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:	30 July 2021
Fund assets:	555,923,150.63 EUR
NIW:	101.12 EUR
Redemption price:	101.12 EUR
Issue price*:	102.13 EUR
Ongoing charges:	0.66%
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: 30.07.2021)

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: 30.07.2021)

Source: Custodian bank and SIX Financial Information

Accumulated Performance (gross, in %, As at: 30.07.2021)

YTD	1.16%
1 year	1.47%
3 years	5.61%
5 years	6.79%
1 year p.a.	1.47%
3 years p.a.	1.84%
5 years p.a.	1.32%
since 01.10.2013	22.79%

Source: Custodian bank and SIX Financial Information

Monthly performance (gross, in %, As at: 30.07.2021)

	2021	2020	2019	2018	2017	2016	2015	2014	2013
Jan	0.09%	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%
Mar	0.55%	-1.94%	1.11%	-0.46%	-0.24%	1.40%	0.40%	0.33%
Apr	0.30%	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%
Jun	0.55%	0.23%	1.03%	-0.53%	-0.03%	0.91%	-2.19%	0.55%
Jul	0.84%	0.16%	0.30%	0.94%	0.22%	1.06%	0.66%	0.49%
Aug		0.27%	0.21%	-0.14%	0.26%	0.30%	-0.71%	1.16%
Sep		-0.11%	0.06%	-0.33%	-0.16%	-0.10%	-0.55%	0.03%
Oct		-0.46%	-0.02%	-1.02%	0.49%	-0.31%	1.42%	0.57%	0.83%
Nov		0.63%	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%
YTD	1.16%	0.80%	7.07%	-3.44%	2.11%	3.66%	-0.07%	9.94%	0.16%

Source: Custodian bank and SIX Financial Information

Historic Prices

From:

To:

As at	Share class currency	Issue price	Redemption price	NAV
22.07.2020	EUR			100.00
23.07.2020	EUR	100.94	99.94	99.94
24.07.2020	EUR	100.97	99.97	99.96
25.07.2020	EUR			99.96
26.07.2020	EUR			99.96
27.07.2020	EUR	100.84	99.84	99.83
28.07.2020	EUR	100.81	99.81	99.80
29.07.2020	EUR	100.83	99.83	99.82
30.07.2020	EUR	100.80	99.80	99.80
31.07.2020	EUR	100.65	99.65	99.65
01.08.2020	EUR			99.65
02.08.2020	EUR			99.65
03.08.2020	EUR	100.54	99.54	99.53
04.08.2020	EUR	100.76	99.76	99.75
05.08.2020	EUR	100.78	99.78	99.78
06.08.2020	EUR	100.73	99.73	99.72
07.08.2020	EUR	100.67	99.67	99.67
08.08.2020	EUR			99.67
09.08.2020	EUR			99.67
10.08.2020	EUR	100.63	99.63	99.62
11.08.2020	EUR	100.74	99.74	99.73
12.08.2020	EUR	100.82	99.82	99.82
13.08.2020	EUR	100.94	99.94	99.93
14.08.2020	EUR	100.91	99.91	99.89
15.08.2020	EUR			99.89
16.08.2020	EUR			99.89
17.08.2020	EUR	100.80	99.80	99.80
18.08.2020	EUR	100.87	99.87	99.86
19.08.2020	EUR	100.84	99.84	99.84
20.08.2020	EUR	100.94	99.94	99.93
21.08.2020	EUR	100.90	99.90	99.89
22.08.2020	EUR			99.89
23.08.2020	EUR			99.89
24.08.2020	EUR	100.95	99.95	99.94
25.08.2020	EUR	101.03	100.03	100.02
26.08.2020	EUR	101.01	100.01	100.00
27.08.2020	EUR	101.08	100.08	100.08
28.08.2020	EUR	101.02	100.02	100.01
29.08.2020	EUR			100.01
30.08.2020	EUR			100.01
31.08.2020	EUR	100.92	99.92	99.92
01.09.2020	EUR	100.86	99.86	99.85
02.09.2020	EUR	100.95	99.95	99.94
03.09.2020	EUR	101.27	100.27	100.27
04.09.2020	EUR	101.06	100.06	100.06
05.09.2020	EUR			100.06
06.09.2020	EUR			100.06
07.09.2020	EUR	100.88	99.88	99.88
08.09.2020	EUR	101.02	100.02	100.02
09.09.2020	EUR	100.93	99.93	99.93
10.09.2020	EUR	101.07	100.07	100.07
11.09.2020	EUR	101.02	100.02	100.01
12.09.2020	EUR			100.01
13.09.2020	EUR			100.01
14.09.2020	EUR	101.16	100.16	100.16
15.09.2020	EUR	101.16	100.16	100.16
16.09.2020	EUR	101.24	100.24	100.24
17.09.2020	EUR	101.27	100.27	100.26
18.09.2020	EUR	101.26	100.26	100.26
19.09.2020	EUR			100.25
20.09.2020	EUR			100.25
21.09.2020	EUR	101.12	100.12	100.11
22.09.2020	EUR	100.83	99.83	99.82
23.09.2020	EUR	100.85	99.85	99.85
24.09.2020	EUR	100.83	99.83	99.82
25.09.2020	EUR	100.70	99.70	99.69
26.09.2020	EUR			99.69
27.09.2020	EUR			99.69
28.09.2020	EUR	100.76	99.76	99.76
29.09.2020	EUR	100.87	99.87	99.86
30.09.2020	EUR	100.81	99.81	99.80
01.10.2020	EUR	100.79	99.79	99.78
02.10.2020	EUR	100.69	99.69	99.69
03.10.2020	EUR			99.69
04.10.2020	EUR			99.69
05.10.2020	EUR	100.72	99.72	99.72
06.10.2020	EUR	100.73	99.73	99.73
07.10.2020	EUR	100.71	99.71	99.70
08.10.2020	EUR	100.71	99.71	99.70
09.10.2020	EUR	100.86	99.86	99.85
10.10.2020	EUR			99.85
11.10.2020	EUR			99.85
12.10.2020	EUR	100.89	99.89	99.88
13.10.2020	EUR	101.04	100.04	100.04
14.10.2020	EUR	101.03	100.03	100.03
15.10.2020	EUR	101.06	100.06	100.05
16.10.2020	EUR	100.99	99.99	99.98
17.10.2020	EUR			99.98
18.10.2020	EUR			99.98
19.10.2020	EUR	101.07	100.07	100.06
20.10.2020	EUR	100.98	99.98	99.97
21.10.2020	EUR	100.85	99.85	99.85
22.10.2020	EUR	100.70	99.70	99.69
23.10.2020	EUR	100.72	99.72	99.72
24.10.2020	EUR			99.72
25.10.2020	EUR			99.72
26.10.2020	EUR	100.71	99.71	99.70
27.10.2020	EUR	100.59	99.59	99.58
28.10.2020	EUR	100.64	99.64	99.63
29.10.2020	EUR	100.35	99.36	99.36
30.10.2020	EUR	100.34	99.35	99.34
31.10.2020	EUR			99.34
01.11.2020	EUR			99.34
02.11.2020	EUR	100.24	99.25	99.25
03.11.2020	EUR	100.39	99.40	99.39
04.11.2020	EUR	100.39	99.40	99.39
05.11.2020	EUR	100.78	99.78	99.77
06.11.2020	EUR	100.87	99.87	99.86
07.11.2020	EUR			99.86
08.11.2020	EUR			99.86
09.11.2020	EUR	100.81	99.81	99.80
10.11.2020	EUR	100.79	99.79	99.78
11.11.2020	EUR	100.56	99.56	99.55
12.11.2020	EUR	100.70	99.70	99.68
13.11.2020	EUR	100.79	99.79	99.78
14.11.2020	EUR			99.78
15.11.2020	EUR			99.78
16.11.2020	EUR	100.86	99.86	99.85
17.11.2020	EUR	100.85	99.85	99.84
18.11.2020	EUR	100.82	99.82	99.81
19.11.2020	EUR	100.78	99.78	99.77
20.11.2020	EUR	100.89	99.89	99.88
21.11.2020	EUR			99.88
22.11.2020	EUR			99.88
23.11.2020	EUR	100.95	99.95	99.94
24.11.2020	EUR	100.90	99.90	99.89
25.11.2020	EUR	100.88	99.88	99.87
26.11.2020	EUR	100.92	99.92	99.91
27.11.2020	EUR	100.97	99.97	99.96
28.11.2020	EUR			99.96
29.11.2020	EUR			99.96
30.11.2020	EUR	100.98	99.98	99.97
01.12.2020	EUR	100.99	99.99	99.98
02.12.2020	EUR	100.92	99.92	99.92
03.12.2020	EUR	100.87	99.87	99.86
04.12.2020	EUR	100.78	99.78	99.77
05.12.2020	EUR			99.77
06.12.2020	EUR			99.77
07.12.2020	EUR	100.82	99.82	99.82
08.12.2020	EUR	100.86	99.86	99.85
09.12.2020	EUR	100.98	99.98	99.98
10.12.2020	EUR	100.95	99.95	99.94
11.12.2020	EUR	100.94	99.94	99.93
12.12.2020	EUR			99.93
13.12.2020	EUR			99.93
14.12.2020	EUR	100.99	99.99	99.98
15.12.2020	EUR	100.91	99.91	99.90
16.12.2020	EUR	100.94	99.94	99.93
17.12.2020	EUR	101.00	100.00	99.99
18.12.2020	EUR	101.00	100.00	99.99
19.12.2020	EUR			99.99
20.12.2020	EUR			99.99
21.12.2020	EUR	100.97	99.97	99.96
22.12.2020	EUR	100.86	99.86	99.86
23.12.2020	EUR	100.96	99.96	99.94
24.12.2020	EUR			99.94
25.12.2020	EUR			99.94
26.12.2020	EUR			99.94
27.12.2020	EUR			99.94
28.12.2020	EUR	100.81	99.81	99.79
29.12.2020	EUR	100.91	99.91	99.90
30.12.2020	EUR	100.96	99.96	99.96
31.12.2020	EUR			99.96
01.01.2021	EUR			99.96
04.01.2021	EUR	101.10	100.10	100.10
05.01.2021	EUR	100.97	99.97	99.97
06.01.2021	EUR	100.94	99.94	99.94
07.01.2021	EUR	100.83	99.83	99.83
08.01.2021	EUR	100.93	99.93	99.93
11.01.2021	EUR	100.96	99.96	99.96
12.01.2021	EUR	100.92	99.92	99.92
13.01.2021	EUR	100.80	99.80	99.80
14.01.2021	EUR	101.00	100.00	100.00
15.01.2021	EUR	100.96	99.96	99.96
18.01.2021	EUR	101.00	100.00	100.00
19.01.2021	EUR	101.02	100.02	100.02
20.01.2021	EUR	101.11	100.11	100.11
21.01.2021	EUR	101.26	100.26	100.26
22.01.2021	EUR	101.18	100.18	100.18
25.01.2021	EUR	101.18	100.18	100.18
26.01.2021	EUR	101.24	100.24	100.24
27.01.2021	EUR	101.21	100.21	100.21
28.01.2021	EUR	101.00	100.00	100.00
29.01.2021	EUR	101.05	100.05	100.05
01.02.2021	EUR	100.80	99.80	99.80
02.02.2021	EUR	101.04	100.04	100.04
03.02.2021	EUR	101.24	100.24	100.24
04.02.2021	EUR	101.21	100.21	100.21
05.02.2021	EUR	101.24	100.24	100.24
08.02.2021	EUR	101.24	100.24	100.24
09.02.2021	EUR	101.28	100.28	100.28
10.02.2021	EUR	101.32	100.32	100.32
11.02.2021	EUR	101.31	100.31	100.31
12.02.2021	EUR	101.30	100.30	100.30
15.02.2021	EUR	101.33	100.33	100.33
16.02.2021	EUR	101.24	100.24	100.24
17.02.2021	EUR	101.19	100.19	100.19
18.02.2021	EUR	101.24	100.24	100.24
19.02.2021	EUR	101.13	100.13	100.13
22.02.2021	EUR	100.82	99.82	99.82
23.02.2021	EUR	100.64	99.64	99.64
24.02.2021	EUR	100.54	99.54	99.54
25.02.2021	EUR	100.58	99.58	99.58
26.02.2021	EUR	99.95	98.96	98.96
01.03.2021	EUR	100.08	99.09	99.09
02.03.2021	EUR	100.53	99.53	99.53
03.03.2021	EUR	100.59	99.59	99.59
04.03.2021	EUR	100.28	99.29	99.29
05.03.2021	EUR	100.09	99.10	99.10
08.03.2021	EUR	100.27	99.28	99.28
09.03.2021	EUR	100.20	99.21	99.21
10.03.2021	EUR	100.39	99.40	99.40
11.03.2021	EUR	100.48	99.49	99.49
12.03.2021	EUR	100.53	99.53	99.53
15.03.2021	EUR	100.26	99.27	99.27
16.03.2021	EUR	100.35	99.36	99.36
17.03.2021	EUR	100.42	99.43	99.43
18.03.2021	EUR	100.34	99.35	99.35
19.03.2021	EUR	100.17	99.18	99.18
22.03.2021	EUR	100.17	99.18	99.18
23.03.2021	EUR	100.36	99.37	99.37
24.03.2021	EUR	100.46	99.47	99.47
25.03.2021	EUR	100.51	99.51	99.51
26.03.2021	EUR	100.56	99.56	99.56
29.03.2021	EUR	100.56	99.56	99.56
30.03.2021	EUR	100.58	99.58	99.58
31.03.2021	EUR	100.50	99.50	99.50
01.04.2021	EUR	100.47	99.48	99.48
06.04.2021	EUR	100.74	99.74	99.74
07.04.2021	EUR	100.78	99.78	99.78
08.04.2021	EUR	100.78	99.78	99.78
09.04.2021	EUR	100.91	99.91	99.91
12.04.2021	EUR	100.91	99.91	99.91
13.04.2021	EUR	100.88	99.88	99.88
14.04.2021	EUR	100.93	99.93	99.93
15.04.2021	EUR	100.78	99.78	99.78
16.04.2021	EUR	101.05	100.05	100.05
19.04.2021	EUR	100.97	99.97	99.97
20.04.2021	EUR	100.86	99.86	99.86
21.04.2021	EUR	100.87	99.87	99.87
22.04.2021	EUR	100.99	99.99	99.99
23.04.2021	EUR	101.00	100.00	100.00
26.04.2021	EUR	101.01	100.01	100.01
27.04.2021	EUR	100.94	99.94	99.94
28.04.2021	EUR	100.87	99.87	99.87
29.04.2021	EUR	100.86	99.86	99.86
30.04.2021	EUR	100.80	99.80	99.80
03.05.2021	EUR	100.82	99.82	99.82
04.05.2021	EUR	100.85	99.85	99.85
05.05.2021	EUR	100.87	99.87	99.87
06.05.2021	EUR	100.93	99.93	99.93
07.05.2021	EUR	100.96	99.96	99.96
10.05.2021	EUR	100.92	99.92	99.92
11.05.2021	EUR	100.78	99.78	99.78
12.05.2021	EUR	100.61	99.61	99.61
14.05.2021	EUR	100.53	99.53	99.53
17.05.2021	EUR	100.60	99.60	99.60
18.05.2021	EUR	100.58	99.58	99.58
19.05.2021	EUR	100.45	99.46	99.46
20.05.2021	EUR	100.39	99.40	99.40
21.05.2021	EUR	100.52	99.52	99.52
25.05.2021	EUR	100.68	99.68	99.68
26.05.2021	EUR	100.77	99.77	99.77
27.05.2021	EUR	100.82	99.82	99.82
28.05.2021	EUR	100.69	99.69	99.69
31.05.2021	EUR	100.73	99.73	99.73
01.06.2021	EUR	100.70	99.70	99.70
02.06.2021	EUR	100.65	99.65	99.65
03.06.2021	EUR	100.72	99.72	99.72
04.06.2021	EUR	100.67	99.67	99.67
07.06.2021	EUR	100.86	99.86	99.86
08.06.2021	EUR	100.79	99.79	99.79
09.06.2021	EUR	100.87	99.87	99.87
10.06.2021	EUR	101.00	100.00	100.00
11.06.2021	EUR	101.12	100.12	100.12
14.06.2021	EUR	101.20	100.20	100.20
15.06.2021	EUR	101.15	100.15	100.15
16.06.2021	EUR	101.12	100.12	100.12
17.06.2021	EUR	101.05	100.05	100.05
18.06.2021	EUR	101.25	100.25	100.25
21.06.2021	EUR	101.26	100.26	100.26
22.06.2021	EUR	101.23	100.23	100.23
24.06.2021	EUR	101.20	100.20	100.20
25.06.2021	EUR	101.26	100.26	100.26
28.06.2021	EUR	101.18	100.18	100.18
29.06.2021	EUR	101.29	100.29	100.29
30.06.2021	EUR	101.28	100.28	100.28
01.07.2021	EUR	101.37	100.37	100.37
02.07.2021	EUR	101.35	100.35	100.35
05.07.2021	EUR	101.54	100.53	100.53
06.07.2021	EUR	101.49	100.49	100.49
07.07.2021	EUR	101.70	100.69	100.69
08.07.2021	EUR	101.88	100.87	100.87
09.07.2021	EUR	101.85	100.84	100.84
12.07.2021	EUR	101.80	100.79	100.79
13.07.2021	EUR	101.84	100.83	100.83
14.07.2021	EUR	101.79	100.78	100.78
15.07.2021	EUR	101.90	100.89	100.89
16.07.2021	EUR	101.94	100.93	100.93
19.07.2021	EUR	101.93	100.92	100.92
20.07.2021	EUR	102.01	101.00	101.00
21.07.2021	EUR	102.14	101.13	101.13
22.07.2021	EUR	102.04	101.03	101.03
23.07.2021	EUR	102.13	101.12	101.12
26.07.2021	EUR	102.20	101.19	101.19
27.07.2021	EUR	102.12	101.11	101.11
28.07.2021	EUR	102.15	101.14	101.14
29.07.2021	EUR	102.19	101.18	101.18
30.07.2021	EUR	102.13	101.12	101.12

Export CSV

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).

Morningstar Rating™ overall: © (2021) Morningstar Inc. All rights reserved. The information contained herein: (1) is protected by copyright for Morningstar and / or its content providers; (2) may not be copied or distributed, and (3) is not guaranteed with regard to its accuracy, completeness, or timeliness. Neither Morningstar nor its content providers are liable for any damages or losses that may result from the use of this information. Ratings refer to the previous month. Status:

Fund manager

Wilhelm Wildschütz

Portfolio Manager & Analyst at Flossbach von Storch AG since 2018
Division Head of Treasury & Trading at Bankhaus Lampe (2005 – 2018)
Derivatives Trader at IKB Deutsche Industriebank (1998 – 2005)
Securities Trader at Spütz and Commerzbank (1990 – 1998)
Bank traineeship at the Deutsche Bundesbank (1987 – 1990). Studied Financial Management at Fernuniversität Hagen and graduated from the University of Wales with a Master of Business Administration (MBA) (2008 – 2011)

Elmar Peters

Co-management of the Multi-Asset Team since April 2016
Head of Institutional Asset Management and Senior Portfolio Manager at Flossbach von Storch AG (2010–2016)
Support and management of equity mandates for institutional clients at Bankhaus Lampe KG in Düsseldorf (2001–2010)
Securities Trader and Investment Adviser at Commerzbank AG in Düsseldorf (1993–2001)
Investment Adviser and Bank Trainee at Bankhaus Delbrück & Co. in Aachen/Cologne (1988–1993)

Flossbach von Storch - Der erste Schritt HT

Annual performance (As at: 30.07.2021)

Performance (EUR, gross, in %, As at: 30.07.2021)

Accumulated Performance (gross, in %, As at: 30.07.2021)

Monthly performance (gross, in %, As at: 30.07.2021)

Historic Prices

Opportunities

Risks

Tranche

Fund manager

Morningstar Rating

Costs

Risk/Return profile

Documents

Contact