Phaidros Funds Schumpeter Aktien, our equities investment strategy, which has been implemented within the Phaidros Funds Balanced since 2007, was carved-out separately in 2018. An equities investment strategy combining innovation and market dominance. The equity exposure can vary between 51% and 100% of the fund's assets (equity funds in the sense of partial tax exemption for German investors amounting to 30%).
Joseph Alois Schumpeter was an Austrian economist and politician. In his early work Theory of Economic Development (1911), he attempted to explain the economic development of capitalism. In his late opus Capitalism, Socialism and Democracy (1942), he also deals with socio-political implications. He is considered one of the outstanding economists of the 20th century. In his last books, Schumpeter describes a late form of capitalism, which is characterized by stagnation, a lack of innovation, high regulation density and the abdication of the "entrepreneurs" in favor of the "managers".
In this situation, the following happens:
The economy is increasingly characterized by monopolies or oligopolies. These are promoted and preferred by the state.
For investors, companies like Coca-Cola, Nestlé, Mastercard, MTU, Linde or LVMH can no longer be avoided. They generate monopoly returns because the entry barriers are too high to allow competition to arise. This type of company (monopolist) actually exists, although the innovation has not stopped.
Small companies find it increasingly difficult to prevail against the business models of the big ones. However, some "creative destroyers" (challengers) always succeed in creating completely new markets and in this way endangering the old oligopolies. Some even manage to replace the old oligopolists themselves. Current examples are Alphabet, Amazon, PayPal or Facebook, which have reinvented entire industries (retail, media, financial services).
With this successful investment product, we strive for long-term attractive returns through a dynamic risk/return profile.
- Equities are the best long-term and generally, in terms of returns, the best asset class and offer protection against inflation.
- Broad diversification through flexible investment in different regions, countries, sectors and currencies
- Focus on capital preservation without orientation on conventional market indices
- Long-term attractive returns through a dynamic risk/return profile
- The fund NAV and its income can fall or rise, particularly as a result of changes in the capital markets. This in turn may result in the fund NAV falling below the amount you originally invested and / or the fund not achieving its investment objectives.
- For hedging purposes, the fund can invest in financial derivatives that are considered to be particularly risky and subject to fluctuations. This means that larger changes in value downwards or upwards can also occur in the short term.
- Foreign currency investments are subject to exchange rate fluctuations.
- There is an increased risk for investments in emerging markets.
|NAV per Share:||138.07 EUR|
|ISIN / WKN:||LU1877914132 / A2N5FS|
|Fund category:||Global equities incl. emerging markets|
|Fund type:||Luxemburg / FCP UCITS V|
|Fiscal year:||01.04. - 31.03.|
|Administration:||IPConcept (Luxemburg) S.A.|
|Custodian:||DZ PRIVATBANK S.A.|
|Fund manager:||Eyb & Wallwitz Vermögensmanagement GmbH|
|Total fund size:||59,827,306.41 EUR|
|Registered:||DE, AT, CH, LU|
|Min. initial investment:||100.00 EUR|
|Initial fee:||Max. 4.00%|
|Ongoing Charges/TER (As of: 10.01.2020):||2.00%|
|Performance fee:||10.00% from returns above 4% (hurdle rate) with high water mark|
The data are historical data and do not guarantee future developments. The gross value development (BVI method) takes into account all costs incurred at the fund level (e.g. management fees, transaction costs, possibly performance-related fees), the net value development also takes into account the possible front-end load.
Additional costs may arise individually at the customer level (e.g. custody account fees, commissions and other fees). Exemplary model calculation (net) assuming a max. front-end load of 4%: An investor would like to purchase shares for EUR 1000. With a max. front-end load he has to pay a charge of 4% when buying (EUR 40). In addition, custody account costs may arise which reduce the performance. The deposit costs result from your bank's list of prices and services. Please refer to the cost details shown in the FUND DETAILS section of the website to determine the maximum front-end load of the sub-fund's share class.
As of: 31.01.2020
|Asset classes||Ptf. weight||Duration*||Yield to worst*||Maturity*||Rating*||Market cap*|
Top 10 Holdings
Dr. Georg Graf von Wallwitz
Dr. Ernst Konrad
Dr. Ernst Konrad is second managing director at Eyb & Wallwitz since 2009. From 2005 to 2008 he headed the BayernInvest equity division and was also responsible for the asset allocation of the entire company. At that time, BayernInvest was one of the largest German capital management companies with a managed volume of around 22 billion euros. Before that, Dr. Konrad works as a fund manager at Hauck & Aufhäuser Privatbankiers, Pioneer Investments and Hypovereinsbank. He completed his studies in economics at the LMU Munich and received his doctorate there with a dissertation on industrial economics. Ernst Konrad is the author of numerous publications in the areas of economics, capital markets and portfolio management, including in the magazine "Financial Markets and Portfolio Management".
MiFID II product information
As of January 3, 2018, investment services companies offering investment services under Directive 2014/65 / EU (Markets in Financial Instruments Directive - “Markets in Financial Instruments Directive -“ MiFID II ”) will have to meet certain new requirements regarding the distribution of investment funds within the framework comply with the respective implementing laws in the individual member states of the European Union. According to the new rules, investment services companies are obliged to determine or review the target market for each financial instrument they sell and to determine it more precisely. This means they have to indicate the type (s) of clients with whose needs, characteristics and objectives the financial instrument is compatible. MiFID II also introduces new cost disclosure requirements aimed at increasing cost transparency for investors, both quantitatively and qualitatively. Accordingly, investment services companies must disclose to the client all relevant costs, i.e. both in terms of investment services and of the product. These costs must be summarized and made available ex ante (i.e. before the customer purchases a product) and sometimes ex post during the holding period on at least an annual basis. The fund administration company of Phaidros Funds, IPConcept (Luxembourg), supports this process by providing the relevant data to the investment services companies to enable them to meet their new legal obligations.