Flossbach von Storch Bond Opportunities

The investment policy of Flossbach von Storch - Bond Opportunities (the ‘sub-fund’) aims to achieve reasonable capital growth in the sub-fund currency, taking into account the investment risk. The sub-fund's assets are to be invested internationally in bonds and money market instruments in accordance with the principle of risk diversification. The sub-fund is actively managed. The composition of the portfolio is determined by the fund manager exclusively on the basis of the criteria defined in the investment policy, reviewed regularly and adjusted if necessary. There is no comparison with a benchmark index. In order to achieve its investment objectives, the sub-fund generally has the option, depending on the market situation and the fund management's assessment, of investing in all assets permitted under the management regulations, including bonds and money market instruments, units in UCITS or UCIs, derivatives and sight deposits. No investments are made in equities or Delta-1 certificates. The sub-fund's foreign currency exposure is limited to a maximum of 15% of its net sub-fund assets. The sub-fund will invest a maximum of 25% of its net sub-fund assets in emerging markets. The sub-fund will invest a maximum of 50% of its net sub-fund assets in high-yield bonds. The sub-fund will invest a maximum of 25% of its net sub-fund assets in perpetual bonds. The sub-fund will invest a maximum of 33% of its net sub-fund assets in a combination of subordinated bonds and perpetual bonds. Detailed information on the above and any other investment opportunities of the sub-fund can be found in the currently valid sales prospectus. This sub-fund may not be suitable for investors who wish to keep their capital invested in the sub-fund for less than 3 years. The sub-fund promotes environmental or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088. The fund follows a holistic sustainability approach and, as part of its long-term investment strategy, attaches importance to companies dealing responsibly with their environmental and social footprint and actively counteracting the negative effects of their activities.