FvS Multi Asset Defensive ET/  LU1245470593  /

The objective of the investment policy of the Flossbach von Storch - Multi Asset - Defensive (the "sub-fund") is to achieve reasonable growth in the sub-fund"s currency while taking into consideration the risk involved for the investors. The investment strategy is defined based on fundamental analyses of the global financial markets. Investments are also selected on the basis of value criteria. The sub-fund is actively managed. No index is used for comparison purposes. Depending on the market situation and appraisal by the fund management, the sub-fund generally has the possibility to invest in equities, bonds, money market instruments, certificates, other structured products (e.g. reverse convertible bonds, warrant-linked bonds, convertible bonds), Units in UCITS or other UCI ("target funds"), derivatives, cash and fixed-term deposits. The certificates are for legally permitted underlying instruments, such as equities, bonds, investment fund units, financial indices and currencies.

The objective of the investment policy of the Flossbach von Storch - Multi Asset - Defensive (the "sub-fund") is to achieve reasonable growth in the sub-fund"s currency while taking into consideration the risk involved for the investors.