Flossbach von Storch - Global Emerging Markets Equities R

Flossbach von Storch - Global Emerging Markets Equities is a globally-diversified equity fund with an active investment approach. It concentrates on fast-growing, high-quality companies from emerging markets as well as first-class companies from industrialised economies that generate a significant portion of their revenue in emerging markets. When selecting individual stocks, the sustainability of the business model, the competitive advantages, the quality of the management, as well as a high level of sales visibility and stable profits margins are decisive. In addition, factors such as institutional framework conditions, monetary and fiscal policies, the rate of inflation and exchange rate movements of the particular country all have an influence on the evaluation process. The aim is to generate a sustainable positive return. There are no fundamental restrictions on the size of the companies. Sufficient market liquidity is required. The sub-fund is actively managed. The fund manager determines, regularly reviews and, if necessary, adjusts the composition of the portfolio exclusively in accordance with the criteria specified in the investment policy. The performance of the sub-fund is compared against the index as reference. The fund manager is not bound at any time to the index in his investment decision and portfolio composition. Therefore, the performance of the sub-fund may differ significantly from the indicated reference index.


ISIN:LU1012015118
Authorised for distribution:AT, CH, DE, LI, LU
Fund type / legal structure:UCITS / FCP
Domicile:Luxemburg
Fund currency:EUR
Launch date:31 March 2014
Financial year end:30 September
Income utilisation:Distribution
Last distribution:1.00 EUR (as at 13 December 2019)
Management company:Flossbach von Storch Invest S.A.
Custodian bank / Paying agent:DZ PRIVATBANK S.A.
Manager:Flossbach von Storch AG
Data from:24 September 2020
Shareclass assets:12,185,330.61 EUR
NIW:160.07 EUR
Redemption price:160.07 EUR
Issue price*:168.07 EUR
Redemption fee:0.00%
Ongoing charges:1.79%
which includes a management fee of:1.53%
Performance fee:
Issue surcharge:up to 5.00%

* incl. max. issue surcharge 5.00%

Source: Custodian bank / Paying agent

Annual performance (As at: 24.09.2020)

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: 24.09.2020)

Reference index: MSCI Emerging Markets Daily Net TR EUR

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: 24.09.2020)

YTD3.96%
1 year12.23%
3 years30.66%
5 years62.15%
1 year p.a.15.04%
3 years p.a.9.31%
5 years p.a.10.14%
since launch (31.03.2014)65.85%

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: 24.09.2020)

 2020201920182017201620152014
Jan-0.29%6.27%2.52%1.85%-5.56%10.21%
Feb-5.24%2.85%-2.21%5.27%0.75%2.02%
Mar-13.97%3.38%-2.90%2.43%7.03%0.38%0.00%
Apr9.62%3.66%1.85%0.21%0.90%-1.09%-0.05%
May0.57%-3.36%0.46%1.24%0.95%-0.45%2.12%
Jun8.80%3.49%-1.80%-2.25%3.82%-3.74%0.17%
Jul3.98%1.51%2.79%1.13%3.85%1.75%1.36%
Aug6.62%-2.77%-3.01%-1.71%0.55%-8.38%1.59%
Sep-3.81%2.54%-2.24%-0.96%-0.23%-4.78%-0.09%
Oct2.21%-7.19%2.29%-0.31%9.90%1.35%
Nov2.87%8.43%0.61%-4.89%0.94%3.42%
Dec3.07%-3.05%2.52%2.38%-4.35%-2.44%
YTD3.96%28.47%-6.99%13.12%8.92%0.75%7.56%

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

Top 10 positions (As at: 31.08.2020)

TENCENT HOLDINGS7.84 %
ALIBABA GROUP7.68 %
TAIWAN SEMICONDUCTOR ADR6.97 %
MERCADOLIBRE5.29 %
MEITUAN DIANPING CLASS B5.10 %
VISA - CLASS A4.41 %
AIA GROUP4.37 %
HOUSING DEVELOPMENT FINANCE4.19 %
SEA ADR3.78 %
TAL EDUCATION ADR2.86 %

Source: Depositary and Flossbach von Storch

Top 10 sectors (As at: 31.08.2020)

Consumer Discretionary26.80 %
Information Technology21.11 %
Financials18.25 %
Consumer Staples15.80 %
Communication Services14.17 %
Industrials2.57 %
Health Care1.29 %

 Source: Depositary and Flossbach von Storch

Top 10 countries (As at: 31.08.2020)

China32.89 %
India11.24 %
USA9.74 %
Taiwan7.52 %
Hong Kong7.05 %
Argentinia5.71 %
Netherlands5.06 %
Brazil4.85 %
Singapore4.08 %
Indonesia2.59 %

 Source: Depositary and Flossbach von Storch

Other key figures (As at: 31.08.2020)

Sharpe Ratio a0,69
Value at Risk (VaR) b-13,61%
Volatility c21,70%
Maximum drawdown d-28,18%

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
EUR105.00100.00100.00
EUR104.9099.9099.90
EUR105.08100.08100.08
EUR105.12100.11100.11
EUR105.19100.18100.18
EUR105.08100.08100.08
EUR105.25100.24100.24
EUR105.22100.21100.21
EUR105.04100.04100.04
EUR105.09100.09100.09
EUR105.55100.52100.52
EUR105.16100.15100.15
EUR105.55100.52100.52
EUR105.75100.71100.71
EUR105.66100.63100.63
EUR105.46100.44100.44
EUR105.17100.16100.16
EUR104.2499.2899.28
EUR104.5599.5799.57
EUR104.9599.9599.95
EUR104.9599.9599.95
EUR104.9999.9999.99
EUR104.6699.6899.68
EUR104.7199.7299.72
EUR104.8799.8899.88
EUR105.74100.70100.70
EUR106.24101.18101.18
EUR106.89101.80101.80
EUR107.28102.17102.17
EUR107.48102.36102.36
EUR106.86101.77101.77
EUR107.27102.16102.16
EUR107.28102.17102.17
EUR106.66101.58101.58
EUR107.35102.24102.24
EUR107.69102.56102.56
EUR107.60102.48102.48
EUR107.82102.69102.69
EUR107.17102.07102.07
EUR107.17102.07102.07
EUR106.62101.54101.54
EUR106.70101.62101.62
EUR106.59101.51101.51
EUR106.22101.16101.16
EUR106.25101.19101.19
EUR107.37102.26102.26
EUR108.16103.01103.01
EUR107.96102.82102.82
EUR107.80102.67102.67
EUR107.85102.71102.71
EUR107.24102.13102.13
EUR106.95101.86101.86
EUR107.30102.19102.19
EUR107.59102.47102.47
EUR107.49102.37102.37
EUR107.46102.34102.34
EUR107.38102.27102.27
EUR107.35102.24102.24
EUR107.35102.24102.24
EUR107.21102.10102.10
EUR107.79102.66102.66
EUR107.79102.66102.66
EUR108.84103.66103.66
EUR109.06103.87103.87
EUR108.75103.57103.57
EUR108.18103.03103.03
EUR108.21103.06103.06
EUR107.92102.78102.78
EUR107.54102.42102.42
EUR107.97102.83102.83
EUR108.09102.94102.94
EUR108.30103.14103.14
EUR107.55102.43102.43
EUR108.30103.14103.14
EUR108.63103.46103.46
EUR109.63104.41104.41
EUR109.37104.16104.16
EUR109.66104.44104.44
EUR109.50104.29104.29
EUR109.67104.45104.45
EUR109.71104.49104.49
EUR108.81103.63103.63
EUR107.26102.15102.15
EUR107.31102.20102.20
EUR107.71102.58102.58
EUR107.29102.18102.18
EUR107.02101.92101.92
EUR106.19101.13101.13
EUR106.34101.28101.28
EUR107.42102.30102.30
EUR107.95102.81102.81
EUR108.31103.15103.15
EUR108.19103.04103.04
EUR108.83103.65103.65
EUR109.40104.19104.19
EUR109.28104.08104.08
EUR109.44104.23104.23
EUR109.68104.46104.46
EUR110.08104.84104.84
EUR110.68105.41105.41
EUR110.85105.57105.57
EUR110.54105.28105.28
EUR111.23105.93105.93
EUR110.92105.64105.64
EUR110.91105.63105.63
EUR111.42106.11106.11
EUR112.73107.36107.36
EUR112.44107.09107.09
EUR112.33106.98106.98
EUR110.95105.67105.67
EUR110.66105.39105.39
EUR110.55105.29105.29
EUR109.63104.41104.41
EUR109.59104.37104.37
EUR109.98104.74104.74
EUR109.97104.73104.73
EUR110.11104.87104.87
EUR109.86104.63104.63
EUR110.86105.58105.58
EUR110.48105.22105.22
EUR111.79106.47106.47
EUR110.65105.38105.38
EUR111.08105.79105.79
EUR110.44105.18105.18
EUR110.89105.61105.61
EUR109.58104.36104.36
EUR109.23104.03104.03
EUR110.63105.36105.36
EUR111.03105.74105.74
EUR110.08104.84104.84
EUR109.65104.43104.43
EUR110.01104.77104.77
EUR108.36103.20103.20
EUR108.53103.36103.36
EUR108.80103.62103.62
EUR106.67101.59101.59
EUR106.48101.41101.41
EUR108.17103.02103.02
EUR107.55102.43102.43
EUR108.71103.53103.53
EUR109.17103.97103.97
EUR108.89103.70103.70
EUR108.77103.59103.59
EUR108.48103.31103.31
EUR109.82104.59104.59
EUR111.24105.94105.94
EUR111.93106.60106.60
EUR113.15107.76107.76
EUR112.22106.88106.88
EUR112.00106.67106.67
EUR112.07106.73106.73
EUR112.22106.88106.88
EUR112.26106.91106.91
EUR112.90107.52107.52
EUR112.54107.18107.18
EUR112.97107.59107.59
EUR112.79107.42107.42
EUR112.38107.03107.03
EUR112.83107.46107.46
EUR112.85107.48107.48
EUR113.20107.81107.81
EUR113.79108.37108.37
EUR116.42110.88110.88
EUR115.54110.04110.04
EUR115.09109.61109.61
EUR115.64110.13110.13
EUR115.76110.25110.25
EUR114.96109.49109.49
EUR114.11108.68108.68
EUR114.26108.82108.82
EUR114.51109.06109.06
EUR113.64108.23108.23
EUR114.08108.65108.65
EUR112.49107.13107.13
EUR111.81106.49106.49
EUR110.32105.07105.07
EUR109.46104.25104.25
EUR107.91102.77102.77
EUR106.14101.09101.09
EUR105.26100.25100.25
EUR107.78102.65102.65
EUR110.46105.20105.20
EUR111.00105.71105.71
EUR111.49106.18106.18
EUR111.94106.61106.61
EUR112.46107.10107.10
EUR113.27107.88107.88
EUR112.71107.34107.34
EUR110.94105.66105.66
EUR111.71106.39106.39
EUR113.38107.98107.98
EUR115.08109.60109.60
EUR114.62109.16109.16
EUR114.57109.11109.11
EUR115.24109.75109.75
EUR115.68110.17110.17
EUR117.45111.86111.86
EUR117.79112.18112.18
EUR117.67112.07112.07
EUR118.61112.96112.96
EUR119.57113.88113.88
EUR123.98118.08118.08
EUR124.26118.34118.34
EUR123.60117.71117.71
EUR124.14118.23118.23
EUR124.43118.50118.50
EUR123.93118.03118.03
EUR122.22116.40116.40
EUR122.79116.94116.94
EUR122.58116.74116.74
EUR123.02117.16117.16
EUR123.72117.83117.83
EUR124.12118.21118.21
EUR124.06118.15118.15
EUR123.25117.38117.38
EUR122.58116.74116.74
EUR123.25117.38117.38
EUR123.82117.92117.92
EUR124.49118.56118.56
EUR123.99118.09118.09
EUR124.06118.15118.15
EUR124.90118.95118.95
EUR124.57118.64118.64
EUR124.87118.92118.92
EUR125.35119.38119.38
EUR125.12119.16119.16
EUR126.43120.41120.41
EUR126.27120.26120.26
EUR125.81119.82119.82
EUR126.22120.21120.21
EUR126.78120.74120.74
EUR127.87121.78121.78
EUR127.40121.33121.33
EUR127.09121.04121.04
EUR126.48120.46120.46
EUR127.86121.77121.77
EUR128.06121.96121.96
EUR127.73121.65121.65
EUR127.76121.68121.68
EUR128.02121.92121.92
EUR128.44122.32122.32
EUR127.43121.36121.36
EUR127.03120.98120.98
EUR126.19120.18120.18
EUR126.62120.59120.59
EUR124.77118.83118.83
EUR124.68118.74118.74
EUR124.88118.93118.93
EUR126.91120.87120.87
EUR127.14121.09121.09
EUR127.93121.84121.84
EUR129.06122.91122.91
EUR130.01123.82123.82
EUR132.10125.81125.81
EUR133.67127.30127.30
EUR134.27127.88127.88
EUR134.20127.81127.81
EUR133.31126.96126.96
EUR133.75127.38127.38
EUR132.77126.45126.45
EUR131.61125.34125.34
EUR131.72125.45125.45
EUR131.01124.77124.77
EUR131.38125.12125.12
EUR130.45124.24124.24
EUR130.73124.50124.50
EUR130.39124.18124.18
EUR128.66122.53122.53
EUR125.53119.55119.55
EUR125.13119.17119.17
EUR126.15120.14120.14
EUR124.59118.66118.66
EUR122.48116.65116.65
EUR123.62117.73117.73
EUR125.41119.44119.44
EUR124.29118.37118.37
EUR123.77117.88117.88
EUR123.65117.76117.76
EUR123.93118.03118.03
EUR126.24120.23120.23
EUR126.50120.48120.48
EUR126.26120.25120.25
EUR126.21120.20120.20
EUR127.34121.28121.28
EUR125.31119.34119.34
EUR125.21119.25119.25
EUR124.96119.01119.01
EUR124.33118.41118.41
EUR123.39117.51117.51
EUR121.46115.68115.68
EUR119.40113.71113.71
EUR118.81113.15113.15
EUR118.97113.30113.30
EUR117.67112.07112.07
EUR117.38111.79111.79
EUR118.88113.22113.22
EUR118.89113.23113.23
EUR118.66113.01113.01
EUR117.99112.37112.37
EUR118.71113.06113.06
EUR118.78113.12113.12
EUR119.65113.95113.95
EUR119.73114.03114.03
EUR121.71115.91115.91
EUR121.71115.91115.91
EUR121.93116.12116.12
EUR122.24116.42116.42
EUR120.29114.56114.56
EUR121.21115.44115.44
EUR122.03116.22116.22
EUR122.41116.58116.58
EUR122.17116.35116.35
EUR122.15116.33116.33
EUR120.38114.65114.65
EUR119.43113.74113.74
EUR120.19114.47114.47
EUR121.65115.86115.86
EUR123.74117.85117.85
EUR123.99118.09118.09
EUR124.98119.03119.03
EUR125.90119.90119.90
EUR125.90119.90119.90
EUR125.99119.99119.99
EUR124.50118.57118.57
EUR123.74117.85117.85
EUR123.61117.72117.72
EUR121.12115.35115.35
EUR120.28114.55114.55
EUR120.23114.50114.50
EUR121.51115.72115.72
EUR122.39116.56116.56
EUR122.68116.84116.84
EUR122.58116.74116.74
EUR123.89117.99117.99
EUR123.72117.83117.83
EUR122.83116.98116.98
EUR122.43116.60116.60
EUR122.04116.23116.23
EUR119.14113.47113.47
EUR117.79112.18112.18
EUR117.25111.67111.67
EUR117.44111.85111.85
EUR116.97111.40111.40
EUR117.11111.53111.53
EUR115.34109.85109.85
EUR113.31107.91107.91
EUR107.75102.62102.62
EUR105.37100.35100.35
EUR106.52101.45101.45
EUR109.12103.92103.92
EUR111.17105.88105.88
EUR112.13106.79106.79
EUR110.41105.15105.15
EUR109.03103.84103.84
EUR109.64104.42104.42
EUR111.04105.75105.75
EUR108.28103.12103.12
EUR107.98102.84102.84
EUR109.36104.15104.15
EUR108.57103.40103.40
EUR107.49102.37102.37
EUR107.29102.18102.18
EUR107.90102.76102.76
EUR108.78103.60103.60
EUR110.23104.98104.98
EUR109.73104.50104.50
EUR109.65104.43104.43
EUR110.29105.04105.04
EUR108.62103.45103.45
EUR106.93101.84101.84
EUR107.90102.76102.76
EUR107.61102.49102.49
EUR105.44100.42100.42
EUR106.77101.69101.69
EUR109.33104.12104.12
EUR109.15103.95103.95
EUR110.60105.33105.33
EUR113.26107.87107.87
EUR114.41108.96108.96
EUR114.24108.80108.80
EUR114.80109.33109.33
EUR115.11109.63109.63
EUR113.80108.38108.38
EUR112.77107.40107.40
EUR113.89108.47108.47
EUR115.19109.70109.70
EUR115.29109.80109.80
EUR115.35109.86109.86
EUR114.52109.07109.07
EUR114.21108.77108.77
EUR118.13112.50112.50
EUR119.45113.76113.76
EUR118.89113.23113.23
EUR118.65113.00113.00
EUR118.66113.01113.01
EUR117.35111.76111.76
EUR117.05111.48111.48
EUR117.87112.26112.26
EUR119.86114.15114.15
EUR120.21114.49114.49
EUR119.87114.16114.16
EUR118.82113.16113.16
EUR117.95112.33112.33
EUR117.86112.25112.25
EUR118.92113.26113.26
EUR117.05111.48111.48
EUR115.78110.27110.27
EUR117.75112.14112.14
EUR118.43112.79112.79
EUR118.67113.02113.02
EUR120.05114.33114.33
EUR120.67114.92114.92
EUR119.93114.22114.22
EUR119.91114.20114.20
EUR119.87114.16114.16
EUR119.37113.69113.69
EUR118.45112.81112.81
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Opportunities

  • These funds aim to exploit growth opportunities on global equity markets.
  • 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.

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 assets denominated in a foreign currency can have a negative 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).
  • Investments in emerging markets – in addition to the specific risks of the asset class itself – are particularly exposed to liquidity risk and general market risk.
  • In emerging markets the legal and regulatory environment as well as accounting, auditing and reporting standards may also vary considerably from the levels and standards that are otherwise common internationally.
  • Higher custody risk.
  • There is a risk from the possible investment in Chinese A-Shares, including possible additional clearing and settlement risks, as well as legal, operational, and risks in the form of limitations to investment opportunities.

Morningstar Rating™ overall: © (2020) 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. Status: