Flossbach von Storch - Multi Asset - Defensive - HT

Flossbach von Storch - Multi Asset - Defensive offers comprehensive integrated asset management for long-term investors. The fund management invests globally in equities, bonds, convertible bonds, currencies, precious metals (indirectly) and investment funds according to the principle of risk diversification. Derivatives may be used for hedging purposes or to optimise returns; the share of equities may be up to 35 per cent. When selecting individual securities, the fund management relies on in-house valuation models, which include ESG issues, engagement and voting. In addition, exclusion criteria defined within the framework of the Sub-Fund's investment policy are taken into account. The Fund distributes once a year. 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 and is regularly reviewed 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). For detailed information on the objectives and investment policy, please refer to the most recent sales prospectus and the Key Information Document (PRIIP-KID).


Valor number:28526967
ISIN:LU1245470320
Authorised for distribution:AT, BE, CH, DE, ES, LI, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
SFDR Classification:Article 8
Fund currency:EUR
Launch date:5 February 2018
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:4 December 2023
Fund assets:1.255.582.637,55 EUR
NAV:108.65 EUR
Redemption price:108.65 EUR
Issue price*:108.65 EUR
TID: (as at )
Performance fee:
Issue surcharge:0.00%
Exchange commission:0.00% (based on the unit value of the units to be purchased for the benefit of the relevant distributor)

* incl. max. issue surcharge 0.00%

Source: Custodian bank / Paying agent

Annual performance (EUR, in %, As at: 04.12.2023)

Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. Where performance is compared to a benchmark, such a comparison is provided for informational purposes only and does not imply any obligation on the part of the fund manager to achieve the level of the benchmark or replicate its performance.

The HT class of shares presented here was launched on 5 February 2018 and has a different fee structure to the other classes of shares in the fund. Performance for the period to 4 February 2018 was calculated using the fee structure of the HT class of shares.

Source: Custodian bank and SIX Financial Information

Performance (EUR, in %, As at: 04.12.2023)

Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. Where performance is compared to a benchmark, such a comparison is provided for informational purposes only and does not imply any obligation on the part of the fund manager to achieve the level of the benchmark or replicate its performance.

The HT class of shares presented here was launched on 5 February 2018 and has a different fee structure to the other classes of shares in the fund. Performance for the period to 4 February 2018 was calculated using the fee structure of the HT class of shares.

Source: Custodian bank and SIX Financial Information

Accumulated Performance (EUR, in %, As at: 04.12.2023)

 04.12.202330.11.2023
YTD6.11%5.09%
1 year3.83%3.91%
3 years1.67%0.32%
5 years10.23%9.53%
10 years35.29%33.37%
1 year p.a.3.83%3.91%
3 years p.a.0.55%0.11%
5 years p.a.1.97%1.84%
10 years p.a.3.07%2.92%
since 23.10.200760.10%58.55%

Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. Where performance is compared to a benchmark, such a comparison is provided for informational purposes only and does not imply any obligation on the part of the fund manager to achieve the level of the benchmark or replicate its performance.

The HT class of shares presented here was launched on 5 February 2018 and has a different fee structure to the other classes of shares in the fund. Performance for the period to 4 February 2018 was calculated using the fee structure of the HT class of shares.

Source: Custodian bank and SIX Financial Information

Monthly performance (EUR, in %, As at: 04.12.2023)

 20232022202120202019201820172016201520142013
Jan1.50%-2.45%0.01%0.39%3.33%-0.30%0.48%-1.77%4.36%0.34%0.42%
Feb-0.50%-1.54%-2.20%-0.70%1.43%-1.19%2.09%1.77%1.58%2.19%0.95%
Mar0.86%0.66%1.59%-7.41%1.25%-0.90%-0.22%1.67%0.82%-0.20%1.77%
Apr0.47%-1.15%1.48%4.68%0.89%1.32%0.52%1.11%-0.20%0.50%-0.98%
May0.69%-2.26%0.96%0.21%-0.97%1.42%0.35%0.15%0.01%1.36%0.35%
Jun-0.23%-2.62%1.16%0.38%2.01%-0.92%-0.93%0.56%-3.20%1.00%-3.29%
Jul1.44%2.79%1.16%1.53%1.95%0.66%-0.31%2.45%1.55%0.63%1.44%
Aug-0.24%-1.14%0.46%1.12%0.68%-0.68%-0.39%0.29%-2.71%1.21%0.43%
Sep-1.50%-2.96%-1.92%-1.24%0.53%-0.48%0.70%-0.37%-1.71%-0.02%0.32%
Oct-0.36%0.74%1.21%-1.69%-0.03%-1.23%1.00%-0.37%4.72%0.17%0.57%
Nov2.92%1.23%0.41%1.51%0.71%-0.31%-0.15%-1.09%0.29%1.96%0.34%
Dec0.98%-1.12%0.53%0.64%1.07%-2.23%0.09%1.60%-1.03%0.47%-0.41%
Current year to 30.11.20235.09%-9.56%4.87%-1.04%13.58%-4.79%3.23%6.07%4.23%10.01%1.83%
Current year to 04.12.20236.11%-9.56%4.87%-1.04%13.58%-4.79%3.23%6.07%4.23%10.01%1.83%

Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. Where performance is compared to a benchmark, such a comparison is provided for informational purposes only and does not imply any obligation on the part of the fund manager to achieve the level of the benchmark or replicate its performance.

The HT class of shares presented here was launched on 5 February 2018 and has a different fee structure to the other classes of shares in the fund. Performance for the period to 4 February 2018 was calculated using the fee structure of the HT class of shares.

Source: Custodian bank and SIX Financial Information

Strategy breakdown (As at: 31.10.2023)

Bonds62.57 %
Equities24.52 %
Gold (indirect)7.53 %
Cash3.39 %
Convertible bonds2.10 %
Other (incl. derivatives)-0.12 %

Source: Depositary and Flossbach von Storch

Top 10 sectors for equities (As at: 31.10.2023)

Financials23.88 %
Information Technology20.01 %
Consumer Staples16.58 %
Health Care16.43 %
Industrials9.73 %
Consumer Discretionary5.26 %
Communication Services5.25 %
Other1.60 %
Materials1.25 %

Source: Depositary and Flossbach von Storch

Breakdown of ratings for bonds (As at: 31.10.2023)

AAA40.24 %
AA24.66 %
A14.99 %
BBB12.52 %
BB5.81 %
NR1.79 %

Source: Depositary and Flossbach von Storch

Other key figures (As at: 31.10.2023)

Sharpe Ratio a0,16
Value at Risk (VaR) b-2,70%
Volatility c4,27%
Maximum drawdown d-2,55%

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*
EUR100.02
EUR102.8699.8699.87
EUR102.4199.4399.44
EUR102.9199.9199.93
EUR102.5799.5899.60
EUR99.60
EUR99.60
EUR102.2099.2299.23
EUR102.3899.4099.41
EUR101.9298.9598.97
EUR102.0999.1299.14
EUR102.0399.0699.07
EUR99.07
EUR99.07
EUR102.4399.4599.47
EUR102.3299.3499.35
EUR102.3999.4199.42
EUR102.4199.4399.44
EUR102.2099.2299.24
EUR99.24
EUR99.24
EUR102.2899.3099.31
EUR102.4199.4399.45
EUR102.3499.3699.37
EUR102.3099.3299.33
EUR102.1999.2199.22
EUR99.22
EUR99.22
EUR101.6298.6698.67
EUR101.7198.7598.76
EUR101.6598.6998.71
EUR101.6698.7098.72
EUR102.0799.1099.12
EUR99.12
EUR99.12
EUR102.1299.1599.16
EUR102.1999.2199.23
EUR101.7598.7998.81
EUR101.6798.7198.72
EUR101.6698.7098.72
EUR98.72
EUR98.72
EUR101.6998.7398.74
EUR101.3798.4298.43
EUR101.5198.5598.56
EUR101.6198.6598.66
EUR101.3498.3998.40
EUR98.40
EUR98.40
EUR101.2898.3398.35
EUR100.8297.8897.89
EUR98.3098.3098.32
EUR98.4798.4798.48
EUR98.48
EUR98.48
EUR98.48
EUR98.48
EUR98.7898.7898.79
EUR98.7898.7898.80
EUR98.6998.6998.71
EUR99.3699.3699.37
EUR99.37
EUR99.37
EUR99.3399.3399.34
EUR99.2899.2899.29
EUR99.3699.3699.37
EUR99.3299.3299.34
EUR99.4899.4899.49
EUR99.49
EUR99.49
EUR99.6199.6199.62
EUR99.4299.4299.43
EUR99.6899.6899.70
EUR99.5199.5199.53
EUR99.1499.1499.16
EUR99.16
EUR99.16
EUR99.2099.2099.21
EUR99.1799.1799.18
EUR99.2399.2399.24
EUR99.1199.1199.13
EUR99.5399.5399.54
EUR99.54
EUR99.54
EUR99.7799.7799.78
EUR99.78
EUR99.8699.8699.87
EUR99.9199.9199.92
EUR99.8399.8399.85
EUR99.85
EUR99.85
EUR100.07100.07100.08
EUR100.31100.31100.33
EUR100.00100.00100.31
EUR100.31
EUR100.68100.68100.69
EUR100.69
EUR100.69
EUR100.53100.53100.54
EUR100.40100.40100.42
EUR100.32100.32100.33
EUR100.61100.61100.62
EUR100.65100.65100.66
EUR100.66
EUR100.66
EUR100.66
EUR100.89100.89100.90
EUR100.81100.81100.82
EUR100.85100.85100.87
EUR100.83100.83100.84
EUR100.84
EUR100.84
EUR101.08101.08101.09
EUR101.16101.16101.18
EUR101.23101.23101.24
EUR101.20101.20101.21
EUR100.78100.78100.80
EUR100.80
EUR100.80
EUR100.89100.89100.90
EUR100.85100.85100.86
EUR100.90100.90100.91
EUR100.38100.38100.40
EUR100.15100.15100.16
EUR100.16
EUR100.16
EUR100.33100.33100.33
EUR100.35100.35100.36
EUR100.50100.50100.50
EUR100.53100.53100.54
EUR101.24101.24101.25
EUR101.24
EUR101.24
EUR101.02101.02101.03
EUR100.85100.85100.86
EUR100.90100.90100.90
EUR100.84100.84100.84
EUR100.62100.62100.64
EUR100.64
EUR100.63
EUR100.77100.77100.78
EUR100.32100.32100.33
EUR100.22100.22100.23
EUR100.37100.37100.38
EUR100.26100.26100.27
EUR100.27
EUR100.27
EUR100.18100.18100.19
EUR100.17100.17100.18
EUR100.42100.42100.43
EUR100.51100.51100.51
EUR100.60100.60100.62
EUR100.62
EUR100.62
EUR100.47100.47100.48
EUR100.53100.53100.54
EUR100.76100.76100.77
EUR100.41100.41100.41
EUR100.69100.69100.70
EUR100.70
EUR100.70
EUR100.78100.78100.78
EUR100.58100.58100.59
EUR100.63100.63100.64
EUR100.83100.83100.84
EUR100.87100.87100.88
EUR100.88
EUR100.88
EUR100.75100.75100.76
EUR100.57100.57100.58
EUR100.73100.73100.74
EUR100.88100.88100.89
EUR101.00101.00101.00
EUR101.00
EUR101.00
EUR101.15101.15101.16
EUR100.93100.93100.94
EUR100.98100.98100.99
EUR100.87100.87100.88
EUR100.90100.90100.91
EUR100.91
EUR100.91
EUR101.22101.22101.23
EUR101.25101.25101.27
EUR101.21101.21101.21
EUR101.13101.13101.13
EUR101.24101.24101.24
EUR101.24
EUR101.24
EUR101.31101.31101.32
EUR101.12101.12101.12
EUR101.12
EUR100.90100.90100.90
EUR100.79100.79100.80
EUR100.80
EUR100.80
EUR100.85100.85100.86
EUR100.94100.94100.94
EUR100.80100.80100.81
EUR100.70100.70100.71
EUR100.54100.54100.55
EUR100.55
EUR100.55
EUR100.55100.55100.56
EUR100.61100.61100.62
EUR100.42100.42100.42
EUR100.43100.43100.44
EUR100.24100.24100.25
EUR100.25
EUR100.25
EUR100.09100.09100.10
EUR100.02100.02100.04
EUR99.8199.8199.81
EUR99.3699.3699.37
EUR99.2899.2899.29
EUR99.29
EUR99.29
EUR99.4299.4299.43
EUR99.3399.3399.35
EUR99.3099.3099.31
EUR99.6299.6299.63
EUR99.5099.5099.51
EUR99.51
EUR99.51
EUR99.5599.5599.56
EUR99.5799.5799.57
EUR99.6599.6599.66
EUR99.7099.7099.71
EUR99.7699.7699.76
EUR99.76
EUR99.76
EUR99.8299.8299.82
EUR99.5399.5399.54
EUR99.5399.5399.54
EUR99.4999.4999.50
EUR99.7699.7699.77
EUR99.77
EUR99.77
EUR99.9499.9499.95
EUR100.06100.06100.07
EUR100.28100.28100.29
EUR100.31100.31100.32
EUR99.8399.8399.84
EUR99.84
EUR99.84
EUR99.4999.4999.50
EUR99.2699.2699.26
EUR99.1199.1199.11
EUR98.7498.7498.74
EUR98.5298.5298.53
EUR98.53
EUR98.53
EUR98.5898.5898.59
EUR98.6498.6498.65
EUR98.9698.9698.97
EUR99.1399.1399.13
EUR99.3399.3399.34
EUR99.34
EUR99.34
EUR99.2699.2699.27
EUR99.1299.1299.13
EUR98.8498.8498.85
EUR98.8398.8398.84
EUR98.6598.6598.65
EUR98.65
EUR98.65
EUR98.4398.4398.44
EUR98.4898.4898.49
EUR98.5398.5398.54
EUR98.54
EUR99.2499.2499.25
EUR99.25
EUR99.25
EUR99.2399.2399.24
EUR99.0999.0999.10
EUR99.0399.0399.04
EUR99.2399.2399.24
EUR99.1399.1399.14
EUR99.14
EUR99.14
EUR98.8998.8998.90
EUR98.5298.5298.53
EUR98.4898.4898.49
EUR98.4398.4398.45
EUR98.3098.3098.30
EUR98.30
EUR98.30
EUR98.1798.1798.18
EUR97.8597.8597.87
EUR97.3897.3897.39
EUR97.8397.8397.84
EUR97.6997.6997.70
EUR97.70
EUR97.70
EUR97.8697.8697.87
EUR98.2298.2298.23
EUR98.1798.1798.18
EUR98.2598.2598.26
EUR98.2298.2298.23
EUR98.23
EUR98.23
EUR98.2098.2098.21
EUR98.5698.5698.57
EUR98.2498.2498.25
EUR97.7897.7897.80
EUR97.1297.1297.13
EUR97.13
EUR97.13
EUR97.3597.3597.36
EUR96.9396.9396.94
EUR97.2597.2597.26
EUR97.6097.6097.60
EUR97.6597.6597.66
EUR97.66
EUR97.66
EUR97.4297.4297.43
EUR97.1797.1797.17
EUR96.9696.9696.96
EUR96.5996.5996.60
EUR96.3096.3096.31
EUR96.30
EUR96.30
EUR96.30
EUR96.30
EUR96.30
EUR96.1896.1896.19
EUR96.0496.0496.04
EUR96.04
EUR96.04
EUR96.04
EUR96.04
EUR96.3896.3896.38
EUR96.5596.5596.55
EUR96.3496.3496.34
EUR96.9596.9596.95
EUR96.9796.9796.97
EUR97.2797.2797.27
EUR97.4997.4997.49
EUR97.4597.4597.45
EUR97.6597.6597.65
EUR97.4597.4597.45
EUR97.6397.6397.63
EUR97.8397.8397.83
EUR97.9397.9397.93
EUR98.4298.4298.42
EUR98.3798.3798.37
EUR98.2898.2898.28
EUR98.2698.2698.26
EUR98.4998.4998.49
EUR98.8198.8198.81
EUR98.6898.6898.68
EUR98.9398.9398.93
EUR99.2499.2499.24
EUR99.6399.6399.63
EUR99.6899.6899.68
EUR99.7099.7099.70
EUR100.13100.13100.13
EUR100.17100.17100.17
EUR99.8899.8899.88
EUR99.9699.9699.96
EUR99.9899.9899.98
EUR100.14100.14100.14
EUR100.31100.31100.31
EUR100.25100.25100.25
EUR100.62100.62100.62
EUR100.69100.69100.69
EUR100.78100.78100.78
EUR100.89100.89100.89
EUR100.65100.65100.65
EUR100.62100.62100.62
EUR100.55100.55100.55
EUR100.70100.70100.70
EUR100.66100.66100.66
EUR100.54100.54100.54
EUR100.63100.63100.63
EUR100.74100.74100.74
EUR100.79100.79100.79
EUR100.69100.69100.69
EUR100.88100.88100.88
EUR100.89100.89100.89
EUR101.02101.02101.02
EUR101.14101.14101.14
EUR101.29101.29101.29
EUR101.33101.33101.33
EUR101.53101.53101.53
EUR101.60101.60101.60
EUR101.82101.82101.82
EUR101.69101.69101.69
EUR101.84101.84101.84
EUR101.95101.95101.95
EUR101.93101.93101.93
EUR102.08102.08102.08
EUR102.16102.16102.16
EUR101.92101.92101.92
EUR102.08102.08102.08
EUR102.26102.26102.26
EUR102.38102.38102.38
EUR102.46102.46102.46
EUR102.52102.52102.52
EUR102.49102.49102.49
EUR102.43102.43102.43
EUR102.46102.46102.46
EUR102.59102.59102.59
EUR102.40102.40102.40
EUR102.33102.33102.33
EUR102.48102.48102.48
EUR102.40102.40102.40
EUR102.41102.41102.41
EUR102.60102.60102.60
EUR102.69102.69102.69
EUR102.78102.78102.78
EUR102.77102.77102.77
EUR102.97102.97102.97
EUR102.83102.83102.83
EUR102.83102.83102.83
EUR102.76102.76102.76
EUR102.71102.71102.71
EUR102.59102.59102.59
EUR102.54102.54102.54
EUR102.06102.06102.06
EUR101.98101.98101.98
EUR101.91101.91101.91
EUR102.01102.01102.01
EUR102.10102.10102.10
EUR102.28102.28102.28
EUR102.19102.19102.19
EUR102.11102.11102.11
EUR102.02102.02102.02
EUR102.02102.02102.02
EUR101.93101.93101.93
EUR101.83101.83101.83
EUR101.89101.89101.89
EUR101.86101.86101.86
EUR101.83101.83101.83
EUR102.00102.00102.00
EUR102.04102.04102.04
EUR102.15102.15102.15
EUR102.27102.27102.27
EUR102.30102.30102.30
EUR102.41102.41102.41
EUR102.63102.63102.63
EUR102.68102.68102.68
EUR102.92102.92102.92
EUR102.85102.85102.85
EUR102.81102.81102.81
EUR103.51103.51103.51
EUR103.64103.64103.64
EUR104.19104.19104.19
EUR104.07104.07104.07
EUR104.16104.16104.16
EUR104.04104.04104.04
EUR103.78103.78103.78
EUR103.88103.88103.88
EUR104.10104.10104.10
EUR104.35104.35104.35
EUR104.68104.68104.68
EUR105.15105.15105.15
EUR105.29105.29105.29
EUR105.13105.13105.13
EUR104.95104.95104.95
EUR104.85104.85104.85
EUR104.89104.89104.89
EUR104.79104.79104.79
EUR104.84104.84104.84
EUR104.94104.94104.94
EUR105.07105.07105.07
EUR105.23105.23105.23
EUR105.34105.34105.34
EUR105.43105.43105.43
EUR105.48105.48105.48
EUR105.80105.80105.80
EUR106.07106.07106.07
EUR106.00106.00106.00
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EUR111.33111.33111.33
EUR110.75110.75110.75
EUR110.60110.60110.60
EUR110.33110.33110.33
EUR110.00110.00110.00
EUR110.16110.16110.16
EUR110.44110.44110.44
EUR110.86110.86110.86
EUR110.95110.95110.95
EUR111.10111.10111.10
EUR109.73109.73109.73
EUR109.33109.33109.33
EUR109.10109.10109.10
EUR109.30109.30109.30
EUR109.83109.83109.83
EUR109.07109.07109.07
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EUR108.92108.92108.92
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EUR109.08109.08109.08
EUR108.84108.84108.84
EUR108.65108.65108.65
EUR108.54108.54108.54
EUR108.20108.20108.20
EUR107.76107.76107.76
EUR108.54108.54108.54
EUR108.74108.74108.74
EUR109.04109.04109.04
EUR109.27109.27109.27
EUR109.47109.47109.47
EUR109.31109.31109.31
EUR109.41109.41109.41
EUR108.60108.60108.60
EUR108.55108.55108.55
EUR108.73108.73108.73
EUR108.27108.27108.27
EUR107.96107.96107.96
EUR107.54107.54107.54
EUR107.93107.93107.93
EUR108.67108.67108.67
EUR109.10109.10109.10
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EUR109.45109.45109.45
EUR109.73109.73109.73
EUR109.40109.40109.40
EUR109.54109.54109.54
EUR109.41109.41109.41
EUR109.65109.65109.65
EUR109.68109.68109.68
EUR109.46109.46109.46
EUR109.22109.22109.22
EUR109.69109.69109.69
EUR110.21110.21110.21
EUR109.99109.99109.99
EUR109.59109.59109.59
EUR109.60109.60109.60
EUR109.65109.65109.65
EUR109.01109.01109.01
EUR109.02109.02109.02
EUR109.34109.34109.34
EUR108.97108.97108.97
EUR109.03109.03109.03
EUR108.77108.77108.77
EUR108.10108.10108.10
EUR107.31107.31107.31
EUR107.65107.65107.65
EUR107.19107.19107.19
EUR107.41107.41107.41
EUR108.20108.20108.20
EUR107.28107.28107.28
EUR107.29107.29107.29
EUR107.03107.03107.03
EUR107.53107.53107.53
EUR106.57106.57106.57
EUR104.98104.98104.98
EUR104.94104.94104.94
EUR104.96104.96104.96
EUR105.28105.28105.28
EUR105.75105.75105.75
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EUR105.63105.63105.63
EUR104.62104.62104.62
EUR104.48104.48104.48
EUR104.76104.76104.76
EUR104.83104.83104.83
EUR104.40104.40104.40
EUR105.07105.07105.07
EUR105.84105.84105.84
EUR105.75105.75105.75
EUR105.66105.66105.66
EUR105.28105.28105.28
EUR105.90105.90105.90
EUR105.43105.43105.43
EUR105.63105.63105.63
EUR105.27105.27105.27
EUR104.64104.64104.64
EUR103.86103.86103.86
EUR102.57102.57102.57
EUR102.01102.01102.01
EUR102.72102.72102.72
EUR101.81101.81101.81
EUR101.98101.98101.98
EUR101.81101.81101.81
EUR102.21102.21102.21
EUR102.92102.92102.92
EUR103.84103.84103.84
EUR103.44103.44103.44
EUR102.99102.99102.99
EUR102.98102.98102.98
EUR102.72102.72102.72
EUR103.24103.24103.24
EUR103.17103.17103.17
EUR103.63103.63103.63
EUR103.83103.83103.83
EUR104.18104.18104.18
EUR104.22104.22104.22
EUR104.14104.14104.14
EUR103.93103.93103.93
EUR103.60103.60103.60
EUR103.41103.41103.41
EUR103.75103.75103.75
EUR103.37103.37103.37
EUR103.87103.87103.87
EUR104.30104.30104.30
EUR104.65104.65104.65
EUR104.66104.66104.66
EUR104.65104.65104.65
EUR104.59104.59104.59
EUR105.15105.15105.15
EUR105.85105.85105.85
EUR106.27106.27106.27
EUR106.11106.11106.11
EUR106.14106.14106.14
EUR106.65106.65106.65
EUR106.76106.76106.76
EUR106.57106.57106.57
EUR106.57106.57106.57
EUR106.35106.35106.35
EUR106.60106.60106.60
EUR106.57106.57106.57
EUR107.43107.43107.43
EUR107.46107.46107.46
EUR106.97106.97106.97
EUR106.97106.97106.97
EUR106.67106.67106.67
EUR106.07106.07106.07
EUR105.85105.85105.85
EUR105.95105.95105.95
EUR106.43106.43106.43
EUR105.21105.21105.21
EUR104.95104.95104.95
EUR104.64104.64104.64
EUR104.15104.15104.15
EUR104.25104.25104.25
EUR104.06104.06104.06
EUR104.18104.18104.18
EUR104.08104.08104.08
EUR104.50104.50104.50
EUR104.62104.62104.62
EUR105.00105.00105.00
EUR105.12105.12105.12
EUR104.14104.14104.14
EUR104.05104.05104.05
EUR103.43103.43103.43
EUR103.07103.07103.07
EUR103.17103.17103.17
EUR102.76102.76102.76
EUR102.66102.66102.66
EUR102.41102.41102.41
EUR102.09102.09102.09
EUR101.77101.77101.77
EUR101.60101.60101.60
EUR102.25102.25102.25
EUR101.54101.54101.54
EUR101.36101.36101.36
EUR102.12102.12102.12
EUR103.00103.00103.00
EUR102.86102.86102.86
EUR102.63102.63102.63
EUR101.84101.84101.84
EUR101.50101.50101.50
EUR101.25101.25101.25
EUR101.12101.12101.12
EUR101.31101.31101.31
EUR100.68100.68100.68
EUR101.27101.27101.27
EUR101.44101.44101.44
EUR101.10101.10101.10
EUR100.80100.80100.80
EUR101.24101.24101.24
EUR101.52101.52101.52
EUR102.09102.09102.09
EUR101.82101.82101.82
EUR101.94101.94101.94
EUR102.29102.29102.29
EUR102.23102.23102.23
EUR101.59101.59101.59
EUR101.25101.25101.25
EUR101.49101.49101.49
EUR101.55101.55101.55
EUR101.85101.85101.85
EUR101.66101.66101.66
EUR103.38103.38103.38
EUR103.34103.34103.34
EUR103.25103.25103.25
EUR103.55103.55103.55
EUR103.45103.45103.45
EUR103.29103.29103.29
EUR103.31103.31103.31
EUR103.52103.52103.52
EUR103.80103.80103.80
EUR103.87103.87103.87
EUR103.96103.96103.96
EUR103.89103.89103.89
EUR103.55103.55103.55
EUR103.55103.55103.55
EUR104.52104.52104.52
EUR104.64104.64104.64
EUR104.58104.58104.58
EUR103.93103.93103.93
EUR103.71103.71103.71
EUR103.73103.73103.73
EUR103.68103.68103.68
EUR103.53103.53103.53
EUR103.67103.67103.67
EUR103.97103.97103.97
EUR103.90103.90103.90
EUR102.82102.82102.82
EUR102.64102.64102.64
EUR102.43102.43102.43
EUR102.23102.23102.23
EUR102.74102.74102.74
EUR102.36102.36102.36
EUR102.33102.33102.33
EUR102.14102.14102.14
EUR101.97101.97101.97
EUR102.39102.39102.39
EUR102.17102.17102.17
EUR102.28102.28102.28
EUR102.83102.83102.83
EUR103.29103.29103.29
EUR103.03103.03103.03
EUR103.53103.53103.53
EUR103.48103.48103.48
EUR103.62103.62103.62
EUR103.96103.96103.96
EUR104.06104.06104.06
EUR104.22104.22104.22
EUR104.29104.29104.29
EUR104.36104.36104.36
EUR104.13104.13104.13
EUR103.94103.94103.94
EUR104.18104.18104.18
EUR104.23104.23104.23
EUR104.17104.17104.17
EUR104.01104.01104.01
EUR104.18104.18104.18
EUR104.35104.35104.35
EUR103.93103.93103.93
EUR104.31104.31104.31
EUR104.47104.47104.47
EUR105.09105.09105.09
EUR104.81104.81104.81
EUR104.78104.78104.78
EUR105.05105.05105.05
EUR104.69104.69104.69
EUR104.43104.43104.43
EUR104.44104.44104.44
EUR104.59104.59104.59
EUR104.42104.42104.42
EUR104.47104.47104.47
EUR104.19104.19104.19
EUR104.11104.11104.11
EUR104.05104.05104.05
EUR103.61103.61103.61
EUR103.74103.74103.74
EUR103.80103.80103.80
EUR103.53103.53103.53
EUR103.41103.41103.41
EUR103.36103.36103.36
EUR103.05103.05103.05
EUR103.42103.42103.42
EUR103.88103.88103.88
EUR103.65103.65103.65
EUR103.43103.43103.43
EUR103.53103.53103.53
EUR103.32103.32103.32
EUR102.81102.81102.81
EUR102.99102.99102.99
EUR103.43103.43103.43
EUR104.06104.06104.06
EUR104.08104.08104.08
EUR104.11104.11104.11
EUR104.15104.15104.15
EUR104.23104.23104.23
EUR104.01104.01104.01
EUR104.08104.08104.08
EUR104.47104.47104.47
EUR104.26104.26104.26
EUR104.06104.06104.06
EUR104.35104.35104.35
EUR104.30104.30104.30
EUR104.86104.86104.86
EUR104.87104.87104.87
EUR104.86104.86104.86
EUR104.99104.99104.99
EUR105.20105.20105.20
EUR104.94104.94104.94
EUR104.78104.78104.78
EUR105.05105.05105.05
EUR104.93104.93104.93
EUR105.17105.17105.17
EUR105.14105.14105.14
EUR105.07105.07105.07
EUR105.10105.10105.10
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EUR105.00105.00105.00
EUR104.84104.84104.84
EUR104.47104.47104.47
EUR104.79104.79104.79
EUR105.11105.11105.11
EUR105.07105.07105.07
EUR104.91104.91104.91
EUR105.03105.03105.03
EUR105.09105.09105.09
EUR105.08105.08105.08
EUR105.13105.13105.13
EUR105.28105.28105.28
EUR105.31105.31105.31
EUR105.46105.46105.46
EUR105.23105.23105.23
EUR105.54105.54105.54
EUR105.68105.68105.68
EUR105.67105.67105.67
EUR105.34105.34105.34
EUR105.06105.06105.06
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EUR105.46105.46105.46
EUR105.51105.51105.51
EUR105.64105.64105.64
EUR105.61105.61105.61
EUR105.88105.88105.88
EUR105.72105.72105.72
EUR105.95105.95105.95
EUR105.52105.52105.52
EUR105.51105.51105.51
EUR105.53105.53105.53
EUR105.69105.69105.69
EUR105.62105.62105.62
EUR105.60105.60105.60
EUR105.74105.74105.74
EUR105.71105.71105.71
EUR105.55105.55105.55
EUR105.51105.51105.51
EUR105.19105.19105.19
EUR105.39105.39105.39
EUR105.23105.23105.23
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EUR105.34105.34105.34
EUR105.27105.27105.27
EUR105.60105.60105.60
EUR105.53105.53105.53
EUR105.61105.61105.61
EUR105.55105.55105.55
EUR105.01105.01105.01
EUR104.85104.85104.85
EUR104.88104.88104.88
EUR105.16105.16105.16
EUR105.34105.34105.34
EUR105.64105.64105.64
EUR105.43105.43105.43
EUR105.46105.46105.46
EUR105.85105.85105.85
EUR106.01106.01106.01
EUR105.98105.98105.98
EUR106.13106.13106.13
EUR106.29106.29106.29
EUR106.52106.52106.52
EUR106.61106.61106.61
EUR106.61106.61106.61
EUR106.79106.79106.79
EUR106.87106.87106.87
EUR106.69106.69106.69
EUR106.49106.49106.49
EUR106.24106.24106.24
EUR106.08106.08106.08
EUR106.35106.35106.35
EUR106.43106.43106.43
EUR106.19106.19106.19
EUR106.16106.16106.16
EUR106.07106.07106.07
EUR105.73105.73105.73
EUR105.69105.69105.69
EUR105.43105.43105.43
EUR105.45105.45105.45
EUR105.32105.32105.32
EUR105.48105.48105.48
EUR106.10106.10106.10
EUR105.85105.85105.85
EUR106.03106.03106.03
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EUR106.59106.59106.59
EUR106.53106.53106.53
EUR106.65106.65106.65
EUR106.69106.69106.69
EUR106.70106.70106.70
EUR106.56106.56106.56
EUR106.33106.33106.33
EUR106.43106.43106.43
EUR106.40106.40106.40
EUR106.46106.46106.46
EUR106.31106.31106.31
EUR106.22106.22106.22
EUR106.63106.63106.63
EUR106.45106.45106.45
EUR106.36106.36106.36
EUR106.20106.20106.20
EUR106.05106.05106.05
EUR105.54105.54105.54
EUR105.53105.53105.53
EUR105.60105.60105.60
EUR105.11105.11105.11
EUR105.02105.02105.02
EUR104.93104.93104.93
EUR104.97104.97104.97
EUR104.83104.83104.83
EUR104.46104.46104.46
EUR104.62104.62104.62
EUR104.60104.60104.60
EUR104.77104.77104.77
EUR105.00105.00105.00
EUR105.24105.24105.24
EUR105.31105.31105.31
EUR105.14105.14105.14
EUR105.37105.37105.37
EUR105.44105.44105.44
EUR105.24105.24105.24
EUR104.95104.95104.95
EUR104.72104.72104.72
EUR104.72104.72104.72
EUR104.57104.57104.57
EUR104.76104.76104.76
EUR104.43104.43104.43
EUR104.45104.45104.45
EUR104.26104.26104.26
EUR104.55104.55104.55
EUR105.17105.17105.17
EUR105.51105.51105.51
EUR105.68105.68105.68
EUR105.49105.49105.49
EUR105.81105.81105.81
EUR105.83105.83105.83
EUR105.68105.68105.68
EUR105.83105.83105.83
EUR105.83105.83105.83
EUR106.37106.37106.37
EUR106.44106.44106.44
EUR106.63106.63106.63
EUR106.64106.64106.64
EUR106.57106.57106.57
EUR106.84106.84106.84
EUR107.10107.10107.10
EUR106.99106.99106.99
EUR106.95106.95106.95
EUR107.14107.14107.14
EUR107.31107.31107.31
EUR107.60107.60107.60
EUR107.89107.89107.89
EUR108.65108.65108.65

Opportunities

  • 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 indirect). 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 (indirect) (e.g. in the form of gold) can be used to increase potential yields.

Risks

  • Market risks: The securities in which the Management Company invests the sub-fund assets present opportunities for gain but also the possibility of risk. The ESG criteria restrict the selection of target investments in terms of category and number, sometimes considerably. 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 key information document (PRIIP-KID) 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.

*Performance in the years 2007 to 2018 was simulated using the performance of share class I (LU0323577840) of sub-fund Flossbach von Storch - Multi Asset - Defensive. The simulation took account of any differences in remuneration structure. Share class I and share class HT 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: © (2023) 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: 31.10.2023

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 use and limited distribution


The information on this website is intended exclusively for investors resident or domiciled in Switzerland. It is not intended for publication, use, or distribution to or by any person in a country other than Switzerland. In particular, this information is not intended for distribution 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 information regarding collective investment schemes on the following pages are limited to foreign collective investment schemes which have been approved by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”) for distribution in or from Switzerland to non-qualified investors.

The content provided is for informational purposes only and does not constitute an offer or recommendation.