Multi-Asset Funds


With a diversified portfolio spread across a variety of asset classes, investors can reduce market risk and take advantage of earnings opportunities.  Putting together a portfolio of individual securities is complex. For many private investors, this does not make sense to do this on their own. Multi-asset funds take over this task: they actively combine several asset classes such as equities, bonds and gold, connecting investment opportunities with smart risk diversification. Independent investment decisions and clear investment guidelines are a key factor in the long-term success of robust multi-asset strategies.

Our multi-asset funds are designed for diverse investor needs.

NameISINWKNShare class currencyIncome utilisation
Flossbach von Storch SICAV - Multiple Opportunities RLU0323578657A0M430EURDistribution
Flossbach von Storch SICAV - Multiple Opportunities ILU0945408952A1W0MNEURDistribution
Flossbach von Storch SICAV - Multiple Opportunities FLU0323578574A0M43ZEURDistribution
Flossbach von Storch - Multiple Opportunities II R2LU0952573482A1W17YEURDistribution
Flossbach von Storch - Multiple Opportunities II RT2LU1038809395A1XEQ4EURAccumulating
Flossbach von Storch - Multiple Opportunities II H2, 7LU1748854863A2JA86EURDistribution
Flossbach von Storch - Multiple Opportunities II HT2, 7LU1748854947A2JA87EURAccumulating
Flossbach von Storch - Multiple Opportunities II CHF-RT1LU1172943745A1182CCHFAccumulating
Flossbach von Storch - Multiple Opportunities II USD-RT1LU1280372688A14YS1USDAccumulating
Flossbach von Storch - Multiple Opportunities II CHF-HT1, 7LU1748855167A2JA89CHFAccumulating
Flossbach von Storch - Multiple Opportunities II I2LU0952573300A1W17XEURDistribution
Flossbach von Storch - Multiple Opportunities II IT2LU1038809049A1XEQ3EURAccumulating
Flossbach von Storch - Multiple Opportunities II CHF-IT1LU1172942424A1182BCHFAccumulating
Flossbach von Storch - Multiple Opportunities II USD-IT1LU1280372415A14YS0USDAccumulating
Flossbach von Storch - Multiple Opportunities II USD-ET1LU2207301743A2P9FTUSDAccumulating
Flossbach von Storch - Der erste Schritt RLU0952573136A1W17WEURDistribution
Flossbach von Storch - Der erste Schritt RTLU2279688266A2QLWBEURAccumulating
Flossbach von Storch - Der erste Schritt HT, 7LU2207302121A2P9FUEURAccumulating
Flossbach von Storch - Der erste Schritt ILU0952573052A1W17VEURDistribution
Flossbach von Storch - Der erste Schritt ITLU2279688183A2QLWAEURAccumulating
Flossbach von Storch - Multi Asset - Defensive RLU0323577923A0M43UEURDistribution
Flossbach von Storch - Multi Asset - Defensive RTLU1245470163A14ULTEURAccumulating
Flossbach von Storch - Multi Asset - Defensive HT, 7LU1245470320A14ULVEURAccumulating
Flossbach von Storch - Multi Asset - Defensive ILU0323577840A0M43TEURDistribution
Flossbach von Storch - Multi Asset - Defensive ITLU1245470080A14ULSEURAccumulating
Flossbach von Storch - Multi Asset - Defensive ETLU1245470593A14ULWEURAccumulating
Flossbach von Storch - Multi Asset - Balanced R2LU0323578145A0M43WEURDistribution
Flossbach von Storch - Multi Asset - Balanced RT2LU1245470759A14ULYEURAccumulating
Flossbach von Storch - Multi Asset - Balanced CHF-RT1LU1245470916A14UL0CHFAccumulating
Flossbach von Storch - Multi Asset - Balanced HT2, 7LU1748855324A2JA9BEURAccumulating
Flossbach von Storch - Multi Asset - Balanced I2LU0323578061A0M43VEURDistribution
Flossbach von Storch - Multi Asset - Balanced IT2LU1245470676A14ULXEURAccumulating
Flossbach von Storch - Multi Asset - Balanced CHF-IT1LU1245470833A14ULZCHFAccumulating
Flossbach von Storch - Multi Asset - Balanced ET2LU1245471054A14UL1EURAccumulating
Flossbach von Storch - Multi Asset - Growth RLU0323578491A0M43YEURDistribution
Flossbach von Storch - Multi Asset - Growth RTLU1245471211A14UL3EURAccumulating
Flossbach von Storch - Multi Asset - Growth HT, 7LU1245471484A14UL5EURAccumulating
Flossbach von Storch - Multi Asset - Growth ILU0323578228A0M43XEURDistribution
Flossbach von Storch - Multi Asset - Growth ITLU1245471138A14UL2EURAccumulating
Flossbach von Storch - Multi Asset - Growth ETLU1245471567A14UL6EURAccumulating
Flossbach von Storch - Foundation Defensive SI2LU0323577766A0M43SEURDistribution
Flossbach von Storch - Foundation Defensive SR2LU1484808933A2AQ5YEURDistribution
Flossbach von Storch - Foundation Defensive R2LU2243568388A2QFWVEURDistribution
Flossbach von Storch - Foundation Defensive RT2LU2243568461A2QFWWEURAccumulating
Flossbach von Storch - Foundation Defensive CHF-R1LU2243568545A2QFWXCHFDistribution
Flossbach von Storch - Foundation Defensive HT2, 7LU2243569279A2QFW2EURAccumulating
Flossbach von Storch - Foundation Defensive I2LU2243568628A2QFWYEURDistribution
Flossbach von Storch - Foundation Defensive IT2LU2243568891A2QFWZEURAccumulating
Flossbach von Storch - Foundation Growth SR2LU2243567497A2QFWUEURDistribution
Flossbach von Storch - Foundation Growth SI2LU2243567224A2QFWTEURDistribution
Flossbach von Storch - Foundation Growth R2LU2243567570A2QFWKEURDistribution
Flossbach von Storch - Foundation Growth RT2LU2243567653A2QFWLEURAccumulating
Flossbach von Storch - Foundation Growth CHF-R1LU2243567737A2QFWMCHFDistribution
Flossbach von Storch - Foundation Growth HT2, 7LU2243568206A2QFWSEURAccumulating
Flossbach von Storch - Foundation Growth I2LU2243567810A2QFWNEURDistribution
Flossbach von Storch - Foundation Growth IT2LU2243567901A2QFWPEURAccumulating
* incl. max. issue surcharge
¹ Target currency hedging according to ESMA Opinion ESMA34-43-296 is between 95% and 105% of the share class volume. This currency hedging can have an impact on other share classes of the same sub-fund. Last updated on 21/07/2017
² Currency hedging in another share class of the same sub-fund took place, which could have an influence on the share classes shown here.
⁷ These unit-classes are subject to the discretion of the Management Company (taking into account legal structures at national level), intended exclusively for independent investment advice or discretionary financial portfolio management service providers as described in the fund prospectus.
Name* Issue priceNIWData from
Flossbach von Storch SICAV - Multiple Opportunities R321.47 EUR306.1622.10.2021
Flossbach von Storch SICAV - Multiple Opportunities I190.72 EUR181.6422.10.2021
Flossbach von Storch SICAV - Multiple Opportunities F376.74 EUR358.8022.10.2021
Flossbach von Storch - Multiple Opportunities II R176.55 EUR168.1422.10.2021
Flossbach von Storch - Multiple Opportunities II RT178.97 EUR170.4522.10.2021
Flossbach von Storch - Multiple Opportunities II H130.42 EUR130.4222.10.2021
Flossbach von Storch - Multiple Opportunities II HT132.74 EUR132.7422.10.2021
Flossbach von Storch - Multiple Opportunities II CHF-RT145.04 CHF138.1322.10.2021
Flossbach von Storch - Multiple Opportunities II USD-RT160.95 USD153.2822.10.2021
Flossbach von Storch - Multiple Opportunities II CHF-HT130.87 CHF130.8722.10.2021
Flossbach von Storch - Multiple Opportunities II I189.01 EUR180.0122.10.2021
Flossbach von Storch - Multiple Opportunities II IT188.95 EUR179.9522.10.2021
Flossbach von Storch - Multiple Opportunities II CHF-IT152.76 CHF145.4822.10.2021
Flossbach von Storch - Multiple Opportunities II USD-IT165.94 USD158.0322.10.2021
Flossbach von Storch - Multiple Opportunities II USD-ET111.57 USD110.4622.10.2021
Flossbach von Storch - Der erste Schritt R112.16 EUR111.0522.10.2021
Flossbach von Storch - Der erste Schritt RT100.52 EUR99.5222.10.2021
Flossbach von Storch - Der erste Schritt HT101.03 EUR100.0322.10.2021
Flossbach von Storch - Der erste Schritt I114.47 EUR113.3422.10.2021
Flossbach von Storch - Der erste Schritt IT100.78 EUR99.7822.10.2021
Flossbach von Storch - Multi Asset - Defensive R144.29 EUR140.0922.10.2021
Flossbach von Storch - Multi Asset - Defensive RT121.30 EUR117.7722.10.2021
Flossbach von Storch - Multi Asset - Defensive HT112.09 EUR112.0922.10.2021
Flossbach von Storch - Multi Asset - Defensive I151.53 EUR147.1222.10.2021
Flossbach von Storch - Multi Asset - Defensive IT127.32 EUR123.6122.10.2021
Flossbach von Storch - Multi Asset - Defensive ET116.10 EUR114.9522.10.2021
Flossbach von Storch - Multi Asset - Balanced R180.58 EUR171.9822.10.2021
Flossbach von Storch - Multi Asset - Balanced RT137.05 EUR130.5222.10.2021
Flossbach von Storch - Multi Asset - Balanced CHF-RT134.10 CHF127.7222.10.2021
Flossbach von Storch - Multi Asset - Balanced HT119.64 EUR119.6422.10.2021
Flossbach von Storch - Multi Asset - Balanced I193.77 EUR184.5422.10.2021
Flossbach von Storch - Multi Asset - Balanced IT143.55 EUR136.7122.10.2021
Flossbach von Storch - Multi Asset - Balanced CHF-IT140.15 CHF133.4722.10.2021
Flossbach von Storch - Multi Asset - Balanced ET128.62 EUR127.3522.10.2021
Flossbach von Storch - Multi Asset - Growth R211.48 EUR201.4122.10.2021
Flossbach von Storch - Multi Asset - Growth RT146.57 EUR139.5922.10.2021
Flossbach von Storch - Multi Asset - Growth HT125.75 EUR125.7522.10.2021
Flossbach von Storch - Multi Asset - Growth I226.35 EUR215.5722.10.2021
Flossbach von Storch - Multi Asset - Growth IT153.27 EUR145.9722.10.2021
Flossbach von Storch - Multi Asset - Growth ET137.66 EUR136.3022.10.2021
Flossbach von Storch - Foundation Defensive SI125.73 EUR122.0722.10.2021
Flossbach von Storch - Foundation Defensive SR110.19 EUR106.9822.10.2021
Flossbach von Storch - Foundation Defensive R106.77 EUR103.6622.10.2021
Flossbach von Storch - Foundation Defensive RT106.76 EUR103.6522.10.2021
Flossbach von Storch - Foundation Defensive CHF-R106.85 CHF103.7422.10.2021
Flossbach von Storch - Foundation Defensive HT104.18 EUR104.1822.10.2021
Flossbach von Storch - Foundation Defensive I107.40 EUR104.2722.10.2021
Flossbach von Storch - Foundation Defensive IT107.40 EUR104.2722.10.2021
Flossbach von Storch - Foundation Growth SR114.73 EUR111.3922.10.2021
Flossbach von Storch - Foundation Growth SI115.09 EUR111.7422.10.2021
Flossbach von Storch - Foundation Growth R116.26 EUR110.7222.10.2021
Flossbach von Storch - Foundation Growth RT116.26 EUR110.7222.10.2021
Flossbach von Storch - Foundation Growth CHF-R116.35 CHF110.8022.10.2021
Flossbach von Storch - Foundation Growth HT111.30 EUR111.3022.10.2021
Flossbach von Storch - Foundation Growth I116.95 EUR111.3822.10.2021
Flossbach von Storch - Foundation Growth IT116.95 EUR111.3822.10.2021
* incl. max. issue surcharge
⁷ These unit-classes are subject to the discretion of the Management Company (taking into account legal structures at national level), intended exclusively for independent investment advice or discretionary financial portfolio management service providers as described in the fund prospectus.
NameKIIDProspectusAnnual reportSemi- annual report
Flossbach von Storch SICAV - Multiple Opportunities RKIID (as at 19.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch SICAV - Multiple Opportunities IKIID (as at 19.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch SICAV - Multiple Opportunities FKIID (as at 19.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II R2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II RT2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II H2, 7KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II HT2, 7KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II CHF-RT1KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II USD-RT1KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II CHF-HT1, 7KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II I2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II IT2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II CHF-IT1KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II USD-IT1KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multiple Opportunities II USD-ET1KIID (as at 06.09.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Der erste Schritt RKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Der erste Schritt RTKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Der erste Schritt HT, 7KIID (as at 30.07.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Der erste Schritt IKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Der erste Schritt ITKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Defensive RKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Defensive RTKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Defensive HT, 7KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Defensive IKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Defensive ITKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Defensive ETKIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced R2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced RT2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced CHF-RT1KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced HT2, 7KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced I2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced IT2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced CHF-IT1KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Balanced ET2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Growth RKIID (as at 24.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Growth RTKIID (as at 24.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Growth HT, 7KIID (as at 24.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Growth IKIID (as at 24.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Growth ITKIID (as at 24.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Multi Asset - Growth ETKIID (as at 24.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive SI2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive SR2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive R2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive RT2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive CHF-R1KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive HT2, 7KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive I2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Defensive IT2KIID (as at 10.02.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth SR2KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth SI2KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth R2KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth RT2KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth CHF-R1KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth HT2, 7KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth I2KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
Flossbach von Storch - Foundation Growth IT2KIID (as at 09.06.2021)Prospectus (as at 01.10.2021)Annual report (as at 30.09.2020)Semi-annual report (as at 31.03.2021)
* incl. max. issue surcharge
¹ Target currency hedging according to ESMA Opinion ESMA34-43-296 is between 95% and 105% of the share class volume. This currency hedging can have an impact on other share classes of the same sub-fund. Last updated on 21/07/2017
² Currency hedging in another share class of the same sub-fund took place, which could have an influence on the share classes shown here.
⁷ These unit-classes are subject to the discretion of the Management Company (taking into account legal structures at national level), intended exclusively for independent investment advice or discretionary financial portfolio management service providers as described in the fund prospectus.

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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.