- Fund Portrait
- Asset Allocation
- Key Facts
- Opportunities & Risks
Sauren Absolute Return is a conservative asset management fund of funds with an absolute return concept and is a suitable investment option to cover the absolute return segment with a longer-term investment horizon.
In the long term, the goal is positive growth in euro of over 3% p.a. relatively independent of the market trend.
The portfolio is broadly diversified and invested in absolute return funds with different asset classes and strategies.
"We invest in fund managers – not funds", with its focus on the skills of the fund managers. The environment for volume is also analysed in detail.
The choice of funds follows Sauren’s established person-related investment philosophy Analysis of the most promising fund managers draws on experience from over 6,000 meetings. Every year, meetings are held with around 350 fund managers to monitor the quality of the selected fund managers and generate a steady stream of new and attractive investment ideas.
Asset Allocation as at 30.11.2017
- Absolute Return Funds (Equity)14.3 %
- Absolute Return Funds (Bond)41.9 %
- Equity Funds Long/Short15.0 %
- Global Macro Funds22.1 %
- Alpha Strategy4.6 %
- Cash2.2 %
Source: Sauren Fonds-Research AG
Totals may not add up to 100 % due to rounding.
Top Holdings as at 30.11.2017
|R Parus Fund||6.6 %|
|BlueBay Global Sovereign Opportunities Fund||6.0 %|
|Gladwyne Absolute Credit||5.6 %|
|Astellon European Opportunities Fund||5.5 %|
|Pensato Europa Absolute Return Fund||5.5 %|
Source: Sauren Fonds-Research AG
Performance of Sauren Absolute Return A as at 13.12.2017
Reference index: HFRX Global Hedge Fund EUR Index.
The Investor would like to buy shares for 1,000.-- € and due to a 3.00 % front-end load the total payable amount rises to 1,030.-- €. The gross performance (BVI method) is based on the published redemption prices of the Fund of Funds, which includes all costs incurred at the fund level (e.g. management fee), the net performance also includes the front-end load. The front-end load is only payable at the day of investment and therefore reduces the performance in the first year. In the following years no front-end load is considered, as such the net performance is not displayed in the bar chart as it is equal to the gross performance. Additional costs may be incurred at the investor level (e.g. custody costs). If the front-end load were taken into account in the line chart the performance in the chart would be lower.
The fund is subject to heightened volatility, due to composition. Consequently, unit price may fluctuate sharply in either direction within short periods of time.
Past performance is not a reliable indicator of future performance.
Source: Sauren Fonds-Research AG
Key figures as at 30.11.2017
|1 year, daily||1.76%|
|3 years, monthly||2.85%|
|5 years, monthly||2.51%|
|3 years, monthly||-0.24|
|5 years, monthly||0.38|
|Value at Risk||10 days||20 days|
|95.0 % Confidence level||-0.57%||-0.81%|
|99.0 % Confidence level||-0.81%||-1.15%|
|99.9 % Confidence level||-1.08%||-1.53%|
The volatility is calculated based on the historical fund prices over the stated time period. For 1 year the volatility is calculated using daily fund prices, for 3 and 5 years respectively it is based on the fund prices at month end. For the calculation of the Sharpe-Ratio the 1-Month-Euribor is defined as the risk free rate. The Value at Risk is calculated at the given confidence level and stated time period, based on the historical fund prices since inception.
Source: CleverSoft FondsDB & Sauren Fonds-Research AG
Synopsis (for further information see Factsheet & Sales prospectus)
|Fund Manager||Sauren Finanzdienstleistungen GmbH & Co. KG, Eckhard Sauren|
|Custodian||DZ PRIVATBANK S.A.|
|Asset Class||Fund of Funds pursuing an absolute return strategy|
|Share Class||Share Class A||Share Class D||Share Class I||Share Class C|
|Management Fee2||0.50% p.a.||0.50% p.a.||0.85% p.a.||0.50% p.a.|
|Distribution Fee||0.45% p.a.||0.45% p.a.||0.00% p.a.||0.45% p.a.|
|Administration Fee3||up to 0.09% p.a.||up to 0.09% p.a.||up to 0.09% p.a.||up to 0.09% p.a.|
|Performance Fee4||10% (Hurdle 3% p. a.)||10% (Hurdle 3% p. a.)||none||10% (Hurdle 3% p. a.)|
|Minimum Investment||none||none||1M Euro||none|
1: For those share classes for which “Distribution” is indicated under “Dividend Policy”, the intention is to only distribute the potentially low taxable portion of the positive income pursuant to German tax law. The tax treatment is also dependent on the personal circumstances of the individual investor and may be subject to change in future.
2: The fund management fee in percent reported here also includes the remuneration of the investment advisor.
3: From this fee, the management company as well as the central administration agent and the custodian are paid.
4: The fund manager receives a performance fee for any performance generated over and above a defined hurdle rate. Any reduction in value or performance below the hurdle rate must first be replenished in the following years before any performance fee is accrued (high watermark calculation). Reference is made to the sales prospectus for details of the fee calculation methodology.
- Participation in appreciation of selected absolute return funds.
- In the long term, the goal is attractive positive growth in euro of over 3% p.a. relatively independent of the market trend.
- Excess return over market average due to successful fund manager selection.
- Continuous optimisation of the portfolio through active fund of funds management and continuous monitoring of portfolio positions.
- Risk of decrease in unit price due to general market risks (e.g. price, currency or liquidity risks).
- Risks from the target funds selected for the fund of funds and the investment universe in the markets for equities, bonds, currencies or derivatives.
- Risks of increased fluctuations in the unit price due to possible use of derivatives.
- Specific risks of absolute return strategies (e.g. from derivatives).
- Risks that the investment policy goals of the fund of funds or target fund are not achieved.
Risk and reward profile (in the meaning of the KIID/Wesentliche Anlegerinformationen)2
Risk class (Assessment of the sales agent)3
1: Comprehensive information regarding opportunities and risks can be found in the current sales prospectus (which is available in German only).
2: The risk and reward profile uses a ratio based on volatilities (see the KIID/Wesentliche Anlegerinformationen). This risk indicator relies on historical data and cannot be used as a basis upon which to forecast future performance. 1 represents low risk and a potentially lower reward and 7 stands for high risk and a potentially higher reward.
3: The sales agent’s risk class assessment is not the same as the risk profile in the sales prospectus and the risk and reward profile in the KIID (Wesentliche Anlegerinformationen) and is carried out from the point of view of an investor whose base currency is the same as that of the share class. 1 stands for low risk, 7 for high risk. For example, an investor operating from the euro area who wishes to invest in the CHF share class must consider that the investment will also be subject to a currency risk.
Tax data: (available only in German) see download area "Steuerliche Daten"
This information is designed as product advertising.
This information constitutes neither an offer nor a solicitation to buy shares. Any investment application will be made solely on the basis of the information contained in the KIID (Wesentliche Anlegerinformationen), the sales prospectus for that fund including all the terms of contract, the management regulation and articles of association, the most recently published and audited annual report and the last unaudited semi-annual report, which can be obtained in German from Sauren Fonds-Service AG, P.O. Box 10 28 54, 50468 Cologne, Germany (or online at www.sauren.de) free of charge.