Flossbach von Storch - Der erste Schritt HT

The Flossbach von Storch Bond Total Return fund is a globally diversified bond fund with an active investment approach. The focus is on government bonds, covered bonds and corporate bonds with an investment grade quality. The fund flexibly utilises opportunities from the entire bond market with the aim of achieving a stable return over time, wherever possible. Currently foreign currency risks are largely hedged. Bond selection is carried out as part of a fundamental analysis process. The fund manager thereby relies on internally-developed research tools.


WKN:A2JA9D
ISIN:LU1748855670
Authorised for distribution:AT, CH, DE, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
Fund currency:EUR
Launch date:5 February 2018
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:26 March 2019
Fund assets:220,634,708.65 EUR
NIW:101.52 EUR
Redemption price:101.52 EUR
Ongoing charges:0.76%
which includes a management fee of:0.63%
Issue surcharge:0.00%

* incl. max. issue surcharge 0.00%

Source: Custodian bank / Paying agent

Annual performance (As at: 26.03.2019)

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: 26.03.2019)

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

Accumulated Performance (gross, in %, As at: 26.03.2019)

YTD4.62%
1 year2.28%
since 06.02.20181.50%

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: 26.03.2019)

 20192018
Jan2.15%
Feb1.32%-0.21%
Mar1.08%-0.47%
Apr0.59%
May0.06%
Jun-0.54%
Jul0.93%
Aug-0.15%
Sep-0.33%
Oct-1.03%
Nov-0.92%
Dec-0.93%
YTD4.62%-2.98%

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

Fund breakdown (As at: 28.02.2019)

Corporate bonds59.59 %
Cash17.43 %
Covered Bonds13.18 %
Equities7.55 %
Government bonds2.77 %
Other (incl. derivatives)-0.53 %

Source: Depositary and Flossbach von Storch

Top 10 guarantors (As at: 28.02.2019)

Porsche Automobil Holding SE3.26 %
Philip Morris International In2.56 %
Oesterreichische Kontrollbank2.54 %
Fastighets AB Balder2.48 %
Booking Holdings Inc.2.47 %
ZF FRIEDRICHSHAFEN AG2.35 %
Ferrari N.V.2.32 %
Vonovia SE2.31 %
Coöperatieve Rabobank U.A.2.23 %
Immofinanz AG2.19 %

 Source: Depositary and Flossbach von Storch

Top 10 sectors for corporate bonds (As at: 28.02.2019)

Materials24.88 %
Media & Entertainment18.55 %
Telecommunication Services13.47 %
Utilities12.51 %
Automobiles & Components10.36 %
Transportation8.25 %
Food, Beverage & Tobacco6.99 %
Household & Personal Products5.00 %

 Source: Depositary and Flossbach von Storch

Breakdown of ratings for bonds (As at: 28.02.2019)

AAA12.40 %
AA13.64 %
A9.49 %
BBB42.31 %
BB11.15 %
NR11.02 %

Source: Depositary and Flossbach von Storch

Other key figures (As at: 28.02.2019)

Value at Risk (VaR) b 0,00%
Volatility c 0,00%
Maximum drawdown d 0,00%

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 101.02 100.02 100.02
EUR 100.94 99.94 99.94
EUR 101.04 100.04 100.04
EUR 100.81 99.81 99.81
EUR 100.56 99.56 99.56
EUR 100.66 99.66 99.66
EUR 100.48 99.49 99.49
EUR 100.47 99.48 99.48
EUR 100.58 99.58 99.58
EUR 100.81 99.81 99.81
EUR 100.74 99.74 99.74
EUR 100.79 99.79 99.79
EUR 100.78 99.78 99.78
EUR 100.76 99.76 99.76
EUR 100.81 99.81 99.81
EUR 100.91 99.91 99.91
EUR 100.81 99.81 99.81
EUR 100.80 99.80 99.80
EUR 100.68 99.68 99.68
EUR 100.47 99.48 99.48
EUR 100.51 99.51 99.51
EUR 100.54 99.54 99.54
EUR 100.57 99.57 99.57
EUR 100.76 99.76 99.76
EUR 100.81 99.81 99.81
EUR 100.85 99.85 99.85
EUR 100.75 99.75 99.75
EUR 100.73 99.73 99.73
EUR 100.70 99.70 99.70
EUR 100.74 99.74 99.74
EUR 100.55 99.55 99.55
EUR 100.51 99.51 99.51
EUR 100.51 99.51 99.51
EUR 100.41 99.42 99.42
EUR 100.25 99.26 99.26
EUR 100.15 99.16 99.16
EUR 99.31 99.31 99.31
EUR 99.34 99.34 99.34
EUR 99.49 99.49 99.49
EUR 99.46 99.46 99.46
EUR 99.45 99.45 99.45
EUR 99.66 99.66 99.66
EUR 99.74 99.74 99.74
EUR 99.73 99.73 99.73
EUR 99.82 99.82 99.82
EUR 99.84 99.84 99.84
EUR 99.93 99.93 99.93
EUR 99.99 99.99 99.99
EUR 99.98 99.98 99.98
EUR 100.16 100.16 100.16
EUR 100.04 100.04 100.04
EUR 99.75 99.75 99.75
EUR 99.76 99.76 99.76
EUR 99.70 99.70 99.70
EUR 99.69 99.69 99.69
EUR 99.58 99.58 99.58
EUR 99.81 99.81 99.81
EUR 99.93 99.93 99.93
EUR 99.97 99.97 99.97
EUR 99.98 99.98 99.98
EUR 99.95 99.95 99.95
EUR 99.96 99.96 99.96
EUR 100.02 100.02 100.02
EUR 99.94 99.94 99.94
EUR 99.98 99.98 99.98
EUR 99.96 99.96 99.96
EUR 99.90 99.90 99.90
EUR 99.79 99.79 99.79
EUR 99.79 99.79 99.79
EUR 99.81 99.81 99.81
EUR 99.88 99.88 99.88
EUR 99.83 99.83 99.83
EUR 99.80 99.80 99.80
EUR 99.79 99.79 99.79
EUR 99.91 99.91 99.91
EUR 100.02 100.02 100.02
EUR 100.12 100.12 100.12
EUR 99.99 99.99 99.99
EUR 99.96 99.96 99.96
EUR 100.01 100.01 100.01
EUR 100.01 100.01 100.01
EUR 100.10 100.10 100.10
EUR 99.78 99.78 99.78
EUR 99.72 99.72 99.72
EUR 99.72 99.72 99.72
EUR 99.70 99.70 99.70
EUR 99.76 99.76 99.76
EUR 99.75 99.75 99.75
EUR 100.16 100.16 100.16
EUR 100.22 100.22 100.22
EUR 100.15 100.15 100.15
EUR 100.15 100.15 100.15
EUR 100.11 100.11 100.11
EUR 99.99 99.99 99.99
EUR 100.05 100.05 100.05
EUR 99.73 99.73 99.73
EUR 99.59 99.59 99.59
EUR 99.59 99.59 99.59
EUR 99.45 99.45 99.45
EUR 99.53 99.53 99.53
EUR 99.44 99.44 99.44
EUR 99.57 99.57 99.57
EUR 99.63 99.63 99.63
EUR 99.81 99.81 99.81
EUR 99.92 99.92 99.92
EUR 100.05 100.05 100.05
EUR 100.21 100.21 100.21
EUR 100.04 100.04 100.04
EUR 100.22 100.22 100.22
EUR 100.31 100.31 100.31
EUR 100.28 100.28 100.28
EUR 100.35 100.35 100.35
EUR 100.40 100.40 100.40
EUR 100.39 100.39 100.39
EUR 100.31 100.31 100.31
EUR 100.16 100.16 100.16
EUR 100.28 100.28 100.28
EUR 100.34 100.34 100.34
EUR 100.41 100.41 100.41
EUR 100.50 100.50 100.50
EUR 100.37 100.37 100.37
EUR 100.41 100.41 100.41
EUR 100.37 100.37 100.37
EUR 100.40 100.40 100.40
EUR 100.50 100.50 100.50
EUR 100.59 100.59 100.59
EUR 100.58 100.58 100.58
EUR 100.54 100.54 100.54
EUR 100.63 100.63 100.63
EUR 100.59 100.59 100.59
EUR 100.48 100.48 100.48
EUR 100.34 100.34 100.34
EUR 100.26 100.26 100.26
EUR 100.33 100.33 100.33
EUR 100.37 100.37 100.37
EUR 100.39 100.39 100.39
EUR 100.38 100.38 100.38
EUR 100.31 100.31 100.31
EUR 100.33 100.33 100.33
EUR 100.38 100.38 100.38
EUR 100.26 100.26 100.26
EUR 100.25 100.25 100.25
EUR 100.22 100.22 100.22
EUR 100.12 100.12 100.12
EUR 100.02 100.02 100.02
EUR 99.86 99.86 99.86
EUR 99.67 99.67 99.67
EUR 99.63 99.63 99.63
EUR 99.70 99.70 99.70
EUR 99.72 99.72 99.72
EUR 99.77 99.77 99.77
EUR 99.85 99.85 99.85
EUR 99.85 99.85 99.85
EUR 99.89 99.89 99.89
EUR 99.88 99.88 99.88
EUR 99.92 99.92 99.92
EUR 100.01 100.01 100.01
EUR 100.05 100.05 100.05
EUR 100.10 100.10 100.10
EUR 99.87 99.87 99.87
EUR 99.80 99.80 99.80
EUR 99.82 99.82 99.82
EUR 99.89 99.89 99.89
EUR 99.85 99.85 99.85
EUR 99.98 99.98 99.98
EUR 100.09 100.09 100.09
EUR 100.06 100.06 100.06
EUR 99.85 99.85 99.85
EUR 99.69 99.69 99.69
EUR 99.58 99.58 99.58
EUR 99.46 99.46 99.46
EUR 99.24 99.24 99.24
EUR 99.13 99.13 99.13
EUR 99.27 99.27 99.27
EUR 99.23 99.23 99.23
EUR 99.36 99.36 99.36
EUR 99.41 99.41 99.41
EUR 99.41 99.41 99.41
EUR 99.21 99.21 99.21
EUR 99.19 99.19 99.19
EUR 99.05 99.05 99.05
EUR 98.97 98.97 98.97
EUR 98.88 98.88 98.88
EUR 98.85 98.85 98.85
EUR 98.82 98.82 98.82
EUR 98.86 98.86 98.86
EUR 99.21 99.21 99.21
EUR 99.27 99.27 99.27
EUR 99.18 99.18 99.18
EUR 99.15 99.15 99.15
EUR 99.24 99.24 99.24
EUR 99.21 99.21 99.21
EUR 99.09 99.09 99.09
EUR 98.95 98.95 98.95
EUR 98.85 98.85 98.85
EUR 98.79 98.79 98.79
EUR 98.59 98.59 98.59
EUR 98.40 98.40 98.40
EUR 98.13 98.13 98.13
EUR 97.73 97.73 97.73
EUR 97.99 97.99 97.99
EUR 97.98 97.98 97.98
EUR 98.01 98.01 98.01
EUR 98.11 98.11 98.11
EUR 98.01 98.01 98.01
EUR 98.06 98.06 98.06
EUR 97.95 97.95 97.95
EUR 97.83 97.83 97.83
EUR 98.05 98.05 98.05
EUR 97.88 97.88 97.88
EUR 97.57 97.57 97.57
EUR 97.19 97.19 97.19
EUR 97.28 97.28 97.28
EUR 97.01 97.01 97.01
EUR 97.14 97.14 97.14
EUR 97.43 97.43 97.43
EUR 97.77 97.77 97.77
EUR 97.74 97.74 97.74
EUR 97.58 97.58 97.58
EUR 97.52 97.52 97.52
EUR 97.27 97.27 97.27
EUR 97.07 97.07 97.07
EUR 97.05 97.05 97.05
EUR 97.04 97.04 97.04
EUR 97.15 97.15 97.15
EUR 97.19 97.19 97.19
EUR 96.87 96.87 96.87
EUR 97.02 97.02 97.02
EUR 97.04 97.04 97.04
EUR 97.27 97.27 97.27
EUR 97.58 97.58 97.58
EUR 97.55 97.55 97.55
EUR 97.72 97.72 97.72
EUR 97.55 97.55 97.55
EUR 97.65 97.65 97.65
EUR 97.95 97.95 97.95
EUR 98.00 98.00 98.00
EUR 98.41 98.41 98.41
EUR 98.41 98.41 98.41
EUR 98.38 98.38 98.38
EUR 98.41 98.41 98.41
EUR 98.61 98.61 98.61
EUR 98.79 98.79 98.79
EUR 98.80 98.80 98.80
EUR 98.87 98.87 98.87
EUR 99.13 99.13 99.13
EUR 99.57 99.57 99.57
EUR 99.59 99.59 99.59
EUR 99.67 99.67 99.67
EUR 99.99 99.99 99.99
EUR 100.13 100.13 100.13
EUR 99.94 99.94 99.94
EUR 99.93 99.93 99.93
EUR 99.85 99.85 99.85
EUR 99.93 99.93 99.93
EUR 100.02 100.02 100.02
EUR 100.01 100.01 100.01
EUR 100.22 100.22 100.22
EUR 100.24 100.24 100.24
EUR 100.29 100.29 100.29
EUR 100.38 100.38 100.38
EUR 100.27 100.27 100.27
EUR 100.32 100.32 100.32
EUR 100.33 100.33 100.33
EUR 100.41 100.41 100.41
EUR 100.44 100.44 100.44
EUR 100.44 100.44 100.44
EUR 100.59 100.59 100.59
EUR 100.71 100.71 100.71
EUR 100.72 100.72 100.72
EUR 100.66 100.66 100.66
EUR 100.73 100.73 100.73
EUR 100.76 100.76 100.76
EUR 100.83 100.83 100.83
EUR 100.93 100.93 100.93
EUR 101.03 101.03 101.03
EUR 101.08 101.08 101.08
EUR 101.20 101.20 101.20
EUR 101.26 101.26 101.26
EUR 101.40 101.40 101.40
EUR 101.34 101.34 101.34
EUR 101.44 101.44 101.44
EUR 101.54 101.54 101.54
EUR 101.52 101.52 101.52

Opportunities

  • - Participate in global bond market growth.
  • - Income can be generated from regular interest payments.
  • - Active interest rate, currency and risk management (e.g. from the use of derivatives).
  • - Risk is broadly diversified by investing in a range of asset classes (e.g. equities, bonds, convertible bonds etc.) Market potential can be exploited by investing across a wide range.

Risks

  • The securities in which the Management Company invests the sub-fund assets present opportunities for gain but also the possibility of risk. If a sub-fund invests directly or indirectly in securities and other assets, it is subject to many general trends and tendencies, which are sometimes attributable to irrational factors on the markets particularly on the securities markets. Losses can occur when the market value of the assets decreases as against the cost price. If a unitholder sells units of the sub-fund at a time at which the value of assets in the sub-fund has decreased compared with the time of the unit purchase, he will not receive the full amount he has invested in the sub-fund. Despite the fact that each sub-fund aspires constant growth, this cannot be guaranteed.
  • 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.
  • Investing in bonds may entail price risks, especially in case of rising interest rates on the capital markets.
  • 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).