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Information for private investors



The content and information on the following website are aimed at private investors in countries in which the respective fund is authorised for distribution.

The respective funds may not be offered for sale within the USA or to U.S. citizens or to U.S. persons domiciled in the USA, nor be sold to the aforementioned. The following published documents and their content may not be distributed in the USA or in other countries in which the respective fund is not authorised for distribution. Please refer to the respective sales prospectuses of the particular investment funds for further details of relevant limitations.

Where the following website and its contents are offered in English, the purpose is merely to provide non-binding translations for information.

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Information for professional investors



Please note that the translation of the German website into English is exclusively for investors in Germany.
The following website and its English contents are offered to provide a non-binding translation for information purposes.



The following website and its content are intended for our professional investors, such as banks, financial service providers and brokers in accordance with § 34 f of the German Trade, Commerce and Industry Regulation Act (Gewerbeordnung, GewO). They are also aimed at professional investors pursuant to the statutory requirements of the Markets in Financial Instruments Directive (MiFID). Accordingly, professional investors are investors of whom it can be assumed that they have the necessary experience, knowledge and expertise for making investment decisions and adequate assessments of the associated risks. In particular, this includes asset managers, sales partners and financial intermediaries.

The information that has been placed on the following website does not in principle take account of statutory requirements for the presentation of information for private investors and is therefore not suitable or intended for private investors. The following content is consequently intended for professional investors and should not in principle be made accessible to private investors. In particular, this applies to diagrams, texts, videos and other depictions on the website.

The following applies for PDF documents:

There are two groups of PDF documents on the following website. Unless expressly indicated, access to all uploaded PDF documents can be granted to private customers in the course of distribution. If PDF documents are not suited to being passed on to private customers, this should be indicated accordingly on the document, for example, with a text containing the following content: “This document is intended for professional investors only and should not be made accessible to private investors”.

The respective funds may not be offered for sale within the USA or to U.S. citizens or to U.S. persons domiciled in the USA, nor be sold to the aforementioned. The following published documents and their content may not be distributed in the USA or in other countries in which the respective fund is not authorised for distribution. Please refer to the respective sales prospectuses of the particular investment funds for further details of relevant limitations.

Where the following website and its contents are offered in English, the purpose is merely to provide non-binding translations for information.

I have read, understood and acknowledged the limitations on distribution, the legal information including the terms and conditions of use as well as the data protection notices.
I agree
Absolute Return Funds of Funds

Sauren Global Hedgefonds

Asset Allocation
as at 17.11.2017

Source: Sauren Fonds-Research AG

Investment Profile

Sauren Global Hedgefonds is a broadly diversified fund of hedge funds and is suitable for covering the hedge fund segment in a portfolio with a longer-term investment horizon.

Sauren Global Hedgefonds seeks to achieve an attractive positive yield with little dependence to the market trend.

The portfolio is invested in hedge funds with different investment styles, strategies and universes.

The choice of funds follows Sauren’s established person-related investment philosophy "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.

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.

Portfolio

Asset Allocation as at 17.11.2017

  • Hedge Funds Strategies Long/Short Equity (long bias)19.8 %
  • Hedge Funds Strategies Long/Short Equity (flexible)40.7 %
  • Hedge Funds Strategies Event Driven9.0 %
  • Hedge Funds Strategies Global Macro5.7 %
  • Hedge Funds Strategies Managed Futures5.1 %
  • Hedge Funds Strategies Long/Short Credit15.1 %
  • Cash4.5 %

Source: Sauren Fonds-Research AG

Totals may not add up to 100 % due to rounding.

Top Holdings as at 17.11.2017

Pensato Europa Fund 9.8 %
Ennismore European Smaller Companies Hedge Fund9.4 %
Parus Fund9.1 %
Astellon Special Opportunities Fund9.0 %
BlueBay Credit Alpha Long Short Fund7.9 %

Source: Sauren Fonds-Research AG

Performance

Performance of Sauren Global Hedgefonds A as at 17.11.2017

Reference index: HFRX Global Hedge Fund EUR Index.

The unit price of Sauren Global Hedgefonds, calculated as at the twelfth bank working day of the month in Luxembourg (as at the tenth bank working day in Luxembourg until December 2009), is based on the most recently available unit prices of the target funds, which are usually established on the last day of the month. The unit price calculated for Sauren Global Hedgefonds therefore essentially reflects market performance in the previous month. To improve comparability, this is taken into account in the above chart in that the monthly performance data for the fund calculated on the basis of the unit prices is set against the index performance as at the end of the previous month.

The Investor would like to buy shares for 1,000.-- € and due to a 5.00 % front-end load the total payable amount rises to 1,050.-- €. 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 17.11.2017

Volatility
1 year, daily2.56%
3 years, monthly
5 years, monthly
Sharpe Ratio
3 years, monthly
5 years, monthly
Value at Risk10 days20 days
95.0 % Confidence level-5.37%-7.59%
99.0 % Confidence level-7.93%-11.22%
99.9 % Confidence level-10.81%-15.29%

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

Key Facts

Synopsis (for further information see Factsheet & Sales prospectus)

AdministratorIPConcept (Luxemburg) S.A.
Investment AdvisorSauren Finanzdienstleistungen GmbH & Co. KG, Eckhard Sauren
CustodianDZ PRIVATBANK S.A.
Asset ClassFund of Hedge Funds
Share ClassShare Class AShare Class I
CurrencyEUR EUR
Dividend Policy1Accumulation Distribution 
Launch Date27.07.2004 20.08.2014
ISINLU0191372795LU0557954871
WKNA0CAV2A1C86N
Front-end Load5%0%
Investment Advisor Fee1.00% p.a.1.00% p.a.
Distribution Fee0.85% p.a.0.00% p.a.
Administration Feeup to 0.125% p.a.up to 0.125% p.a.
Custodian feeup to 0.07% p.a.up to 0.07% p.a.
Performance Fee215% (Hurdle 3% p. a.)15% (Hurdle 3% p. a.)
Minimum Investmentnone1M Euro

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 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.

Opportunities1

  • Participation in the appreciation of selected hedge funds.
  • Positive attractive yield with little dependence to 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.

Risks1

  • 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.
  • Risk of increased fluctuations in the unit price.
  • Particular risks of hedge funds (e.g. leverage or short sales).
  • Risks that the investment policy goals of the fund of funds or target fund are not achieved.

Risk class (Assessment of the sales agent)2

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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. 

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.

Warning issued by the German Federal Minister of Finance:
This fund invests in hedge funds that are not subject to statutory leverage or risk restrictions.