Flossbach von Storch - Finance pour les femmes

CATEGORY: MULTI ASSET
Data as per 12 January 2017
The document issued in German is legally binding. This
English translation is only for the purpose of convenience.
Flossbach von Storch Multiple Opportunities II R
DE AT LU | PAGE 1 OF 3
INVESTMENT STRATEGY
FUND DETAILS
The fund pursues an active investment approach. The fund manager can invest in any investment classes
that, in his opinion, appear to be attractive in the relevant capital market environment. The basic
principle for asset allocation is an idiosyncratic, independent view of the world that is modelled from
economic, political and demographic parameters and is under constant review. A thorough company
analysis is performed to assess whether an individual investment is attractive. A determining factor for
each investment decision is the risk/ reward ratio. The potential for yield must considerably overcompensate for any risks of loss. The portfolio structure, and thus the fund’s risk/reward profile, is aligned
to the five Flossbach von Storch pentagram pillars, particularly the diversification principle. The fund is
deliberately not oriented to any benchmark index. The main aim is to make attractive yields on a
permanent basis.
ANNUAL PERFORMANCE (IN %)
15 %
12.76
11.16
10 %
5%
Securities ID No. (WKN)
A1W17Y
ISIN
LU0952573482
Domicile
Luxembourg
Share class
R
Fund currency
EUR
Launch date
1 October 2013
Financial year end
30 September
Income utilisation
Distribution
Authorised for
distribution
AT, CH, DE, LU
Fund type / legal structure
UCITS / FCP
Current Data
2.74
1.72
Core data
-3.12
Fund assets
EUR 2.89 billion
Redemption price
EUR 127.89
0%
-5 %
Costs ¹
01.10.13 – 12.01.14
12.01.14 – 12.01.15
12.01.15 – 12.01.16
12.01.16 – 12.01.17
fund (net) in consideration with the maximum entry fee of 5 %
fund (gross)
Ongoing charges
1.73 %
which includes a
management fee of
1.53 % p.a.
Performance fee
Up to 10% of the increase in
unit value if the unit value at
the end of a quarter is higher
than the maximum unit value
at the end of preceding quarters. Payments are made
quarterly.
Issue surcharge
of up to 5.00 %
PERFORMANCE SINCE 01.10.2013 +31.00 %
140 %
130 %
120 %
110 %
Minimum investment
100 %
90 %
Jan 14
May 14
Sep 14
Jan 15
May 15
Sep 15
Jan 16
May 16
Sep 16
Jan 17
Minimum initial
investment
none
Minimum subsequent
investment
none
fund (gross)
ACCUMULATED PERFORMANCE (GROSS, IN %)
2017 YTD
Fund
+1.30 %
1 year
+11.16 %
3 years
+28.78 %
3 years p.a.
since launch
(01.10.2013)
+8.79 %
+31.00 %
Management company
Flossbach von Storch Invest S.A.
6, Avenue Marie-Thérèse
2132 Luxembourg, Luxembourg
www.fvsinvest.lu
Representative in
Germany
Flossbach von Storch AG
Ottoplatz 1, 50679 Cologne
Germany
phone: +49.221.33.88-290
e-mail: [email protected]
www.fvs-fonds.com
Paying agent in Austria
Erste Bank der oesterreichischen Sparkassen AG (Erste Bank
Oesterreich) Graben 21
1010 Vienna, Austria
Source: custodian bank and SIX Financial Information, status: 12.01.2017
LEGAL NOTICE 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 entry fee. Further costs may be charged individually at
customer level, including custody fees, commission and other charges. Example calculation (net method): An investor
wishes to buy shares with capital of €1,000. Based on a maximum entry fee of 5%, €50 will be deducted from their investment as a one-off initial charge. In addition, custody fees may 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. Past performance is not a reliable indicator of future performance.
¹ In addition to the management fee, the fund is charged further costs
such as transfer agent fees, transaction costs, and various other charges.
Further information about ongoing and one-off costs can be found in
the key investor information document (KIID), the sales prospectus, and
the most recent annual report.
generated by FactsheetsLIVE™ - www.factsheetslive.com
Addresses
CATEGORY: MULTI ASSET
Data as per 12 January 2017
Flossbach von Storch Multiple Opportunities II R
TOP 10 EQUITY POSITIONS (IN %)
DE AT LU | PAGE 2 OF 3
TOP 10 SECTORS FOR EQUITIES (IN %)
INVESTOR PROFILE
GROWTH-ORIENTED:
1.
NESTLE
6.50 %
1.
Non-cyclical Consumer
28.97 %
2.
UNILEVER
4.63 %
2.
Pharma / Life Science
18.47 %
3.
NOVO NORDISK B
3.56 %
3.
Cyclical Consumer
17.76 %
4.
BERKSHIRE HATHAWAY B
3.45 %
4.
Raw Materials
9.90 %
5.
DAIMLER
3.17 %
5.
Telecom / Media
8.17 %
6.
ABBOTT LABORATORIES
3.09 %
6.
Capital Goods
5.58 %
The fund is suitable for growth-oriented investors.
Due to the allocation of the sub-fund's assets,
there is a high overall risk, balanced by correspondingly high expected returns. Risks may relate
primarily to currencies, credit and exchange rate
risks. Additionally, risks resulting from changes to
market interest rates may also occur.
7.
IMPERIAL BRANDS
3.08 %
7.
Insurance
5.00 %
INVESTMENT HORIZON:
8.
NOVARTIS
2.53 %
8.
Technology
4.50 %
Long-term: over 5 years
9.
MICHAEL KORS
2.50 %
9.
Real Estate
1.48 %
10.
ROCHE
2.29 %
10.
Banking / Finance
0.16 %
Source: custodian bank and Flossbach von Storch, status:
31.12.2016
Source: custodian bank, status: 31.12.2016
+ Flexible investment policy without benchmarking.
At present 58 securities are included in the
portfolio, of which 45 are equities.
STRATEGY BREAKDOWN (IN %)
Equiti
es
69.0%
68.95 %
16.27 %
8.98 %
5.73 %
0.07 %
+ Risk is broadly diversified by investing in a range
of asset classes (e.g. equities, bonds, convertible bonds and precious metals [indirect]). Market potential can be exploited by investing
across a wide range.
CURRENCIES AFTER HEDGING (IN %)
Cash
16.3%
Gold
(indir
ect)
9.0%
Bond
s 5.7%
Other
(incl.
deriv
atives
) 0.1%
Equities
Cash
Gold (indirect)
Bonds
Other (incl. derivatives)
OPPORTUNITIES
EUR
60.52 %
USD
20.13 %
CHF
12.64 %
DKK
3.68 %
GBP
1.79 %
JPY
1.25 %
NOK
0.00 %
Source: custodian bank and Flossbach von Storch, status:
31.12.2016
Source: custodian bank and Flossbach von Storch, status:
31.12.2016
MONTHLY COMMENTARY
Following the political stimulus in previous months, the capital markets once again focused on monetary policy in December. After a period of twelve months, the US Federal Reserve announced its second interest rate increase, while the European Central Bank announced that it wanted to continue its bond purchase programme at least to the end of 2017. Interest rates in the major currency areas are naturally interdependent. The yield differential between long-term US Treasuries and German Bunds is higher than it
has been for more than twenty years. The relative attractiveness of US fixed income investments also explains the appreciation of the US dollar. This appreciation has its limits, however, in part due to the negative effects on competitiveness. The rotation from non-cyclical to cyclical equities that took place in
previous months due to rising inflation expectations and economic optimism following the US election
appears to be reaching its limit. The fact that we took advantage of price decreases for high-quality noncyclical equities like Unilever and Nestlé to increase our holdings in previous months paid off in December. The fund benefited from a significant recovery by these equities in the month just ended. Profits
were realised on a number of cyclical equity positions at the end of the year. The fund is entering the
coming year in a flexible position with cash holdings of 16.3%. The equity allocation of 69.0% underscores
our belief that equities will remain the most attractive asset class over the long term. We ended a challenging investment year with overall positive results in December. There are many potential risk factors
that could continue to create political uncertainty and high capital market volatility in 2017 – but which
long-term investors could also use to their benefit. We feel that the fund’s diversification across asset
classes, currencies, sectors and individual securities gives it the robustness needed to meet future challenges.
+ 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 [indirect] (e.g. in the form of
gold) and commodities can be used to increase potential yields.
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. Investing in bonds may entail
price risks, especially in the case of rising interest rates on the capital markets. 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. The broad diversification in a
range of asset classes can limit the positive performance of one asset class.
- Investing in assets denominated in a foreign
currency can have a positive 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).
- Precious metals and commodities may be subject to greater price fluctuations. Trading prices
may also fall.
For detailed information on opportunities and risks,
please refer to the sales prospectus.
CATEGORY: MULTI ASSET
Data as per 12 January 2017
Flossbach von Storch Multiple Opportunities II R
DE AT LU | PAGE 3 OF 3
LEGAL NOTICE
FUND MANAGER
One of the purposes of this document is to serve as advertising material.
Dr Bert Flossbach
Dr Bert Flossbach co-founded Flossbach von Storch in 1998 and has been a member
of the board ever since. He is responsible for the areas of Research and
Investment Management.
„Active portfolio management, not bound by a need to beat benchmarks, always begins with
a blank sheet of paper."
Detailed information about the fund(s) can be found in
the sales prospectus as well as in the articles of association, management regulations or contract conditions, in
conjunction with the latest respective audited annual report and semi-annual report, if the latter is published later
than the most recent annual report. These documents
form the sole binding basis for any purchase. The said documents and the Key Investor Information are available
free of charge in German from the respective management company/investment company or the custodian/depositary or from agents in those countries where the
funds have been licensed for distribution.
ASSET ALLOCATION AFTER EQUITY HEDGING OVER THE COURSE OF TIME (IN %)
100 %
90 %
80 %
70 %
60 %
50 %
40 %
30 %
20 %
10 %
0%
Jan 14
May 14
Sep 14
Jan 15
May 15
Sep 15
Jan 16
May 16
Sep 16
68.95 %
Equities
16.27 %
Cash
8.98 %
Gold (indirect)
5.73 %
Bonds
0.07 %
Other (incl. derivatives)
0.00 %
Equity index futures
0.00 %
Convertible bonds
0.00 %
Hedged Equities (Futures)
Source: Flossbach von Storch and custodian bank, status: 31.12.2016
AWARDS
Morningstar Rating™ overall*:
«««««
This document does not constitute an offer to sell, purchase or subscribe to securities or other assets. The information and estimates contained herein do not constitute investment advice or any other form of recommendation.
status: 30.11.2016
* Morningstar Rating™ overall: © (2016) 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.
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: http://www.morningstar.de/de/glossary/126253/verlängerte-performance-historie.aspx.
The information contained and opinions expressed in this
document reflect the views of Flossbach von Storch at the
time of publication and are subject to change without prior notice. Forward-looking statements reflect the judgement and future expectations of Flossbach von Storch. Actual performance and results may, however, differ materially from such expectations. All information has been
compiled with care. However, no guarantee is given as to
the accuracy and completeness of information and no liability is accepted. The value of any investment can fall as
well as rise and you may not recoup the amount you invested. In connection with the brokerage of fund
units/shares, Flossbach von Storch and/or its distribution
partners may receive reimbursements from costs charged
to the fund by the management company/investment
company in accordance with the relevant sales prospectus. The tax treatment of the investment depends on the
investor’s personal circumstances and may be subject to
change. Please consult your tax advisor concerning this
matter.
The units/shares issued by this fund may only be offered
for purchase or sold in jurisdictions in which such offer or
sale is permitted. Accordingly, the units/shares of this fund
may not be offered for purchase or sold neither within the
USA nor to or for the account of US citizens or US persons
domiciled in the USA. Additionally, the units/shares issued
by this fund may not be offered for purchase or sold to
“US-Persons” and/or entities, which are owned by one or
more “US-Persons” based on the definitions set out in the
“Foreign Account Tax Compliance Act (FATCA)”. This document and the information contained herein may not be
distributed in the USA. The distribution and publication of
this document as well as the offer or sale of the fund’s
units/shares may also be subject to restrictions in other
jurisdictions.
The latest net asset value (NAV) of the fund can be obtained from the management company/investment company’s website.
Past performance is not a reliable indicator of future performance.
© 2016 Copyright Flossbach von Storch.
All rights reserved.