Flossbach von Storch - Der erste Schritt HT

The Flossbach von Storch – Der erste Schritt fund is a globally diversified, defensive balanced fund with an active investment approach. The fund is flexible enough to take advantage of opportunities arising from the entire bond market and, to a limited extent, from the equity market. The goal is to generate as stable earnings as possible over time. The focus of the fund is on government bonds, covered bonds and corporate bonds, as well as equities, whose quota is limited to a maximum of 15 per cent. Foreign currency risks are largely hedged. Securities are selected as part of a fundamental analysis process. Fund managers Wilhelm Wildschütz and Elmar Peters rely on research tools developed in-house. 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 sub-fund is not managed in reference to a index.


WKN:A2P9FU
ISIN:LU2207302121
Authorised for distribution:AT, CH, DE, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
Fund currency:EUR
Launch date:22 July 2020
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:27 October 2021
Fund assets:614.328.739,69 EUR
NIW:100.11 EUR
Redemption price:100.11 EUR
Issue price*:101.11 EUR
Ongoing charges:0.64%
which includes a management fee of:0.53%
Performance fee:
Issue surcharge:up to 1.00%

* incl. max. issue surcharge 1.00%

Source: Custodian bank / Paying agent

Annual performance (As at: 27.10.2021)

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: 27.10.2021)

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: 27.10.2021)

YTD0.15%
1 year0.53%
3 years6.11%
5 years5.67%
1 year p.a.0.53%
3 years p.a.1.99%
5 years p.a.1.11%
since 01.10.201321.56%

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: 27.10.2021)

 202120202019201820172016201520142013
Jan0.09%0.04%2.16%-0.38%0.03%0.09%2.49%1.33%
Feb-1.09%-0.27%1.33%-0.39%0.91%0.59%0.27%1.22%
Mar0.55%-1.94%1.11%-0.46%-0.24%1.40%0.40%0.33%
Apr0.30%1.81%0.62%0.61%0.47%0.62%0.01%0.82%
May-0.07%0.49%-0.26%0.06%0.31%-0.25%-1.33%1.71%
Jun0.55%0.23%1.03%-0.53%-0.03%0.91%-2.19%0.55%
Jul0.84%0.16%0.30%0.94%0.22%1.06%0.66%0.49%
Aug0.15%0.27%0.21%-0.14%0.26%0.30%-0.71%1.16%
Sep-0.87%-0.11%0.06%-0.33%-0.16%-0.10%-0.55%0.03%
Oct-0.28%-0.46%-0.02%-1.02%0.49%-0.31%1.42%0.57%0.83%
Nov0.63%0.28%-0.91%-0.07%-0.96%0.13%0.95%0.18%
Dec-0.01%0.06%-0.91%-0.10%0.27%-0.57%0.38%-0.85%
YTD0.15%0.80%7.07%-3.44%2.11%3.66%-0.07%9.94%0.16%

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

Historic Prices

As atShare class currencyIssue priceRedemption priceNAV*
EUR100.00
EUR100.9499.9499.94
EUR100.9799.9799.96
EUR99.96
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EUR100.8499.8499.83
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EUR100.6599.6599.65
EUR99.65
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EUR100.5499.5499.53
EUR100.7699.7699.75
EUR100.7899.7899.78
EUR100.7399.7399.72
EUR100.6799.6799.67
EUR99.67
EUR99.67
EUR100.6399.6399.62
EUR100.7499.7499.73
EUR100.8299.8299.82
EUR100.9499.9499.93
EUR100.9199.9199.89
EUR99.89
EUR99.89
EUR100.8099.8099.80
EUR100.8799.8799.86
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EUR101.03100.03100.02
EUR101.01100.01100.00
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EUR100.01
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EUR100.9299.9299.92
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EUR100.06
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EUR100.8899.8899.88
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EUR101.07100.07100.07
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EUR100.25
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EUR101.12100.12100.11
EUR100.8399.8399.82
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EUR100.7099.7099.69
EUR99.69
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EUR100.7699.7699.76
EUR100.8799.8799.86
EUR100.8199.8199.80
EUR100.7999.7999.78
EUR100.6999.6999.69
EUR99.69
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EUR100.7199.7199.70
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EUR100.8699.8699.85
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EUR100.8999.8999.88
EUR101.04100.04100.04
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EUR100.9999.9999.98
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EUR100.7299.7299.72
EUR99.72
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EUR100.5999.5999.58
EUR100.6499.6499.63
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EUR99.34
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EUR100.3999.4099.39
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EUR100.7899.7899.77
EUR100.8799.8799.86
EUR99.86
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EUR100.8199.8199.80
EUR100.7999.7999.78
EUR100.5699.5699.55
EUR100.7099.7099.68
EUR100.7999.7999.78
EUR99.78
EUR99.78
EUR100.8699.8699.85
EUR100.8599.8599.84
EUR100.8299.8299.81
EUR100.7899.7899.77
EUR100.8999.8999.88
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EUR99.88
EUR100.9599.9599.94
EUR100.9099.9099.89
EUR100.8899.8899.87
EUR100.9299.9299.91
EUR100.9799.9799.96
EUR99.96
EUR99.96
EUR100.9899.9899.97
EUR100.9999.9999.98
EUR100.9299.9299.92
EUR100.8799.8799.86
EUR100.7899.7899.77
EUR99.77
EUR99.77
EUR100.8299.8299.82
EUR100.8699.8699.85
EUR100.9899.9899.98
EUR100.9599.9599.94
EUR100.9499.9499.93
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EUR100.9999.9999.98
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EUR101.00100.0099.99
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EUR100.9799.9799.96
EUR100.8699.8699.86
EUR100.9699.9699.94
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EUR100.8199.8199.79
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EUR99.96
EUR101.10100.10100.10
EUR100.9799.9799.97
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EUR100.8099.8099.80
EUR101.00100.00100.00
EUR100.9699.9699.96
EUR101.00100.00100.00
EUR101.02100.02100.02
EUR101.11100.11100.11
EUR101.26100.26100.26
EUR101.18100.18100.18
EUR101.18100.18100.18
EUR101.24100.24100.24
EUR101.21100.21100.21
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EUR101.05100.05100.05
EUR100.8099.8099.80
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EUR101.24100.24100.24
EUR101.21100.21100.21
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EUR101.28100.28100.28
EUR101.32100.32100.32
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EUR100.8299.8299.82
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EUR100.0899.0999.09
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EUR100.2899.2999.29
EUR100.0999.1099.10
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EUR100.2099.2199.21
EUR100.3999.4099.40
EUR100.4899.4999.49
EUR100.5399.5399.53
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EUR100.1799.1899.18
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EUR100.3699.3799.37
EUR100.4699.4799.47
EUR100.5199.5199.51
EUR100.5699.5699.56
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EUR100.5099.5099.50
EUR100.4799.4899.48
EUR100.7499.7499.74
EUR100.7899.7899.78
EUR100.7899.7899.78
EUR100.9199.9199.91
EUR100.9199.9199.91
EUR100.8899.8899.88
EUR100.9399.9399.93
EUR100.7899.7899.78
EUR101.05100.05100.05
EUR100.9799.9799.97
EUR100.8699.8699.86
EUR100.8799.8799.87
EUR100.9999.9999.99
EUR101.00100.00100.00
EUR101.01100.01100.01
EUR100.9499.9499.94
EUR100.8799.8799.87
EUR100.8699.8699.86
EUR100.8099.8099.80
EUR100.8299.8299.82
EUR100.8599.8599.85
EUR100.8799.8799.87
EUR100.9399.9399.93
EUR100.9699.9699.96
EUR100.9299.9299.92
EUR100.7899.7899.78
EUR100.6199.6199.61
EUR100.5399.5399.53
EUR100.6099.6099.60
EUR100.5899.5899.58
EUR100.4599.4699.46
EUR100.3999.4099.40
EUR100.5299.5299.52
EUR100.6899.6899.68
EUR100.7799.7799.77
EUR100.8299.8299.82
EUR100.6999.6999.69
EUR100.7399.7399.73
EUR100.7099.7099.70
EUR100.6599.6599.65
EUR100.7299.7299.72
EUR100.6799.6799.67
EUR100.8699.8699.86
EUR100.7999.7999.79
EUR100.8799.8799.87
EUR101.00100.00100.00
EUR101.12100.12100.12
EUR101.20100.20100.20
EUR101.15100.15100.15
EUR101.12100.12100.12
EUR101.05100.05100.05
EUR101.25100.25100.25
EUR101.26100.26100.26
EUR101.23100.23100.23
EUR101.20100.20100.20
EUR101.26100.26100.26
EUR101.18100.18100.18
EUR101.29100.29100.29
EUR101.28100.28100.28
EUR101.37100.37100.37
EUR101.35100.35100.35
EUR101.54100.53100.53
EUR101.49100.49100.49
EUR101.70100.69100.69
EUR101.88100.87100.87
EUR101.85100.84100.84
EUR101.80100.79100.79
EUR101.84100.83100.83
EUR101.79100.78100.78
EUR101.90100.89100.89
EUR101.94100.93100.93
EUR101.93100.92100.92
EUR102.01101.00101.00
EUR102.14101.13101.13
EUR102.04101.03101.03
EUR102.13101.12101.12
EUR102.20101.19101.19
EUR102.12101.11101.11
EUR102.15101.14101.14
EUR102.19101.18101.18
EUR102.13101.12101.12
EUR102.18101.17101.17
EUR102.24101.23101.23
EUR102.31101.30101.30
EUR102.33101.32101.32
EUR102.29101.28101.28
EUR102.20101.19101.19
EUR102.23101.22101.22
EUR102.22101.21101.21
EUR102.24101.23101.23
EUR102.24101.23101.23
EUR102.28101.27101.27
EUR102.32101.31101.31
EUR102.36101.35101.35
EUR102.29101.28101.28
EUR102.33101.32101.32
EUR102.37101.36101.36
EUR102.36101.35101.35
EUR102.32101.31101.31
EUR102.22101.21101.21
EUR102.14101.13101.13
EUR102.20101.19101.19
EUR102.28101.27101.27
EUR102.21101.20101.20
EUR102.21101.20101.20
EUR102.20101.19101.19
EUR102.15101.14101.14
EUR102.14101.13101.13
EUR102.06101.05101.05
EUR102.02101.01101.01
EUR102.03101.02101.02
EUR101.94100.93100.93
EUR101.91100.90100.90
EUR101.92100.91100.91
EUR101.90100.89100.89
EUR101.85100.84100.84
EUR101.75100.74100.74
EUR101.75100.74100.74
EUR101.76100.75100.75
EUR101.78100.77100.77
EUR101.66100.65100.65
EUR101.61100.60100.60
EUR101.51100.50100.50
EUR101.31100.31100.31
EUR101.39100.39100.39
EUR101.38100.38100.38
EUR101.42100.42100.42
EUR101.30100.30100.30
EUR101.28100.28100.28
EUR101.33100.33100.33
EUR101.34100.34100.34
EUR101.20100.20100.20
EUR101.04100.04100.04
EUR100.9799.9799.97
EUR101.06100.06100.06
EUR101.32100.32100.32
EUR101.23100.23100.23
EUR101.05100.05100.05
EUR101.11100.11100.11
EUR101.16100.16100.16
EUR101.03100.03100.03
EUR101.04100.04100.04
EUR101.09100.09100.09
EUR101.11100.11100.11

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).

*Performance in the years 2013 to 2020 was simulated using the performance of share class I (LU0952573052) of sub-fund Flossbach von Storch - Der erste Schritt. The simulation took account of any differences in remuneration structure. Share class I and share class HT have the same investment policy. Thus, there may be deviations between the redemption price and the NAV up to and including the calendar year of the issue.

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