Flossbach von Storch - Multiple Opportunities II - R

The Fund pursues an active investment approach. The fund manager can invest in any investment classes that, in their opinion, appear to be attractive in the relevant capital market environment. The equity component amounts to at least 25 per cent. The basis for the asset allocation is the Fund's own independent world view. Whether an individual investment is attractive is assessed within the framework of a thorough company analysis. The in-house valuation models include ESG questions, engagement and voting. In addition, exclusion criteria defined as part of the Sub-Fund's investment policy are taken into account. The risk-reward ratio is decisive for every investment decision; the potential return must clearly overcompensate for any risk of loss. The portfolio structure ‒ and thus the Fund's risk-reward profile ‒ is based on the five principles of the Flossbach von Storch Pentagram, in particular the principle of diversification. The Fund is deliberately not oriented to any benchmark index. The primary objective is to generate attractive returns on a sustainable basis. The Sub-Fund is managed actively and not on the basis of an index as a benchmark. The composition of the portfolio is determined 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).


ISIN:LU0952573482
Authorised for distribution:AT, CH, DE, LI, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
SFDR Classification:Article 8
Fund currency:EUR
Launch date:1 October 2013
Financial year end:30 September
Income utilisation:Distribution
Last distribution:1.00 EUR (as at 9 December 2022)
Management company:Flossbach von Storch Invest S.A.
Custodian bank / Paying agent:DZ PRIVATBANK S.A.
Manager:Flossbach von Storch AG
Data from:26 May 2023
Shareclass assets:6,944,604,253.40 EUR
NIW:153.25 EUR
Redemption price:153.25 EUR
Issue price*:160.91 EUR
Redemption fee:0.00%
Ongoing charges:1.64%
which includes a management fee of:1.53%
Performance fee:Up to 10% of the gross unit value performance, but no more than 2.5% of the average value of the sub-fund’s assets during the accounting period, provided that the gross unit value at the end of an accounting period exceeds the unit value at the end of the preceding accounting periods of the last 5 years (see the prospectus for further details). The payment is made annually at the end of the accounting period.
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: 26.05.2023)

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: 26.05.2023)

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: 26.05.2023)

YTD4.49%
1 year1.07%
3 years7.03%
5 years19.56%
1 year p.a.1.07%
3 years p.a.2.29%
5 years p.a.3.64%
since launch (01.10.2013)63.49%

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: 26.05.2023)

 20232022202120202019201820172016201520142013
Jan2.97%-3.81%0.40%1.30%4.41%0.76%0.33%-5.38%5.78%-1.71%
Feb-1.07%-1.65%-1.84%-2.69%2.78%-2.33%2.73%4.08%2.67%3.13%
Mar1.22%3.72%3.93%-6.68%2.27%-1.93%0.15%1.84%1.33%-0.15%
Apr0.40%-1.29%2.37%6.17%2.29%1.45%0.21%0.36%-0.61%0.73%
May0.92%-4.36%1.35%-0.91%-2.70%2.09%0.45%0.18%0.57%0.77%
Jun-4.36%2.05%0.40%2.56%-1.80%-1.65%0.62%-4.20%0.85%
Jul4.95%0.82%3.18%2.11%2.83%-1.53%3.43%3.19%0.81%
Aug-1.98%0.18%3.41%0.29%-0.46%0.24%0.03%-4.95%1.51%
Sep-4.99%-3.33%-1.37%0.71%-0.26%1.98%-1.39%-3.73%0.68%
Oct1.77%2.87%-1.62%0.62%-1.09%1.69%-0.95%9.75%0.12%1.03%
Nov0.53%0.81%2.28%1.96%0.81%0.42%-0.88%0.62%3.20%1.35%
Dec-1.79%1.29%0.85%1.26%-5.04%0.73%3.11%-1.41%1.29%-0.42%
YTD4.49%-13.00%11.23%3.76%20.02%-5.10%5.79%4.79%8.33%11.73%1.96%

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

Strategy breakdown (As at: 30.04.2023)

Equities66.96 %
Bonds15.88 %
Convertible bonds0.41 %
Gold (indirect)9.84 %
Cash6.80 %
Other (incl. derivatives)0.10 %

Source: Depositary and Flossbach von Storch

Top 10 equity holdings (As at: 30.04.2023)

BERKSHIRE HATHAWAY B3.53 %
DEUTSCHE BÖRSE3.34 %
NESTLE3.26 %
MICROSOFT3.15 %
MERCEDES-BENZ GROUP3.12 %
ADIDAS3.01 %
RECKITT BENCKISER GROUP2.93 %
BMW ST2.54 %
ROCHE HOLDING2.17 %
ALPHABET - CLASS A2.07 %

 Source: Depositary and Flossbach von Storch

Top 10 sectors for equities (As at: 30.04.2023)

Consumer Discretionary17.84 %
Financials17.58 %
Information Technology14.16 %
Consumer Staples13.83 %
Health Care13.09 %
Industrials10.25 %
Communication Services7.03 %
Materials6.22 %

 Source: Depositary and Flossbach von Storch

Top 10 countries for equities  (As at: 30.04.2023)

USA53.31 %
Germany22.90 %
Switzerland8.12 %
United Kingdom7.17 %
Canada5.22 %
France1.77 %
China1.51 %

Currency after hedging (As at: 30.04.2023)

EUR46.25 %
USD43.11 %
CHF5.59 %
GBP2.98 %
CAD1.11 %
HKD0.96 %
JPY0.00 %
INR0.00 %
DKK0.00 %

Source: Depositary and Flossbach von Storch

Other key figures (As at: 30.04.2023)

Sharpe Ratio a0,60
Value at Risk (VaR) b-9,94%
Volatility c15,22%
Maximum drawdown d-13,22%

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*
EUR105.00100.00100.00
EUR104.7499.7599.75
EUR104.4699.4999.49
EUR104.2499.2899.28
EUR104.2199.2599.25
EUR103.9098.9598.95
EUR103.3098.3898.38
EUR103.1998.2898.28
EUR103.9799.0299.02
EUR103.9799.0299.02
EUR104.1499.1899.18
EUR104.2299.2699.26
EUR104.5699.5899.58
EUR104.7799.7899.78
EUR105.11100.10100.10
EUR105.26100.25100.25
EUR105.57100.54100.54
EUR105.06100.06100.06
EUR105.20100.19100.19
EUR105.27100.26100.26
EUR105.75100.71100.71
EUR106.06101.01101.01
EUR106.08101.03101.03
EUR106.58101.50101.50
EUR106.66101.58101.58
EUR106.88101.79101.79
EUR107.27102.16102.16
EUR107.23102.12102.12
EUR107.26102.15102.15
EUR107.49102.37102.37
EUR107.46102.34102.34
EUR107.64102.51102.51
EUR108.01102.87102.87
EUR108.37103.21103.21
EUR108.23103.08103.08
EUR108.00102.86102.86
EUR107.94102.80102.80
EUR107.92102.78102.78
EUR107.72102.59102.59
EUR107.91102.77102.77
EUR107.36102.25102.25
EUR107.46102.34102.34
EUR107.51102.39102.39
EUR107.54102.42102.42
EUR107.38102.27102.27
EUR106.75101.67101.67
EUR106.41101.34101.34
EUR105.77100.73100.73
EUR106.35101.29101.29
EUR106.44101.37101.37
EUR105.98100.93100.93
EUR105.37100.35100.35
EUR104.4499.4799.47
EUR104.4099.4399.43
EUR104.8799.8899.88
EUR104.5099.5299.52
EUR105.23100.22100.22
EUR105.86100.82100.82
EUR106.20101.14101.14
EUR106.75101.67101.67
EUR107.06101.96101.96
EUR107.03101.93101.93
EUR106.87101.78101.78
EUR107.37102.26102.26
EUR107.04101.94101.94
EUR107.31102.20102.20
EUR107.14102.04102.04
EUR106.81101.72101.72
EUR106.86101.77101.77
EUR106.83101.74101.74
EUR106.76101.68101.68
EUR107.58102.46102.46
EUR107.69102.56102.56
EUR107.73102.60102.60
EUR107.84102.70102.70
EUR108.14102.99102.99
EUR108.08102.93102.93
EUR107.18102.08102.08
EUR105.70100.67100.67
EUR105.11100.10100.10
EUR105.21100.20100.20
EUR104.9999.9999.99
EUR105.23100.22100.22
EUR105.46100.44100.44
EUR104.4999.5199.51
EUR103.9899.0399.03
EUR104.1499.1899.18
EUR104.7999.8099.80
EUR105.65100.62100.62
EUR105.96100.91100.91
EUR106.62101.54101.54
EUR107.27102.16102.16
EUR107.16102.06102.06
EUR107.40102.29102.29
EUR107.66102.53102.53
EUR107.58102.46102.46
EUR107.46102.34102.34
EUR107.54102.42102.42
EUR107.76102.63102.63
EUR108.17103.02103.02
EUR108.35103.19103.19
EUR108.59103.42103.42
EUR108.53103.36103.36
EUR108.18103.03103.03
EUR107.71102.58102.58
EUR108.42103.26103.26
EUR108.36103.20103.20
EUR108.33103.17103.17
EUR107.96102.82102.82
EUR107.80102.67102.67
EUR108.09102.94102.94
EUR107.75102.62102.62
EUR107.31102.20102.20
EUR106.79101.70101.70
EUR107.12102.02102.02
EUR107.24102.13102.13
EUR106.75101.67101.67
EUR107.06101.96101.96
EUR107.03101.93101.93
EUR107.19102.09102.09
EUR107.75102.62102.62
EUR107.79102.66102.66
EUR108.20103.05103.05
EUR108.37103.21103.21
EUR108.75103.57103.57
EUR108.62103.45103.45
EUR108.77103.59103.59
EUR108.91103.72103.72
EUR108.81103.63103.63
EUR108.31103.15103.15
EUR108.44103.28103.28
EUR108.61103.44103.44
EUR108.09102.94102.94
EUR107.69102.56102.56
EUR108.49103.32103.32
EUR108.52103.35103.35
EUR109.14103.94103.94
EUR109.10103.90103.90
EUR109.01103.82103.82
EUR108.94103.75103.75
EUR108.87103.69103.69
EUR109.02103.83103.83
EUR108.95103.76103.76
EUR109.16103.96103.96
EUR109.21104.01104.01
EUR109.22104.02104.02
EUR109.16103.96103.96
EUR108.87103.69103.69
EUR108.74103.56103.56
EUR108.97103.78103.78
EUR109.56104.34104.34
EUR109.81104.58104.58
EUR110.17104.92104.92
EUR110.22104.97104.97
EUR109.87104.64104.64
EUR109.85104.62104.62
EUR109.86104.63104.63
EUR109.57104.35104.35
EUR109.52104.30104.30
EUR109.76104.53104.53
EUR109.90104.67104.67
EUR109.86104.63104.63
EUR110.00104.76104.76
EUR110.00104.76104.76
EUR110.06104.82104.82
EUR110.32105.07105.07
EUR110.12104.88104.88
EUR110.28105.03105.03
EUR110.47105.21105.21
EUR110.54105.28105.28
EUR110.82105.54105.54
EUR110.69105.42105.42
EUR110.55105.29105.29
EUR110.55105.29105.29
EUR110.21104.96104.96
EUR110.54105.28105.28
EUR110.67105.40105.40
EUR111.14105.85105.85
EUR111.30106.00106.00
EUR111.12105.83105.83
EUR110.83105.55105.55
EUR110.94105.66105.66
EUR110.93105.65105.65
EUR110.72105.45105.45
EUR111.36106.06106.06
EUR111.48106.17106.17
EUR112.40107.05107.05
EUR112.38107.03107.03
EUR112.07106.73106.73
EUR111.55106.24106.24
EUR111.80106.48106.48
EUR111.56106.25106.25
EUR111.70106.38106.38
EUR111.76106.44106.44
EUR111.45106.14106.14
EUR111.88106.55106.55
EUR111.64106.32106.32
EUR111.64106.32106.32
EUR111.50106.19106.19
EUR112.12106.78106.78
EUR112.26106.91106.91
EUR112.13106.79106.79
EUR111.80106.48106.48
EUR111.87106.54106.54
EUR111.92106.59106.59
EUR111.84106.51106.51
EUR110.60105.33105.33
EUR110.08104.84104.84
EUR109.94104.70104.70
EUR110.18104.93104.93
EUR110.23104.98104.98
EUR110.06104.82104.82
EUR109.82104.59104.59
EUR110.59105.32105.32
EUR110.52105.26105.26
EUR110.82105.54105.54
EUR111.01105.72105.72
EUR111.73106.41106.41
EUR112.32106.97106.97
EUR112.49107.13107.13
EUR112.72107.35107.35
EUR112.88107.50107.50
EUR113.47108.07108.07
EUR113.75108.33108.33
EUR113.75108.33108.33
EUR113.53108.12108.12
EUR113.62108.21108.21
EUR113.96108.53108.53
EUR113.86108.44108.44
EUR113.97108.54108.54
EUR115.06109.58109.58
EUR114.74109.28109.28
EUR114.72109.26109.26
EUR114.53109.08109.08
EUR114.50109.05109.05
EUR114.40108.95108.95
EUR114.38108.93108.93
EUR114.39108.94108.94
EUR114.52109.07109.07
EUR114.40108.95108.95
EUR114.84109.37109.37
EUR115.00109.52109.52
EUR114.83109.36109.36
EUR114.00108.57108.57
EUR114.59109.13109.13
EUR114.12108.69108.69
EUR114.38108.93108.93
EUR114.29108.85108.85
EUR114.71109.25109.25
EUR114.16108.72108.72
EUR113.15107.76107.76
EUR114.06108.63108.63
EUR114.10108.67108.67
EUR112.98107.60107.60
EUR112.98107.60107.60
EUR112.34106.99106.99
EUR111.62106.30106.30
EUR110.80105.52105.52
EUR110.71105.44105.44
EUR109.34104.13104.13
EUR108.69103.51103.51
EUR110.16104.91104.91
EUR110.71105.44105.44
EUR111.86106.53106.53
EUR112.42107.07107.07
EUR112.88107.50107.50
EUR113.07107.69107.69
EUR112.81107.44107.44
EUR113.38107.98107.98
EUR113.66108.25108.25
EUR114.43108.98108.98
EUR115.85110.33110.33
EUR115.36109.87109.87
EUR114.79109.32109.32
EUR115.74110.23110.23
EUR115.91110.39110.39
EUR115.91110.39110.39
EUR116.21110.68110.68
EUR116.46110.91110.91
EUR116.09110.56110.56
EUR116.28110.74110.74
EUR116.18110.65110.65
EUR116.49110.94110.94
EUR116.79111.23111.23
EUR116.68111.12111.12
EUR116.88111.31111.31
EUR118.19112.56112.56
EUR118.05112.43112.43
EUR117.88112.27112.27
EUR117.57111.97111.97
EUR118.09112.47112.47
EUR118.31112.68112.68
EUR118.06112.44112.44
EUR118.55112.90112.90
EUR119.22113.54113.54
EUR118.41112.77112.77
EUR119.47113.78113.78
EUR119.06113.39113.39
EUR118.25112.62112.62
EUR117.51111.91111.91
EUR117.44111.85111.85
EUR115.56110.06110.06
EUR114.90109.43109.43
EUR114.62109.16109.16
EUR115.40109.90109.90
EUR117.90112.29112.29
EUR118.18112.55112.55
EUR118.49112.85112.85
EUR119.21113.53113.53
EUR119.08113.41113.41
EUR118.81113.15113.15
EUR118.93113.27113.27
EUR118.44112.80112.80
EUR117.60112.00112.00
EUR118.83113.17113.17
EUR120.67114.92114.92
EUR119.90114.19114.19
EUR120.60114.86114.86
EUR121.24115.47115.47
EUR120.42114.69114.69
EUR122.77116.92116.92
EUR123.69117.80117.80
EUR123.18117.31117.31
EUR123.91118.01118.01
EUR123.93118.03118.03
EUR125.77119.78119.78
EUR127.60121.52121.52
EUR127.18121.12121.12
EUR125.95119.95119.95
EUR125.93119.93119.93
EUR125.96119.96119.96
EUR125.70119.71119.71
EUR125.80119.81119.81
EUR125.15119.19119.19
EUR125.77119.78119.78
EUR125.81119.82119.82
EUR126.03120.03120.03
EUR125.82119.83119.83
EUR126.53120.50120.50
EUR126.38120.36120.36
EUR126.47120.45120.45
EUR126.58120.55120.55
EUR126.63120.60120.60
EUR126.37120.35120.35
EUR126.51120.49120.49
EUR126.90120.86120.86
EUR127.03120.98120.98
EUR127.89121.80121.80
EUR127.96121.87121.87
EUR127.77121.69121.69
EUR129.32123.16123.16
EUR129.47123.30123.30
EUR129.48123.31123.31
EUR128.85122.71122.71
EUR129.52123.35123.35
EUR129.99123.80123.80
EUR129.99123.80123.80
EUR129.79123.61123.61
EUR129.44123.28123.28
EUR130.52124.30124.30
EUR130.73124.50124.50
EUR131.55125.29125.29
EUR132.06125.77125.77
EUR131.36125.10125.10
EUR131.99125.70125.70
EUR132.45126.14126.14
EUR132.11125.82125.82
EUR131.65125.38125.38
EUR131.81125.53125.53
EUR130.28124.08124.08
EUR129.70123.52123.52
EUR130.26124.06124.06
EUR131.04124.80124.80
EUR130.60124.38124.38
EUR130.43124.22124.22
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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.

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: 31.03.2023

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.