Flossbach von Storch - Dividend - IT

Flossbach von Storch - Dividend is a globally diversified equity fund with an active investment approach. The focus is on first-class companies with an attractive dividend profile. What is important here is not only the dividend yield, but above all dividend security and dividend growth potential. When selecting individual securities, the fund management relies on in-house analytical tools and valuation models. 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. At least 75 per cent of the Fund's assets are invested directly in equities. In addition, the Fund may invest in share certificates and share index certificates as well as bonds, time deposits and target funds. 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:A2QQ1B
ISIN:LU2312730000
Authorised for distribution:AT, CH, DE, IT, LI, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
SFDR Classification:Article 8
Fund currency:EUR
Launch date:15 March 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:2 December 2022
Fund assets:774.135.173,02 EUR
NIW:114.65 EUR
Redemption price:114.65 EUR
Issue price*:120.38 EUR
Ongoing charges:0.78%
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)

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-5.78%
1 year-0.43%
3 years32.38%
5 years53.88%
10 years165.15%
1 year p.a.-0.43%
3 years p.a.9.79%
5 years p.a.9.00%
10 years p.a.10.24%
since 02.10.2012166.45%

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-3.09%0.95%1.72%7.16%1.85%0.09%-9.46%5.24%-2.58%2.98%
Feb-3.11%0.53%-6.51%4.41%-3.54%3.94%3.40%5.54%3.21%1.97%
Mar1.24%6.21%-9.49%4.38%-2.91%-0.47%3.64%1.10%1.26%3.85%
Apr1.63%2.03%12.18%3.63%3.11%0.39%1.28%0.44%1.72%1.01%
May-4.00%-0.33%1.43%-5.02%3.47%-0.38%0.59%1.58%3.13%2.80%
Jun-4.51%4.15%0.02%2.08%-0.10%-1.17%-0.59%-6.44%1.87%-3.12%
Jul8.80%2.56%2.15%3.37%1.26%-1.30%4.85%3.37%1.70%1.55%
Aug-2.35%1.42%3.60%-1.38%-0.23%-2.54%0.64%-7.09%2.03%-0.83%
Sep-7.69%-2.04%-1.62%1.19%0.52%2.22%-1.12%-4.01%0.91%1.69%
Oct4.52%3.67%-2.44%0.83%-5.17%1.76%-0.22%12.84%-0.29%0.94%-1.55%
Nov1.85%2.69%6.70%4.70%-0.04%2.07%1.64%1.65%5.02%2.43%2.07%
Dec1.90%3.39%0.55%2.34%-8.19%1.78%3.35%-3.39%1.39%0.25%-0.59%
YTD-5.78%28.04%6.74%30.77%-10.16%6.37%7.47%9.48%20.95%16.45%-0.10%

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*
EUR100.01
EUR105.77100.73100.73
EUR106.08101.03101.03
EUR105.95100.90100.90
EUR105.01100.01100.01
EUR100.01
EUR100.01
EUR104.7099.7199.72
EUR105.35100.33100.33
EUR105.64100.61100.61
EUR105.62100.59100.59
EUR105.97100.92100.93
EUR100.93
EUR100.93
EUR107.53102.41102.41
EUR108.14102.99102.99
EUR107.55102.43102.43
EUR107.61102.49102.50
EUR102.50
EUR102.50
EUR102.50
EUR102.50
EUR108.99103.80103.80
EUR108.61103.44103.44
EUR107.98102.84102.84
EUR108.84103.66103.66
EUR103.66
EUR103.66
EUR109.49104.28104.29
EUR109.22104.02104.02
EUR109.45104.24104.25
EUR108.95103.76103.77
EUR110.22104.97104.97
EUR104.97
EUR104.97
EUR110.63105.36105.36
EUR109.69104.47104.47
EUR108.44103.28103.28
EUR109.66104.44104.44
EUR109.81104.58104.58
EUR104.58
EUR104.58
EUR109.96104.72104.72
EUR109.60104.38104.38
EUR109.62104.40104.40
EUR109.55104.33104.33
EUR109.74104.51104.51
EUR104.51
EUR104.51
EUR109.70104.48104.48
EUR109.89104.66104.66
EUR109.65104.43104.43
EUR110.02104.78104.78
EUR109.96104.72104.72
EUR104.72
EUR104.72
EUR109.94104.70104.70
EUR109.36104.15104.15
EUR108.27103.11103.10
EUR103.10
EUR108.47103.30103.30
EUR103.30
EUR103.30
EUR109.05103.86103.86
EUR108.99103.80103.79
EUR108.12102.97102.97
EUR107.66102.53102.52
EUR108.68103.50103.50
EUR103.50
EUR103.50
EUR103.50
EUR109.43104.22104.22
EUR109.02103.83103.83
EUR109.07103.88103.89
EUR108.94103.75103.75
EUR103.75
EUR103.75
EUR109.38104.17104.17
EUR109.01103.82103.82
EUR108.63103.46103.47
EUR109.20104.00104.00
EUR109.55104.33104.32
EUR104.32
EUR104.32
EUR109.96104.72104.72
EUR109.60104.38104.38
EUR109.68104.46104.46
EUR109.83104.60104.60
EUR110.48105.22105.22
EUR105.22
EUR105.22
EUR111.21105.91105.91
EUR111.51106.20106.19
EUR111.46106.15106.15
EUR110.84105.56105.56
EUR112.48107.12107.12
EUR107.12
EUR107.12
EUR111.70106.38106.38
EUR112.41107.06107.06
EUR107.06
EUR112.40107.05107.05
EUR113.15107.76107.76
EUR107.76
EUR107.76
EUR113.60108.19108.19
EUR113.68108.27108.27
EUR113.91108.49108.49
EUR114.10108.67108.68
EUR114.60109.14109.14
EUR109.14
EUR109.14
EUR115.27109.78109.78
EUR115.27109.78109.78
EUR115.31109.82109.82
EUR116.09110.56110.56
EUR114.86109.39109.39
EUR109.39
EUR109.39
EUR115.58110.08110.08
EUR116.01110.49110.49
EUR116.46110.91110.91
EUR116.94111.37111.37
EUR116.85111.29111.29
EUR111.29
EUR111.29
EUR116.71111.15111.15
EUR114.71109.25109.24
EUR115.70110.19110.19
EUR116.16110.63110.63
EUR116.38110.84110.84
EUR110.84
EUR110.84
EUR117.50111.90111.90
EUR116.66111.10111.10
EUR116.20110.67110.67
EUR116.81111.25111.25
EUR116.83111.27111.27
EUR111.27
EUR111.27
EUR116.69111.13111.13
EUR115.90110.38110.38
EUR116.56111.01111.01
EUR116.37110.83110.83
EUR117.16111.58111.58
EUR111.58
EUR111.58
EUR117.61112.01112.00
EUR117.88112.27112.27
EUR118.07112.45112.45
EUR118.23112.60112.60
EUR118.37112.73112.73
EUR112.73
EUR112.73
EUR118.02112.40112.40
EUR118.16112.53112.53
EUR118.71113.06113.06
EUR117.25111.67111.67
EUR117.34111.75111.75
EUR111.75
EUR111.75
EUR118.09112.47112.47
EUR118.55112.90112.90
EUR118.07112.45112.45
EUR117.96112.34112.34
EUR117.47111.88111.88
EUR111.88
EUR111.88
EUR117.85112.24112.24
EUR118.48112.84112.85
EUR118.15112.52112.53
EUR118.14112.51112.50
EUR118.13112.50112.49
EUR112.49
EUR112.49
EUR118.16112.53112.54
EUR118.62112.97112.97
EUR118.24112.61112.61
EUR118.19112.56112.56
EUR117.68112.08112.08
EUR112.08
EUR112.08
EUR116.96111.39111.39
EUR116.95111.38111.38
EUR116.54110.99111.00
EUR117.03111.46111.46
EUR117.46111.87111.87
EUR111.87
EUR111.87
EUR116.74111.18111.18
EUR115.61110.10110.10
EUR115.95110.43110.43
EUR116.56111.01111.01
EUR117.56111.96111.96
EUR111.96
EUR111.96
EUR117.66112.06112.06
EUR117.38111.79111.79
EUR115.31109.82109.82
EUR116.08110.55110.54
EUR114.93109.46109.46
EUR109.46
EUR109.46
EUR115.48109.98109.98
EUR114.15108.71108.71
EUR115.07109.59109.60
EUR115.97110.45110.46
EUR116.84111.28111.28
EUR111.28
EUR111.28
EUR116.84111.28111.28
EUR116.18110.65110.64
EUR116.30110.76110.76
EUR116.81111.25111.25
EUR118.49112.85112.85
EUR112.85
EUR112.85
EUR119.30113.62113.62
EUR119.57113.88113.88
EUR120.12114.40114.40
EUR120.24114.51114.51
EUR120.53114.79114.79
EUR114.79
EUR114.79
EUR121.02115.26115.26
EUR121.39115.61115.61
EUR121.82116.02116.02
EUR120.72114.97114.97
EUR120.33114.60114.60
EUR114.60
EUR114.60
EUR114.60
EUR120.59114.85114.85
EUR121.12115.35115.35
EUR121.49115.70115.70
EUR122.07116.26116.26
EUR116.26
EUR116.26
EUR122.07116.26116.25
EUR122.07116.26116.26
EUR122.28116.46116.46
EUR122.67116.83116.83
EUR122.91117.06117.06
EUR117.06
EUR117.06
EUR124.11118.20118.20
EUR124.62118.69118.69
EUR125.98119.98119.98
EUR125.82119.83119.83
EUR124.95119.00119.00
EUR119.00
EUR119.00
EUR125.70119.71119.71
EUR125.17119.21119.21
EUR124.72118.78118.78
EUR125.65119.67119.67
EUR125.55119.57119.57
EUR119.57
EUR119.57
EUR122.26116.44116.44
EUR123.57117.69117.69
EUR121.50115.71115.71
EUR120.91115.15115.15
EUR121.89116.09116.09
EUR116.09
EUR116.09
EUR121.85116.05116.04
EUR123.42117.54117.54
EUR125.34119.37119.37
EUR124.89118.94118.94
EUR124.95119.00119.00
EUR119.00
EUR119.00
EUR125.65119.67119.67
EUR125.76119.77119.77
EUR124.62118.69118.69
EUR126.00120.00120.01
EUR125.95119.95119.95
EUR119.95
EUR119.95
EUR124.75118.81118.81
EUR123.11117.25117.25
EUR125.04119.09119.10
EUR125.93119.93119.93
EUR119.93
EUR119.93
EUR119.93
EUR126.30120.29120.29
EUR127.56121.49121.50
EUR127.89121.80121.80
EUR127.76121.68121.68
EUR121.68
EUR121.68
EUR121.68
EUR127.59121.51121.51
EUR127.77121.69121.69
EUR127.58121.50121.50
EUR126.44120.42120.42
EUR126.21120.20120.20
EUR120.20
EUR120.20
EUR125.29119.32119.32
EUR124.92118.97118.97
EUR125.67119.69119.69
EUR125.51119.53119.53
EUR124.08118.17118.17
EUR118.17
EUR118.17
EUR123.73117.84117.84
EUR123.93118.03118.03
EUR123.46117.58117.58
EUR123.81117.91117.91
EUR123.10117.24117.24
EUR117.24
EUR117.24
EUR121.79115.99115.99
EUR121.45115.67115.67
EUR121.01115.25115.25
EUR120.54114.80114.80
EUR121.72115.92115.92
EUR115.92
EUR115.92
EUR123.82117.92117.92
EUR124.67118.73118.73
EUR125.06119.10119.10
EUR126.05120.05120.05
EUR123.46117.58117.58
EUR117.58
EUR117.58
EUR122.36116.53116.53
EUR122.04116.23116.23
EUR122.44116.61116.61
EUR124.06118.15118.15
EUR121.76115.96115.96
EUR115.96
EUR115.96
EUR120.95115.19115.19
EUR120.81115.06115.06
EUR121.32115.54115.54
EUR121.38115.60115.60
EUR119.93114.22114.22
EUR114.22
EUR114.22
EUR119.42113.73113.73
EUR118.95113.29113.29
EUR118.28112.65112.65
EUR117.12111.54111.54
EUR118.46112.82112.82
EUR119.96114.25114.25
EUR119.16113.49113.49
EUR118.36112.72112.72
EUR120.39114.66114.66
EUR119.48113.79113.79
EUR118.61112.96112.96
EUR116.26110.72110.72
EUR114.68109.22109.22
EUR116.77111.21111.21
EUR115.16109.68109.68
EUR114.48109.03109.03
EUR114.51109.06109.06
EUR116.61111.06111.06
EUR118.66113.01113.01
EUR118.98113.31113.31
EUR120.50114.76114.76
EUR120.14114.42114.42
EUR121.42115.64115.64
EUR119.54113.85113.85
EUR119.79114.09114.09
EUR120.31114.58114.58
EUR121.38115.60115.60
EUR122.29116.47116.47
EUR121.45115.67115.67
EUR120.30114.57114.57
EUR122.18116.36116.36
EUR123.31117.44117.44
EUR123.28117.41117.41
EUR122.45116.62116.62
EUR122.93117.08117.08
EUR123.30117.43117.43
EUR121.84116.04116.04
EUR121.11115.34115.34
EUR121.98116.17116.17
EUR121.24115.47115.47
EUR122.28116.46116.46
EUR122.42116.59116.59
EUR121.74115.94115.94
EUR119.16113.49113.49
EUR120.03114.31114.31
EUR118.50112.86112.86
EUR120.72114.97114.97
EUR123.43117.55117.55
EUR120.66114.91114.91
EUR120.19114.47114.47
EUR120.14114.42114.42
EUR121.81116.01116.01
EUR118.69113.04113.04
EUR114.41108.96108.96
EUR114.50109.05109.05
EUR114.64109.18109.18
EUR115.64110.13110.13
EUR117.42111.83111.83
EUR117.45111.86111.86
EUR117.96112.34112.34
EUR114.83109.36109.36
EUR113.72108.30108.30
EUR114.92109.45109.45
EUR115.52110.02110.02
EUR114.00108.57108.57
EUR116.17110.64110.64
EUR118.38112.74112.74
EUR118.49112.85112.85
EUR118.53112.89112.89
EUR117.41111.82111.82
EUR118.89113.23113.23
EUR118.25112.62112.62
EUR119.06113.39113.39
EUR117.98112.36112.36
EUR116.53110.98110.98
EUR114.42108.97108.97
EUR112.14106.80106.80
EUR111.20105.90105.90
EUR111.93106.60106.60
EUR108.63103.46103.46
EUR109.14103.94103.94
EUR109.13103.93103.93
EUR110.51105.25105.25
EUR112.32106.97106.97
EUR115.04109.56109.56
EUR114.23108.79108.79
EUR112.98107.60107.60
EUR113.15107.76107.76
EUR112.56107.20107.20
EUR113.87108.45108.45
EUR113.81108.39108.39
EUR114.92109.45109.45
EUR116.31110.77110.77
EUR117.48111.89111.89
EUR117.16111.58111.58
EUR117.11111.53111.53
EUR116.52110.97110.97
EUR115.62110.11110.11
EUR115.86110.34110.34
EUR117.18111.60111.60
EUR115.45109.95109.95
EUR117.60112.00112.00
EUR118.28112.65112.65
EUR119.93114.22114.22
EUR119.67113.97113.97
EUR119.73114.03114.03
EUR119.79114.09114.09
EUR121.40115.62115.62
EUR123.10117.24117.24
EUR123.99118.09118.09
EUR123.02117.16117.16
EUR122.73116.89116.89
EUR124.31118.39118.39
EUR124.35118.43118.43
EUR124.22118.30118.30
EUR123.93118.03118.03
EUR122.92117.07117.07
EUR124.06118.15118.15
EUR123.72117.83117.83
EUR126.84120.80120.80
EUR127.14121.09121.09
EUR126.53120.50120.50
EUR127.05121.00121.00
EUR126.57120.54120.54
EUR125.09119.13119.13
EUR124.11118.20118.20
EUR124.64118.70118.70
EUR125.71119.72119.72
EUR121.70115.90115.90
EUR121.13115.36115.36
EUR120.21114.49114.49
EUR118.74113.09113.09
EUR119.36113.68113.68
EUR118.31112.68112.68
EUR118.85113.19113.19
EUR119.00113.33113.33
EUR119.87114.16114.16
EUR120.39114.66114.66
EUR121.31115.53115.53
EUR121.74115.94115.94
EUR118.63112.98112.98
EUR118.44112.80112.80
EUR116.81111.25111.25
EUR115.59110.09110.09
EUR116.14110.61110.61
EUR114.75109.29109.29
EUR114.78109.31109.31
EUR113.68108.27108.27
EUR113.14107.75107.75
EUR113.07107.69107.69
EUR112.41107.06107.06
EUR113.60108.19108.19
EUR110.97105.69105.69
EUR109.89104.66104.66
EUR112.07106.73106.73
EUR113.98108.55108.55
EUR114.30108.86108.86
EUR113.44108.04108.04
EUR111.15105.86105.86
EUR110.93105.65105.65
EUR110.20104.95104.95
EUR109.70104.48104.48
EUR111.14105.85105.85
EUR109.88104.65104.65
EUR111.85106.52106.52
EUR112.38107.03107.03
EUR111.86106.53106.53
EUR110.64105.37105.37
EUR111.97106.64106.64
EUR112.65107.29107.29
EUR114.11108.68108.68
EUR113.47108.07108.07
EUR113.66108.25108.25
EUR115.99110.47110.47
EUR116.49110.94110.94
EUR113.96108.53108.53
EUR113.68108.27108.27
EUR114.47109.02109.02
EUR114.77109.30109.30
EUR115.14109.66109.66
EUR113.99108.56108.56
EUR118.41112.77112.77
EUR118.09112.47112.47
EUR117.73112.12112.12
EUR118.52112.88112.88
EUR117.61112.01112.01
EUR117.66112.06112.06
EUR117.99112.37112.37
EUR118.85113.19113.19
EUR119.44113.75113.75
EUR119.20113.52113.52
EUR119.16113.49113.49
EUR119.42113.73113.73
EUR118.29112.66112.66
EUR118.14112.51112.51
EUR121.11115.34115.34
EUR120.38114.65114.65

Opportunities

  • These funds aim to exploit growth opportunities on global equity markets.
  • Investing in assets denominated in a foreign currency can have a positive impact on unit values as a result of exchange rate movements.
  • Derivatives can be used to increase potential yields.
  • Potential to achieve above-average dividend income.

Risks

  • Equity markets and thus also unit values can experience severe fluctuations in response to market developments. The result can be a fall in the trading price. ESG criteria can restrict the selection of target investments in terms of category and number, sometimes considerably.
  • Investing in assets denominated in a foreign currency can have a negative impact on unit values as a result of exchange rate movements.
  • 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).
  • If dividends are reduced or not paid out at all, this can have a negative impact on investment returns.
  • By hedging currency risks, the fund share value may be adversely affected.

*Performance in the years 2012 to 2021 was simulated using the performance of share class I (LU0831568646) of sub-fund Flossbach von Storch - Dividend. 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.