frankfurter aktienfonds für stiftungen...4 shareholder value management ag i frankfurter...

Shareholder Value Management AG I Frankfurter Aktienfonds für Stiftungen August 20211

Flexible and Sustainable Value Equity Fund

THE CLASSIC#proven #sustainable #stable #flexible

Frankfurter Aktienfonds für Stiftungen

Frankfurt am Main, August 2021 Marketing Material not for Private Investors


About us1


Shareholder Value Management AG It‘s all about Value

About us

Independent, Partner Owned Investment Advisor ~ EUR 1,5 Billion

Investment-style derived from Share Value Stiftung with Focus on Dividends and Capital Preservation

Derived from Equity Investment Clubs in the 1980’s

Exceptional 72% Positive Monthly Returns (108 out of a total of 150 months since March 2009)*

Active Hedging Strategy to Avoid Permanent Loss of Capital

Golden Bull 2018 Fund Manager of the Year Frank Fischer

Overall 4th Place out of 225 Peers in the Morningstar Mixed Assets Flexible Category over 10 years*

German Fund Award 2021 "Outstanding" in the category Equity Funds Europe**

Annual Return of 8,76% p.a. since inception*

Source: morningstar.de, Axxion S.A., *Share class T of Frankfurter Aktienfonds für Stiftungen, **Frankfurter – Value Focus Fund P As of: 30.07.2021Past performance is not a reliable indicator of future performance


0 €

200.000 €

400.000 €

600.000 €

800.000 €

1.000.000 €

1.200.000 €

1.400.000 €

0 €

10.000.000 €

20.000.000 €

30.000.000 €

40.000.000 €

50.000.000 €

60.000.000 €

Source: Share Value Stiftung, As of: 31.12.2020

Share Value Stiftung (Share Value Foundation)Supporting Charitable Causes with Stocks

About us

Foundation Capital and Funding I 2005 – 2021 in Euro

Günter Weispfenning †(Founder)

Christiane Weispfenning(Chairman of theFoundation)

–––

Foundation Capitalleft axis–––

Fundingright axis


History

About us

1999: Foundation of Shareholder Value Management AG

2001: Stock exchange listing ofShareholder Value Beteiligungen AG

2003: Establishment of the Share Value Foundation with the premise of investing only in shares

2008: Inception of Frankfurter Aktienfonds für Stiftungen

2008: Inception of Frankfurter –Value Focus Fund (formerly Absolutissimo)

2014: Advising the global value fundPRIMA - Globale Werte

2017: Inception of Frankfurter Stiftungsfonds

2018: Golden Bull for Frank Fischer as Fund Manager of the Year 2018


Sustainabilityin the Frankfurter Aktienfonds für Stiftungen

About us

As a German domiciled equity fund, Frankfurter Aktienfonds für Stiftungen is entitled to hold at least 50% in equities.

The equity component can be hedged using derivatives.

It is not a traditional multi-asset endowment fund, but rather a fund designed to give a foundation access to conservative equity exposure. The fund has a focus on European companies.

Since 1992 Sustainalytics has provided comprehensive analysis of the sustainability of companies for various institutional investors in their investment decisions.

In collaboration with Sustainalytics, a catalog of guidelines has been defined for sustainable, socially responsible, and environmentally friendly investments. With the use of Sustainalytics we can ensure that our investments are in line with ethical guidelines.


Exclusion criteriaFrankfurter Aktienfonds für Stiftungen

About us

No investments in companies that generate more than 5% of their revenues in these areas of business (companies producing outlawed weapons, producing oil sand or engage in fracking are excluded altogether)1Minimum alcohol content 15 percent by volume, ²also online, ³outlawed weapons

CONTROVERSIAL BUSINESS FIELDS

Human and labor rights violations

CONTROVERSIAL BUSINESS PRACTICES

Environmental pollution and corruption

Alcoholicbeverages1

Tobacco products

Gambling² Armor Weapons³

Nuclear Energy Oil sand Coal Fracking Pornography

XXX


Ethical GuidelinesThe principles of the UN Global Compact

About Us

Human Rights Labour Rights

Environmental PollutionCorruption


Philosophy

About Us

▪ Equities are the best asset-class in the long term

▪ Value Small Caps are historically the best equity category

▪ Value investing avoids permanent loss of capital

▪ Long term outperformance generated from two sources of alpha:

1. Stringent Value-Investing

▪ „Margin of Safety“

▪ „Business Owner “

▪ „Economic Moat “

2. Behavioral Finance to steer equity exposure

▪ „Mr. Market“


Why invest in equities in the long term?2


Source: Bloomberg, own depiction As of: 30.07.2021Past performance is not a reliable indicator of future performance

Falling interest rates - rising bondsThe trend of yesterday

Why invest in equities in the long term?

–––Corporate Bonds

ø AAA rating

–––German

Government Bonds

10J Term

–––US T-Bonds

10J Term

Historical Performance of German Government Bonds, US T-Bonds and Corporate Bonds

2,79 %

1,22 %

-0,46 %


0

1

10

100

1.000

10.000

100.000

1.000.000

1926 1931 1936 1941 1946 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016

Source: Fama/French Benchmark Portfolios until 12/2018, Thomson Reuters Datastream, Bloomberg, Federal Reserve Economic Data As of: 31.03.2021Past performance is not a reliable indicator of future performance

How has your Dollar performed since 1926?


Loss of Purchasing Power–––

US T-Bonds

–––Value Equities

Small Cap incl. Dividends

–––Value Equities

Large Cap incl. Dividends

–––S&P 500

incl. Dividends

–––Inflation

Performance of Different Asset Classes USA (1926-2021)

14,04 % p.a.

11,39 % p.a.

10,32 % p.a.

5,08 % p.a.

2,92% p.a.


Source: Bloomberg, own depiction As of: 03.02.2021Past performance is not a reliable indicator of future performance

WashTec AG as an example


–––WashTec AG

Performance

–––Dividends paid

(EUR)

WashTec AG Performance (incl. Dividends)


The 4 Principles of Value-Investing3


Benjamin Graham

What is Value-Investing?

The 4 Principles of Value-Investing

▪ Value Investing dates back to Benjamin Graham▪ Value = real economical value of a company▪ Concept of Risk: avoid permanent loss of capital▪ Risk is within the business model▪ Price ≠ Value→ Inefficiency & Volatility are viewed as opportunities

Benjamin Graham born as Benjamin Grossbaum(* May 9. 1894 in London; † September 21. 1976 in Aix-en-Provence) was a British-born American professional investor. Graham is considered the father of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book Security Analysis.


1st PrincipleMargin of Safety


▪ Purchase price significantly below intrinsic value

▪ Take advantage of „on-sale prices“

▪ „Pay max. 60 cents on the Dollar”

▪ Sell when fair value is reached

Warren Buffet

„Investing is simple, but not easy “


Werner von Siemens

2nd PrincipleBusiness Owner


▪ The company is managed as if by an owner or a family and is geared towards long-term, sustainable success.

▪ The employee is respected and acts as an entrepreneur in the company (UiU ™Rational Küchen)

▪ Decisions are made decentrally, the head office is "lean"

„I will not sell the future for instant success.“

Erich Sixt

„Only those who ensure that their employees all feel like entrepreneurs and are allowed to act accordingly can make it onto the fast lane.“


3rd PrincipleEconomic Moat


▪ Sustainable structural competitive advantage as deep as an

„economic moat“:

• Network effects (internet gateways, software)

• Switching costs (medicine, software)

• Intangible assets (disposal, pharmaceuticals)

• Economics of scale (retail sales)


Modern Value

▪ Increased to high P/E Ratio (e.g. 18-25), PBV (e.g. 4-8)▪ Attractive total return on investment ROIC (e.g. 20%)▪ Low to high Pricing Power▪ Increased to high Sales Growth (e.g. 5-10%)

Graham Value

▪ Low P/E Ratio (e.g. 12), PBV (e.g. 1)

▪ High Net Asset Value▪ High Dividend Yield▪ No Pricing Power▪ Hardly any Sales Growth

What is Value-Investing?Economic Moat & Margin of Safety


RequiredMargin of Safetyat fair value

-10%

-20%

-30%

-40%

-50%

P/E

25x

20x

15x

10x

5x


4th PrincipleMr. Market


Efficient markets are only temporary!

But: The sentiments of „Mr. Market“ are scalable!

=> Irrational behavior of financial and capital markets

=> Use price swings in the markets as buying and selling opportunities


4th PrincipleManagement of Equity Allocation


Mr. Market• Strategical Bias• Sentiment• Overconfidence• Neutrality• Skew & Volatility

• Note-issuing Banks• Interest Rates• Currencies• Economic Expectations• Politics / Policy

• Trends• Backings• Resistance• Momentum• Fibonacci• Elliott-Waves

• Multiples• Shiller P/E Ratio• Asset Classes• Equties vs. Fixed

Income


SVM „Mr. Market“ – CockpitDecision support systems (DSS) – S&P 500


US-Capitulation-DSS US-Trend-DSS US-Sentiment-DSS

US-Fundamental-DSS US-Intermarket-DSS

As of: 30.07.2021 www.shareholdervalue.de/mr-market

0 100

100

100

70


The Shareholder Value Funds4


FrankfurterStiftungsfonds

Multi AssetDefensiv

FrankfurterAktienfonds für Stiftungen

Flexible Value Equity Fund

Active Fund MandatesProduct overview

The Shareholder Value Funds

Frankfurter –Value Focus Fund

Small-Cap Value Equity Fund

PRIMA –Globale Werte

Value Equity Fund with a Focus on Quality


Frankfurter Aktienfonds für Stiftungen Investment Universe - Branches


Technology

Industrials

Financials Health Care

Materials

Communication


-100%

-50%

0%

50%

100%

150%

200%

250%

01/08 01/09 01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17 01/18 01/19 01/20 01/21

Frankfurter Aktienfonds für Stiftungen T

50% Equities Global & 50% Bonds Global

X-DAX

Source: Bloomberg, Cleversoft, own depiction, As of: 30.07.2021, Inception of the Fund: 15.01.2008Past performance is not a reliable indicator of future performance

Frankfurter Aktienfonds für Stiftungen Risk & Performance Profile


1 Month YTD 1 Year 3 Years 5 Years 10 Years Inception Inception p.a.

Performance +3,18% +15,91% +31,04% +9,68% +30,38% +123,73% +212,48% +8,77%

Volatilität +9,34% +11,03% +9,56% +9,44% +11,33%

Sharpe Ratio +3,49 +0,33 +0,62 +0,90 +0,74

212,48 %

122,91 %

96,64 %


Frankfurter Aktienfonds für Stiftungen Portfolio overview


Source: Axxion S.A., own calculations As of: 30.07.2021*considering the use of derivatives e.g. index futures, etc.

23 %Communi-

cation

17 %Technology

15 %Industry

88 %Net equityexposure*

11 %Cash

38 %DACH

27 %North

America

21 %Europe ex

DACH

88 %Gross equity

exposure

Regions(Equity portfolio)

Top 3 Branches(Equity portfolio)

Percentage of total portfolio

Top 10 equities (total portfolio)

secunet Security Networks 8,54 %

Amazon.com 4,34 %

GRENKE 4,33 %

AOC Value 3,83 %

Alibaba 3,80 %

Novo Nordisk 3,68 %

Alphabet 3,55 %

Facebook 3,10 %

Ryman Healthcare 3,09 %

Berkshire Hathaway 2,91 %

41,17 %


3,9% 4,7% -3,2% 6,2% -0,6% -2,1% -2,2% -3,5% -12,3% -16,1% -5,0% 8,6% -22,1%

-5,8% -6,3% 3,5% 12,1% 8,6% 3,6% 2,8% 3,2% 4,7% -0,7% 1,4% 0,9% 29,9%

1,2% 3,2% 4,4% 2,2% -1,8% 3,8% 1,6% 0,1% 3,2% 2,7% 1,9% 3,0% 28,5%

1,0% 4,1% -0,2% 2,1% 1,0% -2,5% 1,7% 2,2% 0,6% 5,6% -0,9% 0,3% 15,8%

3,8% 2,1% 1,1% -1,8% -1,7% 3,2% 2,0% 0,0% 3,2% 2,5% 0,3% 0,5% 16,0%

1,4% 1,4% 1,3% -2,9% 4,4% -1,2% 0,9% 1,9% 1,7% 2,7% 1,2% 0,1% 13,3%

1,0% 1,6% 0,5% 0,6% 1,0% 0,2% -3,0% 0,9% -2,8% -0,5% 1,6% 0,8% 1,8%

3,6% 4,7% 2,8% 0,3% 2,1% -1,9% 2,8% -1,5% -1,8% 5,4% 2,3% -2,8% 16,6%

-3,6% 2,3% 3,7% 0,5% 2,8% -4,9% 1,4% 1,4% 0,1% 0,0% -0,7% 3,4% 6,2%

1,4% 3,1% 0,5% 5,1% 1,3% -1,3% 0,9% -0,9% 2,5% 0,5% 0,1% 0,4% 14,0%

0,7% 0,7% -1,9% 0,1% 2,7% -3,0% 0,8% -0,9% -3,0% -5,1% 0,8% -5,2% -12,7%

2,9% -1,6% -0,3% 2,3% -4,9% 1,3% -1,1% -0,2% 1,2% 1,4% 4,8% 2,1% 7,8%

-0,2% -4,1% -18,1% 6,5% 2,7% 1,5% 2,2% 6,0% -0,8% -2,6% 7,6% 2,6% 0,7%

3,1% -0,1% 4,5% 2,4% 0,0% 2,0% 3,2% 15,9%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YearYear

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Frankfurter Aktienfonds für StiftungenMonthly returns since inception


Source: Axxion S.A., BNY Mellon Service KAG, own depiction As of: 30.07.2021Past performance is not a reliable indicator of future performance

69% positive monthly returns (112 of a total of 163 months since inception).


Frankfurter Aktienfonds für StiftungenAnnual returns since inception


Source: Axxion S.A., BNY Mellon Service KAG, own depiction As of: 30.07.2021Past performance is not a reliable indicator of future performance

-22,1%

29,9%28,5%

15,8% 16,0%13,3%

1,8%

16,6%

6,2%

14,0%

-12,7%

7,8%

0,7%

15,9%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021


Historical Average Equity Exposure (net) approx. 70%

Frankfurter Aktienfonds für Stiftungen Equity Exposure (net)


Source: Axxion S.A., own depiction As of: 30.07.2021

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Frankfurter Aktienfonds für StiftungenAsset allocation of the last 5 years


Source: Axxion S.A., BNY Mellon Service KAG, own depiction As of: 30.07.2021

–––Cash / Bonds

currently approx. 12%

–––Precious metalscurrently approx. 0%

–––Equities


–––Equities Net


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 01/21 07/21


Source: Axxion S.A., onvista.de, own depiction As of: 30.07.2021Past performance is not a reliable indicator of future performance

Frankfurter Aktienfonds für StiftungenUnderwater phases


–––Frankfurter

Aktienfonds für Stiftungen T

–––Europe

Small Caps

Drawdowns compared to Europe Small Caps since 2010

-50%

-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021


Source: Axxion S.A., Bloomberg, own depiction As of: 30.07.2021Past performance is not a reliable indicator of future performance

Frankfurter Aktienfonds für StiftungenPerformance in comparison




–––50% Equities

Global & 50% Bonds Global

Performance since January 2020

–––XDAX

–––MDAX

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

12/19 03/20 06/20 09/20 12/20 03/21 06/21

22,71 %

18,17 %

16,47 %

16,68 %


-30%

-20%

-10%

0%

10%

20%

30%

01/11 04/11 07/11 10/11








Performance in 2011

–––XDAX

–––MDAX

-13,08%

0,57%

-16,55%

16,19%


-20%

-15%

-10%

-5%

0%

5%

10%

07/15 07/15 07/15 08/15 08/15 09/15 09/15








Performance in August 2015

–––XDAX

–––MDAX

-4,09%

-3,49%

-14,48%

-1,29%


-25%

-20%

-15%

-10%

-5%

0%

5%

12/15 12/15 12/15 01/16 01/16 02/16 02/16 03/16 03/16








Performance in the 1st quarter 2016

–––XDAX

–––MDAX

-5,08%

-1,07%

-11,84%

-0,62%


Source: Axxion S.A., Bloomberg, own depiction As of: 30.07.2021

Frankfurter Aktienfonds für StiftungenMarket capitalization of the equity portfolio


–––Small Caps

< 1 Mrd. €

January 2011 – July 2021

–––Mid Caps1-10 Mrd. €

–––Large Caps

> 10 Mrd. €

%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

24,17 %

40,08 %

35,75 %


Source: Axxion S.A., Bloomberg, own depiction As of: 30.07.2021

Frankfurter Aktienfonds für StiftungenRegional allocation of the equity portfolio


–––DACH

January 2010 – July 2021

–––Europe ex DACH

–––North America

–––Others

%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

20,64 %

13,65 %

38,32 %

27,39 %


▪ Flexible and Sustainable Modern Value Equity Fund

▪ The primary goal is to avoid permanent loss of capital for long-term asset building

▪ Focus on owner-managed or family-owned wonderful companies

▪ Sustainability research with Sustainalytics based on exclusion criteria and additional internal monitoring

▪ Institutional (TI, AI, S, C, XL) and Retail (T, A, XL) share classes

▪ German mutual fund with distribution approval in Germany, Austria, Luxembourg and Switzerland

Frankfurter Aktienfonds für StiftungenThe Classic | #proven #sustainable #stable #flexible



Fund name Frankfurter Aktienfonds für Stiftungen

Share class T A AI TI S CHF C

Legal form German mutual fund (OGAW)

WKN A0M8HD A1JSWP A12BPQ A12BPP A2JJ22 A2N66D A2N5MA

ISIN DE000A0M8HD2 DE000A1JSWP1 DE000A12BPQ2 DE000A12BPP4 DE000A2JJ222 DE000A2N66D4 DE000A2N5MA1

Valor 3723247 20949036 26570420 26568915 42746034 47317889 43856934

Currency Euro Euro Euro Euro Euro Swiss francs Euro

Category Flexible Value Equity Fund

Sub-advisors Shareholder Value Management AG / Frank Fischer & Team

Management fee 1,25% 1,25% 0,95% 0,95% 0,95% 1,25% 1,25%

Custodian fee up to 0,03% p.a.

TER 2020 1,30% 1,30% 1,00% 1,00% 1,00% 1,30% 1,31%

Performance Fee 15% over 8% p.a. HWM (5 years rolling HWM) none

KVG / Custodian Bank Axxion S.A. / Hauck & Aufhäuser

Distribution 1 Distribution* 2 Distributions 2 Distributions 1 Distribution* 2 Distributions 1 Distribution* Accumulations

Subscription fee up to 5,00% 0,00% 0,00% 0,00% up to 5,00% 0,00%

Minimum invest (EUR) none none none none 50.000 none none

Inception date 15.01.2008 15.03.2013 30.12.2014 30.12.2014 08.10.2018 15.04.2019 08.10.2018

Licensed for distribution Germany / Austria / Switzerland / Luxembourg

Base dataFrankfurter Aktienfonds für Stiftungen


*in the amount of the advance lump sum


Frankfurter – Value Focus Fund R

A1CXU7

Small-CapValue Equity Fund

74 Mio.

6 of 7

10-20

+39,69%

+60,00%

+20,05%

FrankfurterStiftungsfonds R

A2DTMN

Multi AssetDefensiv

22 Mio.

4 of 7

20-40

+9,31%

+18,86%

+6,36%

PRIMA –Globale Werte A

A0D9KC

Value Equity Fund with a Focus on Quality

45 Mio.

5 of 7

30-40

+14,94%

+22,15%

+9,91%

Frankfurter Aktienfonds für Stiftungen T

A0M8HD

FlexibleValue Equity Fund

1,28 Mrd.

4 of 7

50-70

+15,91%

+31,04%

+9,34%

Source: Axxion S.A. As of: 30.07.2021 | Past performance is not a reliable indicator of future performance

Active Fund Mandatesin detail


Fund name

WKN

Category

AuMin EUR

Risk category

Number of titles

YTDPerformance

1 YearPerformance

1 YearVolatilität


Your contact persons

Shareholder Value Management AG

Neue Mainzer Straße 1D-60311 Frankfurt am MainPhone: +49 (0) 69 66 98 30 0E-Mail: [email protected]

www.shareholdervalue.de

Micha Siegle

Client Support ManagerPhone: +49 (0) 69 66 98 30 [email protected]

Philipp Prömm

Vorstand, Head of SalesPhone: +49 (0) 69 66 98 30 [email protected]

Endrit Çela

Relationship ManagerPhone: +49 (0) 69 66 98 30 [email protected]


You can find more news about our funds online

facebook.com/ShareholderValueManagementAG

wallstreet-online.de/nachrichten/autor/frank-fischer

instagram.com/SVM_AG

xing.com/companies/shareholdervaluemanagementag

twitter.com/SVM_AG

YouTube Kanal: Shareholder Value TV

Value Kompakt: shareholdervalue.de/value-kompakt

linkedin.com/company/shareholder-value-management-ag

#Fondsgipfel #FondsgipfelAkademiewww.fondsgipfel.de www.fondsgipfel-akademie.de

http://www.facebook.com/ShareholderValueManagementAG

http://www.wallstreet-online.de/nachrichten/autor/frank-fischer

http://www.twitter.com/ValueInvestoren

http://www.instagram.com/ShareholderValueManagement

http://www.xing.com/companies/shareholdervaluemanagementag

http://www.youtube.com/channel/UCuQD8EKeXBX1S9GEJbnEtTA

http://www.linkedin.com/company/shareholder-value-management-ag

https://shareholdervalue.de/category/blog/

https://shareholdervalue.de/category/blog/

http://www.fondsgipfel.de/

http://www.fondsgipfel-akademie.de/


Legal Disclaimer

This presentation is subject to copyright. All included information are intended solely for the recipient. The presentation in whole or parts of it shall not be copied or published without prior written

approval of Shareholder Value Management AG.

Shareholder Value Management AG offers investment advice as a tied agent as stipulated by § 2 sec. 10 German Banking Act solely on the account of NFS Netfonds Financial Service GmbH,

Heidenkampsweg 73, 20097 Hamburg (NFS). NFS is an independant financial service institutuion and is licensed accordingly by the German financial supervisory authority Bundesanstalt für

Finanzdienstleistungsaufsicht (BaFin).

The information contained does not replace a consultation with a financial advisor. Fund units are sold exclusively based on the current annual or semi-annual report and the sales prospectus.

The domicile of the fund is Germany. In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, and the paying agent is InCore Bank AG, Wiesenstrasse

17, CH-8952 Schlieren/Zurich. The prospectus with the investment conditions, key investor information as well as the annual and semi-annual reports can be obtained free of charge from the

representative. With regard to the fund units offered in or out of Switzerland, the place of performance (“Erfüllungsort”) and place of general jurisdiction is the registered office of the representative.

Past performance is not an indicator of current or future performance. The performance data do not take into account the commissions and costs charged on the issue and redemption of units.

An investment into the aforementioned funds or the target companies contains risks. The price of the the share units / shares as well as the payouts can increase or decrease, investors therefore might

not get back the invested money. Historical performance is not necessarily indicative of future performance. The only legal basis for a subscription regarding the funds is the current version of the

prospectus, the key investor information, the current reports.

All estimations and opinions contained in this publication are those of Shareholder Value Management AG at the time of its preparation; they are subject of changes which will not be reported

seperately. The data used for this publication are drawn from a variety of sources and have been researched with the greatest possible care but the data have not been reviewed by an independent

third party; the completeness and correctness of the data are not guaranteed and no liability is assumed for direct or indirect damages deriving from its use. This publication is a marketing information

and its content cannot replace personal consultation, it does not constitue an invitation to purshase or sell fund units. The decision to purchase funds units should be based on the information given by

the prospectus of the funds, the current annual report and the key investor information. Those can be requested for free at AXXION S.A., 15, rue de Flaxweiler, L-6776 Grevenmacher, Luxemburg bzw.

IP Concept (Luxemburg) S.A., 4, rue Thomas Edison, L-1445 Luxembourg-Strassen. The prospectus contains important information regarding the risiks, costs and the investment strategy. The

aforementioned documents are also available at the respective homepage of either Axxion S.A. www.axxion.lu, IP Concept www.ipconcept.com or at www.shareholdervalue.de

All rights reserved. The distribution, publication and reproduction of the content in any form is prohibited.

This presentation is not a financial analysis according to German Law including the Securities Trading Act (WpHG). It does not meet the requirements to ensure the impartiality of a financial analysis.

There is no prohibition to trade financial instruments before its publication. Opinions or recommendations are those of the respective author but not necessarily those of Shareholder Value

Management AG. They are subject of change even without prior announcement.

frankfurter aktienfonds für stiftungen...4 shareholder value management ag i frankfurter...

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