Monthly Report November 2012

Transcription

1 Monthly Report November 2012

2 FPM Funds Stockpicker Germany All Cap Equity funds Germany ISIN: LU Investment Policy The FPM Funds Stockpicker Germany All Cap invests primarily in German equities. The objective of the investment policy of the sub-fund FPM Funds Stockpicker Germany All Cap is to gain the greatest possible return on investments in Euro. The subfund's assets are primarily invested in shares, share certificates, convertible bonds, convertible debentures and warrant-linked bonds, participation and dividend-right certificates, warrants for securities, as well as in variable and fixed interest securities of issuers with their registered office in the Federal Republic of Germany. In addition, the subfund s assets may be invested in all other permissible assets. General Fund Information Fund category: Equity Funds Germany Investment company: FPM Funds SICAV / Luxemburg Management company: DWS Investment S.A., Luxemburg Custodian bank: State Street Bank Luxemburg Fund managers: Manfred Piontke and Martin Wirth Fund currency: Euro Launch date: January 29 th, 2001 Distribution policy: retaining End of fiscal year: December 31 st Fond volume in million Euro: Suitable for saving plan: Yes Suitable for capital-building payment: Yes Permitted to trade in: Germany, Austria, Switzerland, Luxembourg, France, Spain DWS risk category: 4 Ratings & Awards: uro-fund Award st rank over 3 and 10 years, Lipper Fund Awards Germany & Austria st rank over Morningstar Rating TM 1, FERI Fund Rating 2 (C) SAUREN Fund Manager - Rating - 2 gold medals 3 Fund price Redemption price: Issue price: 52-week high*: 52-week low*: * redemption price Performance Time period: Performance: m 1.38% 3 m 3.82% conditions Max. front-end load: Management fee: Exit charge: Performance fee: TER (fiscal year 2011): 4 6 m 5.44% 1 year 14.22% 4.00% 0.90% p.a. success related fee of 15%, provided that the performance of the shares exceeds 4% per half-year 0.95% p.a % -4.49% since inception % since inception (January 29, 2001) Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jan-10 Jul-09 Jan-09 Jul-08 Jan-08 Jul-07 Jan-07 Jul-06 Jan-06 Jul-05 Jan-05 Jul-04 Jan-04 Jul-03 Jan-03 Jul-02 Jan-02 Jul-01 Jan-01 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Page 1 of 12 FPM Funds Stockpicker Germany All Cap

3 Performance in recent 12-month-periods Risk assessment 1 year max. profit % % % % 14.22% % 19.42% 60.74% % max. loss 7 Fund manager comment volatility % 16.35% sharpe-ratio 9 In November the German stock market consolidated its gains of the previous months. Alongside the problems in Europe, the issue of US budget consolidation also moved to the fore, an influence which could lead to significant economic deterioration in the coming year. On the plus side, there were the again largely solid interim reports from the corporate sector. At the political level, further compromises were reached between European governments, contributing to a calming of the financial markets. Expectations for next year are low, which limits the potential for disappointment. Thanks to the high profitability of most companies, the valuation of German equities remains modest, especially in comparison to "safe" interest rates. Portfolio structure Current month Previous month Basic Materials Basic Materials 3.16% 11.41% 10.67% 26.53% 25.34% Consumer, Noncyclicals 23.79% Consumer, Noncyclicals 21.01% 7.62% 6.39% 19.66% 22.95% 10.98% 10.48% TOP 10 holdings Security Freenet Sixt Pref. Schaltbau Holding Drägerwerk Porsche Automobil Holding Pref. Software Dürr Metro Ord. Volkswagen Pref. Commerzbank Investment degree * in % of the fund s assets current weighting * 7.66% 6.44% 5.26% 5.24% 5.15% 5.05% 4.89% 4.85% 4.45% 4.33% 98.38% previous month * 6.74% 5.98% 5.05% 5.36% 4.38% 4.66% 4.67% 4.27% 4.85% 4.49% % Page 2 of 12 FPM Funds Stockpicker Germany All Cap

4 FPM Funds Stockpicker Germany small/mid Cap Equity funds Germany ISIN: LU Investment Policy The FPM Funds Stockpicker Germany Small/Mid Cap invests primarily in German equities. The objective of the investment policy of the sub-fund FPM Funds Stockpicker Germany Small/Mid Cap is to gain the greatest possible return on investments in Euro. The subfund's assets are primarily invested in shares, share certificates, convertible bonds, convertible debentures and warrant-linked bonds, participation and dividend-right certificates, warrants for securities, as well as in variable and fixed interest securities of issuers with their registered office in the Federal Republic of Germany. In addition, the subfund s assets may be invested in all other permissible assets. General Fund Information Fund category: Equity Funds Germany Investment company: FPM Funds SICAV / Luxemburg Management company: DWS Investment S.A., Luxemburg Custodian bank: State Street Bank Luxemburg Fund managers: Martin Wirth and Manfred Piontke Fund currency: Euro Launch date: December 20 th, 2004 Distribution policy: retaining End of fiscal year: December 31 st Fond volume in million Euro: Suitable for saving plan: Yes Suitable for capital-building payment: Yes Permitted to trade in: Germany, Austria, Switzerland, Luxembourg, France, Spain DWS risk category: 4 Ratings & Awards: Morningstar Rating TM 1 Fund price Redemption price: Issue price: week high*: week low*: * redemption price Performance Time period: 1 m Performance: % 3 m 6.27% conditions Max. front-end load: Management fee: Exit charge: Performance fee: TER (fiscal year 2011): 4 6 m 1 year 12.77% 25.07% 4.00% 1.25% p.a. success related fee of 15%, provided that the performance of the shares exceeds 4% per half-year 1.30% p.a % 25.47% since inception 72.22% since inception (Dezember 20, 2004) Nov-12 Jun-12 Jan-12 Aug-11 Mar-11 Oct-10 May-10 Dec-09 Jul-09 Feb-09 Sep-08 Apr-08 Nov-07 Jun-07 Jan-07 Aug-06 Mar-06 Oct-05 May-05 Dec-04 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Page 3 of 12 FPM Funds Stockpicker Germany Small/Mid Cap

5 Performance in recent 12-month-periods Risk assessment 1 year max. profit % % % % 25.07% -0.89% 21.73% 49.30% % max. loss 7 Fund manager comment volatility % 14.80% sharpe-ratio 9 In November the German stock market consolidated its gains of the previous months. Alongside the problems in Europe, the issue of US budget consolidation also moved to the fore, an influence which could lead to significant economic deterioration in the coming year. On the plus side, there were the again largely solid interim reports from the corporate sector. At the political level, further compromises were reached between European governments, contributing to a calming of the financial markets. Expectations for next year are low, which limits the potential for disappointment. Thanks to the high profitability of most companies, the valuation of German equities remains modest, especially in comparison to "safe" interest rates. Portfolio structure Current month Previous month 11.46% 10.23% 13.49% 15.16% Consumer, Noncyclicals 9.04% Consumer, Noncyclicals 8.62% 13.00% 13.53% 40.68% 38.23% 12.33% 14.23% TOP 10 holdings Security Sartorius Pref. STO Pref. Freenet Takkt Grenkeleasing Jungheinrich Pref. Software Nexus United Internet Reg. Gerresheimer Investment degree * in % of the fund s assets current weighting * 6.64% 6.56% 4.73% 4.68% 4.61% 4.38% 4.27% 4.02% 3.99% 3.89% 87.88% previous month * 6.72% 7.32% 4.74% 5.26% 5.19% 4.30% 6.92% 4.49% 4.01% 4.30% % Page 4 of 12 FPM Funds Stockpicker Germany Small/Mid Cap

6 FPM Funds Stockpicker Germany large Cap Equity funds Germany ISIN: LU Investment Policy The FPM Funds Stockpicker Germany Large Cap invests primarily in German equities. The objective of the investment policy of the sub-fund FPM Funds Stockpicker Germany Large Cap is to gain the greatest possible return on investments in Euro. The subfund's assets are primarily invested in shares, share certificates, convertible bonds, convertible debentures and warrant-linked bonds, participation and dividend-right certificates, warrants for securities, as well as in variable and fixed interest securities of issuers with their registered office in the Federal Republic of Germany. In addition, the subfund s assets may be invested in all other permissible assets. General Fund Information Fund category: Equity Funds Germany Investment company: FPM Funds SICAV / Luxemburg Management company: DWS Investment S.A., Luxemburg Custodian bank: State Street Bank Luxemburg Fund managers: Martin Wirth and Manfred Piontke Fund currency: Euro Launch date: November 7 th, 2005 Distribution policy: retaining End of fiscal year: December 31 st Fond volume in million Euro: 8.81 Suitable for saving plan: Yes Suitable for capital-building payment: Yes Permitted to trade in: Germany, Austria, Luxembourg, France DWS risk category: 3 Ratings & Awards: Morningstar Rating TM 1 ; FERI Fund Rating 2 (B) Fund price Redemption price: Issue price: week high*: week low*: * redemption price Performance Time period: 1 m Performance: % 3 m 6.09% conditions Max. front-end load: Management fee: Exit charge: Performance fee: TER (fiscal year 2011): 4 6 m 1 year 14.99% 22.33% 4.00% 0.90% p.a. success related fee of 15%, provided that the performance of the shares exceeds 4% per half-year 0.95% p.a % 2.51% since inception 35.22% since inception (November 7, 2005) Nov-12 Jul-12 Mar-12 Nov-11 Jul-11 Mar-11 Nov-10 Jul-10 Mar-10 Nov-09 Jul-09 Mar-09 Nov-08 Jul-08 Mar-08 Nov-07 Jul-07 Mar-07 Nov-06 Jul-06 Mar-06 Nov-05 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09 Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Page 5 of 12 FPM Funds Stockpicker Germany Large Cap

7 Performance in recent 12-month-periods Risk assessment 1 year max. profit % 80.33% % % 22.33% -5.34% 11.00% 35.62% % max. loss 7 Fund manager comment volatility % 15.50% sharpe-ratio 9 In November the German stock market consolidated its gains of the previous months. Alongside the problems in Europe, the issue of US budget consolidation also moved to the fore, an influence which could lead to significant economic deterioration in the coming year. On the plus side, there were the again largely solid interim reports from the corporate sector. At the political level, further compromises were reached between European governments, contributing to a calming of the financial markets. Expectations for next year are low, which limits the potential for disappointment. Thanks to the high profitability of most companies, the valuation of German equities remains modest, especially in comparison to "safe" interest rates. Portfolio structure Current month Previous month Basic Materials 5.18% Basic Materials 4.90% 10.91% 10.50% 20.77% 19.79% Consumer, Non-cyclicals 8.48% Consumer, Non-cyclicals 8.48% 26.15% 26.68% 18.98% 19.39% 6.04% 5.76% Utilities 3.49% Utilities 4.50% TOP 10 holdings Security Freenet Deutsche Bank Reg. Porsche Automobil Holding Pref. SAP Volkswagen Pref. Münchener Rückvers.-Ges. Vink.Reg. Continental Commerzbank BASF Reg. Deutsche Post Reg. Investment degree * in % of the fund s assets current weighting * 6.52% 6.19% 5.93% 5.48% 5.12% 4.86% 4.78% 4.76% 4.70% 4.53% 90.77% previous month * 5.87% 6.46% 5.30% 5.17% 5.03% 4.61% 4.52% 5.19% 4.40% 4.47% 89.84% Page 6 of 12 FPM Funds Stockpicker Germany Large Cap

8 Investment philosophy "Advancement through knowledge" - this is what lies at the heart of our investment philosophy. We acquire this knowledge through intensive, personal management meetings with the companies in which we invest. This approach makes us unique in the market and forms the basis of our success. The investment philosophy of FPM AG is based on three cornerstones: We primarily invest in stocks of German companies with high potential that we have identified as undervalued. Companies are selected on the basis of our own methodical and fundamental analysis (primary research). Our assessment of companies is based on regular, face-to-face discussions between management and our fund managers. The systematic implementation of our investment philosophy offers our investors a large number of advantages. Regular management meetings allow us to acquire high quality information and gain valuable insights into the market and competitors. Our analysis are not concerned with short-term trends; instead they focus on identifying high-quality companies before they come to the market's attention. The performance of companies that have good fundamental prospects but are undervalued on the market can increase considerably. The FPM Funds are well suited for medium to long-term investment for targeted and regular asset growth for investment in capital-building payment schemes Chances price increases on the stock market related to the market, industry and company opportunity for above-average participation on performance through a valuation- and quality-oriented investment process and active stock picking Risks The prices of the assets contained in the fund determine fund price. They are subject to daily fluctuations and may also fall. Market risk: The performance of financial products depends on the performance of the capital markets, which in turn are affected by real framework conditions as well as irrational factors (sentiment, opinions and rumors). Default risk: The counterparties' partial or non-ability to fulfill their contractual payment obligations may result in losses for the investment fund. The risk of a decline in the assets of issuers cannot be eliminated even by the most careful selection of the securities. Currency risk: The value of assets invested in currencies other than the respective sub-fund currency is subject to fluctuation. Concentration risk: By a concentration of investments in particular markets or assets, the investment fund becomes particularly dependent on these few markets and assets. Increased volatility: Due to its permitted investment universe and its compositions as well as the use of derivative instruments, the investment fund is subject to markedly increased volatility. Risks in connection with derivative transactions, in particular options: Price changes in the underlying instrument can devalue an option. Options have a leverage effect that influences the investment fund markedly more than the underlying instrument. Selling options bears the risk that the investment fund experiences a loss of an indefinite amount. The unit price may at any time be lower than the purchase price at which the customer acquired the unit. The sales prospectus contains a detailed description of the risks involved. Page 7 of 12 FPM Funds

9 Disclaimer The information contained in this document does not constitute investment advice and is merely a brief summary of key aspects of the funds. Full details of the funds can be found in the key investor information document and the sales prospectus, supplemented in each case by the most recent audited annual report and the most recent half-year report, if this report is more recent than the most recently available annual report. These documents constitute the sole binding basis for the purchase of fund units. They are available free of charge in either electronic or printed form from FPM Frankfurt Performance Management AG (FPM AG), Freiherrvom-Stein-Str. 11, Frankfurt am Main, from DWS Investment GmbH, Mainzer Landstraße , D Frankfurt am Main or from DWS Investment S. A., 2, Boulevard Konrad Adenauer, L-1115 Luxemburg. The sales prospectus contains detailed information on the risks involved. All opinions given in this product information reflect the current assessment of FPM Frankfurt Performance Management AG which may change without notice. In cases where information contained in this document derives from third parties, FPM AG accepts no liability for the accuracy, completeness or appropriateness of such information, also FPM AG only uses data that it deems to be reliable. Calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Further information on taxation can be found in the sales prospectus. The units issued by DWS Investment S. A. under these funds may only be offered for purchase or sold in jurisdictions in which such offer or sale is permitted. The units in these funds are not allowed to be offered for purchase or sold either in the US or to or for the account of US citizens or US persons domiciled in the US. This document and the information contained therein must not be distributed in the US. The distribution and publication of this document as well as the offering or sale of the fund s units may be subject to restrictions in other jurisdictions as well. FPM Frankfurt Performance Management AG Freiherr-vom-Stein-Straße 11 D Frankfurt am Main Telephone: Fax: fpm-funds@fpm-ag.de Internet: Footnotes 1 Rating as of ; more information at 2 Rating as of ; more information at 3 Rating as of ; more information at 4 Total expense in per cent of the average fund volume of the fiscal year closed on 31 December. In accordance with the respective national practice, this ratio only includes the expenses incurred for the investment fund (without transaction costs). 5 Calculated on the basis of time-weighted return (BVI method). Front-end load was excluded. Past performance is not a reliable indicator of future returns. 6 The future trend indicator relates to each 12-month period indicated. On those days which fall on weekends or national holidays, the price from the previous day or the last available price is used, as no stock quotations are made on such days. 7 Maximum historical loss/profit that would have been possible with an investment period of one/three year(s) since inception of the fund. 8 Volatility in % is calculated on the basis of weekly (up to ) or monthly data (from ). (Source: Deutsche Performancemessungs- Gesellschaft für Wertpapierportfolios mbh (short: DPG)) 9 The risk-free interest rate depends on the three-month interest rate. A negative sharpe ratio has no significance. (Source: Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbh (short: DPG)) Page 8 of 12 FPM Funds

10 As of: November 30 th, 2012 TOP 25 S Equity funds Europe ISIN: DE Investment Policy The investment objective of the TOP 25 S is to outperform the German Stock Index DAX as well as superior capital growth. This could mean an above-average loss risk of the assets used as well as increased creditworthiness risks. At least 51% of the value of the sub-pool of assets is invested in equities, however the actual equity exposure is changed by using derivatives. At least two thirds of these equities have to be issued by companies with their registered office in Germany, Austria or Switzerland. The selection of individual stocks is based on an active selection process. It is intended to hold an average of 25 different equities on behalf of the sub-pool of assets. General Fund information Fund category: Equity Funds Europe Investment company: FPM Deutsche Investmentaktiengesellschaft TGV Management company: DWS Investment GmbH Custodian bank: State Street Bank Germany Fund managers: Thomas Seppi, Manfred Piontke and Martin Wirth Fund currency: Euro Launch date: September 24 th, 2008 Distribution policy: distributing End of fiscal year: March 31 st Fond volume in million Euro: Suitable for saving plan: Yes Suitable for capital-building payment: Yes Permitted to trade in: Germany, Austria, Spain, Luxembourg DWS risk category: 4 Fund prices Redemption price: Issue price: 52-weeks high*: 52-weeks low*: * redemption price Performance Time period: m conditions Max. front-end load: Management fee: Exit charge: Performance fee: TER (fiscal year 2011/2012): 2 Dividend: 3 m 6 m 5.00% 1.75% p.a. 20% of the outperformance of the benchmark 1.89% p.a. May 11, 2009: 3.00 ; May 10, 2010: 3.00 ; May 9, 2011: 3.00 ; May 9, 2012: 3.00 since inception Performance TOP 25 S: % 2.66% 1.05% 3.07% 7.24% % Performance DAX Index: 2.00% 6.24% 18.22% 21.62% 31.63% % 1 year TOP 25 S DAX since inception (September 24, 2008) -5 Nov-12 Sep-12 Jul-12 May-12 Mar-12 Jan-12 Nov-11 Sep-11 Jul-11 May-11 Mar-11 Jan-11 Nov-10 Sep-10 Jul-10 May-10 Mar-10 Jan-10 Nov-09 Sep-09 Jul-09 May-09 Mar-09 Jan-09 Nov-08 Sep-08 Please note the footnotes on page 12. Page 9 of 12 TOP 25 S

11 As of: November 30 th, 2012 Performance in recent 12-month-periods 3, % % 19.01% % Risk assessment max. profit 5 max. loss 5 1 year 28.91% % 36.21% -0.38% Fund managers analysis volatility % 11.99% sharpe-ratio In November the German stock market consolidated its gains of the previous months. Alongside the problems in Europe, the issue of US budget consolidation also moved to the fore, an influence which could lead to significant economic deterioration in the coming year. On the plus side, there were the again largely solid interim reports from the corporate sector. At the political level, further compromises were reached between European governments, contributing to a calming of the financial markets. Expectations for next year are low, which limits the potential for disappointment. Thanks to the high profitability of most companies, the valuation of German equities remains modest, especially in comparison to "safe" interest rates. Portfolio structure Current month Previous month Basic Materials 14.46% Basic Materials 15.43% 16.52% 15.68% 16.90% 12.74% Consumer, Non-cyclicals 11.23% Consumer, Non-cyclicals 11.64% 12.24% 16.25% 20.07% 15.98% 8.58% 8.50% Utilities Utilities 3.79% TOP 10 holdings Security Porsche Automobil Holding Pref. Software Dürr Freenet Drillisch Rheinmetall Ord. Hugo Boss Reg. United Internet Reg. SAP Hannover Rückversicherung Reg. Investment degree * in % of the fund s assets current weighting * 4.18% 3.90% 3.89% 3.80% 3.73% 3.66% 3.65% 3.65% 3.63% 3.59% 87.76% previous weighting * 3.75% 3.79% 3.50% 3.42% 3.29% 3.55% 3.30% 3.43% 3.45% 40.43% Please note the footnotes on page 12. Page 10 of 12 TOP 25 S

12 As of: November 30 th, 2012 Investment philosophy The investment philosophy of FPM for the TOP 25 S is based on four cornerstones: We invest solely in stocks of German, Austrian and Swiss companies with high potential that we have identified as undervalued. Essential parts of the stock selection are direct, regular, face-to-face discussions between management and our fund managers. Our assessment of companies is based on our own methodical and fundamental analysis. In the TOP 25 S, the fundamental investment style is supplemented by clear stop-loss rules and active investment level steering, supported by the "FPM Market Indicator". The systematic implementation of our investment philosophy offers our investors a large number of advantages. This is because: Regular management meetings allow us to acquire quality information and gain valuable insights into the market and competitors. The performance of companies that have good fundamental prospects but are undervalued on the market can increase considerably. The combination with technical indicators makes historical correlations possible and finally results in active risk management. The active utilisation of derivatives enables us to also achieve profits in markets that trade sideways or down and thus benefit from fluctuations on the stock markets achieving additional return on our portfolio. The "FPM Market Indicator" enables us to detect market trends early with historical market behavior with our own indicator serving as its basis. The TOP 25 S is well suited for medium- to long-term investment for investors who want active steering of the investment level for experienced shareholders who are familiar with the opportunities and risks of volatile investments and who are in a position to temporarily bear substantial losses Chances price increases on the stock market related to the market, industry and company performance chances through a combination of a successful stock picking approach and active steering of the investment level, in markets that trade upwards, sideways or down Risks The prices of the assets contained in the fund determine fund price. They are subject to daily fluctuations and may also fall. Market risk: The performance of financial products depends on the performance of the capital markets, which in turn are affected by real framework conditions as well as irrational factors (sentiment, opinions and rumors). Default risk: The counterparties' partial or non-ability to fulfill their contractual payment obligations may result in losses for the investment fund. The risk of a decline in the assets of issuers cannot be eliminated even by the most careful selection of the securities. Currency risk: The value of assets invested in currencies other than the respective sub-fund currency is subject to fluctuations. Concentration risk: By a concentration of investments in particular markets or assets, the investment fund becomes particularly dependend on these few markets and assets. Increased volatility: Due to its permitted investment universe and its compositions as well as the use of derivative instruments, the investment fund is subject to markedly increased volatility. Risks in connection with derivative transactions, in particular options: Price changes in the underlying instrument can devalue an option. Options have a leverage effect that influences the investment fund more strongly than the underlying instrument. Selling options bears the risk that the investment fund experiences a loss of an indefinite amount. The derivatives strategy can result in a neutralising, a strengthening or a hedging positioning of the TOP 25 S on the market. The unit price may at any time be lower than the purchase price at which the customer acquired the unit. The sales prospectus contains a detailed description of the risks involved. Please note the footnotes on page 12. Page 11 of 12 TOP 25 S

13 As of: November 30 th, 2012 Disclaimer The information contained in this document does not constitute investment advice and is merely a brief summary of key aspects of the funds. Full details of the funds can be found in the key investor information document and the sales prospectus, supplemented in each case by the most recent audited annual report and the most recent half-year report, if this report is more recent than the most recently available annual report. These documents constitute the sole binding basis for the purchase of fund units. They are available free of charge in either electronic or printed form from FPM Frankfurt Performance Management AG, Freiherr-vom-Stein- Str. 11, Frankfurt am Main and from DWS Investment GmbH, Mainzer Landstraße , D Frankfurt am Main, and provided that Luxembourg funds are involved, from DWS Investment S. A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg. The sales prospectus contains detailed information on the risks involved. All opinions given in this product information reflect the current assessment of FPM Frankfurt Performance Management AG which may change without notice. In cases where information contained in this document derives from third parties, FPM Frankfurt Performance Management AG accepts no liability for the accuracy, completeness or appropriateness of such information, also FPM Frankfurt Performance Management AG only uses data that it deems to be reliable. Calculation of performance is based on the time-weighted return (BVI method) and excludes initial charges. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Further information on taxation can be found in the sales prospectus. The units issued under this sub-pool of assets may only be offered for purchase or sold in jurisdictions in which such offer or sale is permitted. The units in this sub-pool of assets are not allowed to be offered for purchase or sold either in the US or to or for the account of US citizens or US persons domiciled in the US. This document and the information contained therein must not be distributed in the US. The distribution and publication of this document as well as the offering or sale of the fund s units may be subject to restrictions in other jurisdictions as well. FPM Frankfurt Performance Management AG Freiherr-vom-Stein-Straße 11 D Frankfurt am Main Telefon: Fax: fpm-funds@fpm-ag.de Internet: Footnotes 1 Rating as of ; more information at 2 Total expense in per cent of the average fund volume of the fiscal year closed on 31 March. In accordance with the respective national practice, this ratio only includes the expenses incurred for the investment fund (without transaction costs). 3 Calculated on the basis of time-weighted return (BVI method). Front-end load was excluded. Past performance is not a reliable indicator of future returns. 4 The future trend indicator relates to each 12-month period indicated. On those days which fall on weekends or national holidays, the price from the previous day or the last available price is used, as no stock quotations are made on such days. 5 Maximum historical loss/profit that would have been possible with an investment period of one/three year(s) since inception of the fund. 6 Volatility in % is calculated on the basis of weekly (up to ) or monthly data (from ). (Source: Deutsche Performancemessungs- Gesellschaft für Wertpapierportfolios mbh (short: DPG)) 7 The risk-free interest rate depends on the three-month interest rate. A negative sharpe ratio has no significance. (Source: Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbh (short: DPG)) Please note the footnotes on page 12. Page 12 of 12 TOP 25 S