102.61
EUR 107.98 102.84 102.84
EUR 108.10 102.95 102.95
EUR 107.95 102.81 102.81
EUR 107.92 102.78 102.78
EUR 107.89 102.75 102.75
EUR 107.76 102.63 102.63
EUR 107.82 102.69 102.69
EUR 107.82 102.69 102.69
EUR 107.91 102.77 102.77
EUR 107.87 102.73 102.73
EUR 107.87 102.73 102.73
EUR 107.57 102.45 102.45
EUR 107.35 102.24 102.24
EUR 107.02 101.92 101.92
EUR 107.06 101.96 101.96
EUR 107.15 102.05 102.05
EUR 107.26 102.15 102.15
EUR 107.38 102.27 102.27
EUR 107.43 102.31 102.31
EUR 107.37 102.26 102.26
EUR 107.59 102.47 102.47
EUR 107.91 102.77 102.77
EUR 107.94 102.80 102.80
EUR 107.98 102.84 102.84
EUR 107.90 102.76 102.76
EUR 107.78 102.65 102.65
EUR 107.73 102.60 102.60
EUR 107.59 102.47 102.47
EUR 107.21 102.10 102.10
EUR 107.07 101.97 101.97
EUR 107.09 101.99 101.99
EUR 107.06 101.96 101.96
EUR 107.05 101.95 101.95
EUR 107.16 102.06 102.06
EUR 107.31 102.20 102.20
EUR 107.44 102.32 102.32
EUR 107.33 102.22 102.22
EUR 107.53 102.41 102.41
EUR 107.58 102.46 102.46
EUR 107.74 102.61 102.61
EUR 107.80 102.67 102.67
EUR 107.63 102.50 102.50
EUR 107.49 102.37 102.37
EUR 107.35 102.24 102.24
EUR 107.30 102.19 102.19
EUR 107.33 102.22 102.22
EUR 107.42 102.30 102.30
EUR 107.34 102.23 102.23
EUR 107.37 102.26 102.26
EUR 106.95 101.86 101.86
EUR 106.64 101.56 101.56
EUR 106.33 101.27 101.27
EUR 106.24 101.18 101.18
EUR 105.74 100.70 100.70
EUR 105.43 100.41 100.41
EUR 105.56 100.53 100.53
EUR 105.56 100.53 100.53
EUR 105.90 100.86 100.86
EUR 105.96 100.91 100.91
EUR 105.65 100.62 100.62
EUR 105.50 100.48 100.48
EUR 105.58 100.55 100.55
EUR 105.07 100.07 100.07
EUR 104.71 99.72 99.72
EUR 104.79 99.80 99.80
EUR 104.53 99.55 99.55
EUR 104.55 99.57 99.57
EUR 104.76 99.77 99.77
EUR 105.64 100.61 100.61
EUR 105.81 100.77 100.77
EUR 105.74 100.70 100.70
EUR 105.83 100.79 100.79
EUR 106.03 100.98 100.98
EUR 105.87 100.83 100.83
EUR 105.63 100.60 100.60
EUR 105.23 100.22 100.22
EUR 105.24 100.23 100.23
EUR 105.24 100.23 100.23
EUR 105.03 100.03 100.03
EUR 104.75 99.76 99.76
EUR 104.44 99.47 99.47
EUR 103.76 98.82 98.82
EUR 103.99 99.04 99.04
EUR 103.94 98.99 98.99
EUR 103.87 98.92 98.92
EUR 104.04 99.09 99.09
EUR 103.91 98.96 98.96
EUR 104.06 99.10 99.10
EUR 103.94 98.99 98.99
EUR 103.86 98.91 98.91
EUR 104.21 99.25 99.25
EUR 103.80 98.86 98.86
EUR 103.50 98.57 98.57
EUR 102.95 98.05 98.05
EUR 102.78 97.89 97.89
EUR 102.50 97.62 97.62
EUR 102.57 97.69 97.69
EUR 103.10 98.19 98.19
EUR 103.03 98.12 98.12
EUR 102.74 97.85 97.85
EUR 102.46 97.58 97.58
EUR 102.27 97.40 97.40
EUR 102.15 97.29 97.29
EUR 101.76 96.91 96.91
EUR 101.47 96.64 96.64
EUR 101.48 96.65 96.65
EUR 101.59 96.75 96.75
EUR 101.65 96.81 96.81
EUR 101.27 96.45 96.45
EUR 101.78 96.93 96.93
EUR 102.10 97.24 97.24
EUR 102.30 97.43 97.43
EUR 102.71 97.82 97.82
EUR 102.83 97.93 97.93
EUR 102.88 97.98 97.98
EUR 102.67 97.78 97.78
EUR 102.83 97.93 97.93
EUR 102.93 98.03 98.03
EUR 103.07 98.16 98.16
EUR 103.44 98.51 98.51
EUR 103.45 98.52 98.52
EUR 103.15 98.24 98.24
EUR 103.11 98.20 98.20
EUR 103.38 98.46 98.46
EUR 103.71 98.77 98.77
EUR 103.59 98.66 98.66
EUR 103.68 98.74 98.74
EUR 103.88 98.93 98.93
EUR 104.10 99.14 99.14
EUR 104.23 99.27 99.27
EUR 104.25 99.29 99.29
EUR 104.56 99.58 99.58
EUR 104.63 99.65 99.65
EUR 104.19 99.23 99.23
EUR 104.13 99.17 99.17
EUR 104.21 99.25 99.25
EUR 104.51 99.53 99.53
EUR 104.65 99.67 99.67
EUR 104.67 99.69 99.69
EUR 104.90 99.90 99.90
EUR 104.92 99.92 99.92
EUR 104.96 99.96 99.96
EUR 105.13 100.12 100.12
EUR 105.08 100.08 100.08
EUR 105.28 100.27 100.27
EUR 105.30 100.29 100.29
EUR 105.39 100.37 100.37
EUR 105.39 100.37 100.37
EUR 105.47 100.45 100.45
EUR 105.63 100.60 100.60
EUR 105.72 100.69 100.69
EUR 105.85 100.81 100.81
EUR 105.79 100.75 100.75
EUR 105.50 100.48 100.48
EUR 105.26 100.25 100.25
EUR 105.50 100.48 100.48
EUR 105.78 100.74 100.74
EUR 105.97 100.92 100.92
EUR 106.01 100.96 100.96
EUR 106.23 101.17 101.17
EUR 106.27 101.21 101.21
EUR 106.42 101.35 101.35
EUR 106.27 101.21 101.21
EUR 106.35 101.29 101.29
EUR 105.89 100.85 100.85
EUR 105.78 100.74 100.74
EUR 105.99 100.94 100.94
EUR 105.95 100.90 100.90
EUR 105.85 100.81 100.81
EUR 106.07 101.02 101.02
EUR 106.54 101.47 101.47
EUR 106.61 101.53 101.53
EUR 107.00 101.90 101.90
EUR 107.06 101.96 101.96
EUR 107.17 102.07 102.07
EUR 107.21 102.10 102.10
EUR 107.28 102.17 102.17
EUR 107.35 102.24 102.24
EUR 107.42 102.30 102.30
EUR 107.59 102.47 102.47
EUR 107.64 102.51 102.51
EUR 107.81 102.68 102.68
EUR 107.90 102.76 102.76
EUR 107.89 102.75 102.75
EUR 107.99 102.85 102.85
EUR 107.87 102.73 102.73
EUR 107.73 102.60 102.60
EUR 107.79 102.66 102.66
EUR 107.97 102.83 102.83
EUR 108.09 102.94 102.94
EUR 107.96 102.82 102.82
EUR 108.07 102.92 102.92
EUR 107.76 102.63 102.63
EUR 107.33 102.22 102.22
EUR 107.10 102.00 102.00
EUR 107.22 102.11 102.11
EUR 106.73 101.65 101.65
EUR 106.84 101.75 101.75
EUR 106.94 101.85 101.85
EUR 107.07 101.97 101.97

Opportunities

  • - Investing in funds can deliver an attractive result at a lower level of risk compared to a direct investment in equities.
  • - Income can be generated from regular interest payments.
  • - Convertible bonds can increase in value when equity markets rise.
  • - Derivatives can be used to increase potential yields.
  • - Investing in assets denominated in a foreign currency can have a positive impact on unit values as a result of exchange rate movements.

Risks

  • Investing in convertible bonds may entail price risks, especially in the case of rising interest rates on the capital markets.
  • Convertible bonds can decline in value when equity markets fall.
  • Country, credit and issuer liquidity risk. Also potential exchange rate risks. If securities are illiquid (i.e. thinly traded), there is a risk that it may either not be possible to sell the assets at all or only by accepting a significant discount
  • on the sale price.
  • Where used, derivatives can have a greater negative impact on the fund value than would be the case if the assets were acquired directly. This can affect the fund’s risk profile and volatility (tendency for the price to fluctuate).
  • The straight concentration on special markets can have a negative impact because of the dependent performance of these selected markets.
  • Investing in assets denominated in a foreign currency can have a negative impact on unit values as a result of exchange rate movements.