Flossbach von Storch - Der erste Schritt - RT

Flossbach von Storch - Der erste Schritt is a globally diversified, defensive mixed fund with an active investment approach. The Fund flexibly exploits the opportunities of the entire bond market and ‒ to a limited extent ‒ those of the equity market. The aim is to achieve the most stable returns possible over time. The focus of the Fund is on government bonds, covered bonds and corporate bonds, as well as equities, although their share is limited to a maximum of 15 per cent. Foreign currency risks are largely hedged. Securities are selected within the framework of a fundamental analysis process. Fund Manager Wilhelm Wildschütz relies on research instruments developed in-house. Other in-house valuation models include ESG questions, engagement, and voting. In addition, exclusion criteria defined as part of the Sub-Fund's investment policy are taken into account. The Sub-Fund is actively managed and not benchmarked against an index. The portfolio is composed by the fund manager exclusively in accordance with the criteria defined in the investment policy, reviewed regularly and adjusted if necessary. The Sub-Fund is classified as an Article 8 product within the meaning of the Disclosure Regulation (EU) 2019/2088 (SFDR).


WKN:A2QLWB
ISIN:LU2279688266
Authorised for distribution:AT, CH, DE, ES, LI, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
SFDR Classification:Article 8
Fund currency:EUR
Launch date:10 February 2021
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:1 July 2022
Fund assets:681.853.626,54 EUR
NIW:96.11 EUR
Redemption price:96.11 EUR
Issue price*:97.07 EUR
Ongoing charges:0.94%
which includes a management fee of:0.83%
Performance fee:
Issue surcharge:up to 1.00%

* incl. max. issue surcharge 1.00%

Source: Custodian bank / Paying agent

Annual performance (As at: 01.07.2022)

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: 01.07.2022)

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: 01.07.2022)

YTD-3.51%
1 year-3.83%
1 year p.a.-3.83%
since launch (10.02.2021)-3.89%

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: 01.07.2022)

 20222021
Jan-0.84%
Feb-1.14%-1.36%
Mar-1.12%0.52%
Apr0.23%0.27%
May0.07%-0.09%
Jun-1.04%0.52%
Jul0.29%0.81%
Aug0.13%
Sep-0.89%
Oct-0.50%
Nov0.23%
Dec-0.01%
YTD-3.51%-0.39%

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
EUR100.9999.9999.99
EUR100.9899.9899.98
EUR101.01100.01100.01
EUR100.9299.9299.92
EUR100.8799.8799.87
EUR100.9299.9299.92
EUR100.8199.8199.81
EUR100.4899.4999.49
EUR100.3099.3199.31
EUR100.2199.2299.22
EUR100.2599.2699.26
EUR99.6398.6498.64
EUR99.7598.7698.76
EUR100.1999.2099.20
EUR100.2499.2599.25
EUR99.9598.9698.96
EUR99.7698.7798.77
EUR99.9398.9498.94
EUR99.8798.8898.88
EUR100.0699.0799.07
EUR100.1599.1699.16
EUR100.1899.1999.19
EUR99.9298.9398.93
EUR100.0199.0299.02
EUR100.0899.0999.09
EUR100.0099.0199.01
EUR99.8398.8498.84
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EUR100.0299.0399.03
EUR100.1199.1299.12
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EUR100.2099.2199.21
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EUR100.4199.4299.42
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EUR100.4899.4999.49
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EUR100.6199.6199.61
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EUR100.4899.4999.49
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EUR100.4899.4999.49
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EUR100.3899.3999.39
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EUR100.2899.2999.29
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EUR100.5999.5999.59
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EUR101.41100.41100.41
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EUR101.57100.56100.56
EUR101.70100.69100.69
EUR101.60100.59100.59
EUR101.68100.67100.67
EUR101.75100.74100.74
EUR101.67100.66100.66
EUR101.70100.69100.69
EUR101.74100.73100.73
EUR101.67100.66100.66
EUR101.73100.72100.72
EUR101.78100.77100.77
EUR101.85100.84100.84
EUR101.87100.86100.86
EUR101.83100.82100.82
EUR101.74100.73100.73
EUR101.77100.76100.76
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EUR101.81100.80100.80
EUR101.85100.84100.84
EUR101.89100.88100.88
EUR101.82100.81100.81
EUR101.86100.85100.85
EUR101.90100.89100.89
EUR101.89100.88100.88
EUR101.84100.83100.83
EUR101.75100.74100.74
EUR101.67100.66100.66
EUR101.72100.71100.71
EUR101.80100.79100.79
EUR101.73100.72100.72
EUR101.73100.72100.72
EUR101.72100.71100.71
EUR101.66100.65100.65
EUR101.66100.65100.65
EUR101.57100.56100.56
EUR101.53100.52100.52
EUR101.55100.54100.54
EUR101.44100.44100.44
EUR101.41100.41100.41
EUR101.42100.42100.42
EUR101.40100.40100.40
EUR101.35100.35100.35
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EUR101.16100.16100.16
EUR101.10100.10100.10
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EUR100.8199.8199.81
EUR100.8999.8999.89
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EUR100.8099.8099.80
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EUR100.6999.6999.69
EUR100.5499.5499.54
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EUR100.8199.8199.81
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EUR100.5999.5999.59
EUR100.6599.6599.65
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EUR100.5999.5999.59
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EUR100.3899.3999.39
EUR100.3599.3699.36
EUR100.5699.5699.56
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EUR100.7999.7999.79
EUR100.8399.8399.83
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EUR100.7999.7999.79
EUR100.5899.5899.58
EUR100.5099.5099.50
EUR100.6799.6799.67
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EUR100.6999.6999.69
EUR100.7899.7899.78
EUR100.6499.6499.64
EUR100.5499.5499.54
EUR100.5999.5999.59
EUR100.5699.5699.56
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EUR100.6299.6299.62
EUR100.3799.3899.38
EUR100.3499.3599.35
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EUR100.4399.4499.44
EUR100.5499.5499.54
EUR100.4899.4999.49
EUR100.5599.5599.55
EUR100.5799.5799.57
EUR100.6299.6299.62
EUR100.5199.5199.51
EUR100.5699.5699.56
EUR100.6499.6499.64
EUR100.5599.5599.55
EUR100.4299.4399.43
EUR100.5499.5499.54
EUR100.5299.5299.52
EUR100.5799.5799.57
EUR100.6199.6199.61
EUR100.6099.6099.60
EUR100.6199.6199.61
EUR100.5799.5799.57
EUR100.5699.5699.56
EUR100.5499.5499.54
EUR100.4499.4599.45
EUR100.3799.3899.38
EUR100.3199.3299.32
EUR100.2699.2799.27
EUR100.2599.2699.26
EUR100.2299.2399.23
EUR100.1399.1499.14
EUR100.0599.0699.06
EUR100.0499.0599.05
EUR100.0499.0599.05
EUR100.0799.0899.08
EUR100.0499.0599.05
EUR99.9198.9298.92
EUR99.9098.9198.91
EUR99.8598.8698.86
EUR99.8398.8498.84
EUR99.7298.7398.73
EUR99.7698.7798.77
EUR99.7498.7598.75
EUR99.7898.7998.79
EUR99.7598.7698.76
EUR99.2898.3098.30
EUR99.0198.0398.03
EUR98.9297.9497.94
EUR98.9197.9397.93
EUR99.1198.1398.13
EUR98.7797.7997.79
EUR98.6697.6897.68
EUR98.6597.6797.67
EUR98.8297.8497.84
EUR98.8597.8797.87
EUR98.8597.8797.87
EUR98.8997.9197.91
EUR98.8297.8497.84
EUR98.6797.6997.69
EUR98.4897.5097.50
EUR98.6797.6997.69
EUR98.6297.6497.64
EUR98.8897.9097.90
EUR99.1098.1298.12
EUR98.9397.9597.95
EUR98.8897.9097.90
EUR98.8397.8597.85
EUR98.7197.7397.73
EUR98.5097.5297.52
EUR98.4897.5097.50
EUR98.2697.2997.29
EUR98.1997.2297.22
EUR98.1397.1697.16
EUR98.2197.2497.24
EUR98.2497.2797.27
EUR98.3897.4197.41
EUR98.4097.4397.43
EUR98.2697.2997.29
EUR98.2097.2397.23
EUR98.1897.2197.21
EUR97.8696.8996.89
EUR97.7196.7496.74
EUR97.7096.7396.73
EUR97.6596.6896.68
EUR97.5296.5596.55
EUR97.6196.6496.64
EUR97.7496.7796.77
EUR97.8296.8596.85
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EUR97.9596.9896.98
EUR97.9296.9596.95
EUR97.7796.8096.80
EUR97.7096.7396.73
EUR97.8096.8396.83
EUR97.7496.7796.77
EUR97.8296.8596.85
EUR97.8896.9196.91
EUR97.8196.8496.84
EUR97.5896.6196.61
EUR97.3796.4196.41
EUR97.6496.6796.67
EUR97.6496.6796.67
EUR97.7896.8196.81
EUR97.7496.7796.77
EUR97.6696.6996.69
EUR97.5796.6096.60
EUR97.3996.4396.43
EUR97.4996.5296.52
EUR97.4596.4996.49
EUR97.3396.3796.37
EUR97.3596.3996.39
EUR97.5996.6296.62
EUR97.7996.8296.82
EUR97.9196.9496.94
EUR97.9196.9496.94
EUR97.7196.7496.74
EUR97.6296.6596.65
EUR97.5496.5796.57
EUR97.8096.8396.83
EUR97.6996.7296.72
EUR97.7596.7896.78
EUR97.9096.9396.93
EUR97.8796.9096.90
EUR97.8196.8496.84
EUR97.7896.8196.81
EUR97.6196.6496.64
EUR97.5396.5696.56
EUR97.5396.5696.56
EUR97.4796.5096.50
EUR97.4096.4496.44
EUR97.2796.3196.31
EUR96.9295.9695.96
EUR96.5195.5595.55
EUR96.1595.2095.20
EUR96.4695.5095.50
EUR96.3095.3595.35
EUR96.4695.5095.50
EUR96.4095.4595.45
EUR96.4395.4895.48
EUR96.8195.8595.85
EUR96.9195.9595.95
EUR96.8195.8595.85
EUR96.7795.8195.81
EUR96.7995.8395.83
EUR97.0796.1196.11

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).

Morningstar Rating™ overall: © (2022) 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: