The fund for a demanding decade

The past ten years have been turbulent: The US real estate crisis turned into a sovereign debt and euro crisis. The crises resulted in a "world without interest".  A world in which flexibility is more essential than ever.

The Flossbach von Storch - Multiple Opportunities fund is now ten years old. Ten years that packed more than a few punches. The crisis of the industrialised countries was our constant companion. Never before in history has central bank policy been so relaxed, interest rates so low. If anyone had claimed ten years ago that banks would eventually demand negative interest on deposits, people would have laughed at them. Negative interest rates? This has not happened in 5,000 years (for as long as records have existed!). But now they are here.

Our aim: Retaining assets in the long term, generating attractive returns

In this environment, assets should be invested in a robust way. So robustly that they can survive crises largely unscathed – and achieve sufficient returns during quiet times. This is the approach of the Flossbach von Storch - Multiple Opportunities fund.

The strategy: The fund adapts itself to the market environment

The fund's management invests in different asset classes. It enjoys a very high degree of freedom which enables the fund to quickly adapt its profile to the market environment. It can take an offensive approach should the situation require it, or a more defensive one if necessary.

The attractiveness of single investments is assessed within the context of a thorough corporate or country analysis. The opportunity-risk ratio is decisive for any investment decision. The opportunities must be significantly greater than the risks.

The Flossbach von Storch SICAV - Multiple Opportunities has grown significantly in recent years. In our interview, fund manager Dr Bert Flossbach discusses the past, the present and the outlook for the popular multi-asset fund.

Overall, Flossbach von Storch now manages more than EUR 16 billion in the Multiple Opportunities strategy. Has the success surprised you?

Bert Flossbach: In terms of performance – no. However, I did not expect so many investors to be interested in the fund over the years and to put their trust in us. A big thank you for that!

Are you still invested in the fund yourself?

Of course! And Kurt von Storch too. And many employees, relatives, friends, neighbours and acquaintances. Wealthy families and retirement savers alike. This is a huge responsibility, regardless of whether someone invests EUR one million or pays EUR 50 per month into a savings plan. We are very aware of this responsibility.

How would you describe your investment strategy?

Active and commercial. The decisive factor is always the opportunity-risk ratio of an investment.

What can investors expect from the fund?

We don't make any promises we can't keep. Our aim is to generate long-term attractive returns for our investors to help them meet their financial goals and aspirations. This is what we want to be judged on. Incidentally, this aim is the same as it was ten years ago...

Isn't it much too difficult to find attractive investments now, with such a large fund?

No, it's not difficult. The investment universe is huge. The market capitalisation of listed shares worldwide is around USD 80 trillion. And the bond market is valued at more than USD 150 trillion. For a fund like the so called MOF, there are more than enough potentially attractive and liquid assets in this universe. Despite the growth of the fund, nothing has changed in terms of flexibility, which has always characterised our investment strategy and therefore the approach taken for the fund.

So its size has no disadvantages?

None that are particularly detrimental. On the contrary: They are far outweighed by the benefits. As one of the largest equity investors in Europe today, we have direct access to virtually all CEOs and CFOs of the companies in which we invest. So we can get an idea of the quality, strategy and credibility of the company's management. Ultimately, it is management that determines the value of a business over the long term. The board bears the responsibility for the corporate culture and its long-term strategy. This deep insight is a great advantage which helps us to accurately assess the opportunities and risks. The fund size also gives us new opportunities which were not previously available.

The fund has always held up well during stock market crashes. Could you react just as flexibly today as in 2008, for example?

We could. By hedging with liquid futures, for example. This is more about the occasion than the size of the fund. If we hedge on a large scale, we have to have very good reasons for doing so. Hedging costs money and reduces long-term returns – so it should not be an end in itself. This is one of the reasons why we have operated minor position hedges at most in recent years and thus participated in the stock market upswing to a sufficient degree.

Have you considered closing the fund because of its size?

No, we have not. For the reasons mentioned above.

Which keywords best describe the fund?

Quality. Patience. Trust.

Thank you for the interview.

When Flossbach von Storch SICAV - Multiple Opportunities was launched in 2007, the fund was initially intended only for the private assets of the company founders, their families and friends. Today, it has become one of the most popular mutual funds in Germany – and the company founders are still invested in it. A short fund profile.

Never before in history has the policy of the large central banks been so relaxed, and interest rates so low in the industrialised countries. If anyone had claimed ten years ago that banks would eventually demand negative interest on deposit accounts, people would have laughed at them. Negative interest? This has not happened in the past 3,000 years (for as long as records have existed!).

So we are in unexplored territory.

The right selection of different investment forms is therefore much more difficult nowadays than simply comparing account interest. However, financial mathematical models based on historical data and used by many professional investors also have their pitfalls. Just as a map of the North Sea is useless when sailing through the Atlantic, rigid risk models are not suitable when manoeuvring assets safely and profitably through periods of great upheavals. Flexibility is needed.

The Flossbach von Storch - Multiple Opportunities fund management invests in different asset classes. It enjoys a very high degree of freedom which enables the fund to quickly adapt its profile to the market environment. It can take an offensive approach should the situation require it, or a more defensive one if necessary.

The basis for the distribution of the fund's assets is its own independent world view, which currently envisages (further) rising public debt, persistently low interest rates and (only) moderate growth in the global economy.

The attractiveness of single investments is assessed within the context of a thorough corporate or country analysis. The opportunity-risk ratio is decisive for any investment decision. The opportunities must always be significantly greater than the risks. For long-term investment success, it is generally more important to understand the risks than to try to avoid them altogether. There is no investment that offers both short-term security and long-term real capital protection, let alone capital appreciation. The account balance provides the former, the stock investment ensures the latter, to name two examples.

Although the fund price has fluctuated significantly less than average in recent years, we accept price volatility in order to achieve attractive long-term returns – provided that we are convinced of the quality of the respective investment.

We are convinced that a broad portfolio in a low interest rate environment should contain a correspondingly large share of equities. Our focus is on genuine quality stocks – on shares of companies that have a proven business model, grow reliably, are global and have low debt. We consider share purchases to be long-term participation in a company, not short-term speculation. Time is the friend of high-quality equities.

For bonds, we take an active and very opportunistic approach. We wait for investment opportunities – and then exploit them as they arise. Comparatively attractive bond yields can still be achieved in this way.

An important element of our portfolio is gold, which provides insurance against known and unknown risks, in particular the long-term consequences of ultra-loose monetary policy. It is not out of the question that confidence in our paper money system could eventually evaporate if the central bank experiment gets out of hand.

However, we would be very happy if we did not have to make use of this insurance in the future.

Do you have anymore questions?

Visit our fund detail page.

There you will find performance data, portfolio structure and other detailed fund information.


  • Flexible investment policy without benchmarking.
  • Risk is broadly diversified by investing in a range of asset classes (e.g. equities, bonds, convertible bonds and precious metals). Market potential can be exploited by investing across a wide range.
  • 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.
  • Precious metals (e.g. in the form of gold) can be used to increase potential yields.


  • Market 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 on the markets, which are sometimes attributable to irrational factors, particularly on the securities markets. Losses can occur when the market value of the assets decreases against the cost price. If a unit holder disposes of units in a sub-fund at a time when the quoted price of the sub-fund assets is less than at the time of investment, then the unit holder will not recover the full value of the investment. While each sub-fund constantly strives to achieve growth, growth cannot be guaranteed. The risk exposure of the investor is, however, limited to the sum invested. There is no obligation to make additional capital contributions beyond investors' investments.
  • Currency risks: If a sub-fund holds assets which are denominated in foreign currencies, it shall be subject to currency risk. In the event of a devaluation of the foreign currency against the reference currency of the subfund, the value of the assets held in foreign currencies shall fall.
  • Credit risks: The fund may invest part of its assets in bonds. The issuers of these bonds could become insolvent, causing the bonds to lose some or all of their value.
  • Interest change risks: Investing in securities at a fixed rate of interest is connected with the possibility that the current interest rate at the time of issuance of a security could change. If the current interest rate increases as against the interest at the time of issue, fixed rate securities will generally decrease in value. Conversely, if the current interest rate falls, fixed rate securities will increase.
  • Risks relating to the use of derivatives: The fund may enter into derivative transactions for the purposes listed in the KIID and the sales prospectus. This means increased opportunities, but also increased risk of losses. The use of derivatives to hedge against losses may also reduce the profit opportunities of the fund.
  • Risks of precious metals and commodities: Precious metals and commodities may be subject to greater price fluctuations. Trading prices may also fall.


This is not an offer to buy or subscribe to securities. The information does not constitute investment advice or other recommendations. The value of any investment may fall or rise, and you may not get back the amount invested. You should consult with your advisor before making any investment.

For the summary of investor rights with additional information regarding legal disputes, please refer to the "Supplementary Information Sheet for Investor Information" document at The Management Company may make any country-specific adjustments to the distribution authorisation, including the revocation of distribution regarding its investment funds.

Visit the fund details page of the Flossbach von Storch - Multiple Opportunities R Fund here. There you will find performance data, the portfolio structure and additional detailed fund information.

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.