Flossbach von Storch - Global Convertible Bond - IT

The Flossbach von Storch - Global Convertible Bond represents a defensive alternative to pure equity investments. The convex profile of convertible bonds enables investors to profit from rising prices on the equity market ‒ while at the same time limiting price risks. Security selection is based on a fundamental analysis process using in-house valuation models. If no convertible bond is available for an underlying security that appears attractive, or if its structure does not match the desired profile, the fund management can combine bond and call option to present a similarly attractive structure. Furthermore, the investment strategy includes ESG integration, engagement and voting. In addition, exclusion criteria defined as part of the Sub-Fund's investment policy are taken into account. Foreign currency risks are currently largely hedged. The fund invests globally in convertible bonds. At its own discretion, the fund management hedges the unit class against currency risks. However, no assurance can be given that the currency hedging will be successful. The Sub-Fund is actively managed. 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 performance of the Sub-Fund is compared using the UBS Thomson Reuters Global Focus Hedged Convertible Bond Index as a benchmark. The investment manager is not linked to the Index at any time when making investment decision and the portfolio composition. Therefore, the performance of the Sub-Fund may differ significantly from the reported benchmark. The Sub-Fund is classified as an Article 8 product under the Disclosure Regulation (EU) 2019/2088 (SFDR).


WKN:A2AQM9
ISIN:LU1481584875
Authorised for distribution:AT, CH, DE, ES, IT, LI, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
SFDR Classification:Article 8
Fund currency:EUR
Launch date:17 October 2016
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:2 December 2022
Fund assets:465.296.825,13 EUR
NIW:103.85 EUR
Redemption price:103.85 EUR
Issue price*:109.04 EUR
Ongoing charges:0.79%
which includes a management fee of:0.68%
Performance fee:
Issue surcharge:up to 5.00%
Exchange commission:up to 3.00% (based on the unit value of the units to be purchased for the benefit of the relevant distributor)

* incl. max. issue surcharge 5.00%

Source: Custodian bank / Paying agent

Annual performance (As at: 02.12.2022)

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: 02.12.2022)

Reference index: Refinitiv Global Focus Hedged Convertible Bond Index (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: 02.12.2022)

YTD-13.44%
1 year-13.07%
3 years-3.48%
5 years-0.50%
10 years26.15%
1 year p.a.-13.07%
3 years p.a.-1.17%
5 years p.a.-0.10%
10 years p.a.2.35%
since 12.10.200746.39%

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

Monthly performance (gross, in %, As at: 02.12.2022)

 20222021202020192018201720162015201420132012
Jan-2.52%0.34%0.39%2.42%0.31%0.50%-4.38%1.44%0.19%1.51%4.44%
Feb-2.04%0.35%-1.07%1.51%-0.96%1.25%1.26%3.16%1.68%0.14%3.03%
Mar-0.25%-0.93%-8.72%0.49%-0.66%0.13%3.18%0.62%-0.27%-1.84%0.91%
Apr-2.95%1.45%4.74%2.05%0.72%1.28%1.45%1.53%0.53%0.46%-0.32%
May-2.80%0.70%1.75%-1.90%-0.74%0.98%-0.03%-0.35%1.10%1.70%-2.45%
Jun-5.56%0.88%2.01%1.71%-0.10%-0.39%-1.60%-2.73%0.38%-2.48%0.72%
Jul3.33%-0.17%2.09%1.36%0.72%0.68%3.13%1.16%-0.04%2.10%3.48%
Aug-0.51%0.02%2.33%-0.09%0.02%-0.71%1.19%-1.46%-0.08%0.43%1.64%
Sep-5.01%-1.14%-0.04%0.43%-0.51%0.12%-0.01%-0.84%-1.99%1.69%2.41%
Oct1.13%0.55%0.28%0.23%-2.31%0.16%-0.20%4.65%-0.70%1.53%0.98%
Nov2.43%-0.71%4.02%1.20%-0.71%0.12%-0.86%0.38%0.82%-0.11%1.15%
Dec0.84%0.00%1.45%0.98%-2.32%0.37%1.17%-0.88%0.13%0.64%1.93%
YTD-13.44%1.30%8.89%10.82%-6.41%4.58%4.13%6.65%1.71%5.80%19.25%

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

Top 10 positions (As at: 31.10.2022)

0,000% RAG-STIFTUNG 17.06.20263.54 %
0,000% SAGERPAR 01.04.20263.45 %
2,000% JAZZ INVESTMENTS 15.06.20263.02 %
0,000% NEXI 24.02.20282.84 %
0,375% AKAMAI TECHNOLOGIES 01.09.20272.78 %
0,000% JPMORGAN CHASE 29.04.20252.57 %
0,625% TAG IMMOBILIEN 27.08.20262.46 %
0,400% LEG IMMOBILIEN 30.06.20282.44 %
0,050% DEUTSCHE POST 30.06.20252.35 %
0,000% SELENA 25.06.20252.20 %

Source: Depositary and Flossbach von Storch

Top 10 sectors for convertible bonds (As at: 31.10.2022)

Communication Services17.22 %
Consumer Discretionary14.05 %
Health Care13.77 %
Financials12.40 %
Information Technology12.08 %
Industrials10.46 %
Materials7.38 %
Real Estate5.82 %
Consumer Staples3.86 %
Utilities2.95 %

 Source: Depositary and Flossbach von Storch

Top regions for convertible bonds (As at: 31.10.2022)

Europe62.71 %
North America26.70 %
Latin America4.48 %
Middle East3.25 %
Asia ex Japan2.85 %

 Source: Depositary and Flossbach von Storch

Other key figures (As at: 31.10.2022)

Sharpe Ratio a0,14
Value at Risk (VaR) b-4,03%
Volatility c5,76%
Maximum drawdown d-18,50%

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*
EUR99.99
EUR104.9499.9499.93
EUR105.09100.09100.08
EUR105.19100.18100.17
EUR105.29100.28100.28
EUR100.28
EUR100.28
EUR105.27100.26100.25
EUR105.33100.31100.30
EUR105.38100.36100.35
EUR105.26100.25100.24
EUR105.06100.06100.06
EUR100.06
EUR100.06
EUR104.9999.9999.98
EUR99.98
EUR104.8499.8599.84
EUR104.5999.6199.60
EUR104.6199.6399.62
EUR99.62
EUR99.62
EUR104.3199.3499.33
EUR104.7799.7899.78
EUR104.9199.9199.90
EUR104.6199.6399.62
EUR104.4699.4999.49
EUR99.49
EUR99.49
EUR104.3099.3399.32
EUR103.9599.0099.00
EUR104.1199.1599.14
EUR104.1699.2099.19
EUR104.2299.2699.26
EUR99.26
EUR99.26
EUR104.0499.0999.08
EUR103.8298.8898.88
EUR103.9098.9598.94
EUR103.9599.0099.00
EUR103.9899.0399.02
EUR99.02
EUR99.02
EUR104.1799.2199.20
EUR104.0499.0999.09
EUR104.0999.1399.12
EUR103.9699.0199.00
EUR103.8198.8798.86
EUR98.86
EUR98.86
EUR103.6798.7398.73
EUR103.8098.8698.85
EUR103.9699.0199.00
EUR104.3599.3899.37
EUR104.5899.6099.60
EUR99.60
EUR99.60
EUR104.9199.9199.90
EUR104.8799.8899.87
EUR105.14100.13100.12
EUR105.03100.03100.03
EUR104.9499.9499.94
EUR99.94
EUR99.94
EUR105.03100.03100.02
EUR105.11100.10100.09
EUR105.11100.10100.09
EUR105.06100.06100.06
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EUR100.05
EUR100.05
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EUR105.17100.16100.15
EUR105.27100.26100.26
EUR105.24100.23100.22
EUR105.29100.28100.28
EUR100.28
EUR100.28
EUR105.28100.27100.27
EUR105.35100.33100.33
EUR105.44100.42100.42
EUR105.64100.61100.61
EUR105.82100.78100.78
EUR105.74100.70100.70
EUR105.72100.69100.69
EUR105.78100.74100.74
EUR105.86100.82100.82
EUR105.75100.71100.71
EUR105.92100.88100.88
EUR105.93100.89100.89
EUR105.89100.85100.85
EUR106.05101.00101.00
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EUR105.91100.87100.87
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EUR105.97100.92100.92
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EUR105.82100.78100.78
EUR105.66100.63100.63
EUR105.64100.61100.61
EUR105.68100.65100.65
EUR106.09101.04101.04
EUR106.13101.08101.08
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EUR106.30101.24101.24
EUR106.43101.36101.36
EUR106.61101.53101.53
EUR106.67101.59101.59
EUR106.68101.60101.60
EUR106.77101.69101.69
EUR106.81101.72101.72
EUR106.80101.71101.71
EUR106.79101.70101.70
EUR107.04101.94101.94
EUR107.05101.95101.95
EUR107.17102.07102.07
EUR107.10102.00102.00
EUR107.14102.04102.04
EUR107.10102.00102.00
EUR107.43102.31102.31
EUR107.31102.20102.20
EUR107.24102.13102.13
EUR107.10102.00102.00
EUR106.98101.89101.89
EUR106.97101.88101.88
EUR106.85101.76101.76
EUR106.91101.82101.82
EUR107.02101.92101.92
EUR106.91101.82101.82
EUR106.97101.88101.88
EUR107.10102.00102.00
EUR107.19102.09102.09
EUR107.18102.08102.08
EUR107.07101.97101.97
EUR106.85101.76101.76
EUR106.92101.83101.83
EUR107.05101.95101.95
EUR107.02101.92101.92
EUR107.09101.99101.99
EUR107.15102.05102.05
EUR107.28102.17102.17
EUR107.37102.26102.26
EUR107.37102.26102.26
EUR107.33102.22102.22
EUR107.43102.31102.31
EUR107.55102.43102.43
EUR107.75102.62102.62
EUR107.74102.61102.61
EUR107.75102.62102.62
EUR107.68102.55102.55
EUR107.71102.58102.58
EUR107.68102.55102.55
EUR107.63102.50102.50
EUR107.77102.64102.64
EUR107.71102.58102.58
EUR108.17103.02103.02
EUR108.38103.22103.22
EUR108.54103.37103.37
EUR108.65103.48103.48
EUR108.63103.46103.46
EUR108.80103.62103.62
EUR108.86103.68103.68
EUR108.82103.64103.64
EUR108.96103.77103.77
EUR109.00103.81103.81
EUR109.21104.01104.01
EUR109.32104.11104.11
EUR109.35104.14104.14
EUR109.43104.22104.22
EUR109.57104.35104.35
EUR109.60104.38104.38
EUR109.36104.15104.15
EUR109.20104.00104.00
EUR109.53104.31104.31
EUR109.63104.41104.41
EUR109.59104.37104.37
EUR109.78104.55104.55
EUR109.73104.50104.50
EUR109.68104.46104.46
EUR109.71104.49104.49
EUR109.65104.43104.43
EUR109.99104.75104.75
EUR110.26105.01105.01
EUR110.18104.93104.93
EUR110.05104.81104.81
EUR110.07104.83104.83
EUR110.01104.77104.77
EUR109.92104.69104.69
EUR109.91104.68104.68
EUR109.82104.59104.59
EUR109.59104.37104.37
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EUR109.74104.51104.51
EUR109.65104.43104.43
EUR109.66104.44104.44
EUR109.66104.44104.44
EUR109.77104.54104.54
EUR109.49104.28104.28
EUR109.55104.33104.33
EUR109.28104.08104.08
EUR109.25104.05104.05
EUR109.24104.04104.04
EUR109.21104.01104.01
EUR109.21104.01104.01
EUR109.04103.85103.85
EUR108.99103.80103.80
EUR109.10103.90103.90
EUR109.13103.93103.93
EUR109.38104.17104.17
EUR109.52104.30104.30
EUR109.65104.43104.43
EUR109.70104.48104.48
EUR109.70104.48104.48
EUR109.88104.65104.65
EUR109.86104.63104.63
EUR109.84104.61104.61
EUR109.78104.55104.55
EUR109.85104.62104.62
EUR110.02104.78104.78
EUR110.02104.78104.78
EUR110.03104.79104.79
EUR109.98104.74104.74
EUR110.05104.81104.81
EUR109.98104.74104.74
EUR109.95104.71104.71
EUR109.98104.74104.74
EUR110.09104.85104.85
EUR110.03104.79104.79
EUR109.80104.57104.57
EUR109.56104.34104.34
EUR109.46104.25104.25
EUR109.50104.29104.29
EUR109.58104.36104.36
EUR109.46104.25104.25
EUR109.34104.13104.13
EUR109.33104.12104.12
EUR109.46104.25104.25
EUR109.57104.35104.35
EUR109.20104.00104.00
EUR109.25104.05104.05
EUR109.14103.94103.94
EUR109.08103.89103.89
EUR109.25104.05104.05
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EUR109.57104.35104.35
EUR109.56104.34104.34
EUR109.52104.30104.30
EUR109.48104.27104.27
EUR109.53104.31104.31
EUR109.52104.30104.30
EUR109.67104.45104.45
EUR109.69104.47104.47
EUR109.76104.53104.53
EUR109.70104.48104.48
EUR109.76104.53104.53
EUR109.73104.50104.50
EUR109.66104.44104.44
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EUR109.52104.30104.30
EUR109.49104.28104.28
EUR109.56104.34104.34
EUR109.52104.30104.30
EUR109.46104.25104.25
EUR109.39104.18104.18
EUR109.54104.32104.32
EUR109.62104.40104.40
EUR109.63104.41104.41
EUR109.70104.48104.48
EUR109.79104.56104.56
EUR109.74104.51104.51
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EUR109.85104.62104.62
EUR109.94104.70104.70
EUR109.87104.64104.64
EUR109.85104.62104.62
EUR109.86104.63104.63
EUR109.73104.50104.50
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EUR109.68104.46104.46
EUR109.64104.42104.42
EUR109.41104.20104.20
EUR109.43104.22104.22
EUR109.56104.34104.34
EUR109.57104.35104.35
EUR109.76104.53104.53
EUR109.80104.57104.57
EUR109.95104.71104.71
EUR110.04104.80104.80
EUR109.96104.72104.72
EUR110.09104.85104.85
EUR109.82104.59104.59
EUR109.73104.50104.50
EUR109.65104.43104.43
EUR109.55104.33104.33
EUR109.36104.15104.15
EUR109.53104.31104.31
EUR109.57104.35104.35
EUR109.57104.35104.35
EUR109.78104.55104.55
EUR109.80104.57104.57
EUR109.81104.58104.58
EUR109.81104.58104.58
EUR109.74104.51104.51
EUR109.82104.59104.59
EUR109.70104.48104.48
EUR109.59104.37104.37
EUR109.65104.43104.43
EUR109.66104.44104.44
EUR109.60104.38104.38
EUR109.77104.54104.54
EUR109.66104.44104.44
EUR109.65104.43104.43
EUR109.65104.43104.43
EUR109.91104.68104.68
EUR110.00104.76104.76
EUR109.89104.66104.66
EUR109.92104.69104.69
EUR110.13104.89104.89
EUR110.08104.84104.84
EUR109.98104.74104.74
EUR110.04104.80104.80
EUR110.01104.77104.77
EUR110.09104.85104.85
EUR110.11104.87104.87
EUR110.03104.79104.79
EUR110.15104.90104.90
EUR110.28105.03105.03
EUR110.52105.26105.26
EUR110.74105.47105.47
EUR110.78105.50105.50
EUR110.88105.60105.60
EUR110.79105.51105.51
EUR110.74105.47105.47
EUR110.74105.47105.47
EUR110.71105.44105.44
EUR110.81105.53105.53
EUR110.81105.53105.53
EUR110.70105.43105.43
EUR110.85105.57105.57
EUR111.05105.76105.76
EUR111.08105.79105.79
EUR110.91105.63105.63
EUR110.70105.43105.43
EUR110.75105.48105.48
EUR110.63105.36105.36
EUR110.45105.19105.19
EUR110.37105.11105.11
EUR110.32105.07105.07
EUR109.91104.68104.68
EUR109.52104.30104.30
EUR109.24104.04104.04
EUR109.49104.28104.28
EUR108.97103.78103.78
EUR108.60103.43103.43
EUR108.82103.64103.64
EUR108.77103.59103.59
EUR108.82103.64103.64
EUR109.08103.89103.89
EUR109.36104.15104.15
EUR109.26104.06104.06
EUR109.36104.15104.15
EUR109.37104.16104.16
EUR109.19103.99103.99
EUR109.45104.24104.24
EUR109.45104.24104.24
EUR109.39104.18104.18
EUR109.35104.14104.14
EUR109.06103.87103.87
EUR108.74103.56103.56
EUR108.91103.72103.72
EUR109.00103.81103.81
EUR109.13103.93103.93
EUR109.32104.11104.11
EUR109.53104.31104.31
EUR109.75104.52104.52
EUR109.46104.25104.25
EUR109.38104.17104.17
EUR109.37104.16104.16
EUR109.36104.15104.15
EUR109.15103.95103.95
EUR109.17103.97103.97
EUR109.25104.05104.05
EUR108.94103.75103.75
EUR108.72103.54103.54
EUR108.70103.52103.52
EUR108.86103.68103.68
EUR108.66103.49103.49
EUR108.78103.60103.60
EUR108.78103.60103.60
EUR108.83103.65103.65
EUR109.28104.08104.08
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EUR117.52111.92111.92
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Opportunities

  • Investing in funds can deliver an attractive result at a lower level of risk compared to a direct investment in equities.
  • Income can be generated from regular interest payments.
  • Convertible bonds can increase in value when equity markets rise.
  • Derivatives can be used to increase potential yields.
  • Investing in assets denominated in a foreign currency can have a positive impact on unit values as a result of exchange rate movements.

Risks

  • Investing in convertible bonds may entail price risks, especially in the case of rising interest rates on the capital markets.
  • Convertible bonds can decline in value when equity markets fall.
  • 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. ESG criteria can restrict the selection of target investments in terms of category and number, sometimes considerably.
  • 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).
  • The straight concentration on special markets can have a negative impact because of the dependent performance of these selected markets.
  • Investing in assets denominated in a foreign currency can have a negative impact on unit values as a result of exchange rate movements.

*Performance in the years 2007 to 2016 was simulated using the performance of share class I (LU0320533861) of sub-fund Flossbach von Storch - Global Convertible Bond. The simulation took account of any differences in remuneration structure. Share class I and share class IT 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.

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.

For more information on Morningstar’s ratings, please visit: https://www.morningstar.co.uk/uk/help/Methodology.aspx.

Date: 31.10.2022

The Morningstar Rating shown here is based on a so-called “Track Record Extension”. This extension of the performance history implies that a back-calculation has taken place. The performance which is given dates back to before the launch of these sub-funds. The simulated performance corresponds to the methodology which is set out in the relevant Morningstar Extended Performance Methodology Paper. For more information please go to: https://www.morningstar.co.uk/uk/glossary/126106/track-record-extension.aspx.

Information regarding limited distribution


The English translation is only for the purpose of convenience.

The use of the distribution partners page is only permitted for distribution partners. The information provided in this area will be treated confidentially and is only intended for authorised third parties. The obligation to maintain confidentiality does not apply to information that is already generally accessible.

The information contained in the website from Flossbach von Storch AG is intended solely for German investors whose residence, registered office or centre of administration is in Germany. The information contained herein is not intended for publication, use or distribution by any person in a country in which a fund is not authorised for distribution. In particular, the shares of this fund may therefore not be offered for sale or sold within the United States of America (USA), to or on behalf of US citizens, or to or on behalf of US persons residing in the USA. The content shown is for informational purposes only. In particular, it does not constitute an offer to sell, purchase or subscribe to other assets. In the event that a person, whose residence or office is located abroad, is able to access the website of Flossbach von Storch AG and the information contained within, Flossbach von Storch AG does not accept any guarantee or liability that the information contained complies with the relevant applicable legal provisions of the respective country.