Flossbach von Storch - Bond Opportunities HT

Flossbach von Storch - Bond Opportunities is a globally diversified bond fund with an active investment approach, the focus of which is on corporate bonds, government bonds and covered bonds. The fund flexibly utilises opportunities from the entire bond market. In addition to bonds with investment grade quality, the fund manager may also invest in bonds without a rating or those which do not have investment grade quality. At present foreign currency risks are entered into only to a manageable extent. Bond selection is carried out as part of a fundamental analysis process. The fund manager thereby relies on internally-developed research tools. The sub-fund is actively managed. The fund manager determines, regularly reviews and, if necessary, adjusts the composition of the portfolio exclusively in accordance with the criteria specified in the investment policy. The performance of the sub-fund is compared against the index as reference. The fund manager is not bound at any time to the index in his investment decision and portfolio composition. Therefore, the performance of the sub-fund may differ significantly from the indicated reference index.


WKN:A2JA9F
ISIN:LU1748855837
Authorised for distribution:AT, BE, CH, DE, ES, FR, LI, 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:30 September 2020
Fund assets:4,508,177,511.12 EUR
NIW:116.87 EUR
Redemption price:116.87 EUR
Ongoing charges:0.75%
which includes a management fee of:0.63%
Performance fee:
Issue surcharge:0.00%

* incl. max. issue surcharge 0.00%

Source: Custodian bank / Paying agent

Annual performance (As at: 30.09.2020)

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: 30.09.2020)

Reference index: Bloomberg Barclays Global-Aggregate Total Return Index Value Hedged EUR

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: 30.09.2020)

YTD6.53%
1 year6.67%
3 years16.88%
5 years37.14%
10 years72.69%
1 year p.a.8.12%
3 years p.a.5.33%
5 years p.a.6.51%
10 years p.a.5.61%
since 04.06.200988.54%

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: 30.09.2020)

 20202019201820172016201520142013201220112010
Jan0.65%1.85%-0.28%0.48%-1.25%2.59%1.13%-0.53%1.64%-0.44%0.87%
Feb0.38%1.47%-0.60%1.67%1.93%1.34%1.47%0.82%1.59%0.65%0.76%
Mar-6.04%1.60%-0.60%-0.17%3.11%0.58%0.41%0.79%0.89%-0.55%0.40%
Apr6.62%1.16%0.44%0.77%1.78%0.42%0.71%0.63%0.38%0.55%0.82%
May1.65%0.00%0.07%0.59%0.00%-0.79%1.69%0.02%0.53%1.34%0.02%
Jun1.42%2.63%-0.52%-0.11%1.34%-2.55%0.60%-1.59%-0.18%-0.19%0.52%
Jul2.66%1.59%0.98%0.39%2.83%1.01%0.11%1.22%1.93%0.80%0.13%
Aug-0.44%1.45%0.06%0.28%1.15%-1.06%0.68%-0.05%1.22%0.22%1.31%
Sep-0.11%-0.36%-0.18%-0.03%-0.10%-1.60%-1.03%1.19%-0.22%-0.35%-0.28%
Oct-0.10%-0.88%0.85%-0.16%3.41%0.73%1.04%0.59%1.22%-0.43%
Nov-0.14%-0.99%-0.11%-1.32%0.05%0.56%0.35%0.82%-0.98%0.00%
Dec0.38%-0.23%-0.12%0.87%-1.26%-0.17%-0.31%0.54%1.33%0.04%
YTD6.53%12.10%-2.72%4.56%10.52%2.00%7.10%3.60%10.14%3.62%4.21%

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: 31.08.2020)

Corporate bonds64.68 %
Government bonds15.92 %
Cash10.80 %
Covered Bonds7.81 %
Other (incl. derivatives)0.78 %

Source: Depositary and Flossbach von Storch

Top 10 guarantors (As at: 31.08.2020)

Republic of Germany7.28 %
Japan3.42 %
Pfandbriefzentrale der schweizerischen Kantonalbanken2.94 %
Netflix Inc.1.98 %
MSCI Inc.1.96 %
Danaher Corp.1.94 %
Philip Morris International In1.91 %
Thermo Fisher Scientific Inc.1.90 %
Porsche Automobil Holding SE1.83 %
British American Tobacco PLC1.80 %

 Source: Depositary and Flossbach von Storch

Top 10 sectors (As at: 31.08.2020)

Consumer Staples17.95 %
Consumer Discretionary16.22 %
Health Care14.02 %
Communication Services12.55 %
Real Estate10.96 %
Financials8.45 %
Information Technology7.74 %
Industrials6.38 %
Energy2.96 %
Materials2.77 %

 Source: Depositary and Flossbach von Storch

Breakdown of ratings for bonds (As at: 31.08.2020)

AAA23.26 %
AA9.02 %
A22.22 %
BBB33.27 %
BB10.87 %
NR1.35 %

Source: Depositary and Flossbach von Storch

Other key figures (As at: 31.08.2020)

Sharpe Ratio a1,89
Value at Risk (VaR) b-3,19%
Volatility c5,14%
Maximum drawdown d-8,91%

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 atShare class currencyIssue priceRedemption priceNAV
EUR102.9999.9999.99
EUR102.8899.8899.88
EUR103.04100.04100.04
EUR102.8599.8599.85
EUR102.5399.5499.54
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EUR102.2699.2899.28
EUR102.1899.2099.20
EUR102.3299.3499.34
EUR102.6199.6299.62
EUR102.6099.6199.61
EUR102.6299.6399.63
EUR102.6399.6499.64
EUR102.5999.6099.60
EUR102.5799.5899.58
EUR102.6899.6999.69
EUR102.7199.7299.72
EUR102.7799.7899.78
EUR102.7399.7499.74
EUR102.5799.5899.58
EUR102.4799.4999.49
EUR102.5499.5599.55
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EUR102.6199.6299.62
EUR102.6599.6699.66
EUR102.6899.6999.69
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EUR102.5899.5999.59
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EUR102.6099.6199.61
EUR102.4399.4599.45
EUR102.3799.3999.39
EUR102.3499.3699.36
EUR102.3199.3399.33
EUR102.1299.1599.15
EUR102.0399.0699.06
EUR99.2099.2099.20
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EUR99.2699.2699.26
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EUR99.1999.1999.19
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EUR99.4999.4999.49
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EUR99.2899.2899.28
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EUR99.3999.3999.39
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EUR99.2199.2199.21
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EUR100.02100.02100.02
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EUR100.25100.25100.25
EUR100.20100.20100.20
EUR100.15100.15100.15
EUR100.23100.23100.23
EUR100.26100.26100.26
EUR100.30100.30100.30
EUR100.31100.31100.31
EUR100.28100.28100.28
EUR100.24100.24100.24
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EUR100.15100.15100.15
EUR100.12100.12100.12
EUR100.14100.14100.14
EUR100.06100.06100.06
EUR99.9899.9899.98
EUR99.9299.9299.92
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EUR99.8399.8399.83
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EUR99.8999.8999.89
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EUR100.02100.02100.02
EUR100.08100.08100.08
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EUR99.4999.4999.49
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EUR98.8598.8598.85
EUR98.6498.6498.64
EUR98.3998.3998.39
EUR97.9897.9897.98
EUR98.2398.2398.23
EUR98.3298.3298.32
EUR98.3698.3698.36
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EUR98.2598.2598.25
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EUR98.0698.0698.06
EUR97.7697.7697.76
EUR97.4897.4897.48
EUR97.6297.6297.62
EUR97.3597.3597.35
EUR97.4197.4197.41
EUR97.6697.6697.66
EUR98.1498.1498.14
EUR98.2098.2098.20
EUR98.1998.1998.19
EUR98.1498.1498.14
EUR98.1798.1798.17
EUR97.9297.9297.92
EUR97.8297.8297.82
EUR97.8797.8797.87
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EUR97.7097.7097.70
EUR97.5797.5797.57
EUR97.6197.6197.61
EUR97.8597.8597.85
EUR98.2298.2298.22
EUR98.2198.2198.21
EUR98.4398.4398.43
EUR98.3098.3098.30
EUR98.4598.4598.45
EUR98.7898.7898.78
EUR98.7898.7898.78
EUR99.0599.0599.05
EUR99.1299.1299.12
EUR99.1099.1099.10
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EUR99.3199.3199.31
EUR99.3799.3799.37
EUR99.4599.4599.45
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EUR99.6899.6899.68
EUR100.19100.19100.19
EUR100.17100.17100.17
EUR100.28100.28100.28
EUR100.55100.55100.55
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EUR100.70100.70100.70
EUR100.78100.78100.78
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EUR100.82100.82100.82
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EUR100.92100.92100.92
EUR100.82100.82100.82
EUR100.88100.88100.88
EUR100.95100.95100.95
EUR101.07101.07101.07
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EUR101.21101.21101.21
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EUR101.17101.17101.17
EUR101.21101.21101.21
EUR101.51101.51101.51
EUR101.67101.67101.67
EUR101.79101.79101.79
EUR101.89101.89101.89
EUR102.11102.11102.11
EUR102.26102.26102.26
EUR102.17102.17102.17
EUR102.24102.24102.24
EUR102.49102.49102.49
EUR102.47102.47102.47
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EUR102.84102.84102.84
EUR102.77102.77102.77
EUR102.89102.89102.89
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EUR103.10103.10103.10
EUR102.97102.97102.97
EUR103.00103.00103.00
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EUR103.03103.03103.03
EUR103.16103.16103.16
EUR103.26103.26103.26
EUR103.26103.26103.26
EUR103.20103.20103.20
EUR103.31103.31103.31
EUR103.34103.34103.34
EUR103.38103.38103.38
EUR103.54103.54103.54
EUR103.60103.60103.60
EUR103.89103.89103.89
EUR103.82103.82103.82
EUR103.95103.95103.95
EUR103.96103.96103.96
EUR104.04104.04104.04
EUR104.06104.06104.06
EUR104.06104.06104.06
EUR104.12104.12104.12
EUR104.16104.16104.16
EUR103.72103.72103.72
EUR103.67103.67103.67
EUR103.69103.69103.69
EUR103.62103.62103.62
EUR103.76103.76103.76
EUR103.87103.87103.87
EUR103.93103.93103.93
EUR103.86103.86103.86
EUR103.76103.76103.76
EUR103.78103.78103.78
EUR103.75103.75103.75
EUR103.76103.76103.76
EUR103.79103.79103.79
EUR103.93103.93103.93
EUR103.96103.96103.96
EUR104.04104.04104.04
EUR104.07104.07104.07
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EUR104.37104.37104.37
EUR104.46104.46104.46
EUR104.76104.76104.76
EUR104.87104.87104.87
EUR104.87104.87104.87
EUR105.01105.01105.01
EUR105.10105.10105.10
EUR105.19105.19105.19
EUR105.91105.91105.91
EUR106.26106.26106.26
EUR106.76106.76106.76
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EUR106.71106.71106.71
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EUR106.47106.47106.47
EUR106.69106.69106.69
EUR106.79106.79106.79
EUR106.97106.97106.97
EUR107.16107.16107.16
EUR107.50107.50107.50
EUR107.69107.69107.69
EUR107.66107.66107.66
EUR107.60107.60107.60
EUR107.46107.46107.46
EUR107.37107.37107.37
EUR107.28107.28107.28
EUR107.34107.34107.34
EUR107.53107.53107.53
EUR107.64107.64107.64
EUR107.81107.81107.81
EUR107.79107.79107.79
EUR107.96107.96107.96
EUR107.99107.99107.99
EUR108.07108.07108.07
EUR108.38108.38108.38
EUR108.49108.49108.49
EUR108.56108.56108.56
EUR108.54108.54108.54
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EUR108.64108.64108.64
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EUR108.74108.74108.74
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EUR108.64108.64108.64
EUR108.69108.69108.69
EUR108.76108.76108.76
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EUR109.48109.48109.48
EUR109.61109.61109.61
EUR109.42109.42109.42
EUR109.54109.54109.54
EUR109.61109.61109.61
EUR109.66109.66109.66
EUR109.80109.80109.80
EUR109.78109.78109.78
EUR109.96109.96109.96
EUR109.92109.92109.92
EUR109.96109.96109.96
EUR110.00110.00110.00
EUR110.06110.06110.06
EUR110.00110.00110.00
EUR110.01110.01110.01
EUR109.85109.85109.85
EUR109.89109.89109.89
EUR109.80109.80109.80
EUR109.51109.51109.51
EUR109.38109.38109.38
EUR109.32109.32109.32
EUR109.35109.35109.35
EUR109.45109.45109.45
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EUR116.87116.87116.87

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).

Risks

  • 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).