Flossbach von Storch - Bond Defensive R

The objective of the Sub-fund is to achieve reasonable growth while taking into consideration the risk involved in the investment. In accordance with the principle of risk diversification, the sub-fund’s assets are mainly invested internationally in interest bearing securities and money market instruments. The sub-fund is actively managed. The fund manager chooses, regularly reviews and, if necessary, adjusts the composition of the portfolio in accordance with the criteria specified in the investment policy. No index is used for comparison purposes.